The Harper government will introduce legislation this spring to forge ahead with plans for a national securities regulator, Finance Minister Jim Flaherty said in his budget introduced Thursday.
The Calgary Herald reports that, while provinces such as Alberta and Quebec have opposed the plan, Flaherty has maintained the federal government has jurisdiction to regulate securities and will move forward with the "majority of provinces" on board for a new regulator within three years.
The budget said the new office would provide better protection for investors across Canada and improved regulatory and criminal enforcement to better fight white collar crime.
Flaherty said he would release a draft version of the legislation in the spring.