Last week saw the release of the federal budget by the Minister of Finance. (For some trenchant analysis of its highlights, see this piece by our tax colleagues). Found within its 442 pages is an outline of the federal government's plan to move forward with a national securities regulator.

Specifically, the budget states that while the government's preferred approach is to reach an agreement with the provinces on a common securities regulator, if a timely agreement cannot be reached, the government will propose legislation consistent with the Supreme Court's decision on the matter. Such legislation would include "the capacity to monitor, prevent and respond to systemic risks emerging from capital markets."