Thank you for your question.
I am not a lawyer, so I cannot speak to the legal aspect. However, when you read the Supreme Court's decision, you can see that the court clearly said that securities regulation was a responsibility shared by the provinces and the federal government.
When it comes to Parliament's responsibilities with respect to securities, the court said that Parliament would have jurisdiction over issues of national scope that are related to the effectiveness and integrity of capital markets. In addition, the Supreme Court recognized Parliament's jurisdiction with regard to the Criminal Code and its application to securities.