The British Columbia Securities Commission ordered a registered broker to produce records to assist the United States Securities and Exchange Commission in an investigation.
The broker challenged the constitutional validity of the provincial legislation authorizing the order, arguing it was ultra vires the province.
The Supreme Court of Canada held that the legislation was intra vires the province under its power over property and civil rights, as its dominant purpose was the enforcement of domestic securities law through reciprocal cooperation and uncovering foreign violations by domestic registrants.
