Bill S-214 explained in plain English
An Act to regulate securities and to provide for a single securities commission for Canada
Federal Parliament bill summary, status, timeline, sponsor, votes, and official sources.
At a glance
Official Parliament of Canada snapshot for 40th Parliament, 2nd Session. MP vote breakdowns appear when the House of Commons publishes a recorded division export for that bill. Senate and House stage details include official debate/sitting links when LEGISinfo publishes them.
Our plain-language take, written for civic education.
Source: By PoliticalData.ca
Bill S-214 creates a unified federal securities regulatory framework and establishes a Canadian Securities Commission to replace provincial securities regulators across Canada.
Bill S-214 proposes to establish a single federal regulatory regime for securities (stocks, bonds, and other investments) in Canada and create a new Canadian Securities Commission to oversee this regime. Currently, securities are regulated separately by each province. This bill would replace those provincial regulatory systems with one unified federal system. The bill outlines the structure and powers of the new Commission, including its ability to make rules and regulations. The bill also allows the Commission to amend or revoke regulations made by the Governor in Council when necessary to implement its rules effectively. The legislation would come into force on dates set by the Governor in Council, and before the beginning of the Commission's third fiscal year, the Minister must appoint an advisory committee to review the Commission's legislation, regulations, and rules.
- Establishes a single securities regulatory regime for Canada to replace existing provincial regulatory regimes
- Creates the Canadian Securities Commission to administer the new federal securities regulatory regime
- Grants the Commission authority to make rules and regulations for securities matters
- Allows the Commission to amend or revoke regulations made by the Governor in Council when necessary to implement Commission rules
- Authorizes the Minister to require the Commission to study matters and make recommendations under the Act
- Authorizes the Minister to require the Commission to consider making rules on specific matters
- Requires appointment of an advisory committee before the beginning of the Commission's third fiscal year to review legislation, regulations, rules, and legislative needs
- Securities issuers and traders (companies and individuals who issue or trade securities)
- Investment dealers and brokers
- Provincial securities regulators (whose functions would be transferred to the federal Commission)
- Canadian investors
- The federal Minister of Finance (or relevant securities minister)
- The Governor in Council
- Members of the new Canadian Securities Commission
- The Commission is authorized to make rules and regulations under the Act
- The Commission may make regulations to amend or revoke Governor in Council regulations when necessary to implement Commission rules (subject to Minister approval)
- The Minister may in writing require the Commission to study and make recommendations on matters under or affecting the Act, regulations, or rules
- The Minister may require the Commission to consider making a rule on a matter specified by the Minister
- Before the beginning of the Commission's third fiscal year, the Minister must appoint an advisory committee to review related legislation, regulations, rules, and the Commission's legislative needs
- The Act comes into force on a day or days to be fixed by order of the Governor in Council (specific date not provided in the bill digest)
- An advisory committee must be appointed before the beginning of the Commission's third fiscal year after the Act comes into force
- Not provided in the bill digest
- Not provided in the bill digest
- The specific commencement date is not provided; it will be set by Governor in Council order
- The full scope of provincial laws and regulations that would be repealed or affected is not detailed in the bill digest
- The bill digest does not provide details on enforcement mechanisms, penalties, or specific regulatory requirements
- The bill digest does not include details on transition provisions or how existing provincial securities regulators or their staff would be handled
- The advisory committee's specific mandate and composition are not detailed in the digest
- Financial costs and funding mechanisms for the new Commission are not provided in the digest
Provincial securities regulations would be replaced by a single federal regulatory system under the Canadian Securities Commission
Source: Official summary and bill title
The Commission may amend or revoke regulations made by the Governor in Council under this Act when the Commission considers it necessary or advisable to effectively implement Commission rules
Source: Section 3 (detected laws/regulations)
Generated using AI from official bill text. Not legal advice. It is written by PoliticalData.ca for civic education, automatically checked and spot-reviewed before publishing.
Official textParliamentary Process
Bill S-214, aiming to regulate securities and establish a single securities commission for Canada, completed its first reading in the Senate on January 27, 2009.
This artifact describes the 'First reading' stage of Bill S-214 in the Senate, which occurred on January 27, 2009. This is a procedural step where a bill is formally introduced. The artifact also notes that the bill is currently at the second reading stage and lists subsequent dates when second reading debates took place. It also lists similar bills that were introduced in the same or previous parliamentary sessions.
During a Senate sitting on January 27, 2009, Bill S-214 received its first reading, marking its formal introduction in the chamber, alongside other procedural matters and bill introductions.
On January 27, 2009, the Senate began its first reading of Bill S-214, "An Act to regulate securities and to provide for a single securities commission for Canada." This stage is where a bill is formally introduced in the Senate. The sitting also included other procedural business such as tabling documents, making notices of motions, and a debate on the Speech from the Throne. Several other bills were also introduced and given first reading during this sitting.
Bill S-214, concerning the regulation of securities and the establishment of a single national securities commission, was undergoing debate at the second reading stage in the Senate as of October 28, 2009.
This artifact details the progress of Bill S-214, An Act to regulate securities and to provide for a single securities commission for Canada, in the Senate. The bill was at the second reading stage and the debate for this stage took place on Wednesday, October 28, 2009. This stage was not completed on that date. The bill had its first reading on January 27, 2009, and has had multiple dates scheduled for second reading debates. The artifact also notes similar bills that have been introduced in the current and previous Parliaments.
On March 10, 2009, the Senate convened to discuss various matters, including International Women's Day and retirement pensions, and to conduct routine proceedings and question period, with the second reading debate for Bill S-214 being adjourned.
This artifact summarizes a Senate sitting on March 10, 2009. The sitting included a silent tribute to a fallen soldier, announcements regarding Senate business, statements on various topics including Learning Disabilities Awareness Month, International Women's Day, Afghanistan, the Eastern Shore of Lake Winnipeg, and retirement pensions. Routine proceedings involved the presentation of committee reports and the first reading of several bills. Question Period addressed issues such as disenfranchised Canadian citizens, pay equity, violence against Aboriginal women, social and corporate responsibility overseas, and employment insurance rates. The Orders of the Day featured continued debate on the Speech from the Throne, and debates on several bills were adjourned. Notably, the second reading debate for Bill S-214, An Act to regulate securities and to provide for a single securities commission for Canada, was adjourned.
During a Senate sitting on May 12, 2009, Senators discussed various topics and continued the debate on Bill S-214 at second reading.
On May 12, 2009, the Senate convened for a sitting that included Senators' Statements, Routine Proceedings, Question Period, and Orders of the Day. The sitting featured discussions and proceedings on various matters, including Air Force Appreciation Day, Electronic Commerce Protection, mental health initiatives, VIA Rail Canada investments, conscientious objection, and tributes to individuals. Several bills were introduced or debated, including Bill S-214 (An Act to regulate securities and to provide for a single securities commission for Canada), which was continued at second reading. Other legislative matters addressed included amendments to the Arctic Waters Pollution Prevention Act, the Human Pathogens and Toxins Act, the Transportation of Dangerous Goods Act, 1992, the Library and Archives of Canada Act, the Canada Elections Act, and the Parliament of Canada Act. Committee reports on various subjects were also presented and adopted, and motions regarding the televising of Senate proceedings and the broadcasting of the 2010 Paralympic Games were debated.
During a Senate sitting on September 17, 2009, the second reading debate on Bill S-214, an Act to regulate securities, was continued, while Bill C-15, concerning drug and substance control, was debated and referred to committee.
This artifact is a record of a Senate sitting on September 17, 2009. The Senate considered Bill S-214, An Act to regulate securities and to provide for a single securities commission for Canada. The debate on the second reading of Bill S-214 was continued. Other proceedings included Senators' Statements on various topics, Routine Proceedings where a report was tabled and a notice of motion was given, and Question Period covering issues such as the H1N1 virus response, medical radioisotope supply, employment insurance, and violence against Aboriginal women and children. The Senate also debated and referred Bill C-15, an Act to amend the Controlled Drugs and Substances Act, to committee. Other items on the Order Paper included a report on the 2010 Olympic Games and an inquiry regarding official languages.
The Senate continued debate on Bill S-214 at second reading, with a suggestion to await a Supreme Court judgment before proceeding, and the debate was adjourned.
On October 28, 2009, the Senate continued its debate on Bill S-214, an act to regulate securities and establish a single securities commission for Canada. Senator Michael A. Meighen noted that the government had made a reference to the Supreme Court of Canada regarding national securities regulation and suggested waiting for the Court's judgment. He also indicated a willingness to refer the bill to committee, which was a preference of Senator Grafstein. The debate was then adjourned. The sitting also included other proceedings such as tabling of reports, notices of motions, question period concerning the H1N1 vaccine and pension reform, and two rulings from the Speaker on questions of privilege related to Senate procedures and press statements.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
We don't have a plain-language summary for First reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Second reading yet. The official source linked below is the full record.
We don't have a plain-language summary for Consideration in committee yet. The official source linked below is the full record.
We don't have a plain-language summary for Report stage yet. The official source linked below is the full record.
We don't have a plain-language summary for Third reading yet. The official source linked below is the full record.
Debate and sitting links point to official parliamentary sources when LEGISinfo publishes them. Any plain-language discussion summaries should be generated from those official texts and reviewed before public display.
Vote Summary
This bill is still active. We only show vote counts after the legislature publishes a recorded division.
No published representative vote breakdown
This bill is still moving through the process. When a recorded division is published, representative positions can be listed here.
Official sources
Status, sponsor, votes, and timeline on this page are drawn from these official legislative sources and public records. Each summary above is attributed to its own source.
How this data is sourced