Quebec’s government will go to court to block the latest federal effort to create a single national securities regulator, announced the province’s minister of finance, Raymond Bachand.

“Today, the Québec government is announcing that it is referring the federal government’s decision to create a pan-Canadian securities commission to the Appeal Court of Québec,” said Bachand.

The latest federal budget included plans for a national regulator; the budget bill was passed earlier this year, and last month the federal government appointed Doug Hyndman, chairman of the B.C. Securities Commission, to head the transition office that will come up with the plan for a national regulator and federal legislation.

Québec has always insisted that it intends to retain jurisdiction over securities regulation, and today, it said that it views the federal government’s decision to create a Canadian securities commission as an “encroachment” on its jurisdiction over property and civil rights.

“Faced with the steps taken by the Canadian government, we have no choice but to take legal measures and seek the opinion of the Court of Appeal on these constitutional questions,” said Quebec’s minister of justice and attorney general, Kathleen Weil. “The federal proposal threatens Québec’s legislative competence and its administrative bodies.”

Bachand added: “It is important to maintain our expertise in the securities field, a sector that plays a crucial role in Québec’s economic development. The provinces and territories are doing a very good job of carrying out their responsibilities in this field.

“It is regrettable that we have to argue over structure while our economy faces an unprecedented financial crisis. Unfortunately, the federal government is forcing this on us when we should be focusing our energies on overseeing markets and working towards economic recovery,” he concluded.