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OTTAWA — The Constitution allows Ottawa and the provinces to set up a national securities regulator, the Supreme Court says in a ruling that could help advance a plan for countrywide oversight of capital markets.

In its unanimous ruling Friday, the high court also found that federal draft legislation for national regulation of the trade in stocks, bonds and other investments falls within Parliament’s powers, as it does not tread on provincial turf.

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The decision provides long-sought legal clarity for an idea under discussion since at least the 1930s.

However, the court stressed it is up to the provinces and territories to decide whether participation in a national regulatory system is in their best interests, calling it a “political choice.”

Quebec Finance Minister Eric Girard swiftly reaffirmed the province’s opposition to a national regime. “We acknowledge the Supreme Court of Canada ruling, but intend to retain our autonomy and keep our expertise in Quebec.”