Canada's Finance Minister, Jim Flaherty held a press conference today to announce that the government will table the Canadian Securities Act of 2010 during today's Parliamentary session.

The Act proposes the formation of a single Canadian securities regulator to replace the 13 regional ones that already operate.  So far two Provinces in particular are viewing the proposal with scepticism.  Quebec and Alberta are very sensitive to anything that would infringe upon the powers held by the provinces under the constitution, and as such the Conservative government is preempting objections by sending a copy of the legislation to the Supreme Court asking them to rule if the Federal government has the authority to create a single securities regulator.

The new entity would be housed in Toronto, something which is also ruffling some feathers in other provinces, but the Finance Minister said that the regulators at the old offices would get first choice for jobs within the new structure.  The new law would also allow Canada to become the last western industrialized nation to develop a single regulatory system, streamlining the process.

Michael Ignatief, leader of the opposition Liberals told reporters this morning that they were willing to work with the government depending on the fine print of the legislation.

In any event, watch the announcement below: