Ottawa to rethink federal regulator plan

photoOTTAWA (Reuters) – Canada’s top court derailed government plans to consolidate a patchwork system of provincial securities regulators on Thursday, ruling that proposed federal legislation violated provincial rights and forcing the government back to the drawing board. The Supreme Court’s surprise decision leaves Canada as the only major developed country without a national regulator. “It is clear we cannot proceed with this legislation,” Finance Minister Jim Flaherty said in a statement. “We will review the decision carefully and act in accordance with it. …