The statutory power of Canadian securities regulators to compel the targets of its investigations to give evidence is extremely controversial.

Firstly, in accordance with long standing SCC jurisprudence, no prior judicial authorization is required. Secondly, Canadian Securities Act’s give the Security Commissions an unrestrained discretionary power to distribute compelled statements to foreign criminal law enforcement, not withstanding that the constitutional prohibition on derivative use of such materials in criminal matters applies only in Canada.

M+A is actively involved in Charter s. 7 constitutional challenge to this anomaly at the same time as U.S. law is grappling with the issue in the context of its Bill of Rights 5th Amendment protection: See U.S.A. vs. Allan and Conti here.