Alberta challenges move to one securities regulator

The Alberta government filed a legal challenge Friday to Ottawa's plan to create a single securities regulator.

Alberta is asking the province's court of appeal to consider questions on the "constitutional soundness" of the federal move.

"We very strongly believe that this is an intrusion by the federal government into an area that has historically been under provincial jurisdiction," Alberta Finance Minister Ted Morton said in a news release.

"This comes down to defending Alberta’s jurisdiction and the rights of Albertans to regulate their own provincial affairs, as well as defending a provincial regulatory system that works well now and better serves the interests of Alberta companies and investors."

The Alberta Court of Appeal with meet with the provincial and federal governments to set up timelines and procedures for the court challenge.

Alberta is also intervening in a similar challenge the Quebec government has made in that province's court of appeal.

Last year, the federal government announced it will ask the Supreme Court of Canada to rule on whether it has the power to set up a single regulator.