12/22/2011 02:40 EST | Updated 02/21/2012 05:12 EST

Alberta pleased with Supreme Court decision on national securities regulator

CALGARY - Alberta's finance minister says he's pleased the Supreme Court of Canada has ruled a proposal to create a national securities regulator is unconstitutional.

Ron Liepert says the top court stated clearly it's up to provinces and territories, not Ottawa, to oversee Canada's capital markets.

Alberta's position has always been the current system of 13 separate regulators works well and shouldn't be changed.

But he says Alberta isn't adverse to listening to any proposals Ottawa may have in light of the Supreme Court decision, and that doors and phone lines are always open.

Alberta and Quebec led the charge against the creation of a single securities watchdog, and both asked the Supreme Court to rule on whether it's constitutional.

Liepert says Ottawa and the provinces all want the same thing — a stable, fair and efficient system that protects investors.