What's the impact of the Supreme Court's national securities regulator ruling?

On Thursday Finance Minister Jim Flaherty said Canada will not move ahead with its proposed Securities Act in light of the Supreme Court of Canada's decision to declare it unconstitutional.

"We have the decision and we will respect it. It is clear we cannot proceed with this legislation," said Mr. Flaherty in a brief statement circulated by his office. "We will review the decision carefully and act in accordance with it."

The Supreme Court unanimously declared the proposed Act unconstitutional, siding with provinces that insisted the day-to-day regulation of securities markets does not belong in federal hands.

Patrick J. Monahan, vice-president Academic and Provost at York University in Toronto, has written extensively on constitutional reform and public policy. He will take questions at 3 p.m. ET about the Supreme Court's ruling.

Click here to read this earlier chat.