On Wednesday, Finance Minister Jim Flaherty disclosed federal legislation, which would appoint a national securities watchdog to supervise Canada's fiscal markets.

However, in an endeavor to ward off the antagonism of some provinces, Flaherty instantaneously turned the legislation to the Supreme Court to decide on if a national supervisor is legitimate.

Flaherty has long promoted for a solitary regulator to substitute Canada's collage of 13 regional and territorial securities commissions.

Canada is the only main developed nation without a national watchdog.

Last year, a specialist jury established by Flaherty advocated that the Government should appoint a national watchdog, disputing that the present system makes it hard for Canadian supervisors to react to market growths and defend against the systemic perils, which result in economic disasters.

But Quebec and Alberta continue to be severely antagonized, stating that securities laws fall under regional jurisdiction.

This spring, the Quebec Court of Appeal settled to hear the Quebec Government's challenge to Flaherty's proposals. Alberta has started a comparable court challenge. Until now, Manitoba has refused to support the plan for a national regulator.

On Wednesday, Quebec Premier Jean Charest said that his province will persist to wrestle for what he believes as an obvious interference in the province's legal jurisdiction.