Is false prospectuses the subject of valid federal legislation as well as equally valid provincial legislation?

Canada (Federal), Canada

The following excerpt is from Bell Canada v. Quebec (Commission de la Santé et de la Sécurité du Travail), [1988] 1 SCR 749, 1988 CanLII 81 (SCC):

33. Similarly, false prospectuses may be the subject of valid federal legislation from the criminal law standpoint, as well as of equally valid provincial legislation from the standpoint of regulating securities trading: Smith v. The Queen, 1960 CanLII 12 (SCC), [1960] S.C.R. 776.

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