Last updated: September 10 2014

Four Provinces Sign On: Cooperative Capital Markets Regulatory System

The Finance Minister of Canada, Joe Oliver and the finance ministers of British Columbia, Ontario, Saskatchewan, and New Brunswick have signed a Memorandum of Agreement on September 8 to jointly establish the terms and conditions of a Cooperative Capital Markets Regulatory System, and released draft provincial and federal legislation to harmonize current legislation. 

The objective is to ensure a more balanced and inclusive governance structure for all participating jurisdictions, said Finance Canada in a news announcement, which renewed the invitation to all provinces and territories to participate in the Cooperative System. The parties committed to work together collaboratively to strengthen and streamline the capital markets regulatory framework, following the direction provided by the Supreme Court of Canada.

The Cooperative System endeavors to better protect investors, support and foster efficiency, and manage systemic risk in national capital markets, said the release.

Several phases of implementation have been laid out. The draft initial regulations and means of establishing the Capital Markets Regulatory Authority will continue to completion; next  the operationalization of the Capital Markets Regulatory Authority is targeted for completion by fall 2015.