CANADA: Memorandum of Agreement signed on new Canada securities regulator

Tuesday September 9 2014

The Minister of Finance of British Columbia, the Minister of Finance of Ontario, the Minister of Justice and Attorney General of Saskatchewan, the Minister of Justice of New Brunswick, and the Minister of Finance of Canada, have signed a Memorandum of Agreement formalizing the terms and conditions of the Cooperative Capital Markets Regulatory System. Additionally, consultation drafts of uniform provincial capital markets legislation and complementary federal legislation have also being released for public comment.

On September 19, 2013, the Governments of British Columbia, Ontario and Canada announced their agreement in principle to jointly establish a Cooperative Capital Markets Regulatory System. On July 9, 2014, Saskatchewan and New Brunswick agreed to join the Cooperative System with the signing of an Amended Agreement in Principle.

The implementation of the Cooperative System will continue through a number of phases. The participating jurisdictions will work to complete draft initial regulations and the means of establishing the Capital Markets Regulatory Authority. As work continues toward the operationalization of the Capital Markets Regulatory Authority targeted by autumn 2015, the participating jurisdictions reiterate their invitation to the governments of other provinces and territories to participate in the Cooperative System, which will better protect investors, support and foster efficiency, and manage systemic risk in national capital markets.

Click on the above link for the documents.