CANADA: CCMRS update on regulations for new Canadian securities regulator

Monday December 15 2014

Further to the update of 14 October 2014, the participating provinces of the Cooperative Capital Markets Regulatory System have announced that while they have made significant progress toward preparing draft initial regulations to be proposed for adoption under the proposed provincial Capital Markets Act (PCMA), they will not be ready for publication by the previously announced milestone date of December 19, 2014, and are instead expected to be published for comment in the early spring of 2015.

The participating provinces plan to propose initial regulations that substantially maintain the harmonization achieved under the current structure. Accordingly, the draft initial regulations under the PCMA will be based on the existing rules of the participating provinces, including the existing national and multilateral instruments. Generally, the draft initial regulations will propose changes to the existing rules only as necessary to fit them under the PCMA and to eliminate differences in requirements in order to create a single set of regulations that will apply across the participating jurisdictions.

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