CANADA: Prince Edward Island joins plans to introduce federal Canadian securities regulator

Tuesday October 14 2014

Prince Edward Island has joined the move to create a national securities regulator, bringing the total to five provinces who have signed onto the plan.

The federal Department of Finance has announced that the province has signed a memorandum of agreement to join the Co-operative Capital Markets Regulatory System.

This follows a decision in July by Saskatchewan and New Brunswick to join British Columbia, Ontario and the federal government in establishing a national regulator.

Canada is currently the only G20 country without a national securities regulator.

Under the current system, all 13 jurisdictions in Canada regulate their own capital markets and bond and securities issuances.

In September, the partners released consultation drafts of uniform provincial capital markets legislation and the complementary federal legislation for public comment. Click here for our previous update on this.

A national regulator will administer a single set of regulations under the proposed rules and would be funded through a single set of fees.

Click on the above link for more details.