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ARTICLE · 20 SEPTEMBER 2013

A Canadian Securities Regulator Is Born

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The governments of Canada, Ontario and British Columbia announced that they have entered into an agreement to create a "cooperative capital markets regulatory system," and they invite all provinces and territories to participate in the proposed system.

CanadaCorporate/Commercial Law
Heather Zordel
Heather Zordel
Ellen Bessner
Ellen Bessner
Sean Williamson
Sean Williamson
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The governments of Canada, Ontario and British Columbia announced that they have entered into an agreement to create a "cooperative capital markets regulatory system," and they invite all provinces and territories to participate in the proposed system. This agreement follows the December 2011 decision of the Supreme Court of Canada which held that the federal government could not create a national securities regulator without provincial consent and cooperation.

Pursuant to an agreement in principle, Ontario and British Columbia will adopt uniform legislation which will address all matters of provincial jurisdiction over securities regulation. As well, the Government of Canada will implement legislation which addresses criminal law matters and issues relating to systemic risk in Canada's capital markets.

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