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ARTICLE · 07 DECEMBER 2018

Cooperating To Create A National Securities Regulator In Canada

McMillan LLP
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The decision clarifies the constitutional validity of the law and upholds the establishment of the Cooperative Capital Markets Regulatory System

CanadaCorporate/Commercial Law
Leila Rafi
Leila Rafi
Samantha Gordon
Samantha Gordon
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Summary

On November 9, 2018, the Supreme Court of Canada ("SCC") unanimously upheld legislation that supports the creation of a national securities regulator under a cooperative system. The decision clarifies the constitutional validity of the law and upholds the establishment of the Cooperative Capital Markets Regulatory System ("CCMRS").

Background to Cooperative System

It remains unclear the exact timing the CCMRS will be implemented and practically speaking, functional. It is up to each provincial and territorial government to determine whether it will participate in the cooperative system since, as its name suggests, it is voluntary.  Currently, Ontario, British Columbia, Saskatchewan, Prince Edward Island, New Brunswick and the Yukon Territory ("Cooperating Jurisdictions") are the six Canadian jurisdictions participating and Nova Scotia has announced its intention to join. It is unlikely Alberta or Québec will sign-on as these two provinces have

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