Important Developments Toward Reform Of Canada’s Securities Regulatory Regime

The Council of Ministers of the jurisdictions participating in the development of the Cooperative Capital Markets Regulatory System (CCMR) announced last week on April 16, 2015 important developments toward the reform of Canada's capital markets regulatory regime. In a largely symbolic move, Yukon executed the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System, and joins the governments of Canada, Ontario, British Columbia, Saskatchewan and New Brunswick in this largely provincially-led initiative. The Memorandum of Agreement was amended to accommodate the addition of the Canadian territories to the Cooperative system, and now provides for the maintenance of an office of the Capital Markets Regulatory Authority (the "Authority") in each territory. In addition, the Ministers announced the appointment of members of the nominating committee that will recommend candidates for the initial board of directors of the Authority, and indicated