The federal Department of Finance yesterday
announced that the federal government, Ontario,
British Columbia, Saskatchewan and New Brunswick have signed a Memorandum of Agreement
setting out the terms and conditions of a Cooperative
Capital Markets Regulatory System. As
we discussed in July, the Finance Minister had
recently stated that the new regulator could be in operation by
next year.
Under the proposed cooperative system, participating provincial
and territorial jurisdictions would enact uniform legislation
addressing all matters in respect of the regulation
of capital markets within their jurisdictions. Complementary
federal legislation would address criminal matters and systemic
risk in national capital markets and data
collection. Meanwhile, a common regulator, the Capital
Markets Regulatory Authority, would administer the provincial and
federal legislation and regulations under authority delegated by
the participating jurisdictions.
