Progress Continues Toward Cooperative Capital Markets System

Progress toward a quasi-national securities regulatory system in Canada is continuing. The participating provinces and territory—Ontario, British Columbia, Saskatchewan, New Brunswick, PEI and the Yukon—have published a revised draft of the harmonized provincial Capital Markets Act and a significant number of related rules and policies. Additional rules and policies that will complete the package are still to come.

Implementation of the cooperative system is targeted for 2016. Quebec and Alberta's opposition to a national securities regulator has led some market participants to question the merits of moving forward with just six participating jurisdictions. Alberta's participation would be especially welcome given that it ranks as Canada's second-largest capital market after Ontario, but the new Alberta government's stance on the matter is not yet clear. This recently released package of detailed information should allow for a more thorough assessment of the proposed