ARTICLE · 17 MAY 2016

Revised Consultation Draft Of The Capital Markets Stability Act Published For Comment

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The Department of Finance has published a revised consultation draft of the Capital Markets Stability Act (CMSA) for comment.

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Stikeman Elliott LLP

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The Department of Finance has published a revised consultation draft of the Capital Markets Stability Act (CMSA) for comment. The proposed CMSA is the federal component of the Cooperative Capital Markets Regulatory System, which also includes the draft provincial-territorial Capital Markets Act published for comment earlier this year. The CMSA addresses national data collection, systemic risk related to capital markets and criminal enforcement. The revised consultation draft responds to stakeholder comments received during the initial consultation in August 2014, including the addition of a materiality threshold to the definition of systemic risk related to capital markets, enhanced regulatory coordination and amendments related to procedural fairness. The revised draft of the CMSA is open for comment until July 6, 2016.

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