B.C., Ontario, Saskatchewan, New Brunswick and Canada have signed an agreement to formalize the terms and conditions of the cooperative capital markets regulatory system.
Consultation drafts of provincial and federal capital markets legislation are also being released for public comment.
“We are pleased these draft documents have been unveiled,” says Ian Russell, president and CEO of the IIAC. “We view this is a positive step forward as these legislative documents are the legal framework for the new cooperative securities regulator.”
He adds, “We will review the drafts in the coming weeks and will consult with federal and provincial authorities. We look forward to providing our views and industry perspectives on the forthcoming draft regulations that will guide capital markets activity and on the operational aspects.”
The completion of the consultation draft represents a significant achievement in the harmonization of current provincial capital markets legislation, notes a release. The consultation draft of the federal legislation, addressing systemic risk in national capital markets, national data collection, and criminal law matters, is responsive to the direction provided by the Supreme Court of Canada.
The implementation of the system will continue through a number of phases. The participating jurisdictions will work to complete draft initial regulations and establish a capital markets regulatory authority, which is targeted by fall 2015.