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Capital Markets Regulatory Authority Announces Initial Board of Directors and New Implementation Timelines

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Jul 22, 2016

On July 22, 2016, the Ministers responsible for capital markets regulation in British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island and Yukon, and the Minister of Finance of Canada, announced that they have chosen the Capital Markets Regulatory Authority's initial board of directors and set new timelines for implementing the Authority.

Once created, the Authority will be the single regulator administering the proposed uniform provincial-territorial Capital Markets Act and complementary federal Capital Markets Stability Act in respect of these participating jurisdictions. When passed, these acts would form the legislative cornerstones of the new Cooperative Capital Markets Regulatory System.

The Ministers have amended the implementation milestones set out in the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System related to passing legislation and launching the Authority. Participating jurisdictions will use their respective best efforts to enact the uniform provincial-territorial Capital Markets Act and the complementary federal Capital Markets Stability Act by June 30, 2018, with the Authority expected to be operational in 2018. The participating jurisdictions are committed to moving forward and taking the necessary steps to ensure a successful launch of the Cooperative System with a smooth transition for market participants.

For further details refer to the attached press release.



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