New Capital Markets Regulator: Extent of Consultation and CMA Provisions Remain of Concern

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Mar 09, 2016

On March 9, 2016, Blakes released a bulletin on the new capital markets regulator. Comments on the revised consultation draft of the provincial/territorial Capital Markets Act (CMA) and the draft initial regulations for the proposed Cooperative Capital Markets Regulatory System, indicate that capital markets stakeholders continue to have major concerns about the adequacy of the consultation process, the interface between the jurisdictions that will be part of the Cooperative System and those that will not, and other provisions of the Consultation Drafts.

The CMA is intended to replace existing provincial and territorial securities legislation in Ontario, British Columbia, New Brunswick, Saskatchewan, Prince Edward Island and Yukon (Participating Jurisdictions). While the 50 comment letters on the Consultation Drafts in large part expressed support for the goal of harmonizing securities regulation in Canada and moving toward a single national regulator, many commenters expressed concern about the inadequacy of the consultation process given the proposed substantive changes to securities law in certain Participating Jurisdictions, notably Ontario.

Review the bulletin on Blakes' Website.

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