Cooperative national securities regulator announces significant changes to implementation milestones
Representatives of the Cooperative Capital Markets Regulatory System (“CCMR”) announced last week a number of developments affecting the proposed national securities regulatory framework:
CCMR launch delayed by one year: Previously scheduled to launch operations later this year, the CCMR is now expected to be operational in the Fall of 2016. The federal government reiterated its intention to move forward with the CCMR initiative in the 2015 federal budget announced earlier this week.
Updated draft legislation and regulations will be published for comment this summer: The CCMR published for public comment in September 2014 consultation drafts of proposed uniform provincial legislation (Provincial Capital Markets Act (“PCMA”)) and complementary federal legislation (Capital Markets Stability Act (“CMSA”)). In response to comments received, the CCMR will be publishing this summer updated consultation drafts of the PCMA and CMSA, together with draft initial regulations, for a 120-day public comment period.
Nominating committee members announced: The members of the nominating committee that will recommend candidates for the initial CCMR board were announced. Their biographies are available HERE.
Yukon joins the CCMR: With Yukon’s addition, the CCMR framework (which we discussed in previous posts HERE and HERE) was amended to provide for the maintenance of a CCMR office in each participating territory to address local capital markets activity and regulatory and enforcement demands.
Canadian National Securities Regulation Capital Markets Stability Act CCMR Cooperative Capital Markets Regulatory System draft legislation draft regulations national regulator Canada nominating committee Provincial Capital Markets Act Yukon