Archived - Prince Edward Island Agrees to Join the Cooperative Capital Markets Regulatory System
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October 9, 2014 – Ottawa, Ontario – Department of Finance
Prince Edward Island has joined the Cooperative Capital Markets Regulatory System with its September 30, 2014, signing of the Memorandum of Agreement.
This decision follows on the July 9, 2014, agreement by the Governments of Saskatchewan and New Brunswick to join the Governments of British Columbia, Ontario and Canada to jointly establish a Cooperative Capital Markets Regulatory System. Together, these provinces represent more than half of the capital market activity in Canada.
On September 8, 2014, the Governments of British Columbia, Ontario, Saskatchewan, New Brunswick and Canada released consultation drafts of uniform provincial capital markets legislation and complementary federal legislation for public comment. The draft legislation modernizes and harmonizes existing provincial legislation, while the complementary federal draft legislation supplements provincial legislation by empowering the cooperative system to collect data and oversee systemic risk on a national basis. Canadians are invited to comment on the drafts of uniform provincial capital markets legislation and complementary federal legislation until November 7, 2014.The Cooperative Capital Markets Regulatory System will strengthen Canada’s capital markets by providing better protection to investors, enhancing Canada’s financial services sector and managing systemic risk. A common regulator will administer a single set of regulations, reducing red tape for businesses, and will be self-funded through a single set of fees. It will be directed by an independent board of directors with extensive capital markets-related expertise. A Council of Ministers of all participating jurisdictions will oversee the cooperative system.
The Cooperative System is about balance-preserving local perspectives while bringing about much-needed reform nationally. It will have a regulatory office in every participating province, each with the expertise to serve that jurisdiction, and in accordance with provincial language laws.
The participating jurisdictions will continue to work together to encourage the government of each remaining province and territory to participate in the Cooperative Capital Markets Regulatory System. This initiative illustrates how provinces and territories can come together, with a complementary role for the federal government, to modernize Canada’s capital markets, make them more competitive and better protect investors.
British Columbia Ministry of Finance
Office of Ontario’s Minister of Finance
Ontario Ministry of Finance
Financial and Consumer Affairs Authority of Saskatchewan
Director of Communications
New Brunswick’s Department of Justice and Office of the Attorney General
Senior Communications Officer
Prince Edward Island’s Department of Environment, Labour and Justice
Office of the Minister of Finance of Canada
Department of Finance Canada