Archived - Minister Oliver Meets with Counterparts Responsible for the Cooperative Capital Markets Regulatory System
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July 24, 2015 – Victoria, British Columbia – Department of Finance
Finance Minister Joe Oliver today attended the inaugural meeting of the Council of Ministers Responsible to review progress achieved in implementing the Cooperative Capital Markets Regulatory System, and to confirm the appointment of William A. Black as the first chair of the board of directors of the Capital Markets Regulatory Authority.
The Council also announced that participating jurisdictions will release updated draft provincial/territorial and federal capital markets legislation, along with draft initial regulations, for public comment this summer.
British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, Yukon and Canada are jointly engaged in the creation of the Cooperative Capital Markets Regulatory System. The Cooperative System is designed to preserve local perspectives while streamlining the capital markets regulatory framework to enhance Canada's financial services sector, support efficient capital markets and manage systemic risk.
- The implementation of a Cooperative Capital Markets Regulatory System will:
- Foster more efficient, globally competitive capital markets in Canada;
- Provide increased protection for investors across Canada through more integrated and coordinated compliance and enforcement activities;
- Strengthen Canada’s capacity to identify and manage capital markets-related systemic risks on a national basis; and
- Enable Canada to play a more empowered and influential role in international regulatory initiatives.
"It was a pleasure to meet with my colleagues on the Council, discuss progress on shared objectives and to announce the appointment of William A. Black as Chair of the Capital Markets Regulatory Authority. Given Mr. Black’s extensive business experience, he will be able to provide solid leadership to the Council. Today’s announcement builds on progress already made to implement the Cooperative System and renews the invitation to all provinces and territories to participate. The Cooperative System will better protect investors, support and foster efficiency, and manage systemic risk in national capital markets.
- Joe Oliver, Minister of Finance
Director of Communications
Office of the Minister of Finance
Department of Finance