British Columbia, Ontario, Saskatchewan, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Yukon and Canada are jointly engaged as the participating jurisdictions in the implementation of the Cooperative Capital Markets Regulatory System. The Cooperative System is designed to streamline the capital markets regulatory framework to protect investors, foster efficient capital markets and manage systemic risk while preserving strengths of the current system.

The participating jurisdictions are inviting the governments of other provinces and territories to join the Cooperative System.

Benefits of the Cooperative System

The purpose of the Cooperative System will be to regulate capital markets in a manner that will:

  • foster more efficient and globally competitive capital markets in Canada and facilitate the raising of capital from investors across Canada and internationally through more integrated markets governed by innovative, responsive and flexible regulation on the basis of common standards reflected in cooperatively-developed regulations consistently applied;
  • provide increased protection for investors through a combination of more consistent and active compliance activities, more effective enforcement against misconduct and improved coordination with police and prosecution authorities both within and outside Canada;
  • integrate perspectives from all sectors and regions of Canada;
  • strengthen Canada’s capacity to identify and manage systemic risk on a national basis; and
  • enable Canada, through the single voice of a new cooperative capital markets regulator, to play a more empowered role internationally.


The Capital Markets Authority Implementation Organization (CMAIO) was incorporated on behalf of the participating jurisdictions in July 2015. The CMAIO’s purpose was to assist in the transition to and implementation of a single operationally independent capital markets regulatory authority (CMRA) contemplated for the Cooperative System.

The development of legislation to create the Cooperative Capital Markets Regulatory System (Cooperative System) has been delayed, as the participating governments take action to respond to the Covid-19 pandemic, prepare for economic recovery and implement reforms to provincial securities legislation.

As a result, the Board of Directors of the CMAIO, having completed all possible integration work pending the completion of the legislation and in consultation with the participating governments, paused operations effective March 31, 2021. The corporation was dissolved in January 2022.

The organization’s annual reports are available under Publications.