Today the Ministers responsible for capital markets regulation in British Columbia, Ontario, Saskatchewan, New Brunswick, and Prince Edward Island and the Minister of Finance of Canada, together representing the Council of Ministers, announced further important steps toward the implementation of the Cooperative Capital Markets Regulatory System.
The Council of Ministers is pleased to welcome Yukon into the Cooperative System. Yukon became the first territory to participate with its signing earlier this month of the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System.
The Ministers are also pleased to announce the members of the nominating committee that will recommend candidates for the initial board of directors of the Capital Markets Regulatory Authority.
The members of the nominating committee are:
• Neil de Gelder (British Columbia),
• Susan Wolburgh Jenah (Ontario),
• Grant J. Kook (Saskatchewan),
• David G. Barry (New Brunswick), and
• The Honourable Michael Wilson (Canada).
The Council of Ministers, co-chaired by the Honourable Michael de Jong, Minister of Finance of British Columbia, and the Honourable Joe Oliver, Minister of Finance of Canada, will appoint the initial board of directors based on the recommendations of the nominating committee. The Council will meet this summer in Vancouver to review progress on implementing the Cooperative System.
The initial board of directors will provide direction on the integration of participating securities regulators into the Authority.
The public consultation launched in September 2014 marked another important milestone in the drafting of the enabling legislation. Participating jurisdictions will release this summer updated consultation draft provincial and territorial and federal capital markets legislation, along with draft initial regulations, for public comment.
Further information on these developments is available in a backgrounder.
The Ministers are renewing their invitation to the governments of other provinces and territories to also join the Cooperative System, which will better protect investors, support and foster efficiency, and manage systemic risk in national capital markets.