In September 2014, the federal government and British Columbia, New Brunswick, Ontario, Prince Edward Island and Saskatchewan governments signed a memorandum of agreement to formalize the terms and conditions of a new proposed cooperative capital markets regulatory system. The Yukon Territory agreed to join in April, 2015.
The new proposed cooperative system has emerged in the wake of the 2011 Supreme Court of Canada decision which defeated the Canadian government's previous initiative to establish a single national securities regulator.
Consultation drafts of the new proposed uniform provincial capital markets legislation (Capital Markets Act) and federal legislation (Capital Markets Stability Act) were released for comment in September 2014. Following that comment period, a revised draft of the Capital Markets Act, and draft regulations to be made under that Act, were released for comment in August 2015, with the comment period ending December 23, 2015.