Today, the participating provinces and territory in the Cooperative Capital Markets Regulatory System achieved an important milestone towards implementation of the system by publishing a revised consultation draft of the uniform provincial and territorial capital markets act (now known as the Capital Markets Act), along with the drafts of the initial regulations proposed for adoption by the participating provinces and territory under the draft uniform act. These materials have been published for a 120-day public comment period.

Still to come are:

  • provisions dealing with the interface mechanism with non-participating jurisdictions;
  • proposed initial regulations relating to prospectus exemptions and relating to fees;
  • proposed legislation to establish jointly the Capital Markets Regulatory Authority; and
  • proposed implementation legislation to ensure a smooth transition to the new regime and to integrate the new regime into the general laws of each participating province and territory.

Revisions to the complementary federal act (known as the Capital Markets Stability Act) are also expected to be made public at a later date.

For background information on the system and key developments to date, click here.