The Minister of Finance and the Council of Ministers responsible for capital markets regulation in BC, Ontario, Saskatchewan, New Brunswick, Prince Edward Island and Yukon, have announced their initial board of directors for the Capital Markets Regulatory Authority (CMRA), among them former OSC chairman Howard Wetston. The national capital markets regulator initiative, which will include the enactment of a uniform provincial Capital Markets Act, was originally slated to be implemented in 2014. The Ministers have announced they now expect the CMRA to be fully operational by June 2018. In our view, this too will be a challenging deadline to meet.
The Investment Industry Regulatory Organization of Canada (IIROC) published a series of proposed rule changes to shorten settlement cycles from T+3 to T+2 in 2017.The move would align with the U.S. market’s impending adoption of a T+2 settlement cycle in September 2017.