The Capital Markets Regulatory Authority (CRMA) recently published a notice providing a summary of the proposed approach to transitioning market participants in each of the CMR jurisdictions (BC, NB, ON, PEI, SK and YT) to the Cooperative Capital Markets Regulatory System (CCMR). Their approach is intended to minimize the impact of transition on market participants and their businesses and in many cases, market participants would not have to take any action to continue their   activities under the new regulatory system - existing regulatory arrangements will largely be carried over to the new regime. Some general principles of the approach to transition include:

  • Decisions of a predecessor regulator would become decisions of the CMRA, and those decisions would have effect in all CMR jurisdictions (for example: registration decisions, prospectus receipts and exemptive relief   decisions).
  • Hearings, reviews and appeals in progress or requested prior to launch would continue to be heard by the panel or decision maker who was seized of the matter, or where no panel or decision maker is yet seized, would be heard by the CMRA or Tribunal, as appropriate.

The notice also includes a chart that sets out how the general principles would apply in various situations when the CCMR  launches.

Market participants can expect further communications from regulatory staff in the CMR jurisdictions with more information on transition, including any local transition matters, and what steps, if any, would be required to be taken by the market participant.