On August 25, 2015, 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.
Background and Key Developments
While the publication of these materials is a critical step towards implementing the system, there have been a number of key developments since September 19, 2013, when the governments of British Columbia, Ontario and Canada first announced that they had agreed in principle to move towards a cooperative capital markets regulatory system and invited all provinces and territories of Canada to participate in the system. These key developments are summarized below:
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