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 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 (Provincial Capital Markets Act) and federal legislation (Capital Markets Stability Act) are currently released for public comment. The comment period ends December 8, 2014.