On January 31, the federal Department of Finance announced that B.C., Ontario and the federal government have made "substantial progress" towards drafting legislation and a memorandum of agreement in regards to the establishment of a single, cooperative securities regulator.

As we discussed in a post last year, the federal government and participating provinces first proposed a cooperative securities regulator in September. According to the latest announcement, the parties have set a target date of April 30, 2014 for the completion of draft provincial capital markets legislation, draft complementary federal legislation and a memorandum of agreement. Draft initial regulations and integration agreements are targeted for June 30 and August 29, 2014, respectively, with the parties ultimately hoping to have the proposed regulator in operation by July 1, 2015.