On September 8, 2014, federal government's push to create a National securities regulator received a boost with the announcement of the signing of a memorandum of agreement formalizing the terms of the Cooperative Capital Markets Regulatory System, the proposed national securities regulator for Canada.

Michael de Jong, British Columbia's Minister of Finance, Charles Sousa, Ontario's Minister of Finance, Gordon Wyant, Saskatchewan's Minister of Justice and Attorney General, Troy Lifford, New Brunswick's Minister of Justice, and Joe Oliver, Canada's Minister of Finance, have all signed the Memorandum of Agreement formalizing the terms and conditions of the Cooperative Capital Markets Regulatory System. Consultation drafts of uniform provincial capital markets legislation and complementary federal legislation have also been released for public comment.

This Cooperative Regulator would create and administer a national set of regulations and would have the same authority of each of the participating provinces. The Federal government hopes that a "cooperative securities regulator will better protect investors, enhance Canada's financial services sector, support efficient capital markets and manage systemic risk." As work continues toward the operationalization of the Capital Markets Regulatory Authority targeted by fall 2015, the participating jurisdictions reiterated their invitation to the governments of other provinces and territories to participate in the Cooperative System. Alberta and Quebec have remained steadfast in their refusal to be part of the initiative, and remain opposed to a national securities regulator.

The memorandum of understanding, as well as all new updates on the Cooperative Capital Markets Regulatory System can be accessed at their newly constructed website: http://ccmr-ocrmc.ca/.

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