The federal government's most recent initiative to create a
cooperative capital markets regulatory system for Canada took
another step forward today with the announcement that New Brunswick
and Saskatchewan had signed on to the existing agreement to join the Cooperative Capital Markets Regulatory
New Brunswick and Saskatchewan join Ontario and British Columbia
as parties to an agreement in principle (the "Agreement")
which calls for the development of, among other things:
uniform legislation for each participating province or
territory that would address all capital markets regulatory matters
under provincial or territorial jurisdiction;
complementary federal legislation to apply across Canada that
would address criminal matters and those relating to systemic risk
and national data collection; and
a single capital markets regulator comprising of an expert
board of directors, a regulatory division and an adjudicative
Under this model, it is proposed that the new
cooperative regulator would administer a single set of
regulations under the authority delegated to it by the
participating jurisdictions, while being responsible for regulatory
enforcement and adjudicative functions, as well as identifying and
managing systemic risk. The common regulator is also
contemplated to have a regulatory office in each participating
jurisdiction that would provide the same range of services that are
currently provided by provincial and territorial securities
regulators while maintaining a single fee structure.
With the amendment to the Agreement to add New Brunswick and
Saskatchewan, it was also agreed that, in addition to deputy chief
regulators to be based in each of British Columbia and Ontario, and
Alberta and Quebec (if they participate), there would be two
additional deputy chief regulators to accommodate the participation
of smaller jurisdictions, one of which would represent
Saskatchewan, Manitoba, the Northwest Territories, Nunavut and
Yukon, and the other representing New Brunswick, Nova Scotia,
Newfoundland and Labrador and Prince Edward Island, to the extent
such provinces participate.
The initiative is designed to protect investors, support
efficient capital markets and manage systemic risk in the
participating jurisdictions, while attempting to address the Supreme Court's decision
that found certain unilateral action by Parliament to take over the
regulation of the securities industry to be outside the authority
of the federal government.
Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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