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
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/.
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.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).