Representatives of the Cooperative Capital Markets Regulatory
System ("CCMR") announced last week a
number of developments affecting the proposed national securities
CCMR launch delayed by one year: Previously
scheduled to launch operations later this year, the CCMR is now
expected to be operational in the Fall of 2016. The federal
government reiterated its intention to move forward with the CCMR
initiative in the 2015 federal budget announced earlier this
Updated draft legislation and regulations will be
published for comment this summer: The CCMR published for
public comment in September 2014 consultation drafts of proposed
uniform provincial legislation (Provincial Capital Markets Act
("PCMA")) and complementary federal
legislation (Capital Markets Stability Act
("CMSA")). In response to comments
received, the CCMR will be publishing this summer updated
consultation drafts of the PCMA and CMSA, together with draft
initial regulations, for a 120-day public comment period.
Nominating committee members announced: The
members of the nominating committee that will recommend candidates
for the initial CCMR board were announced. Their biographies are
Yukon joins the CCMR: With Yukon's
addition, the CCMR framework (which we discussed in previous
HERE and HERE) was amended to provide for the
maintenance of a CCMR office in each participating territory to
address local capital markets activity and regulatory and
In Ontario Securities Commission v. Tiffin, the Ontario Court of Justice clarified the limits of the definition of "securities" under s.1(1) of the Securities Act, as it relates to promissory notes. The defendant in the case was charged with trading in securities without being registered and while prohibited, and without filing a prospectus.
The OSC has issued a press release advising stakeholders that Ontario securities law may apply to any use of distributed ledger technologies, such as blockchain, as part of financial products or service offerings.
The use of electronic signatures is becoming increasingly commonplace in commercial transactions, as individuals and businesses capitalize on the administrative efficiency afforded by today’s digital world.
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