On July 24, 2015, the Council of Ministers for the participating
jurisdictions held its inaugural meeting and announced a critical development toward the
implementation of the Cooperative Capital Markets Regulatory System
(the "CCMR"). At the meeting, William A. Black was named
as the first chair of the expert board of directors of the Capital
Markets Regulatory Authority (the "Authority").
As we described in an earlier blog post, the nominating
committee was appointed in April 2015 with the mandate of
recommending candidates for the initial board of directors of the
Authority. Mr. Black was selected as the chair of the board of
directors by the Council of Ministers on the recommendation of that
In addition, the Council of Ministers announced the
incorporation of the Capital Markets Authority Implementation
Organization, which will assist in the transition to and
implementation of the Authority.
The appointment of Mr. Black and the introduction of the
Implementation Organization are key steps toward making the goal of
the CCMR a reality, and show that the participating jurisdictions
continue to push toward this objective. As a part of this
announcement, the Council of Ministers also repeated its intention
to release revised consultation draft provincial and federal
legislation, together with draft initial regulations, for public
comment this summer. Osler will continue to monitor these
developments and will be providing comment in response to the
impending release of the draft legislation and regulations. In the
meantime, market participants can expect that momentum toward the
ultimate goal of a streamlined and harmonized capital markets
regulatory system will continue to build over the coming
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