Today, the participating provinces and territory in the
Cooperative Capital Markets Regulatory System achieved an
important milestone towards implementation of the system by
publishing a revised consultation draft of the uniform provincial
and territorial capital markets act (now known as the Capital
Markets Act), along with the drafts of the initial regulations
proposed for adoption by the participating provinces and territory
under the draft uniform act. These materials have been published
for a 120-day public comment period.
Still to come are:
provisions dealing with the interface mechanism with
proposed initial regulations relating to prospectus exemptions
and relating to fees;
proposed legislation to establish jointly the Capital Markets
Regulatory Authority; and
proposed implementation legislation to ensure a smooth
transition to the new regime and to integrate the new regime into
the general laws of each participating province and territory.
Revisions to the complementary federal act (known as the
Capital Markets Stability Act) are also expected to be
made public at a later date.
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