The newly appointed Minister of Finance recently affirmed the federal government's support
of a cooperative national securities regulator. Minister Morneau
noted that the federal government's message "to all
provinces is [that] we respect their decisions and we will work
together with the provinces that are willing to form a
collaborative capital markets regulator."
This expression of support came shortly after the deadline for
submitting public comments on the revised consultation draft of the
provincial Capital Markets Act and the
accompanying draft regulations. At least fifty comment letters were submitted by various
industry groups, businesses, and law firms. Some letters focused on
particular aspects, while other comment letters provided a more
Osler's Comment Letter can be accessed here:
Osler Comment Letter. We support the concepts underlying the
cooperative system, but our letter highlights several issues that
we believe need to be addressed. In our view, it would be
advantageous for market participants and their legal advisors to
have a greater engagement with the legislative drafters. To that
end, Osler suggested the establishment of an advisory body made up
of knowledgeable legal experts to assist with the development and
implementation of the legal framework for the cooperative
The cooperative system contemplates that the Capital Markets
Act and the regulations would be implemented in each of the
participating provinces and territories. This legislation, together
with the Federal government's anticipated legislative portion,
would be administered by the Capital Markets Regulatory Authority,
a single regulator accountable to the legislative bodies of
participating jurisdictions and subject to oversight from a council
Currently, as we have previously posted, British Columbia,
Ontario, Saskatchewan, New Brunswick, Prince Edward Island and the
Yukon have committed to working together to establish a cooperative
capital markets regulatory regime which will hopefully lead,
eventually, to a national system.
We will continue to monitor developments regarding this
initiative. We view Minister Morneau's expression of support as
an important step, and hope that the participating jurisdictions
will continue to consult with market participants to address the
important outstanding issues and move this initiative forward.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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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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