The CCMR has recently posted a summary of its proposed "Transition
Approach". This approach lays out the following
transitional principles, with the stated goal being to
"minimize the impact of transition on market participants and
decisions of a predecessor regulator would become decisions of
the Capital Markets Regulatory Authority (CMRA) and those decisions
would have effect in all participating jurisdictions (for example:
registration decisions, prospectus receipts, and exemptive relief
most orders of a predecessor regulator would be deemed to be
orders of the CMRA and would have effect in all participating
jurisdictions (for example: recognition orders, designation
orders). An exception is blanket orders, which would, where
appropriate, be carried forward as CMRA Local Regulations;
the Authority and Chief Regulator would be able to vary or
revoke decisions of predecessor regulators to resolve any
discrepancies between decisions made in different participating
the Authority and Chief Regulator would be able to take up any
applications in progress or forms submitted at the launch of the
obligations to a predecessor regulator would continue as
obligations to the CMRA;
administrative enforcement orders would be deemed to be orders
of the Tribunal in the participating jurisdiction where the order
was made; and
hearings, reviews and appeals in progress or requested prior to
the launch of the CCMR System would continue to be heard by the
panel or decision maker who was seized of the matter, or where no
panel or decision maker is yet seized, would be heard by the CMRA
or the Tribunal, as appropriate.
The transition summary includes a chart setting out the proposed
approach in various situations that may arise when the new regime
"goes live". For instance, compliance reviews and
investigations commenced prior to the launch would continue, and
investigation orders would be deemed to be orders as if they were
granted under the new legislation.
These approaches to the transition to the new CCMR System are of
great interest to many market participants (and particularly their
counsel). Nonetheless, it is worth noting that as of the date of
this post, a number of anticipated pronouncements remain
outstanding. For example, the public has yet to see the revised
draft of the proposed Federal Capital Markets Stability
Act, or any proposed initial regulations to be made under it.
As well, notwithstanding the announced appointment of the Nominating
Committee in April 2015, and the appointment of Bill Black as the first Board
Chair on July 24, 2015, the market still awaits receipt of the
names of the remaining initial Board Members.
We will continue to watch and write on developments on this
initiative, especially as we get closer to the implementation of
the new system.
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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