New Brunswick signs agreement in principle for the Cooperative Capital Markets Regulatory System

Tribune-Post Staff
Send to a friend

Send this article to a friend.

The provincial government will join with Ontario, British Columbia, Saskatchewan and the federal government to form a new capital markets regulatory system.

“Our province welcomes the opportunity to participate in the Cooperative Capital Markets Regulatory System and encourages other smaller jurisdictions to consider the same," said Justice Minister Troy Lifford. “This initiative will be successful because of the spirit of co-operation among all participating jurisdictions. The improvements in this amended Agreement in Principle emphasizing local economic initiatives and regional differences are a testament to that end."

The Cooperative Capital Markets Regulatory System will strengthen Canada’s capital markets by providing better protection to investors, enhancing Canada’s financial services sector, and managing systemic risk. A common regulator will administer a single set of regulations, reducing red tape for businesses, and will be self-funded through a single set of fees.  It will be directed by an independent board of directors with extensive capital markets-related expertise.  A Council of Ministers of all participating jurisdictions will oversee the cooperative system.

“The system is about balance – preserving local perspectives while bringing about much-needed reform nationally,” said Lifford. “It will have a regulatory office in every participating province, each with the expertise to serve the jurisdiction and in accordance with provincial language laws. In New Brunswick, a fully-staffed regulatory office will be established with provincial expertise to respond to the needs of local market participants and investors.”

Through an amended agreement in principle, the ministers have agreed that there would be two additional deputy chief regulators:

one representing Saskatchewan, Manitoba, the Northwest Territories, Nunavut and Yukon, to the extent that they are participating jurisdictions; and

one representing New Brunswick, Nova Scotia, Newfoundland and Labrador, and Prince Edward Island, to the extent that they are participating jurisdictions.

These would be in addition to the deputy chief regulators based in each of British Columbia and Ontario, as well as Alberta and Quebec, should they choose to participate.

Further clarifications have been made in response to feedback from provinces and territories. The ministers have agreed that each regulatory office would be led by an empowered director with the responsibility to carry out the office’s regulatory functions and contribute to the development of national policies. As well, the amended agreement in principle outlines a mechanism for the regulator to accommodate provincial economic development initiatives.

“This cooperative system will preserve the elements of the current system that continues to work well and will provide needed reforms within a national context,” said Lifford.

 

Organizations: Cooperative Capital Markets Regulatory System, Council of Ministers

Geographic location: New Brunswick, Ontario, British Columbia Saskatchewan Canada Manitoba Northwest Territories Nunavut Yukon Nova Scotia Newfoundland and Labrador Prince Edward Island Alberta Quebec

  • 1
  • 2
  • 3
  • 4
  • 5

Thanks for voting!

Top of page

Comments

Comments