22 LEXPERT MAGAZINE
|
OCTOBER 2019
T
Nearly a year has passed since the November 9, 2018 ruling of the Su-
preme Court of Canada (SCC) that the proposed cooperative capi-
tal markets regulatory system (Cooperative System) is constitutional.
While the unanimous decision in Reference re Pan-Canadian Securities Reg-
ulation [2018] 3 SCR 189 opened the door to a proposed pan-Canadian
securities regulator that will exercise delegated authority from participating
jurisdictions, there remains no public implementation timeline for the Co-
operative System:
Under the proposed Cooperative System, a single regulator – the Capi-
tal Markets Authority (Authority) – would receive delegated powers from
the federal government and the governments of Ontario, British Columbia,
Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island and the
Yukon (Participating Jurisdictions). e Authority would administer the
proposed federal Capital Markets Stability Act (CMSA) and a uniform
Capital Markets Act (CMA). e CMA would be adopted by all partici-
pating provinces and territories in the Cooperative System to replace their
respective securities acts.
A memorandum of agreement (Memorandum) entered into by the Par-
ticipating Jurisdictions provides for a council of ministers (Council) consist-
ing of the federal minister of finance and the minister responsible for capital
markets regulation from each participating province or territory. Among
One Year Later
SCC GAVE THE GREEN LIGHT TO NATIONAL SECURITIES
REGULATOR, IMPLEMENTATION TIMELINE REMAINS UNCERTAIN
BY JOHN TUZYK, ANDREA LAING AND LIAM CHURCHILL
