CANADA: Prince Edward Island Agrees to Join the Cooperative Capital Markets Regulatory System

Monday October 13 2014

Prince Edward Island has joined the Cooperative Capital Markets Regulatory System with its 30th September 2014, signing of the Memorandum of Agreement.

This decision follows on the 9th July 2014, agreement by the Governments of Saskatchewan and New Brunswick to join the Governments of British Columbia, Ontario and Canada to jointly establish a Cooperative Capital Markets Regulatory System. Together, these provinces represent more than half of the capital market activity in Canada.

On 8th September 2014, the Governments of British Columbia, Ontario, Saskatchewan, New Brunswick and Canada released consultation drafts of uniform provincial capital markets legislation and complementary federal legislation for public comment. The draft legislation modernizes and harmonizes existing provincial legislation, while the complementary federal draft legislation supplements provincial legislation by empowering the cooperative system to collect data and oversee systemic risk on a national basis.

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