: Capital Markets Regulatory Authority Initial Board of Directors and New Implementation Timelines Announced

July 22, 2016

The Ministers responsible for capital markets regulation in British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island and Yukon, and the Minister of Finance of Canada, have chosen the Capital Markets Regulatory Authority’s initial board of directors and set new timelines for implementing the Authority.

Pending the creation of the Authority, the 15 highly-qualified individuals chosen will serve as the board of directors for the Capital Markets Authority Implementation Organization, which will assist in the transition to and implementation of the Authority.

The implementation milestones related to passing legislation and launching the Authority set out in the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System have been amended. Participating jurisdictions will use their respective best efforts to enact the uniform provincial-territorial Capital Markets Act and the complementary federal Capital Markets Stability Act by June 30, 2018, with the Authority expected to be operational in 2018. The participating jurisdictions are committed to moving forward and taking the necessary time to ensure a successful launch of the Cooperative System with a smooth transition for market participants.

For more information on the Cooperative System, visit the Cooperative Capital Markets Regulatory System website.