At long last, the board of directors for the cooperative securities regulator has been announced. This is another milestone for the cooperative securities initiative. With a board of directors in place, it is hoped that the process towards implementation can move more quickly. The announcement of the board follows on the close of the comment period for the revised Capital Markets Stability Act (comments closed on July 6 – see previous posts below). The board of directors is large, consisting of 15 people from across the country. Regional representation is obviously crucial to the success of the cooperative regulator and the fact that certain board members hail from provinces that have not signed on to the cooperative model is important. (Anita Anand, 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.
Once created, the Authority will be the single regulator administering the proposed uniform provincial-territorial Capital Markets Act and complementary federal Capital Markets Stability Act. When passed, these acts would form the legislative cornerstones of the new Cooperative Capital Markets Regulatory System.
Initial Board of Directors
- William Black, chair
- Andrea Bolger
- Joan Dunne
- Garth Girvan
- Rory Godinho
- Nancy Hopkins
- Peter Klohn
- Douglas Knight
- Jill Leversage
- Harold MacKay
- John McCoach
- Jean-Pierre Ouellet
- Vicky Sharpe
- Eric Tripp
- Howard Wetston
These 15 highly qualified individuals bring a range of relevant capital markets knowledge and expertise to the initial board. As a group broadly representative of the regions of Canada, they were selected by the Ministers following a rigorous process led by an independent nominating committee. Pending the creation of the Authority, they 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 Ministers also have amended the implementation milestones set out in the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System related to passing legislation and launching the Authority. 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 steps to ensure a successful launch of the Cooperative System with a smooth transition for market participants.
The participating jurisdictions continue to review and carefully consider stakeholder comments on the revised consultation drafts of the legislation.
Sound capital markets are essential to growing the economy and creating jobs in all regions and sectors of Canada. Today’s announcement marks an important step in creating the Cooperative System that will better protect investors, foster greater market efficiency and strengthen Canada’s capacity to manage systemic capital market risk on a national basis.
The Ministers renew their invitation to the governments of other provinces and territories to join the Cooperative System.