CALGARY, June 25, 2014 /CNW/ - The Provincial-Territorial Council of
Ministers of Securities Regulation (Council) met on June 22-23, 2014 in
Charlottetown, Prince Edward Island.
The Council recognizes the need to make continuous improvements to the
Canadian securities regulatory system to meet the increasing
expectations of investors and to keep pace with evolving capital
The Council's priority is to maintain an innovative, competitive and
flexible regulatory system that protects investors and fosters fair,
efficient and transparent capital markets, as well as enhancing the
identification and reduction of systemic risks in Canada. The 2013
Progress Report, as approved by Council, describes those improvements.
The Council is concerned about further fragmentation of the securities
regulatory system if the Common Market Regulator proposal developed by
the federal, British Columbia and Ontario governments is implemented.
It was noted that Alberta, Québec and Manitoba reconfirmed their
opposition to the Common Market Regulator proposal and the federal
legislation. Other jurisdictions continue to evaluate their options.
At the meeting, the Council agreed in principle to continue to work
toward establishing a cooperative provincial-territorial securities
framework that will recognize and preserve provincial and territorial
authority to regulate securities. Elements of the framework will
a coordinated legislative process to maintain and enhance harmonized
securities legislation and regulation, while preserving the flexibility
to accommodate regional differences and innovation;
improving the effectiveness of the Council;
strengthening collaboration and information-sharing among all provincial
and federal entities with a financial stability mandate to enhance the
identification and reduction of systemic risks through the
establishment of a national systemic risk committee;
improving administrative adjudication by moving to a common adjudicative
improving the enforcement of criminal and quasi-criminal laws relating
to the securities market by creating a common enforcement agency; and
strengthening provincial-territorial participation in international
forums as part of Canadian delegations. The process for representation
will be developed in consultation with the federal government.
The Council has directed its government officials to develop a
provincial and territorial Memorandum of Agreement, to reflect the
agreed to elements of the cooperative provincial-territorial securities
framework, which will be considered by the Council at its September
Council believes that this alternative cooperative model provides a
better framework for improving and enhancing the provincial-territorial
securities regulatory system for Canada than the capital market
regulator proposed by British Columbia, Ontario and the federal
government, while addressing the concerns of those governments.
It is the view of the Council that our alternative cooperative model
will reduce market fragmentation, improve enforcement, identify and
reduce systemic risks, and reduce regulatory burden.
The Council also discussed industry's recent requests to formally
recognize financial planning as a profession, as well as recently
proposed changes by the provincial and territorial securities
regulators to capital raising exemptions, including the offering
The Chair of the Canadian Securities Administrators (CSA) updated the
Council on proposed enhancements to the CSA and the Passport System,
and progress on the current CSA business plan.
The Council remains committed to ensuring Canada continues to have one
of the best securities regulatory regimes in the world, providing for
high standards of investor protection and efficient, vibrant and
competitive capital markets going forward.
More information about the Council, including the Council 2013 Progress
Report, can be obtained at www.securitiescanada.org.
SOURCE: Alberta Public Affairs Bureau
For further information:
Office of the Alberta President of Treasury Board and Minister of Finance
Attachée de presse et responsable des communications
Cabinet du ministre des Finances