Tag Archives: CCMR

Cooperative Capital Markets Regulator Faces Opposition (IIAC Blog)

Cooperative Capital Markets Regulator Faces Opposition (IIAC Blog)

The momentum underlying the cooperative capital markets regulator has dissipated, at least for the time being, as the participating provinces await approval from the new federal government. The opposing provinces have stepped into this vacuum with several opinion pieces in the media, making argument against the cooperative regulator. The arguments are well-worn, but the hope is they could fall on sympathetic ears in Ottawa.

Some in the legal community have also renewed complaints about the new proposed provincial/territorial Capital Markets Act (CMA) legislation, notably the content of the BC legislation taken as the “platform” legislation—a model … Continue reading

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IIAC: Federal Government has Critical Mass Needed to Proceed with Cooperative Capital Markets Regulatory System

IIAC: Federal Government has Critical Mass Needed to Proceed with Cooperative Capital Markets Regulatory System

In response to today’s announcement by federal Finance Minister Joe Oliver that Saskatchewan and New Brunswick have agreed to join British Columbia, Ontario and the federal government as participants in the Cooperative Capital Markets Regulatory System, the IIAC issued the following news release: 

Toronto, Wednesday, July 9, 2014 – Ian Russell, President and CEO, the Investment Industry Association of Canada (IIAC), is calling today’s announcement regarding the Cooperative Capital Markets Regulatory System a hard-fought victory that signals an end to the archaic and fragmented patchwork of 13 provincial and territorial securities watchdogs overseeing Canada’s markets.

A long-time proponent … Continue reading

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Finance Minister Joe Oliver says national securities regulator could become reality by fall 2015

Finance Minister Joe Oliver says national securities regulator could become reality by fall 2015

As seen today on FinancialPost.com’s FP Street, an interview with Finance Minister Joe Oliver by Gordon Isfeld:

Canada’s finance minister believes the government’s long-sought goal of a single national securities regulator could become a reality by the next federal election, scheduled for the fall of 2015. 

“I think it is very positive that Canada, British Columbia and Ontario entered into this agreement in principle [on a national regulator]. We’re expecting there will be a number of other provinces coming on board soon,” Joe Oliver told the Financial Post on Monday. 

“I don’t use the word ‘soon’ unless I … Continue reading

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Ian Russell: CCMR will be more sensitive to individual provinces than existing system

Ian Russell: CCMR will be more sensitive to individual provinces than existing system

In an interview with Scott Larson of Saskatoon-based The Star Phoenix, Ian Russell said, “if Saskatchewan backs the federal proposal for a voluntary national securities regulator, it could become a reality within a year”. 

“Saskatchewan is the catalyst to start operations,” he said.

The article went on to say that “Saskatchewan would be the third province, joining Ontario and B.C., in the proposed Cooperative Capital Markets Regulator (CCMR), which would replace the existing “passport” system of harmonized rules and regulations among the 13 provincial and territorial securities regulators in the country”. 

Russell is a longtime proponent of the CCMR … Continue reading

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Ian Russell responds to Alberta’s securities regulation proposal

Ian Russell responds to Alberta’s securities regulation proposal

In an interview with The Globe and Mail‘s Richard Blackwell, Ian Russell, IIAC President and CEO, had the following to say about Alberta’s alternative securities regulation proposal which was floated by the province’s finance minister, Doug Horner, this week.

Alberta’s scheme would see existing provincial securities commissions continue to handle local regulatory issues, and perhaps deal with securities violations that are limited to activity in that province.

Ian Russell, chief executive officer of the Investment Industry Association of Canada, said Alberta’s plan contains some good ideas, but the timing isn’t appropriate.

The full article is available here.

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Joe Oliver being tapped to serve as Finance Minister bodes well for the future of the Cooperative Capital Markets Regulator

Joe Oliver being tapped to serve as Finance Minister bodes well for the future of the Cooperative Capital Markets Regulator

If you are a supporter of the Cooperative Capital Markets Regulator (CCMR), you will no doubt welcome the news that Joe Oliver is our new Finance Minister.  In the absence of Jim Flaherty, there is likely no one else on Parliament Hill more aware of the pressing need to (finally) introduce a national regulator in Canada.

After all, Finance Minister Oliver made a name for himself after spending the majority of his career on Bay Street, most recently as President and CEO of the IDA (now IIROC) following a lengthy and successful career at Merrill Lynch.

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Investment Executive on the future of the CCMR

Investment Executive on the future of the CCMR

Investment Executive’s James Langton has written a compelling article regarding the future of the Cooperative Capital Markets Regulator (CCMR) in light of Jim Flaherty’s resignation.  As Langton noted, “one of the biggest questions for the financial industry in the wake of the resignation of federal Finance Minister Jim Flaherty is the fate of the latest project to create a national securities regulator.”  The article includes commentary by Ian Russell, IIAC President and CEO.  The article can be accessed here.

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IIAC Responds to News that Finance Minister Jim Flaherty has Resigned

IIAC Responds to News that Finance Minister Jim Flaherty has Resigned

Hopeful his replacement will demonstrate same commitment to Cooperative Capital Markets Regulator

In response to this afternoon’s announcement that Finance Minister Jim Flaherty has resigned from Cabinet, Ian Russell, IIAC President and CEO, issued the following statement:

Canada’s investment industry has been well served under the leadership of Finance Minister Jim Flaherty.  His track record speaks for itself.  Of particular interest to our industry has been his dogged determination to see the Cooperative Capital Markets Regulator (CCMR) come to fruition.  If this initiative is successful – and we are fully confident it will be – this will define Minister Flaherty’s tenure.

With … Continue reading

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IIAC Responds to Signing of Canada-Korea Free Trade Agreement

IIAC Responds to Signing of Canada-Korea Free Trade Agreement

Positive Step Forward for Canadian Economy

“Today’s signing of the Canada-Korea Free Trade Agreement will be an important catalyst for increased growth and prosperity to the Canadian economy. This agreement gives Canadian business improved access to the dynamic South Korean economy for Canadian traded goods,” said Ian Russell, IIAC President and CEO. “As the first trade agreement in the Asia-Pacific region, it sets a precedent for similar deals and improved access for Canadian exports throughout the continent.”

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