Tag Archives: CCMRS

Special to Financial Post: Believe in the securities regulator’s board, the glass is still half full (IIAC Blog)

Special to Financial Post: Believe in the securities regulator’s board, the glass is still half full (IIAC Blog)

Extended delay in implementing the cooperative regulator, announced with the recent appointment of the Board of Directors, coupled with the reality of large provinces likely not participating in the new regulatory structure, have sparked media commentary that the cooperative effort may be doomed to eventual failure.

Skepticism is understandable, but one could take the opposite point of view. In my FP Comment I look at the part of the glass is half full.

Click here to read my Op-Ed, special to Financial Post.

Tagged:

Comments Off on Special to Financial Post: Believe in the securities regulator’s board, the glass is still half full (IIAC Blog)

Capital Markets Regulatory Authority Initial Board of Directors Announced (IIAC Blog)

Capital Markets Regulatory Authority Initial Board of Directors Announced (IIAC Blog)

The Investment Industry Association of Canada (IIAC) welcomes today’s announcement of the initial slate of Board of Directors for the Capital Markets Regulatory Authority (CMRA). The appointment of the 15 new Board members is an essential step in moving forward with the build-out and expected launch of the new cooperative regulator in 2018.

The IIAC commits the full support of its constituent member firms and professionals to assist the newly appointed Board of Directors in carrying out its mandate. We are convinced that, under the effective leadership of Chair William A. Black, the new Board of the … Continue reading

Tagged:

Comments Off on Capital Markets Regulatory Authority Initial Board of Directors Announced (IIAC Blog)

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

Tagged:

Comments Off on Cooperative Capital Markets Regulator Faces Opposition (IIAC Blog)

Unlock Private Capital to Kick-Start the Economy (IIAC Blog)

Unlock Private Capital to Kick-Start the Economy (IIAC Blog)

In an article in Policy Options – the Institute for Research on Public Policy (IRPP)’s flagship publication – I presented a three-pronged approach to unlock private capital to kick-start the economy.

First, we need a plan to help small businesses raise equity capital to promote entrepreneurship and kick-start the economy.

Second, we must draw private capital to invest in infrastructure, especially for smaller and medium-scale projects (i.e. under $200 million) that are not as attractive for large pension funds because of their relatively small investment scale.

Third, we need to encourage private savings for retirement.

Canada … Continue reading

Tagged:

Comments Off on Unlock Private Capital to Kick-Start the Economy (IIAC Blog)

Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Today, the Financial Post, in its FP Comment page, is running a piece I wrote on how the recent FSB/IOSCO decisions will galvanize broader support for the new cooperative securities regulator.

In recent months, the multinational regulators—the FSB and the IOSCO—have concluded that systemic risks related to large asset managers flow from their potential system-wide impact on capital markets, not from the particular institution per se. It is likely that Canadian authorities will reach a similar conclusion. This would likely mean removal of large Canadian non-bank non-insurer financial institutions from inclusion in the Capital Market Stability Act (CMSA)—i.e. the … Continue reading

Tagged:

Comments Off on Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Bill Black Appointed Chair of the Capital Markets Regulatory Authority (IIAC Blog)

Bill Black Appointed Chair of the Capital Markets Regulatory Authority (IIAC Blog)

Today, the Ministers responsible for capital markets regulation in British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, Yukon and the federal Minister of Finance – together representing the Council of Ministers – announced  that William “Bill” A. Black has been appointed Chair of the Board of Directors of the Capital Markets Regulatory Authority.

Bill Black is an excellent choice. He is recognized as a proven leader in the business community with a career that spanned 34 years at Maritime Life, including nine years as President and Chief Executive Officer. He has the requisite knowledge and experience in financial markets, has worked … Continue reading

Tagged:

Comments Off on Bill Black Appointed Chair of the Capital Markets Regulatory Authority (IIAC Blog)

Cooperative Capital Markets Regulatory System (CCMRS) Comment Period Has Ended

Cooperative Capital Markets Regulatory System (CCMRS) Comment Period Has Ended

IIAC is Supportive of PCMA and CMSA Consultation Drafts, but warns that the pending legislation must adhere to the principles in existing securities law

In its submission to the participating governments regarding the Provincial Capital Markets Act (PCMA) and the Capital Markets Stability Act (CMSA) consultation drafts, the Investment Industry Association of Canada (IIAC) underscored the importance of ensuring the proposed legislation is aligned and congruent with the existing statutes to the extent possible. This, according to the IIAC, will avoid disruption in market activity, and confusion and unnecessary costs to market participants. Moreover, the existing statutes embed … Continue reading

Tagged:

Comments Off on Cooperative Capital Markets Regulatory System (CCMRS) Comment Period Has Ended

FP: Canada to have national market watchdog by next year— with or without provinces’ support

FP: Canada to have national market watchdog by next year— with or without provinces’ support

According to the Financial Post’s Gordon Isfeld, the federal government is “pushing ahead with draft legislation to create a national securities watchdog, although the rollout is slightly behind schedule and only four provinces have so far agreed to participate in the new body.

“The Co-operative Capital Markets Regulatory System is set to become a reality by mid-2015 — with or without the involvement of all 13 regulatory authorities now operating across Canada.”

The full article is available on FinancialPost.com.

 

Tagged:

Comments Off on FP: Canada to have national market watchdog by next year— with or without provinces’ support

Ian Russell on BNN

Ian Russell on BNN

Ian Russell did numerous interviews across the country yesterday and made the case that with New Brunswick, Ontario, Saskatchewan and B.C. –  approximately half of domestic capital market activity – now participating in the Cooperative Capital Markets Regulatory System (CCMRS), Ottawa has the critical mass needed to proceed.

One of his interviews was on BNN.

 

 

 

 

 

 

Tagged:

Comments Off on Ian Russell on BNN