The Canadian Securities Administrators on Thursday announced changes that will see it become a more formal and structured organization.

“As an informal organization, the CSA has been very successful in coordinating and harmonizing securities regulation in Canada — but it’s time to take our efforts to the next level,” said CSA Chair Stephen Sibold. “Restructuring the CSA is an important step in making capital markets in Canada more effective globally.”

To improve upon the existing cooperation and coordination between jurisdictions, the CSA has created a Policy Coordination Committee (PCC) to oversee the implementation of the strategic plan and ongoing policy and rule development.

Consisting of six members appointed for two-year terms, the first PCC members include the chairs of the securities commissions in British Columbia, Alberta, Manitoba, Ontario, Quebec and Nova Scotia. David Brown, Chair of the Ontario Securities Commission, has been elected to serve as Chair of the PCC for an initial one-year term.

The CSA is also establishing a permanent secretariat in Montreal. The purpose of the secretariat is to provide organizational stability. It will be staffed initially by an executive director, policy coordinator and support staff.

At a news conference, Sibold indicated that although the cost of the new body is uncertain, it will be funded under the CSA’s usual formula, with provinces and territories contributing on a voluntary basis in proportion to their populations.

The CSA also announced that it has formalized its governance structure. The positions of the CSA chair and vice chair will be elected by the members for a two-year period.

“With a formal governance structure and dedicated resources, we will be able to more effectively achieve our strategic objectives to harmonize legislation across our jurisdictions while maintaining decision-making authority within each province or territory,” said Sibold.