If the plans to create a Co-operative Capital Markets Regulator (CCMR) come together, the new authority would aim to ease the change largely by carrying over existing regulatory arrangements to the new regime, according to the regulator’s transition plan.

The policy-makers working on the CCMR published a paper on Monday setting out their planned approach to launching the new regulatory framework for firms in jurisdictions that are participating in the effort, which includes British Columbia, New Brunswick, Ontario, Prince Edward Island, Saskatchewan and the Yukon territory.

The goal of the planned approach “is to minimize the impact of transition on market participants and their businesses,” the CCMR’s paper says.

In most cases, the changeover will happen automatically, and firms won’t have to do anything to accommodate the transition.

For example, existing regulators’ decisions — including those concerning registration, prospectus receipts and exemptive relief — would become decisions of the proposed new Capital Markets Regulatory Authority (CMRA), the CCMR paper indicates, and these rulings would apply in all of the participating jurisdictions.

Similarly, orders issued by an existing regulator, such as recognition orders and designation orders, would be deemed to be orders of the CMRA and they would apply in all of the CCMR’s participating jurisdictions. One exception to this approach: blanket orders would only continue as local regulations.

In addition, under the new regime the CMRA would have the authority to vary, or revoke, decisions of predecessor regulators to resolve any discrepancies between decisions made in different provinces. The new regulator would also be able to take up any applications that are in progress when the new regime takes effect.

In terms of enforcement, orders would be deemed to be orders of the tribunal in the jurisdiction in which the order was made, and hearings, reviews and appeals that are in progress would continue to be heard by the authority already handling the case.

The CCMR paper also includes a chart that sets out how the general principles would apply in various situations when the CCMR launches.