The comments submitted on the proposed legislation to create a cooperative capital markets regulator between five provinces and the federal government have now been released for public consumption.
The comment period draft federal and provincial legislation to create the Cooperative Capital Markets Regulatory System (CCMRS) — the Provincial Capital Markets Act (PCMA) and the Capital Markets Stability Act (CMSA) — closed on Dec. 8. Now, the submissions from over 60 commenters have been posted to the project’s website at: http://ccmr-ocrmc.ca/comment-letters/.
The comments were published on Dec. 19; which was the initial deadline for the publication of the new regulator’s draft rules. Some of the commenters on the draft legislation have complained that it is hard to provide comprehensive comments on the proposed legislation without also having the proposed rules available, or any information on how the CCMR will work with the provinces that don’t participate.
However, policymakers from the participating jurisdictions announced in early December that the draft rules for the new authority won’t be ready for publication until the spring of 2015. And, even then, it will only be publishing the rules that would apply under provincial legislation. Draft rules created under federal legislation will likely come later.
In the meantime, the securities industry, legal experts, and advocacy groups were to submit comments on the proposed legislation by Dec. 8 (the original comment period was extended by a month to give more time to analyze the proposals).
The participating governments say that the comments on the proposed PCMA and CMSA will be considered in conjunction with the development of draft legislation that must then secure legislative approval. The plan is to have the new regulator operational by the fall of 2015.