Nova Scotia is the latest province to formally sign on to the effort to create a cooperative capital markets regulator (CCMR) for Canada.
The addition of Nova Scotia brings the total number of provinces and territories that are participating in the initiative to seven, along with British Columbia, Ontario, New Brunswick, Saskatchewan, PEI and the Yukon, along with the federal government.
The participation of Nova Scotia in the CCMR has been expected for some time, but the important holdouts remain Alberta and Quebec.
Indeed, there are still a number of hurdles for the project to overcome, and there’s still no new planned launch date for a project that was originally slated for July 2015.
In a statement accompanying today’s announcement, the various jurisdictions that are participating in the effort said they “are reviewing the timelines for the launch of the cooperative system to ensure a smooth and secure transition for market participants.”
To that end, they also said that they will provide an update on the launch at “a future date.”
In the meantime, they stressed that they are “committed to implementing the CCMR in a manner that is respectful of non-participating jurisdictions and that provides certainty to market participants.”