The passport model for improving the interoperability of Canadian securities regulators took effect today in every province except Ontario.

A series of amendments to securities regulations and processes came into force, making it easier to access capital markets. These changes, and the implementation of the National Registration System earlier this year, are intended to give issuers and registrants easier access to capital markets in participating Canadian jurisdictions.

The reforms allow market players to deal only with the regulator in their principal jurisdiction and exempt them from certain legal requirements in other provinces and territories, with the exception of Ontario, which has chosen not to implement the changes. Ontario is seeking a single national regulator.

“These improvements will make Canada more competitive in the global marketplace,” said Shirley McClellan, deputy premier and minister of finance for Alberta, and chair of the Council of Ministers of Securities Regulation. “Though we continue to encourage Ontario to take part, we are moving ahead with these reforms, as they provide a clear benefit to the industry.”

The amendments form the first step in implementing a passport system agreed to under the Provincial/Territorial Memorandum of Understanding Regarding Securities Regulation. The Council of Ministers is committed to further strengthening and expanding the passport system once the necessary legislation has been adopted by all participating jurisdictions.

The Council includes ministers from Quebec, Nova Scotia, New Brunswick, Manitoba, British Columbia, Prince Edward Island, Saskatchewan, Alberta, Newfoundland and Labrador, the Northwest Territories, Yukon and Nunavut. Its goal is to develop a provincial/territorial framework that inspires investor confidence and supports competitiveness, innovation and growth through efficient, streamlined and cost-effective securities regulation. The ministers are committed to working together on an ongoing basis to ensure that the highest standards of investor protection are effectively and consistently applied.