Skip to main content

The Globe and Mail

Ottawa, provinces delay timeline for securities regulator legislation

The announcement said the governments still anticipate the new CCMR will be operating by July 1, 2015, which is the same final deadline announced last year.

SEAN KILPATRICK/THE CANADIAN PRESS

Ottawa and two provinces have pushed back the timeline for completing legislation to create a new securities regulator to replace existing securities commissions in Ontario and British Columbia.

The three partners announced Friday they have extended the deadline to finish a draft of new legislation for a co-operative capital markets regulator (CCMR) to April 30 from the prior scheduled date of Jan. 31.

The delay means draft initial regulations are now scheduled for completion by June 30 instead of March 31. Various integration agreements by participating provinces – which will set out how the new organization will be integrated with existing securities commissions – are expected to be completed by Aug. 29 instead of May 30.

Story continues below advertisement

The announcement said the governments still anticipate the new CCMR will be operating by July 1, 2015, which is the same final deadline announced last year.

Ottawa, Ontario and British Columbia revealed last September they had reached a deal to create a new jointly managed securities regulator, which they hoped would be a first step toward a national securities regulator with participation from more provinces.

Since then, however, no other provinces have publicly pledged to join, and the project has proceeded with just the initial three partners.

Friday's announcement of a new timeline, which was issued jointly by the federal finance departments and finance departments in Ontario and B.C., said the delay will allow time for more consultation with other provinces.

"Given our active discussions with other jurisdictions about participating in the CCMR, these changes will provide a window of opportunity for broader input into the development and finalization of the draft legislation and the framework agreements relating to the CCMR," the release said.

Report an error Licensing Options
About the Author
Real Estate Reporter

Janet McFarland is the real estate reporter for The Globe and Mail’s Report on Business, with a focus on residential real estate trends. She joined Report on Business in 1995, and has specialized in reporting on corporate governance, executive compensation, pension policy, business law, securities regulation and enforcement of white-collar crime. More

Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨

Combined Shape Created with Sketch.

Combined Shape Created with Sketch.

Thank you!

You are now subscribed to the newsletter at

You can unsubscribe from this newsletter or Globe promotions at any time by clicking the link at the bottom of the newsletter, or by emailing us at privacy@globeandmail.com.