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Capital Markets Regulatory Authority Initial Board of Directors and New Implementation Timelines Announced

Released on July 22, 2016

The Ministers responsible for capital markets regulation in British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island and Yukon, and the Federal Minister of Finance, have chosen the Capital Markets Regulatory Authority’s initial board of directors and set new timelines for implementing the authority.

Once created, the authority will be the single regulator administering the proposed uniform provincial-territorial Capital Markets Act and complementary federal Capital Markets Stability Act.  When passed, these acts would form the legislative cornerstones of the new Co-operative Capital Markets Regulatory System.

Initial Board of Directors:
  • William Black, chair
  • Andrea Bolger
  • Joan Dunne
  • Garth Girvan
  • Rory Godinho
  • Nancy Hopkins
  • Peter Klohn
  • Douglas Knight
  • Jill Leversage
  • Harold MacKay
  • John McCoach
  • Jean-Pierre Ouellet
  • Vicky Sharpe
  • Eric Tripp
  • Howard Wetston
These 15 highly qualified individuals bring a range of relevant capital markets knowledge and expertise to the initial board.  As a group broadly representative of the regions of Canada, they were selected by the ministers following a rigorous process led by an independent nominating committee.  Pending the creation of the authority, they will serve as the board of directors for the Capital Markets Authority Implementation Organization, which will assist in the transition to and implementation of the authority.

“These key industry players bring a wealth of knowledge and expertise to the board that will ensure the authority supports fair and efficient capital markets and protects investors,” Justice Minister and Attorney General Gordon Wyant said.  “The directors from Saskatchewan, Nancy Hopkins and Harold MacKay are long-standing members within the Saskatchewan business community and will be invaluable to the board.”

Implementation Milestones

The ministers also have amended the implementation milestones set out in the Memorandum of Agreement Regarding the Co-operative Capital Markets Regulatory System related to passing legislation and launching the authority.  Participating jurisdictions will use their respective best efforts to enact the uniform provincial-territorial Capital Markets Act and the complementary federal Capital Markets Stability Act by June 30, 2018, with the authority expected to be operational in 2018.

The participating jurisdictions are committed to moving forward and taking the necessary steps to ensure a successful launch of the Co-operative System with a smooth transition for market participants.  The participating jurisdictions continue to review and carefully consider stakeholder comments on the revised consultation drafts of the legislation.  Sound capital markets are essential to growing the economy and creating jobs in all regions and sectors of Canada.

Today’s announcement marks an important step in creating the Co-operative System that will better protect investors, foster greater market efficiency and strengthen Canada’s capacity to manage systemic capital market risk on a national basis.

The ministers renew their invitation to the governments of other provinces and territories to join the Co-operative System.

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For more information, contact:

Shannon McMillan
Financial and Consumer Affairs Authority
Regina
Phone: 306-798-4160
Email: shannon.mcmillan@gov.sk.ca

Eloise Lewis
Capital Markets Implementation Authority Organization
Phone: 647-292-5271

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