The Portfolio Management Association of Canada (PMAC) through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to participate in the consultations regarding the draft uniform provincial and territorial capital markets act (the CMA) along with the drafts of the initial regulations (the Initial Proposed Regulations) proposed for adoption by the participating provinces and territory under the draft uniform act. The consultation draft of the CMA was initially published for comment in September 2014 along with the proposed federal Capital Markets Stability Act (the CMSA) which, together, creates the legislative framework (the Framework) that underpins the Capital Markets Regulatory Authority (the CMRA).
We support the commitment by the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island, Saskatchewan, Yukon and the Federal government of Canada to establish the CCMR. As we have noted previously, we believe that the CCMR, if properly constituted, can better protect investors, enhance Canada’s financial services sector and global reputation, support efficient capital markets and strengthen the management of systemic risk.