The Portfolio Management Association of Canada (“PMAC”), through its Industry, Regulation & Tax Committee, is pleased to have the opportunity to provide comments on the revised consultation draft of the Capital Markets Stability Act (the “CMSA”).
As background, PMAC represents investment management firms registered to do business in Canada as portfolio managers. PMAC members manage investment portfolios for private individuals, foundations, universities and pension plans and the association has grown steadily to comprise over 200 members from across Canada.
PMAC applauds the Federal government’s continued prioritization of this important initiative and wishes to express its appreciation for the extensive consultation, collaboration and revisions reflected in this draft of the CMSA. The amendments to the CMSA reflect the careful consideration given to the extensive stakeholder input as a result of the 2014 consultation process. PMAC, overall, sees these amendments as positive and crucial steps toward the nearterm implementation of an effective national securities regulatory system.
PMAC has been a strong supporter and vocal advocate for a common securities regulator for many years. We have long advocated for Canada to adopt a national securities regulatory system to improve the protection of investors, enhance the global competitiveness of Canada’s capital markets, foster a strong national economy and monitor and manage systemic risk.