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 capital markets legislation and complementary federal legislation (respectively, the PCMA and CMSA or Consultation Documents). We support the commitment by the governments of British Columbia, New Brunswick, Ontario, Prince Edward Island, Saskatchewan and the Federal government of Canada to establish the CCMR. 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.
PMAC has been a strong supporter and vocal advocate for a common securities regulator for many years.1 We have long advocated that Canada adopt a national securities regulator and get in step globally with the administration of securities regulation. We are pleased that the Federal Government has prioritized the creation of a cooperative securities regulator and that it has taken concrete steps toward making this a reality for Canada.