TORONTO, ON, July 9, 2014 – The Portfolio Management Association of Canada (PMAC, portfoliomanagement.org) commends the federal government and its provincial partners on achieving a major milestone today towards creating the Cooperative Capital Markets Regulator (CCMR).
With the announcement that Saskatchewan and New Brunswick have agreed to join Ontario and British Columbia along with the federal government in creating the voluntary CCMR, the interests of Canada’s investors and capital markets participants have been significantly advanced, says PMAC President Katie Walmsley.
“We commend the leadership shown by the federal government and the provincial governments of each of the participating provinces in moving towards a single national regulator. This represents a major boost for investor protection and economic efficiency that benefits all Canadians,” says Walmsley. “PMAC has long advocated for a single common regulator – as we did last fall when the CCMR first took shape. We have consistently stated that the existing fragmented system is out of step with global standards and does not serve Canadian investors well.”
Added Walmsley: “We applaud all involved in moving this forward and call for other provinces that are not yet participating to recognize it is in the best of all Canadians that they join as well. We look forward to seeing the CCMR become a reality in fall 2015 and to the extent that PMAC can provide further support for its realization, we certainly will. Let’s not lose the positive momentum created by today’s announcement.”
Portfolio Management Association of Canada (PMAC) represents an influential membership of 180 investment management firms that manage more than $900 billion in assets. Members manage portfolios for private individuals, foundations, universities and pension plans. As one of the largest investment industry associations in Canada, PMAC operates coast-to-coast in English- and French-language markets. PMAC employs a collaborative information-sharing business model and advocates on behalf of its members to securities regulators and government agencies. The Association increases the awareness of investment counselling benefits, provides a forum for member networking and keeps members up to date on regulatory and compliance issues. PMAC represents investment management firms registered to do business in Canada as portfolio managers. The Association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.
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