WHITEHORSE—The Government of Yukon has joined the governments of British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, and Canada in delegating the regulation of securities to a common regulator by signing on to the Cooperative Capital Markets Regulatory System.
The goal of the CCMR System is to foster more efficient, globally competitive capital markets, increase protection for investors and strengthen national capacity to identify and manage capital markets-related systemic risks.
“The Yukon government’s participation in the Cooperative Capital Markets Regulatory System will provide greater protection for local investors, as it will hold securities issuers to a common enforceable standard,” Minister of Community Services Currie Dixon said. “Signing on to the initiative now gives Yukon a voice in its development, ensuring that it will meet our economic interests now and in the future.”
In the coming years, Yukon and all other participating regions will need to pass harmonized securities legislation and regulations. Once established, a council of ministers comprising ministers responsible for securities regulation in each participating province and territory will oversee the cooperative system, and a common regulator will administer a single set of regulations.
“As a relatively small territory, it makes sense for Yukon to work collaboratively with other Canadian jurisdictions to manage a systemic risk in capital markets and to provide protection for investors,” Dixon added.
This initiative illustrates how provinces and territories can work together, with a complementary role for the federal government, to modernize and better regulate Canada’s capital markets.
Learn more: Cooperative Capital Markets Regulatory System
Bonnie Venton Ross
Communications, Community Services