With Saskatchewan, N.B. on board, Ottawa says national regulator soon a reality
OTTAWA - Ottawa says it now has four provinces ready to sign on to create a national securities regulator, with the new office overseeing financial markets expected to be operational by the fall of 2015.
Representatives of Saskatchewan and New Brunswick say they are joining Ontario and British Columbia in an agreement for the formation of a national body to jointly police securities and capital markets.
The four provinces represent about 55 per cent of the value of capital markets, officials say.
That still leaves six provinces out of the scheme â€” with Alberta and Quebec the key hold-outs â€” but officials say they continue to make attempts to bring others into the national body.
The government says it plans to issue initial draft regulations for public comment on the co-operative legislation involving the four provinces by Dec. 19.
By the end of next June, the plan is to have the four provinces enact legislation affirming the deal and for the joint Capital Markets Regulator to be operational by the fall of 2015.
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