Rudy Mezzetta
The decision last week by the Capital Markets Authority Implementation Office (CMAIO) to “pause” its operations didn’t come as a surprise to many in the investment industry.
“I am not surprised with this announcement it has been a long time coming,” said Rebecca Cowdery, a securities lawyer with Borden Ladner Gervais LLP in Toronto. While a national regulator would be ideal, Cowdery said, the proposed cooperative regulator which never got buy-in from Quebec, Alberta or Manitoba was “too cumbersome” to be much of an improvement on the existing system.
Last week, the CMAIO, which was established in 2015 to guide the launch of a national capital markets regulatory authority, put its operations on pause and laid off its staff. The organization said that it could resume its work in the future “when there is greater certainty around cooperative system launch timelines.”
Shuttering of national securities regulator came as no surprise to industry investmentexecutive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from investmentexecutive.com Daily Mail and Mail on Sunday newspapers.
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James Langton
The Ontario Securities Commission (OSC) has unveiled the new membership of its advisory committee for registered firms.
The OSC’s Registrant Advisory Committee (RAC) provides the regulator with industry input on compliance and registration issues, and consults on its policy work.
The latest edition of the committee includes representatives from large asset managers (Franklin Templeton Investments Corp., BMO Asset Management Inc. and Fidelity Investments Canada ULC), smaller firms (Burgundy Asset Management Ltd., Cassels Investment Management Inc. and Sionna Investment Managers Inc.), and industry trade groups such as the Portfolio Management Association of Canada (PMAC) and Private Capital Markets Association of Canada (PCMA).