Consultation relating to regulations under the Securities Act and Commodity Futures Act as part of revised consultation draft legislative amendments and draft initial regulations relating to the Cooperative Capital Markets Regulatory System (CCMR).
O. Reg. 85/05 (Exemptions Respecting the Ontario Financing Authority);
O. Reg. 261/02 (Toronto Stock Exchange Inc.);
O. Reg. 261/92 (Exemptions Respecting the Algoma Steel Corporation, Limited);
R.R.O. 1990, Reg. 1015 (General), and
R.R.O. 1990, Reg. 90 (General)
Bill or Act:
Securities Act and Commodity Futures Act.
Summary of Proposal:
Certain regulations made under the Securities Act and the Commodity Futures Act are expected to be proposed to be revoked upon the proposed repeal of the legislation under which they were made. Specifically, the Securities Act and Commodity Futures Act are expected to be proposed to be repealed as part of the Cooperative Capital Markets Regulatory System (CCMR) project to modernize and harmonize capital markets regulation.
It is proposed that the substance of certain of these Cabinet Regulations that would be proposed to be revoked would be carried forward under the CCMR system.
Under the revised consultation draft Capital Markets Act (CMA), a new Capital Markets Regulatory Authority (CMRA) would be authorized to make regulations, similar to the rules made under the Ontario Securities Commission's current rulemaking authority. The draft initial regulations may be given effect legislatively or may be made by the CMRA following introduction and enactment of the CMA. The CMA and any related legislation are subject to legislative approval and will not become law unless introduced in, and enacted by, the Legislative Assembly.
The government is consulting on revised consultation draft capital markets legislation (the CMA). The comment period runs until December 23, 2015. It is expected that the proposed CMA or other legislation, or a related future bill proposing to implement such legislation, would also propose to repeal the Securities Act and the Commodity Futures Act.
As a result, the regulations under the Securities Act and the Commodity Futures Act would also be proposed to be revoked.
Subject to legislative and other approvals (including enactment and proclamation of the new CMA and related legislation), the regulations under the Securities Act and the Commodity Futures Act would no longer be required because the capital markets regulatory framework would be set out in the CMA and any regulations made under it by the CMRA. The CMA initial regulations would be expected to include the substance of certain provisions of the regulations proposed to be revoked.
The revised consultation draft CMA and draft initial regulations expected to be proposed are intended to modernize Ontario's capital markets legislation and harmonize the regulatory approaches taken by Ontario and the other participating provinces and territory.
The revised consultation draft CMA and draft initial regulations, including important information on how to provide comments on these materials, the policy on disclosure of comments and the collection, use and disclosure of personal information, are available on the CCMR website (see link below).
Note that further CCMR draft initial regulations are expected to be published for comment prior to the proposed repeal of the Securities Act and Commodity Futures Act and prior to the planned introduction of the proposed CMA.
November 19, 2015
Comments Due Date:
January 4, 2016
95 Grosvenor Street, Frost Building North 4th Floor, Toronto, ON M7A 1Z1