Ottawa and two provinces have pushed back the timeline for completing legislation to create a new securities regulator to replace existing securities commissions in Ontario and British Columbia.
The three partners announced Friday they have extended the deadline to finish a draft of new legislation for a co-operative capital markets regulator (CCMR) to April 30 from the prior scheduled date of Jan. 31.
The delay means draft initial regulations are now scheduled for completion by June 30 instead of March 31. Various integration agreements by participating provinces – which will set out how the new organization will be integrated with existing securities commissions – are expected to be completed by Aug. 29 instead of May 30.
The announcement said the governments still anticipate the new CCMR will be operating by July 1, 2015, which is the same final deadline announced last year.
Ottawa, Ontario and British Columbia revealed last September they had reached a deal to create a new jointly managed securities regulator, which they hoped would be a first step toward a national securities regulator with participation from more provinces.
Since then, however, no other provinces have publicly pledged to join, and the project has proceeded with just the initial three partners.
Friday’s announcement of a new timeline, which was issued jointly by the federal finance departments and finance departments in Ontario and B.C., said the delay will allow time for more consultation with other provinces.
“Given our active discussions with other jurisdictions about participating in the CCMR, these changes will provide a window of opportunity for broader input into the development and finalization of the draft legislation and the framework agreements relating to the CCMR,” the release said.