Rory Godinho has been appointed to the Board of Directors of the newly formed Capital Markets Authority Implementation Organization (“CMAIO”), which is expected to evolve into the Capital Markets Regulatory Authority (“CMRA”).
As a result of the division of powers granted under Canada’s Constitution between the Federal Government and its provinces and territories, securities regulations in Canada are currently managed through laws and agencies established by the 13 provincial and territorial governments. Each province and territory has a securities commission or equivalent authority and its own securities legislation.
The CMRA is a provincially-led cooperative effort by the British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, and Yukon governments, in collaboration with the Government of Canada, to form the equivalent of a single national securities regulator in Canada, similar to the Securities and Exchange Commission in the United States, with the goals of:
- streamlining securities regulation by developing uniform rules and guidelines for securities market participants;
- coordinating approval processes;
- developing a national electronic system for regulatory filings; and
- coordinating compliance and enforcement activities.
This new system will increase protection for investors, foster efficient capital markets, and manage systemic risk by pooling the resources and regulatory capabilities of the participating provinces and territories. It will also enable Canada, through the single voice of a new cooperative capital markets regulator, to play a more empowered and influential role in international capital markets regulatory initiatives.
The fifteen members of the board are tasked with directing the transition and integration of participating provincial and territorial regulators into the cooperative system through the CMAIO. Directors will serve a 3-year term, beginning August 1, 2016.
See the full list of board members.
For more information on the new regulatory system, visit: