Canada national securities regulator delayed until 2018

Fri Jul 22, 2016 2:26pm EDT
 
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TORONTO (Reuters) - The launch of operations for a Canadian national securities regulator, a project long stymied by political bickering, has been delayed until 2018, federal and provincial finance ministers said on Friday.

The effort to unify a patchwork of provincial laws for the capital markets has hit numerous roadblocks in recent years, including a 2011 Supreme Court ruling that Ottawa could not impose a common regulator on unwilling provinces.

That forced a more cooperative approach to which only Ontario and British Columbia as well as three smaller provinces and the territory of Yukon have so far signed up.

The finance ministers said in a statement they expect to enact complementary federal and provincial legislation by June 30, 2018, and the Cooperative Capital Regulatory Authority to be operational that year.

They also appointed a 15-member board chaired by William Black, a businessman from Nova Scotia, which has not yet joined the scheme.

Canada, Ontario and British Columbia had in early 2014 said they intended to get the national regulator into operation by mid-2015.

Alberta and Quebec have both said they will not join the regulator.

(Reporting by Alastair Sharp; Editing by Meredith Mazzilli)