In its first year, the Transition Office had a mandate to:
- consult with stakeholders including its Advisory Committee, Participating Regulators Committee, and Legal Advisory Committee, as well as investor advocacy groups, market participants, government officials, law enforcement officials, self-regulatory organizations, industry associations, former regulators, and members of previous panels that had studied the issue of a national regulator
- help draft a proposed federal Canadian Securities Act which the federal government referred to the Supreme Court of Canada to test Parliament’s authority under the general trade and commerce powers of the constitution
- produce a Transition Plan to integrate the securities regulatory functions of the participating provinces and territories into a pan-Canadian regulator
Reports on our consultation work can be found in our early annual reports. Copies of the proposed 2010 act and transition plan are available below.
The proposed Canadian Securities Act (2010)
With the support of the Department of Finance and Department of Justice, the CSTO led the development of draft legislation for the approval of the Minister of Finance. The Minister of Finance released the proposed Canadian Securities Act on May 26, 2010 and referred it to the Supreme Court of Canada for an opinion regarding the constitutionality of the Act.
Transition Plan for the Canadian Securities Regulatory Authority (2010)
The CSTO developed the Transition Plan for the Canadian Securities Regulatory Authority, which is a roadmap for establishing a Canadian securities regulator and integrating regulators of the participating jurisdictions into a new agency with a common organizational structure. The plan was delivered on July 12, 2010 and addressed organizational and administrative matters, including matters relating to human, financial, material, and informational resources.