Many of the provisions that MacIntosh characterizes as changes follow existing legislation
Jeffrey MacIntosh’s comments last week appear to be a last-ditch attempt to scuttle the proposed cooperative national securities regulator. He alleges a “massive securities overreach” through extensive new powers to be granted to the Capital Markets Regulatory Authority (Authority), citing numerous examples from the Ontario Securities Act (OSA), but he ignores legislation in other provinces and the cooperative process reflected in the draft Provincial Capital Markets Act (PCMA). His comments on the federal Capital Markets Stability Act (CMSA) and PCMA form the core of his critique. They are tendentious, overstated and often incorrect, as the following examples illustrate.
Professor MacIntosh mischaracterizes the disciplinary process in the CMSA by treating a notice that initiates a disciplinary proceeding as a decision. Contrary to his suggestion, there is no obligation to hold a hearing to determine whether to hold a hearing. A notice of hearing would follow existing practice; staff would issue the notice and the Chief Regulator (CR) would hear the case. The decision would be appealable to the Tribunal. (Preferably, the initial proceeding should be before the Tribunal.)
Philip Anisman – Special to Financial Post – December 9, 2014.
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