Passport is a regulatory system that gives a market participant automatic access to the capital markets in other jurisdictions by obtaining a decision only from its principal regulator and meeting the requirements of one set of harmonized laws. It is a major step forward in improving Canada’s securities regulatory system by providing market participants with streamlined access to Canada’s capital markets and fulfills a major commitment in the 2004 Memorandum of Understanding (25KB PDF) regarding securities regulation among governments of all Canadian provinces and territories, except Ontario. CSA jurisdictions have outlined how the system works among participating passport jurisdictions and how non-Ontario market participants can obtain access to the market in Ontario through an interface system in which the Ontario Securities Commission (OSC) makes its own decision but generally relies on the review by the principal regulator. To achieve maximum efficiency for the benefit of the market, the passport regulators accept the OSC’s decisions under passport.
The Joint Forum of Financial Market Regulators includes representatives of the Canadian Securities Administrators (CSA), the Canadian Council of Insurance Regulators (CCIR) and the Canadian Association of Pension Supervisory Authorities (CAPSA). The mandate of the Joint Forum is to coordinate and streamline the regulation of products and services in the Canadian financial markets. One of the latest Joint Forum initiatives is the development of the Point of Sale Framework.
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