More on the proposed new CMSA and the national regulator that will go with it. This paper is written with commentary from the stakeholders and is a little long so I will simply provide a link at this point, however there will certainly be more to come on the subject in the coming weeks. What I will do however is examine a couple of concerning issues in the new proposal. Who are the stakeholders in the new CMSA? We shall certainly get to that in due time, one does not need look much farther then the current 'stakeholders' in the BCSC and other Regulatory bodies. For now we will simply have a glimpse at what I can only term as insanity. Let me explain however first the link..
The link to the http://ccmr-ocrmc.ca/wp-content/uploads/cmsa-commentary-en.pdf
(If the link does not work those interested may email me for hard copy at email@example.com)
The first issue I will address is that according to the content of this paper the CMSA is meant to be a 'complimentary' piece of legislation that will accompany the proposed uniform Capital Markets Act which will unify the currently differing provincial legislation. (More on the CMA later)
The plan is to be put in place this summer 2016, this is very dangerous as it simply will enable the current robber barons to continue committing Regulatory Fraud on investors and entrepreneurs alike throughout Canada with no consequences. In the meantime legitimate start-ups and small businesses will be destroyed and some will even see innocent people sit in prison with the new Criminal Enforcement powers given to the new Regulatory agency. This will be at the same time FAKE investment advisors continue to rob Canadians by knowingly selling them bad investments because somehow the current Regulatory Regime including the new one seem to think that an investment advisor/adviser should no longer be obligated to act in their clients best interest. Larry Elford details this well here at http://albertafraud.com/albertafraud.com/Public_Interest_Sellout.html
In essence the powers outlined in the drafting of the new CMSA are simply the power to manipulate the market and the power to steal peoples assets, this will come along with expanded surveillance capabilities of course. This will help the hidden 'stakeholders' and the large unscrupulous corporations the regulators like the BCSC collude with to rob the rest of the nation find the ripest cherries on the tree for picking.
Lets examine how the new CMSA plans to replace 'integrity' with 'material', no matter how the lawyers want to disguise the fact the new CMSA has no interest in integrity or the truth only material gain. This is not the purpose of a regulator and creates a dangerous monster.
See the removal of 'integrity' and the substitution of 'material adverse effect' in its place.