James Langton The effort to craft a de facto national regulator through a new model of federal-provincial co-operation is now all but dead, as the organization charged with steering implementation of the new regulator is being shuttered. The Capital Markets Authority Implementation Organization (CMAIO), which was established in July 2015 to guide the launch of an independent capital markets regulatory authority (CMRA), has put its operations on pause, and is laying off its staff. “The federal government remains committed to working with the provinces and territories to establish a national securities regulator in Canada,” said Katherine Cuplinskas, press secretary with the office of the Deputy Prime Minister and Minister of Finance. “We are disappointed by the Board of Directors’ decision to temporarily pause the operations of the CMAIO. We look forward to the resumption of this important work once participating jurisdictions implement the necessary reforms to their securities legislation.”