Prince Edward Island is the fifth province to endorse a plan to create a national securities regulator.

The Finance Department said on Thursday that the province signed a memorandum of agreement to joined the Cooperative Capital Markets Regulatory System (CCMRS).

This decision follows on the July 9 agreement by the governments of Saskatchewan and New Brunswick to join the governments of British Columbia, Ontario and Canada to jointly establish a CCMRS.

Last month, those four provinces released consultation drafts of uniform provincial capital markets legislation and complementary federal legislation for public comment.

“The draft legislation modernizes and harmonizes existing provincial legislation, while the complementary federal draft legislation supplements provincial legislation by empowering the co-operative system to collect data and oversee systemic risk on a national basis,” says a Department of Finance statement.

Canadians are invited to comment on the drafts of uniform provincial capital markets legislation and complementary federal legislation until Nov. 7, 2014.

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