CGI has won a three year contract to modernise the IT system of the Canadian Securities Administrators. The deal, the value of which has not been disclosed, will see CGI create a system that offers integrated workflows, supports data quality and ensures faster information sharing and regulatory updates across all of Canada’s provincial and territorial securities commissions.
Unlike many of the world’s countries, that manage their capital markets regulation centrally, Canada has taken a decentralised approach whereby its 10 provinces and 3 territories are responsible for securities regulations and their enforcement. In a bid to provide some form of harmony between the various provinces and territories, the Canadian Securities Administrators (CSA) was formally established in 2003. The umbrella organisation’s objective is to improve, coordinate and harmonise regulation of the Canadian capital markets. The organisation developed a passport system, through which a market participant has access to markets in all passport jurisdictions by dealing only with its principal regulator and complying with one set of harmonised laws.
The CSA Office operates a national IT backend to administer its various operations, including its Cease-Trade Order Database, National Registration Database, National Registration Search and Disciplined List. The IT system operates on legacy hardware and software. The CSA recently launched a tender to find a provider for a replacement system that modernises the services the CSA provides to its stakeholders.
CGI, it was recently announced, will be the development and implementation partner to the CSA for the development of a new registry system, on a modern digital platform, to improve information management across stakeholders. The new system, which leverages Foster Moore software products, offers integrate workflows, support data quality and ensure faster information sharing across all of Canada’s provincial and territorial securities commissions as well as evolving to meet future data management and advanced data analytics requirements.
The contract has a delivery period of three years, involving teams from both CGI and the CSA. The value of the contract has not been disclosed.
Mark Boyajian, President, Canada Operations for CGI, says: “We are delighted to help the CSA in their modernisation journey by applying our in-depth knowledge of the current Canadian regulatory systems, workflows and processes with our global expertise in successful digital transformation.”