Common use of Moving Forward Clause in Contracts

Moving Forward. The Parties agree in principle to move forward to: • establish a Cooperative System reflecting the principles set out in this Agreement; • use their best efforts to cause their respective legislatures to enact or approve the legislation, legislative amendments or regulations necessary to implement the Cooperative System; and • enter into all agreements and take all actions necessary to give effect to this Agreement including an agreement for the integration of a capital markets regulatory body or function of a provincial Participating Jurisdiction with an integrated financial regulatory/consumer protection authority that would contemplate: • a services agreement for the interim provision of services (which will include the full secondment to the CMR of authority employees involved in capital markets regulation) on a cost-recovery basis by the integrated financial regulatory/consumer protection authority in the provincial Participating Jurisdiction to the CMR to assist in administering the Cooperative Legislation and delivering capital markets regulatory services within national standards in the provincial Participating Jurisdiction for a period of three years commencing on the operational launch date of the CMR. Employees of an integrated financial regulatory consumer protection authority who are seconded to the CMR and are delivering on behalf of the CMR capital markets regulatory services pursuant to the services agreement shall be identified as working on behalf of the CMR, shall work in premises identified with the CMR and shall be under the sole control and direction of the CMR on all matters relating to capital markets regulation under, and the interpretation and application of, the Cooperative Legislation and shall be fully accountable to the CMR with respect to all such activities. The CMR may audit costs and monitor service levels for all services provided pursuant to the services agreement; and • an agreement being reached no later than one year prior to the expiry date of the services agreement setting forth the terms of the staged transfer and/or assignment of all employees, assets and contracts of the integrated financial regulatory/consumer protection authority involved in or relating to capital markets regulation in the provincial Participating Jurisdiction to the CMR on the basis of certain stipulated benchmarks to be agreed to with all such transfers and/or assignments being completed by the expiry date of the services agreement.