Good points Dave. I was also thinking about the legality of not having a separate e-brake system, but in our motor vehicle act, it does not state that the park brake system must be a separate system, just that it holds the vehicle from moving.
Legality aside, I don't think it would be too much of a safety concern in our setup. For the complete braking system to fail, both the front and rear lines would have to fail at the same time. If the master cylinder failed completely, there is still fluid in the lines to the rear calipers and as long as there is fluid between the e-brake and rear calipers, your e-brake will still work.