Last month, the
Capital Markets Modernization Taskforce in Ontario, Canada, issued its final report as to how to improve capital formation and affiliated economic growth and prosperity. The Taskforce’s goal was to “address the issues of tomorrow’s capital markets with bold and innovative recommendations that will make Ontario one of the most attractive capital market destinations globally.”
The document encompassed meetings with multiple stakeholders and feedback from more than 130 stakeholders. In brief, the feedback indicated that “the time for change is now.”
While Ontario is not all of Canada it is the most active province in the financial services sector. Anything that Ontario pursues is of interest to the rest of the country. The objective is to “amplify growth and competitiveness in Ontario’s capital markets” in a time when private markets are growing in importance and public markets have dimmed a bit.
Winnipeg Free Press By: Jon Victor, The Canadian Press Posted:
Last Modified: 3:37 PM CST Wednesday, Jan. 27, 2021
After a 10-month review, a task force commissioned by the Ontario government has issued a range of sweeping recommendations to reform the province s securities regulator.
Rod Phillips, then Ontario s Minister of Finance, returns to Premier Doug Ford s office after the provincial government s daily briefing in Toronto on Monday, June 15, 2020. THE CANADIAN PRESS/Chris Young
After a 10-month review, a task force commissioned by the Ontario government has issued a range of sweeping recommendations to reform the province s securities regulator.
The Capital Markets Modernization Task Force s more than 70 recommendations include major governance changes to Ontario Securities Commission. These include splitting the agency s adjudicative and regulatory enforce
Jon Victor
Rod Phillips, then Ontario s Minister of Finance, returns to Premier Doug Ford s office after the provincial government s daily briefing in Toronto on Monday, June 15, 2020. THE CANADIAN PRESS/Chris Young January 27, 2021 - 1:37 PM
After a 10-month review, a task force commissioned by the Ontario government has issued a range of sweeping recommendations to reform the province s securities regulator.
The Capital Markets Modernization Task Force s more than 70 recommendations include major governance changes to Ontario Securities Commission. These include splitting the agency s adjudicative and regulatory enforcement roles by separating its CEO and chairman positions, and creating an adjudicative body within the OSC to rule on alleged securities act violations.
James Langton
A government-appointed task force is recommending sweeping changes to the framework and content of securities regulation in Ontario.
The provincial government released the final report of its Capital Markets Modernization Taskforce on Friday. The report sets out a series of recommendations that, if adopted, would radically alter securities regulation in Ontario.
Among other things, the task force called for a restructuring of the Ontario Securities Commission (OSC), including spinning out its adjudicative function, separating the chair and CEO roles, expanding its mandate to include promoting growth and even changing its name to the Ontario Capital Markets Authority.
Alongside the proposed restructuring of the commission, the task force recommended replacing the existing securities legislation with the Capital Markets Act, which was developed to facilitate the implementation of the cooperative capital markets regulator (CCMR) a proposed federal-provincial body t
The recommendations we have made are generational in their impact on the Ontario capital markets, Walied Soliman, the task force s chairman, said in the report.
The task force also suggests expanding the agency s mandate to include growing the capital markets and augmenting its regulatory function. The task force recommends that the agency change its name to the Ontario Capital Markets Authority to reflect the broader mandate.
The task force was commissioned in 2019 by Ontario s finance minister, with the goal of encouraging growth and competition in the province s capital markets. Ontario s capital markets regulatory framework hadn t been reviewed since 2003, the report says.