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
Task force recommends sweeping reforms to OSC
Jon Victor, The Canadian Press Ontario Securities Commission OSC , The Canadian Press
After a 10-month investigation, 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. 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.