ONTARIO SEEKING INPUT ON MODERNIZING CAPITAL MARKETSPublished on July 09, 2020
TORONTO — The Ontario government is continuing to seek advice and input from people and organizations on modernizing Ontario's Capital Markets and supporting economic growth and job creation with the posting of the Capital Markets Modernization Taskforce initial consultation report.
"As we plan for Ontario's economic recovery following the COVID-19 pandemic, competitive capital markets can play an important role attracting global investment and creating good jobs here in our province," said Rod Phillips, Minister of Finance. "Despite rapid changes in the global economy, the Ontario Securities Act has not been updated in over 15 years. More than ever, Ontario needs a modern capital markets system that attracts businesses and competes for investment and talent worldwide. I created the Taskforce with this goal in mind. I appreciate that they put forward an ambitious and creative set of initial recommendations for consultation."
Over the last few months, the Taskforce listened to over 110 stakeholders about the challenges they face, including financial institutions, small and large publicly-listed companies, independent investment dealers, industry associations, law firms and investor advocacy groups. The Capital Markets Modernization Taskforce consultation report outlines their findings and more than 47 policy proposals to modernize the province's capital markets.
"Industry members have been asking for a regulatory approach that supplements the policing function with a public policy imperative of capital markets growth to enable Ontario to compete globally. Responding to this feedback, we are now asking for input to help make sure our final recommendations to government support our mandate to make Ontario one of the most attractive capital markets in the world," said Walied Soliman, Chair of the Capital Markets Modernization Taskforce. "On behalf of the Taskforce, I'd like to thank the diverse group of over 100 business leaders, investors, associations, and investor advocacy groups for their thoughtful contributions and participation in this consequential work. I would also like to thank my Taskforce colleagues for their tireless efforts over the past six months."
The Capital Markets Modernization Taskforce will provide recommendations to the Minister of Finance on how to transform the regulatory landscape for capital markets. Following this consultation, a final report will be submitted to the Minister before the end of the year. The consultation will end on September 7, 2020.
Read the consultation report and submit your ideas at Ontario.ca/CapitalMarkets.
- Members of the Capital Markets Modernization Taskforce were announced on February 6, 2020. Members include:
- Rupert Duchesne, former CEO and Director, Aimia;
- Wesley J. Hall, Founder and Executive Chair, Kingsdale Advisors;
- Melissa Kennedy, Executive Vice-President, Chief Legal Officer and Public Affairs, Sun Life;
- Walied Soliman, Taskforce Chair, Canadian Chair, Norton Rose Fulbright;
- Cindy Tripp, Founding Partner, former Managing Director, Co-Head Institutional Trading, GMP Securities L.P.
- Almost 70 per cent of Ontario's capital market participants are small and medium-sized businesses. A responsive regulatory framework is crucial to encouraging competitiveness and innovation in capital markets.
- The Taskforce’s final report will build on the extensive burden reduction work already undertaken by the Ontario Securities Commission, which is Ontario's capital markets regulator.