Ontario appoints task force to review the provinces capital markets regulations

Ontario Minister of Finance Rod Phillips delivers remarks at the Canadian Club Toronto, in Toronto on Thursday, Oct., 10, 2019. THE CANADIAN PRESS/Christopher Katsarov.

TORONTO – The province has appointed a task force to review Ontario’s capital markets regulations and recommend how they can be modernized.

The Ministry of Finance says in a statement that executives with experience at Aimia Inc., Sun Life Financial Inc., GMP Securities LP, Norton Rose Fulbright and Kingsdale Advisors will form the task force.

The task force will provide recommendations on how innovation can be fostered in capital markets by improving regulatory structures and how the government can reduce duplicative regulatory burdens.

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“The industry has long called for a review of capital markets regulation,” said Phillips. “I thank members for volunteering their time and look forward to receiving the Taskforce’s recommendations this fall on how the government can help ensure capital markets better support a growing and dynamic economy.”

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It will also look at how they can improve investor protection and build a competitive economy for Ontario by ensuring opportunities help both large and small market players.

The ministry first said last fall that a task force would be formed after hearing that capital markets innovation and competitiveness was being stifled.

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The task force will have the support of a volunteer advisory group with members from the Ontario Securities Commission, the Bank of Nova Scotia, Fidelity Canada and OMERS.

“Reviews of this nature are important for healthy, well-functioning capital markets,” said Kristen Rose, a spokeswoman for OSC, in an email. “We fully support this review, and are grateful for the government’s continued support. Their focus on modernizing the securities regulatory framework is timely, and we look forward to contributing our perspective.”

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