The Ontario government has launched a review of the Ontario Securities Act by announcing the members of its Capital Markets Modernization task force who will review and modernize the province's capital markets regulations.

"Competitive capital markets are essential for a strong Ontario economy that benefits everyone. Ontario's Securities Act has not been updated in over 15 years and has not kept pace with rapid change in global capital markets," said Rod Phillips, Minister of Finance. "Ontario needs capital markets to attract and grow businesses that support and sustain an innovation economy that can compete for investment and talent worldwide."

Review will help build Ontario economy

First announced last fall, the task force will help transform the regulatory landscape for the capital markets sector and advise the government on how to best help build Ontario's economy to benefit people across the province.

The task force will seek input from stakeholders and provide the government with recommendations on:

  • Fostering innovation in capital markets by improving regulatory structure
  • Reducing duplicative regulatory burden
  • Building a competitive economy for Ontarians by ensuring a level playing-field between large and small market players, and
  • Improving investor protection.

The task force will also build on the burden reduction work already undertaken by the Ontario Securities Commission.

Review will strengthen capital markets

"The industry has long called for a review of capital markets regulation," said Phillips, adding that he looks forward "to receiving the task force's recommendations this fall on how the government can help ensure capital markets better support a growing and dynamic economy."

Members of the task force include: Rupert Duchesne, former CEO and Director of Aimia; Wesley J. Hall, founder and executive chair of Kingsdale Advisors; Melissa Kennedy, executive vice-president, Chief Legal Officer and Public Affairs at Sun Life; Walied Soliman, task force chair, Canadian chair, Norton Rose Fulbright and Cindy Tripp, founding partner, former managing director, co-head of Institutional Trading, GMP Securities L.P.