Modernizing Ontario’s capital markets: Capital Markets Modernization Taskforce final report
In February 2020, the Ontario government created the Capital Markets Modernization Taskforce to review and modernize Ontario’s capital markets regulatory framework.
After extensive stakeholder consultations, the Taskforce finalized its report and delivered it to the Minister of Finance.
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We established the Capital Markets Modernization Taskforce to help transform the regulatory landscape for the capital markets sector, and advise the Minister of Finance on how to improve the innovation and competitiveness of the province's capital markets and best help build Ontario's economy.
About the taskforce’s consultations
Since it was appointed in February 2020, the Capital Markets Modernization Taskforce engaged with more than 110 stakeholders.
They consulted on the challenges that businesses, intermediaries and investors face in Ontario's capital markets ecosystem.
Based on these consultations, the taskforce developed a consultation report, which includes 47 policy proposals to modernize the province's capital markets regulations.
The Taskforce asked for feedback on the consultation report from July 9 to September 7, 2020 and received over 130 stakeholder comments in response.
The Taskforce submitted its final report to the Minister of Finance, which includes 74 policy recommendations. These recommendations are intended to modernize Ontario’s capital markets and drive innovation, competition and diversity, resulting in job and wealth creation.
The final report contains recommendations on:
- improving regulatory structure to enhance governance
- improving competitiveness through regulatory measures
- ensuring a level playing field between large and small market players
- improving the proxy system, corporate governance and the process of mergers and acquisitions
- fostering innovation
- modernizing enforcement and enhancing investor protection
The views, opinions and recommendations expressed in it are solely those of the taskforce. They are not made on behalf of the Government of Ontario and do not necessarily reflect the government's official policy, position or views. The final report is also not necessarily reflective of the views or positions of the Expert Advisory Group or endorsed by its members.
About the taskforce
The government announced the establishment of the Capital Markets Modernization Taskforce in the 2019 Fall Economic Statement. Its mandate is to provide the government with recommendations to reduce regulatory burden and ensure a level playing-field for all market participants, while improving investor experience and protection.
Members of the taskforce include:
- Walied Soliman, taskforce chair, Canadian chair, Norton Rose Fulbright
- Rupert Duchesne, CEO of Mattamy Ventures
- Wesley J. Hall, founder and executive chair, Kingsdale Advisors
- Melissa Kennedy, executive vice president, chief legal officer and public affairs, Sun Life
- Cindy Tripp, founding partner, former managing director, co-head institutional trading, GMP Securities L.P.
Expert Advisory Group
An advisory group of twelve experts with specialties in various areas of capital markets assisted the taskforce by providing periodic review and feedback.
Who we heard from
We received submissions from 14 individuals and the stakeholders listed below.
You may email CMM.Taskforce@ontario.ca to request to see the submissions. Please clearly identify which specific stakeholder submission is being requested.
We will send you the submissions in the format they were received.
Any information subject to privacy or confidentiality provisions in applicable legislation will not be released.
Stakeholders we received submissions from include:
- Adelson Law
- AGF Management Limited and AGF Investment Inc.
- Alberta Investment Management Corporation
- Alternative Investment Management Association Canada
- Angel Investors Ontario
- ATCO Ltd. and Canadian Utilities Ltd.
- Baker & McKenzie LLP
- Blakes, Cassels & Graydon LLP
- Alimentation Couche-Tard Inc.
- Bombardier Inc.
- CGI Inc.
- Corus Entertainment Inc.
- Fairfax Financial Holdings Limited
- George Weston Limited
- Leon’s Furniture Limited
- Linamar Corporation
- Onex Corporation
- Power Corporation of Canada
- Sobeys Inc.
- Transcontinental Inc.
- BMO Financial Group
- British Columbia Investment Management Corporation
- Broadridge Investor Communications Corporation
- Burnet Duckworth and Palmer LLP
- Canaccord Genuity Group Inc.
- Canada Pension Plan Investment Board
- Canadian Associate for Retired Persons (CARP)
- Canadian Association of Urban Financial Professionals and Women in Capital Markets
- Canadian Bankers Association
- Canadian Coalition for Good Governance
- Canadian ETF Association
- Canadian Independent Asset Management
- Canadian Investor Protection Fund
- Canadian Investor Relations Institute
- Canadian Lawyers for International Human Rights
- Canadian Securities Administrators
- Canadian Securities Exchange
- Capital Group
- Capital Markets Authority Implementation Organization
- CFA Societies Canada – Canadian Advocacy Council
- Chartered Business Valuators Institute
- Christian Smith & Jewell LLP
- CIBC Capital Markets
- Climate Disclosure Standards Board
- Computershare Investor Services
- Co-Operators Group Limited
- Echelon Wealth Partners Inc.
- Eight Capital
- ESG Global Advisors
- Fasken Martineau DuMoulin LLP
- Federation of Mutual Fund Dealers
- Fidelity Investments
- Foundation for the Advancement of Investor Rights Canada
- Glass Lewis
- Global Reporting Initiative
- Global Risk Institute in Financial Services
- Great West LifeCo Inc.
- Healthcare of Ontario Pension Plan
- Healthy Markets Association
- Hydro One
- Independent Financial Brokers of Canada
- Institutional Shareholder Services
- International Corporate Governance Network
- Invesco Canada
- Investment Funds Institute of Canada
- Investment Industry Association of Canada
- Investment Industry Association of Canada Independent Dealer Relief Committee
- Investment Industry Regulatory Organization of Canada
- Justice and Corporate Accountability Project
- Kenmar Associates
- Leede Jones Gable Inc.
- Mackenzie Financial Corporation
- Maison Placements Canada Inc.
- McCarthy Tetrault
- McMillan LLP
- MFDA - Investor Protection Corporation
- Millani Inc
- Morgan Stanley Investment Management
- Mutual Fund Dealers Association of Canada (MFDA)
- National Crowdfunding and Fintech Association
- NEI Investments
- NEO Exchange
- Oliver Publishing Inc.
- Ombudsman for Banking Services and Investments
- Ontario Securities Commission Investor Advisory Panel
- Ontario Teachers’ Pension Plan
- Osgoode Investor Protection Clinic
- Osler, Hoskin & Harcourt LLP
- Oxford Finance Group
- Paradigm Capital
- Pension Investment Association of Canada
- Portfolio Management Association of Canada
- Principles for Responsible Investment
- Private Capital Markets Association of Canada
- Prospectors and Developers Association of Canada
- PSP Investments
- Queen’s University – Faculty of Law
- Registered Deposit Brokers Association
- Responsible Investment Association
- Royal Bank of Canada
- Royal Roads University Faculty of Management
- Save Canadian Mining
- Securities Transfer Association of Canada
- SHARE (Canadian Institutional Investors)
- Addenda Capital Inc.
- BMO Global Asset Management
- British Columbia Teachers Federation Salary Indemnity Fund
- Canada Post Corporation Pension Plan
- GIR – Group Investissement Responsible
- Jarislowsky Fraser Limited
- NEI investments
- RBC Global Asset Management Inc.
- SHARE (US Institutional Investors)
- SHARE and Groupe Investissement Responsible Inc.
- ShareIntel Canada
- Siskinds LLP
- State Street Global Advisors
- Sustainability Accounting Standards Board
- TD Bank Group
- Telus Corporation
- The Advocates’ Society
- The Institute of Internal Auditors Canada
- TMX Group
- Toronto Finance International
- Torys LLP
- UM Financial Inc.
- Vanguard Investments Canada
- Wellington Altus
- Wildeboer Dellelce LLP