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.

Consultation report

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.

Find out which stakeholders submitted comments to the taskforce.

Final report

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:

  1. Adelson Law
  2. Advocis
  3. AGF Management Limited and AGF Investment Inc.
  4. Alberta Investment Management Corporation
  5. Alternative Investment Management Association Canada
  6. Angel Investors Ontario
  7. ATCO Ltd. and Canadian Utilities Ltd.
  8. Baker & McKenzie LLP
  9. 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.
  10. BMO Financial Group
  11. British Columbia Investment Management Corporation
  12. Broadridge Investor Communications Corporation
  13. Burnet Duckworth and Palmer LLP
  14. Canaccord Genuity Group Inc.
  15. Canada Pension Plan Investment Board
  16. Canadian Associate for Retired Persons (CARP)
  17. Canadian Association of Urban Financial Professionals and Women in Capital Markets
  18. Canadian Bankers Association
  19. Canadian Coalition for Good Governance
  20. Canadian ETF Association
  21. Canadian Independent Asset Management 
  22. Canadian Investor Protection Fund
  23. Canadian Investor Relations Institute
  24. Canadian Lawyers for International Human Rights
  25. Canadian Securities Administrators
  26. Canadian Securities Exchange
  27. Capital Group
  28. Capital Markets Authority Implementation Organization
  29. Casgrain
  30. CFA Societies Canada – Canadian Advocacy Council
  31. Chartered Business Valuators Institute
  32. Christian Smith & Jewell LLP
  33. CIBC Capital Markets
  34. Climate Disclosure Standards Board
  35. Computershare Investor Services
  36. Co-Operators Group Limited
  37. Davies
  38. Desjardins
  39. Echelon Wealth Partners Inc.
  40. Eight Capital
  41. ESG Global Advisors
  42. Fasken Martineau DuMoulin LLP
  43. Federation of Mutual Fund Dealers
  44. Fidelity Investments
  45. Foundation for the Advancement of Investor Rights Canada
  46. Glass Lewis
  47. Global Reporting Initiative
  48. Global Risk Institute in Financial Services
  49. Great West LifeCo Inc.
  50. Healthcare of Ontario Pension Plan
  51. Healthy Markets Association
  52. HSBC
  53. Hydro One
  54. Independent Financial Brokers of Canada
  55. Institutional Shareholder Services
  56. International Corporate Governance Network
  57. Invesco Canada
  58. Investment Funds Institute of Canada
  59. Investment Industry Association of Canada
  60. Investment Industry Association of Canada Independent Dealer Relief Committee
  61. Investment Industry Regulatory Organization of Canada
  62. Justice and Corporate Accountability Project
  63. Kenmar Associates
  64. Learnedly
  65. Leede Jones Gable Inc.
  66. Mackenzie Financial Corporation
  67. Maison Placements Canada Inc.
  68. Manulife
  69. McCarthy Tetrault
  70. McMillan LLP
  71. Metamesh
  72. MFDA - Investor Protection Corporation
  73. Millani Inc
  74. Morgan Stanley Investment Management
  75. Morningstar
  76. MSCI
  77. Mutual Fund Dealers Association of Canada (MFDA)
  78. National Crowdfunding and Fintech Association
  79. NEI Investments
  80. NEO Exchange
  81. Oliver Publishing Inc.
  82. Ombudsman for Banking Services and Investments
  83. OMERS
  84. Ontario Securities Commission Investor Advisory Panel
  85. Ontario Teachers’ Pension Plan
  86. Osgoode Investor Protection Clinic
  87. Osler, Hoskin & Harcourt LLP
  88. Oxford Finance Group
  89. Paradigm Capital
  90. Pension Investment Association of Canada
  91. Portfolio Management Association of Canada
  92. Principles for Responsible Investment
  93. Private Capital Markets Association of Canada
  94. Prospectors and Developers Association of Canada
  95. PSP Investments
  96. PQbd
  97. Queen’s University – Faculty of Law
  98. Questrade
  99. Registered Deposit Brokers Association
  100. Responsible Investment Association
  101. Royal Bank of Canada
  102. Royal Roads University Faculty of Management
  103. Save Canadian Mining
  104. Scotiabank
  105. Securities Transfer Association of Canada
  106. 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
  107. SHARE (US Institutional Investors)
  108. SHARE and Groupe Investissement Responsible Inc.
  109. ShareIntel Canada
  110. Siskinds LLP
  111. State Street Global Advisors
  112. Sustainability Accounting Standards Board
  113. TD Bank Group
  114. Telus Corporation
  115. The Advocates’ Society
  116. The Institute of Internal Auditors Canada
  117. TMX Group
  118. Toronto Finance International
  119. Torys LLP
  120. UM Financial Inc.
  121. Vanguard Investments Canada
  122. Wellington Altus
  123. Wildeboer Dellelce LLP