Ontario Has a Plan to Create a More Competitive Business Environment
Plan will reduce burden for investors and improve capital market efficiency
TORONTO — The Ontario government is attracting investment and helping businesses grow by modernizing the regulation of the province's capital markets.
Finance Minister Rod Phillips discussed the government's plan to strengthen investment, promote competition and facilitate innovation — positioning Ontario as a leading capital markets jurisdiction — at today's Ontario Securities Commission (OSC)'s Dialogue 2019 conference.
"Confidence in capital markets is vital for businesses looking to create jobs and strengthen the economy — and for individuals and families looking to invest for the future," said Minister Phillips. "The government has a plan to support more competitive and more efficient capital markets in Ontario, so individuals and families can invest and grow their savings, and businesses can tap into the capital funding they need to grow, innovate and evolve."
Ontario is creating a modernized securities regulatory framework responsive to today's globalized financial markets. The government is creating a securities modernization task force to review the outdated Securities Act for the first time in over 15 years. The task force will consult with investors, financial services professionals, businesses and the public on critical areas such as competitiveness, regulatory structure, efficient regulation, and investor and consumer protections.
The government is also proposing to implement a title protection framework for financial planners and advisors. In Ontario today, families and businesses risk receiving financial planning and advisory services from individuals who may not be appropriately qualified to help them save for the future. Reforming how titles are used would help weed out bad actors and strengthen consumer confidence in these professions.
"The OSC is an important partner in modernizing securities regulation. The government looks forward to reviewing the OSC Burden Reduction Task Force's report and implementing its recommendations on enhancing the competitiveness of Ontario's business environment," said Minister Phillips.
The government has tabled legislation, which, if passed, would support greater efficiency in capital markets by allowing the OSC to issue blanket orders.
"By modernizing financial services and securities, we are helping to make Ontario the most attractive place in North America to invest, grow a business and create jobs," said Minister Phillips.
- OSC Dialogue is an annual gathering of financial industry leaders, regulators and investors to discuss how to strengthen market confidence, efficiency and economic growth.
- The OSC Burden Reduction Task Force released its final report on November 19, 2019, and will move forward with more than 100 actions to reduce duplication, enhance service levels and provide a more tailored regulatory approach to Ontario’s capital markets.
- Despite having a legislative requirement to be reviewed every five years, the Securities Act has not under-gone a formal review in over 15 years. In the Fall Economic Statement, the Ontario government announced the creation securities modernization task force to review the outdated Securities Act.