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Ontario Appoints Members of Taskforce to Review Capital Markets

News Release

Ontario Appoints Members of Taskforce to Review Capital Markets

Government taking steps to strengthen Ontario’s economy

Ministry of Finance

TORONTO — Today, the Ontario government announced the Capital Markets Modernization Taskforce members 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."

First announced in the 2019 Fall Economic Statement, the Taskforce will help transform the regulatory landscape for the capital markets sector and advise the Minister on how to best help build Ontario's economy to benefit people across the province.

The Capital Markets Modernization Taskforce 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 Taskforce will have the support of an advisory group of experts with specialties in various areas of capital markets. The Taskforce will also build on the extensive burden reduction work already undertaken by the Ontario Securities Commission, Ontario's capital markets regulator.

"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."

Quick Facts

  • Members include:
    • Rupert Duchesne, former CEO and Director, Aimia;
    • Wesley J. Hall, Founder and Executive Chair, Kingsdale Advisors;
    • Melissa Kennedy, Executive Vice-President, Chief Legal Officer and Public Affairs, Sun Life;
    • Walied Soliman, Taskforce Chair, Canadian Chair, Norton Rose Fulbright;
    • Cindy Tripp, Founding Partner, former Managing Director, Co-Head Institutional Trading, GMP Securities L.P.

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