The Ontario government plans to move ahead with an overhaul of the Ontario Securities Commission, pushing an expanded mandate for the regulator and proposing a drastic reconfiguration of its internal governance structure.
The proposed reforms to Canada’s largest regulator were contained in the province’s 2021 budget and will be undertaken through special legislative amendments.
Specifically, the government will adopt a number of recommendations made in a January report by the Capital Markets Modernization Taskforce, a commission that was created in late 2019 with the goal of reviewing Ontario’s securities laws and reviving competition in capital markets.
One of the recommendations that will be implemented is to widen the mandate of the OSC to include “fostering of capital formation and competition in capital markets.”
This will add to its current mandates of providing protection to investors from unfair or fraudulent practices and ensuring efficient capital markets.
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