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.
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; and modernizing enforcement and enhancing investor protection.
The Modernization Taskforce has introduced a range of innovative remedies to improve the vitality of Ontario capital markets and strengthen the intermediation of capital from investors to small and large businesses. Through its recommendations, the Taskforce will reinforce the ongoing efforts of securities regulators in the province, and jurisdictions elsewhere, to streamline regulation and lower the regulatory burden, considering the significant bearing of Ontario markets in national markets and the multi jurisdictional nature of Canadian securities regulation. The outcome will be strengthened investor protections and confidence, and increased capital formation, in Ontario and across the country. The Taskforce has made a timely and effective contribution to the post-pandemic economic recovery.
The IIAC will thoroughly review the Report and provide a detailed commentary.