Tag Archives: financial sector

Ontario Capital Markets Modernization Taskforce Delivers Final Report

Ontario Capital Markets Modernization Taskforce Delivers 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.

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 … Continue reading

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Call for Evidence on EU Regulatory Framework for Financial Services (IIAC Blog)

Call for Evidence on EU Regulatory Framework for Financial Services (IIAC Blog)

Since the Global Financial Crisis there have been 48 pieces of European Union legislation in financial services and many more delegated and implementing acts. Some rules have yet to be fully implemented and much detail still to be finalised.

The European Commission launched consultations and requested stakeholders submit evidence on how rules: 1) affect the ability of the economy to finance itself and grow; 2) result in unnecessary regulatory burdens; 3) interact and create inconsistencies in the rules framework; and 4) give rise to unintended consequences.

In launching the Call for Evidence, the Commission has not … Continue reading

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Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Smooth Sailing Likely for National Securities Regulator (IIAC Blog)

Today, the Financial Post, in its FP Comment page, is running a piece I wrote on how the recent FSB/IOSCO decisions will galvanize broader support for the new cooperative securities regulator.

In recent months, the multinational regulators—the FSB and the IOSCO—have concluded that systemic risks related to large asset managers flow from their potential system-wide impact on capital markets, not from the particular institution per se. It is likely that Canadian authorities will reach a similar conclusion. This would likely mean removal of large Canadian non-bank non-insurer financial institutions from inclusion in the Capital Market Stability Act (CMSA)—i.e. the … Continue reading

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Letter from the President: Tackling Systemic Risks (IIAC Blog)

Letter from the President: Tackling Systemic Risks (IIAC Blog)

The reforms introduced to the global banking system in recent years have been credited with sharply reducing systemic risk in the financial sector. The banking system is now better able to handle external shocks, but the question remains: Has overall systemic risk in the financial system been extinguished, or is it lurking in the shadows?  

International regulators seem to think it is lurking, but are not sure where. While they have apparently concluded that the large non-bank non-insurer financial institutions (i.e. asset managers) are not systemically important, these institutions can pose substantial liquidity and instability risks to capital markets, if … Continue reading

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