Bold, Broad-sweeping Reforms Proposed By Ontario's Capital Markets Modernization Taskforce

Ontario's Capital Markets Modernization Taskforce, established by the provincial government in February 2020, has published its initial report¹. Guided by the goals of modernizing the regulatory framework and making Ontario's capital markets more attractive globally, the Taskforce is soliciting feedback on 47 "high-impact" proposals. Submissions are requested by September 7. The Taskforce intends to deliver its final recommendations to the Minister of Finance by the end of 2020.

Many of the Taskforce's proposals are bold and innovative, covering a range of topics from enhanced capital raising activities and market access to regulatory structure reforms. The proposals also vary in character—many are driven at reducing regulatory burden, while others would bring significant government intervention in commercial and governance practices for market participants. The report only makes passing reference to harmonization across Canada—in order to avoid the development of