Order in Council 1575/2020

On the recommendation of the undersigned, the Lieutenant Governor of Ontario, by and with the advice and concurrence of the Executive Council of Ontario, orders that:

Whereas Order in Council number 1720/2019 dated November 28, 2019 established the Securities Modernization Taskforce (the “Taskforce”), for a period not exceeding twelve months from the date of the order;

And whereas the Taskforce was established to conduct a review of Ontario’s capital markets regulatory framework and to provide advice and recommendations to the Minister of Finance (the “Minister”) and is referred to as the Capital Markets Modernization Taskforce;

And whereas the Government of Ontario wishes to extend the term of the Taskforce;

Therefore, pursuant to the prerogative of her Majesty the Queen in Right of Ontario, to provide for the appointment of advisors to serve Her Majesty’s Government of Ontario in the discharge of its executive obligations and responsibilities,

Taskforce Renamed

1. The Securities Modernization Taskforce is hereby renamed the “Capital Markets Modernization Taskforce.”

Taskforce Term Extended

2. The Taskforce’s term is hereby extended beyond the initial period of twelve months for an additional two month period from November 28, 2020 to January 27, 2021.

Terms of Reference

3. The Minister has determined the terms of reference for the Taskforce pursuant to Order in Council number 1720/2019 and may amend them, as necessary, from time to time.

Appointments to the Taskforce

4. The members of the Taskforce, including the Chair, who have been appointed by the Minister of Finance, shall continue to serve at the Minister’s pleasure for an additional two month period from November 28, 2020 until January 27, 2021.

Remuneration

5. The members of the Taskforce, including the Chair, shall not be paid any remuneration for their services as members of the Taskforce other than reimbursement for reasonable expenses incurred in accordance with applicable Management Board of Cabinet and Treasury Board directives, including the Travel, Meal and Hospitality Expenses Directive.