Overview

Strong public markets are important to supporting the ability of companies to raise capital.

Capital markets, where buyers and sellers engage in trade of financial securities such as stocks and bonds, are key to the success of Ontario's economy. They allow entrepreneurs to:

  • raise capital to grow businesses
  • hire more people
  • develop new technologies
  • invest in capital assets

Capital markets also provide investors with the opportunity to:

  • build wealth by participating in a company's growth prospects
  • save for retirement
  • achieve their financial goals

Ontario is home to:

  • the majority share of Canadian market participants (for example, public companies and registrants)
  • Canada's major stock exchange (the Toronto Stock Exchange)
  • Canada's largest capital markets regulator (the Ontario Securities Commission)

Ontario Securities Commission

The Ontario Securities Commission (OSC), an independent Crown corporation and regulatory agency, is responsible for overseeing the capital markets in Ontario. The agency administers and enforces the Securities Act and the Commodity Futures Act.

The OSC's mandate is to:

  • provide protection to investors from unfair, improper or fraudulent practices
  • foster fair, efficient and competitive capital markets
  • promote confidence in capital markets
  • foster capital formation
  • contribute to the stability of the financial system and reduce systemic risk

Capital Markets Modernization Taskforce

The Capital Markets Modernization Taskforce:

  • helped provide recommendations to modernize the regulatory landscape for the capital markets sector
  • advised the Minister of Finance on how to improve innovation and competitiveness in the province's capital markets and best help build Ontario's economy

After extensive stakeholder consultations, the Taskforce finalized its report and delivered it to the Minister of Finance for consideration.

Draft Capital Markets Act

The draft Capital Markets Act is intended to modernize the province’s capital markets to support economic growth and create jobs.

The draft legislation was posted for consultation from October 12, 2021 through February 18, 2022 on Ontario’s Regulatory Registry.

The government will be considering all feedback received before determining next steps.

Who we heard from

The Ministry received submissions from the stakeholders listed below.

You may email CMA.Consultation@ontario.ca to request to see the submissions. Please clearly identify which specific stakeholder submission is being requested.

The submissions will be shared in the format they were received.

Stakeholders we received submissions from include:

  1. Advocis
  2. BLG and AUM Law
  3. BMO Capital Markets
  4. Burnet, Duckworth & Palmer LLP
  5. CAC CFA Societies
  6. Canadian Bankers Association
  7. Canadian Blockchain Consortium
  8. Canadian Coalition for Good Governance (CCGG)
  9. Canadian ETF Association (CETFA)
  10. Canadian Investor Relations Institute (CIRI)
  11. CPP Investments
  12. Dapper Labs Inc. and Launch Labs Inc.
  13. Davies
  14. FAIR Canada
  15. Fasken Martineau
  16. Federation of Mutual Fund Dealers
  17. Fidelity Investments
  18. Great-West Lifeco
  19. IIAC (Paglia)
  20. IIAC Canadian Market Infrastructure Committee
  21. International Swaps and Derivatives Association, Inc.
  22. Invesco Canada
  23. Investment Funds Institute of Canada (IFIC)
  24. Kenmar Associates
  25. Manulife
  26. McMillan
  27. NEI Investments
  28. Newmarket and Vaughn Chamber of Commerce
  29. ONE Investment
  30. OSC Investor Advisory Panel
  31. Osler
  32. Portfolio Management Association of Canada (PMAC)
  33. Private Capital Markets Association of Canada (PCMA)
  34. Shakepay Inc.
  35. SHARE
  36. Siskinds
  37. Stikeman Elliott
  38. Sun Life
  39. tFOSE Group Holdings
  40. The Advocates’ Society
  41. TMX Group
  42. Toronto Finance International
  43. Wealthsimple

Submissions were also received from 10 individuals.

Any personal or confidential information in the submissions is subject to the Freedom of Information and Protection of Privacy Act, as well as any applicable statutes that may apply, and will not be released.