Ontario’s capital markets
Learn about Ontario’s capital markets and how they support economic growth and job creation.
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:
- Advocis
- BLG and AUM Law
- BMO Capital Markets
- Burnet, Duckworth & Palmer LLP
- CAC CFA Societies
- Canadian Bankers Association
- Canadian Blockchain Consortium
- Canadian Coalition for Good Governance (CCGG)
- Canadian ETF Association (CETFA)
- Canadian Investor Relations Institute (CIRI)
- CPP Investments
- Dapper Labs Inc. and Launch Labs Inc.
- Davies
- FAIR Canada
- Fasken Martineau
- Federation of Mutual Fund Dealers
- Fidelity Investments
- Great-West Lifeco
- IIAC (Paglia)
- IIAC Canadian Market Infrastructure Committee
- International Swaps and Derivatives Association, Inc.
- Invesco Canada
- Investment Funds Institute of Canada (IFIC)
- Kenmar Associates
- Manulife
- McMillan
- NEI Investments
- Newmarket and Vaughn Chamber of Commerce
- ONE Investment
- OSC Investor Advisory Panel
- Osler
- Portfolio Management Association of Canada (PMAC)
- Private Capital Markets Association of Canada (PCMA)
- Shakepay Inc.
- SHARE
- Siskinds
- Stikeman Elliott
- Sun Life
- tFOSE Group Holdings
- The Advocates’ Society
- TMX Group
- Toronto Finance International
- 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.