In its fall economic statement, the Ontario Government has pledged to conduct a broad review the Securities Act, R.S.O. 1990, c. S.5 for the first time in over 15 years. Specifically, the Government has indicated that it will establish a task force to solicit input from stakeholders, with a view to creating "a modernized securities regulatory framework that is responsive to innovation and changes in a rapidly evolving marketplace".
The Government also announced that it would repeal the Toronto Stock Exchange Act, and it would amend the Securities Act, in line with the Capital Markets Plan, to allow the Ontario Securities Commission (OSC) to issue blanket orders supporting greater efficiency in capital markets. Finally, the Government announced the OSC's Burden Reduction Task Force would soon deliver its report outlining recommendations for short, medium and long term initiatives to reduce regulatory burdens on businesses.
Stay tuned to this space for an update once more details about the proposed task force are announced.
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