Capital Markets Modernization Review

Ontario’s market participants have indicated that regulatory burden is stifling innovation and competitiveness in the province’s capital markets.

Since the last review of the Securities Act in 2003, the global financial system has undergone significant changes, particularly in response to the 2008 global financial crisis. There has also been a rise of innovative financial technology (fintech) companies over the last decade.

Market participants have long called for a more flexible regulatory approach in order to enable Ontario to compete globally.

To move forward on the long-overdue review, the Ontario government is establishing the Capital Markets Modernization Taskforce. Ontario will undertake measures to modernize and streamline securities regulation in a way that encourages innovation and keeps pace with a rapidly evolving marketplace.

As almost 70 per cent of Ontario’s capital market participants are small and medium-sized businesses, a responsive regulatory framework is crucial to encouraging competitiveness and innovation in capital markets.

The volunteer members of the Capital Markets Modernization Taskforce will provide the government with recommendations to reduce regulatory burden and ensure a level playing-field for all market participants, while improving investor experience and protection. The Taskforce will publish a public consultation document this summer. Feedback will help inform the final report, which will be submitted to the Minister this fall.

This is part of the government’s plan to position Ontario as a leading capital markets jurisdiction.

The Taskforce will be composed of the following members:

Rupert Duchesne, former CEO and Director of Aimia

Mr. Duchesne retired in 2017 from Aimia Inc, where he was the founding CEO and a Director. Mr. Duchesne previously held officer positions at Air Canada, and in consulting. He is a board member of Mattamy Homes Inc., the Art Gallery of Ontario, the Luminato Festival, and the International Festival of Authors, and previously Alliance Atlantis and the Brain Canada Foundation. He is on the National Council of the C.D. Howe Institute. He is a Member of the Order of Canada.

Wesley J. Hall, Founder and Executive Chair, Kingsdale Advisors

Mr. Hall is the Founder and Executive Chair of Kingsdale Advisors. The Globe & Mail has called Mr. Hall one of the country’s “most influential powerbrokers” and Canadian Business magazine named him one of the “most powerful business people” in 2016. Mr. Hall is currently a director of SickKids Foundation, a board member of Pathways to Education and the Toronto International Film Festival, former Chairman of the Board of Difference Capital Financial, and former Director of Equity Financial Holdings Inc., Longford Energy, Wellgreen Platinum Ltd., and the Exempt Market Dealers Association of Canada. Mr. Hall’s other accomplishments include receiving the 2009 Ernst & Young Entrepreneur of the Year® Award; the ICD.D designation from the Institute of Corporate Directors in partnership with the Rotman School of Management; and the Vice Chancellor’s Award and an honorary doctorate from the University of the West Indies.

Melissa Kennedy, Executive Vice President, Chief Legal Officer and Public Affairs, Sun Life

Ms. Kennedy is responsible for Sun Life’s global legal, compliance, and public affairs functions, and serves as the company’s executive sponsor of sustainability. Prior to joining Sun Life, she was Senior Vice-President, General Counsel and Corporate Affairs for the Ontario Teachers’ Pension Plan; Vice-President, Associate General Counsel, at CIBC; and Manager of Litigation at the Ontario Securities Commission. In 2016, The Women’s Executive Network recognized her as one of Canada’s Most Powerful Women.

Walied Soliman, Taskforce Chair, Canadian Chair, Norton Rose Fulbright

Mr. Soliman is one of Canada’s leading securities lawyers. Having recently served as Global Chair of Norton Rose Fulbright, Mr. Soliman continues to serve as the firm’s Canadian Chair, with a practice focusing on mergers and acquisitions, restructurings, financings, corporate governance and structured products. Among other philanthropic endeavours, Mr. Soliman is a board member of the Toronto SickKids Hospital Foundation. Recently, Mr. Soliman was named the 2019 Global Citizen Laureate by the United Nations Association in Canada.

Cindy Tripp, Founding Partner, former Managing Director, Co-Head Institutional Trading of GMP Securities L.P.

Ms. Tripp is an experienced financial services executive and one of the founding partners of GMP Securities L.P., where she was previously Managing Director, Co-Head Institutional Trading. She has overseen institutional trading, retail trading, securities lending, foreign exchange and risk management. Ms. Tripp is a former member of the board of Avante Logixx, former Chair of the Board of the Bishop Strachan School, a Director of the Georgian Bay Land Trust, and a former board member of Toronto Financial Services Alliance.

Expert Advisory Group

The Taskforce will have the support of a volunteer advisory group of experts with specialties in various areas of capital markets:

Expert Current Position
Sian Burgess Senior Vice-President, Fund Oversight, Fidelity Canada
Rosemary Chan Senior Vice President, Internal Control & Regulatory Affairs, Global Wealth Management, Scotiabank
George Cooke Chairman, OMERS & PACE Credit Union
Kevan Cowan CEO, Capital Markets Authority Implementation Organization
Joanne De Laurentiis FSRA Board Director, Senior Fellow, C.D. Howe Institute
Brigitte Goulard Senior Counsel, Torys LLP, former FCAC Deputy Commissioner
Naizam Kanji Director of the Office of Mergers & Acquisitions, OSC
Brian Koscak General Counsel, Pinnacle Wealth Brokers, Director and Executive Member of the Private Capital Markets Association of Canada
Jeffrey MacIntosh Toronto Stock Exchange Chair in Capital Markets Law, University of Toronto
Larry Ritchie Partner, Osler LLP, FSRA Board Director, former OSC Vice-Chair
Jos Schmitt Co-Founder, President & CEO, NEO Exchange, Board Director, IIROC
Jeffrey Steiner President & Executive Director, Angel Investors Ontario