Consultation: Modernizing Ontario’s capital markets

Read the report here


To help transform the regulatory landscape for the capital markets sector and advise the Minister of Finance on how to improve the innovation and competitiveness of the province’s capital markets and best help build Ontario’s economy, we established the Capital Markets Modernization Taskforce. The taskforce is seeking input from public and stakeholders on how to transform Ontario’s capital markets to:

  • foster economic growth and capital formation
  • reduce regulatory burden
  • improve the regulatory governance structure and framework
  • ensure a level playing-field for all market participants
  • improve investor protection

About the consultation

Since it was appointed in February 2020, the Capital Markets Modernization Taskforce engaged with more than 110 stakeholders about the challenges that businesses, intermediaries and investors face in Ontario’s capital markets ecosystem. It received feedback from:

  • financial institutions
  • large and small publicly-listed companies
  • institutional investors and asset managers
  • independent investment dealers and intermediary firms
  • capital markets regulators
  • exchanges
  • industry associations
  • law firms and investor advocacy groups

Based on these consultations, the taskforce developed a consultation report , which includes 47 policy proposals to modernize the province’s capital markets regulations.

The taskforce is now seeking feedback on the consultation report.

The submissions received will help the taskforce develop a final report for the Minister of Finance.

About the consultation paper

The consultation paper contains the policy proposals of the independent Capital Markets Modernization Taskforce. 

The views, opinions and recommendations expressed in it are solely those of the taskforce. They are not made on behalf of the Government of Ontario and do not necessarily reflect the government’s official policy, position or views. The consultation paper is also not necessarily reflective of the views or positions of the Expert Advisory Group or endorsed by its members.

How to participate

Submit feedback in writing, addressing the questions in the report. You may also write about issues that are not in the consultation paper.

Deadline: September 7, 2020

To submit your feedback:

  • review the consultation report and write your response
  • save your response as a Word or PDF file
  • email your response to
  • use the subject line: Consultation – Modernizing Ontario’s Capital Markets

The taskforce will use your feedback to inform their final report to the Minister of Finance.

Your privacy matters

Your feedback is being collected in order to help improve capital markets in Ontario. Your responses will be reviewed by the Capital Markets Modernization Taskforce.

Your submission may be subject to disclosure under the Freedom of Information and Protection of Privacy Act and may be posted online.

Please do not submit personal information, specific identifying details of individuals, companies or other entities or information that you would not want to be made public.

About the taskforce

The government announced the establishment of the Capital Markets Modernization Taskforce in the 2019 Fall Economic Statement. Its mandate is to 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.

Members of the taskforce include:

  • Walied Soliman, taskforce chair, Canadian chair, Norton Rose Fulbright
  • Rupert Duchesne, former CEO and director, Aimia
  • Wesley J. Hall, founder and executive chair, Kingsdale Advisors
  • Melissa Kennedy, executive vice president, chief legal officer and public affairs, Sun Life
  • Cindy Tripp, founding partner, former managing director, co-head institutional trading, GMP Securities L.P.

Expert Advisory Group

An advisory group of twelve experts with specialties in various areas of capital markets assists the taskforce by providing periodic review and feedback.

Source: Ontario