In February 2020, the Ontario government created the Capital Markets Modernization Taskforce (OCMMT) to review and modernize Ontario’s capital markets regulatory framework.
After extensive stakeholder consultations, the Taskforce finalized its report and delivered it to the Minister of Finance.
Established in February 2020, the OCMMT and its five members was mandated to guide the transformation of the regulatory landscape for capital markets and reports directly to the Finance Minister on how to best protect Ontario investors.
While the current focus of the work has been on Ontario, there are significant implications to investors across Canada. The majority of financial institutions in the capital market sector are registered in Ontario, so any reforms will have a ripple effect across provincial and territorial lines. Most notably, the Ontario government is currently establishing a cooperative capital markets regulator, in collaboration with the federal government and the governments of British Columbia, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island and Yukon. This newly-formed regulator would replace the securities commissions of the participating jurisdictions, with additional authority from the federal government, to manage systemic risk in Canadian capital markets. The results of the OCMMT will have an impact on this nationwide process.
CARP’s recommendations on behalf of its 150,000 members in Ontario included:
- binding arbitration powers and a higher compensation limit for the Ombudsman for Banking Services and Investments (OBSI). WIN – read more.
- compensation to harmed investors be made a top priority. Ongoing advocacy in this area – read more;
- access to more mutual funds and savings-type investments through bank-owned discount brokers, and;
- targeted electronic notifications to ensure seniors do not miss key documents concerning their investments.
Most recently, CARP has been advocating on the issue of appropriate methods of disclosure regarding investments. Read CARP’s May letter to Canadian Securities Administrators (CSA).