In its 2019 Fall Statement, the Ontario Ministry of Finance (OMF) announced that it will establish a securities modernization task force (Task Force) to solicit feedback from stakeholders and provide policy recommendations on how Ontario’s Securities Act (Act) can be modernized. Although the Act requires the OMF to appoint a review committee every five years, the most recent review was completed more than sixteen years ago.

Reform projects like these often take a long time to produce tangible results. However, we think that some, as-yet-to-be-identified reform measures could be fast-tracked if they support priorities identified by the Ontario Securities Commission (OSC) in its progress report on reducing regulatory burdens (discussed elsewhere in this bulletin).