The Ontario legislature today passed Bill 18 which includes a number of measures that aim to strengthen investor protection and update the securities regulatory framework, as well as providing several tax initiatives to support economic growth.

Among other things, the bill empowers a standing or select committee to review the Ontario Securities Commission’s annual report; gives the commission power to approve clearing agencies, and powers to regulate corporate governance and investment fund governance.

Bill 18 is the second piece of legislation to implement measures contained in the 2005 provincial budget. The legislature approved Bill 197 on November 22.

“The measures contained in Bill 18 – on corporate taxes and securities regulation, for example – help ensure Ontario is well positioned to manage the challenges and opportunities of the next 20 years,” said Finance minister Dwight Duncan. “We’re strengthening Ontario’s economic advantage by getting the fundamentals right.”