Queen's Park, Ontario legislature, exterior

After a 10-month investigation, a task force commissioned by the Ontario government has issued a range of sweeping recommendations to reform the province’s securities regulator.

The Capital Markets Modernization Task Force’s 70 recommendations include major governance changes to Ontario Securities Commission, such as establishing an adjudicative body within the OSC to rule on alleged securities act violations.

The task force also recommends expanding the agency’s mandate to augment its regulatory function, and changing its name to the Ontario Capital Markets Authority.

The task force was commissioned in 2019 by Ontario’s finance minister, with the goal of encouraging growth and competition in the province’s capital markets.

In the report, the task force decried the lack of new securities issuers in Ontario, which they warned could lead to fewer head offices and fewer investment growth opportunities in the province.

Over the course of its investigation, the task force met with more than 110 different stakeholders as it was developing its recommendations.