SIMA expects decreased friction and regulatory duplication to be among the many advantages of Ontario’s participation within the passport system in addition to boosting total financial effectivity and strengthening Canada’s aggressive place.
“Whereas this growth marks significant progress towards a extra built-in and streamlined securities regulatory framework, there may be extra work to be executed,” Mitchell stated. “We are going to proceed to collaborate with governments, regulators, and our members to advance alternatives for larger regulatory harmonization and the long-term competitiveness of Canadian capital markets.”
Provincial holdout ends
Ontario’s entry into the system closes out a two-decades-long standoff, because the province had pushed as an alternative for a single nationwide securities regulator constructed on voluntary participation.
Ontario Finance Minister Peter Bethlenfalvy confirmed the province’s participation in an announcement this week:
“I’m happy to share that Ontario is committing to affix Canada’s nationwide securities regulatory passport system to strengthen the economic system and cut back purple tape for companies throughout the nation. As such, right now I directed the Ontario Securities Fee to construct upon discussions for Ontario’s full participation,” Bethlenfalvy stated.
