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Evolving capital markets regulatory enforcement

Author(s): Lawrence E. Ritchie, Shawn Irving, Fabrice Benoît, Lauren Tomasich, Sonja Pavic, Frédéric Plamondon

Dec 8, 2020

Even prior to the impacts of COVID-19, change was on the horizon for capital markets enforcement in 2020. The year began with continued consideration of significant reforms to modernize the regulatory regime, as well as a heightened focus on market manipulation and abusive trading. With the onset of the pandemic, regulators adapted their enforcement efforts to a virtual world through remote investigations and electronic hearings. There was also an uptake in whistleblowing activity in the work-from-home environment.

Proposed reforms c/o the Capital Markets Modernization Taskforce

As noted in our “Reducing the regulatory burden: Positive developments in corporate and securities law in 2020” article, the Capital Markets Modernization Taskforce (the Taskforce) published its widely-anticipated Consultation Report (the Report) on July 9, 2020. If ultimately adopted by the Ontario government, several of the Taskforce’s proposals would operate to significantly alter the regulatory landscape for capital markets across Ontario...