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Reducing the regulatory burden: Positive changes in corporate and securities law

Author(s): James R. Brown, Rosalind Hunter, Michael Innes, Desmond Lee, François Paradis, Trevor R. Scott, Andrea Whyte

Dec 8, 2020

There were a number of significant developments in the corporate and securities landscape in Canada in 2020 arising from regulatory amendments, pending proposals and the impact of the COVID-19 pandemic. These changes will have an impact on a variety of capital markets participants, including reporting issuers, investors and dealers. Notwithstanding the impact of the COVID-19 pandemic on the Canadian economy, regulatory initiatives continued to advance through 2020. In particular, the Canadian Securities Administrators (the CSA), the umbrella organization of the provincial and territories securities regulatory authorities, has continued to implement and propose changes seeking to “reduce the regulatory burden” on capital markets participants. 

In Ontario, the Capital Markets Modernization Taskforce (the Taskforce) presented its preliminary consultation report. The report included a number of draft recommendations that attracted a mix of praise and pushback from a variety of market participants. It remains to be seen how the Taskforce will work through the significant differences of opinion on how to enhance Ontario’s capital markets among stakeholders in arriving at the Taskforce’s final recommendations. In addition, the Taskforce will need to balance its focus on the capital markets in Ontario with the current approach of harmonization of securities law through the CSA...