Provincial government working towards creating a more competitive business environment
The provincial government is attempting to modernize the regulation of the capital's markets in an effort to attract investment and help businesses grow.
The government's plan would involve strengthening investment, promoting competition, and facilitating innovation.
“Confidence in capital markets is vital for businesses looking to create jobs and strengthen the economy--and for individuals and families looking to invest for the future,” Rod Phillips, Minister of Finance, said in a news release.
“The government has a plan to support more competitive and more efficient capital markets in Ontario, so individuals and families can invest and grow their savings, and businesses can tap into the capital funding they need to grow, innovate and evolve,” he continued.
The province is creating a task force to review the outdated Securities Act--which will be the first time in the last 15 years--and consult with investors, financial services professionals, businesses and the public on critical areas such as competitiveness, regulatory structure, efficient regulation, and investor and consumer protections, to modernize it.
“The [Ontario Securities Commission] is an important partner in modernizing securities regulation. The government looks forward to reviewing the OSC Burden Reduction Task Force’s report and implementing its recommendations on enhancing the competitiveness of Ontario’s business environment,” Phillips added.
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