Recently, the Ontario Securities Commission, in coordination with the Ministry of Finance, created a Burden Reduction Task Force. The goal of this initiative is to enable Ontario’s businesses and markets to innovate, better compete with other jurisdictions and flourish as the regulatory load is reduced while not diminishing the safeguards in place for Ontario investors.
This Task Force will support the Government of Ontario’s Open for Business Action Plan by identifying short- medium- and long-term steps that can benefit Ontario by facilitating increased competitiveness by saving money and time for investors, issuers, registrants and other members in the financial markets. The comprehensive consultation is fully supported by the government and seeks to enable the transformation of inefficient past practices.
Areas for Market Input
The Task Force has selected various areas of interest where it encourages feedback from stakeholders concerning ways to reduce unnecessary burdens that include:
- Increased efficiencies concerning day-to-day engagement with the OSC through cost savings as it pertains to procedural or operational processes
- Eliminating filings and forms which are not needed or unnecessarily difficult for market participants along with providing easier access to information provided by the OSC
- Harmonization of OSC requirements with other jurisdictions thereby reducing inconsistencies and costs
By March 1 stakeholders are encouraged to share suggestions with the OSC by using the Burden Reduction Survey or through e-mail at firstname.lastname@example.org. On March 27 market participants interested in discussing proposed changes should join the OSC hosted roundtable which will require the submission of a comment letter to the OSC.