• February 22, 2020

QP Briefing. Ontario names Capital Markets Modernization Taskforce

By Jessica Smith Cross and Jack Hauen, QP Briefing

The Ontario government has named members an elite group tasked with overhauling the province’s securities regulation.

The Capital Markets Modernization Taskforce will be chaired by Walied Soliman, a securities lawyer and the Canadian Chair of Norton Rose Fulbright, who also served as campaign chair to former Progressive Conservative Leader Patrick Brown.

The other members are: Rupert Duchesne, former CEO and director of Aimia; Wesley J. Hall, founder and executive chair of Kingsdale Advisors; Melissa Kennedy, executive vice president and chief legal officer at Sun Life; and Cindy Tripp, founding partner, former managing director, and co-head of institutional trading of GMP Securities L.P.

“Ontario’s market participants have indicated that regulatory burden is stifling innovation and competitiveness in the province’s capital markets,” the provincial government said in a press release.

“To move forward on the long-overdue review, the Ontario government is establishing the Capital Markets Modernization Taskforce. Ontario will undertake measures to modernize and streamline securities regulation in a way that encourages innovation and keeps pace with a rapidly evolving marketplace.”

The Taskforce will have the support of a volunteer advisory group of experts: Sian Burgess, senior vice-president of fund oversight at Fidelity Canada; Rosemary Chan, senior vice president of internal control and regulatory affairs and global wealth management at Scotiabank; George Cooke, chairman at OMERS & PACE Credit Union; Kevan Cowan CEO of Capital Markets Authority Implementation Organization; Joanne De Laurentiis, a FSRA board director and senior fellow at C.D. Howe Institute; Brigitte Goulard, senior counsel at Torys LLP and a former FCAC deputy commissioner; Naizam Kanji, director of the Office of Mergers & Acquisitions at the OSC; Brian Koscak, general counsel at Pinnacle Wealth Brokers and director and executive member of the Private Capital Markets Association of Canada; Jeffrey MacIntosh, Toronto Stock Exchange Chair in Capital Markets Law at the University of Toronto; Larry Ritchie, a partner at Osler LLP and FSRA Board Director and former OSC vice-chair; Jos Schmitt, co-founder, president & CEO of NEO Exchange and Board Director at IIROC; and Jeffrey Steiner, president, and executive director of Angel Investors Ontario.

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