Ontario’s move to join securities passport system draws industry coalition praise
Ontario’s entry closes out a standoff of roughly two decades, during which the province had pushed instead for a single national securities regulator built on voluntary participation rather than joining the passport system used by the rest of Canada.
Confirming the shift, Bethlenfalvy said he directed the Ontario Securities Commission to build on discussions for the province’s full participation in the framework, describing it as an important step toward greater regulatory harmonization while maintaining strong investor protection and market oversight. He called on other jurisdictions to keep working toward a national approach that benefits businesses, investors and workers.
SIMA, formerly the Investment Funds Institute of Canada, was among the most vocal supporters of the change and a previous statement from SIMA president and CEO Andrew Mitchell said the association had long advocated for Ontario to join the passport system.
What comes next
The coalition says it is prepared to work directly with federal, provincial and territorial governments, along with securities regulators, to support what it describes as a timely and successful implementation of the passport framework for Ontario.
The associations are urging all parties to move quickly to bring Ontario fully into the existing structure while preserving the features that have made the system function effectively to date.
