SIMA welcomes Ontario’s move to join Canada’s securities passport system
SIMA expects reduced friction and regulatory duplication to be among the benefits of Ontario’s participation in the passport system as well as boosting overall economic efficiency and strengthening Canada’s competitive position.
“While this development marks meaningful progress toward a more integrated and streamlined securities regulatory framework, there is more work to be done,” Mitchell said. “We will continue to collaborate with governments, regulators, and our members to advance opportunities for greater regulatory harmonization and the long-term competitiveness of Canadian capital markets.”
Provincial holdout ends
Ontario’s entry into the system closes out a two-decades-long standoff, as the province had pushed instead for a single national securities regulator built on voluntary participation.
Ontario Finance Minister Peter Bethlenfalvy confirmed the province’s participation in a statement this week:
“I am pleased to share that Ontario is committing to join Canada’s national securities regulatory passport system to strengthen the economy and reduce red tape for businesses across the country. As such, today I directed the Ontario Securities Commission to build upon discussions for Ontario’s full participation,” Bethlenfalvy said.
