CFFiM - Canadian Forum For Financial Markets

Financial markets group wants Canadians to hold their RRSPs intact until age 74 The pre‑budget submission to Finance Canada would lift annual contribution room to $56,350 and open registered plans to private equity and venture capital funds

Vers des marchés financiers entièrement numériques ?
Le potentiel de la conversion en jetons.

Vers des marchés financiers entièrement numériques ? | Conseiller Le potentiel de la conversion en jetons.

The Ontario Securities Commission (OSC) proposed amendments to its fee structure includes a $16 million net increase in the OSC’s annual fee-based revenue, the OSC states represents an 8.6% year-over-year increase to address a ‘funding gap’.

The OSC has not produced sufficient information to justify this fee increase on a cost-recovery basis. Rather than improve the OSC’s fee structure, the Proposed Amendments highlight deficiencies in that structure, which call for reform. Our full analysis is here https://cffim-fcmfi.ca/efficiency-first-the-growing-cost-of-securities-regulation-in-canada/

Efficiency First: The Growing Cost of Securities Regulation in Canada — CFFiM | FCMFi The Ontario Securities Commission (OSC)  proposed amendments  to its fee structure includes a $16 million net increase in the OSC’s annual

CFFiM - Canadian Forum For Financial Markets released "Tokenization and the Future of Capital Markets: Implications Across the Capital Markets Value Chain", a comprehensive report examining how tokenization impacts every stage of the capital markets ecosystem.

• Issuance
• Distribution
• Trading
• Market infrastructure
• Clearing & settlement
• Post-trade administration and servicing

Read the full report here:https://cffim-fcmfi.ca/wp-content/uploads/2026/07/Tokenization-and-the-Future-of-Capital-Markets_July-28-2026.pdf

https://www.theglobeandmail.com/business/commentary/article-ontarios-joining-the-passport-securities-regulatory-system-is-too/

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy CounselJonathan Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

In addition, the passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Read the full article here:

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Jonathan Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

The passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

The passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Read the full article here:

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

Ontario's decision to join the Canadian Securities Administrators' passport system is a positive step toward reducing interprovincial barriers and advancing a more integrated Canadian economy—but it does not resolve the deeper structural challenges facing Canada’s capital markets.

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Jonathan Preece examines why the practical impact of this decision has been overstated.

The passport system does not address many of the challenges that continue to affect Canada's capital markets, including:

• Fragmented regulation across multiple jurisdictions;
• Duplicative fees and compliance costs;
• A slow and complex policy-making process; and
• Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

Making an Impact: Advancing Canada’s Capital Formation Agenda

CFFiM commends the Canadian Securities Administrators on the release of its Consultation Paper 51-406: Modernizing the Regulation of Public Companies.

A welcome and timely opportunity to consider how Canada’s regulatory framework can strengthen its capital markets.

The consultation reflects an important shift toward a more competitive and capital formation-focused regulatory framework. We are encouraged to see the consultation address a number of priorities that CFFiM has consistently advanced, including:

- Expanding the use of semi-annual reporting.
- Advancing proportionate regulation, particularly for venture issuers, through potentially more scaled and more tailored disclosure requirements.
- Considering regulatory developments in the United States where appropriate to enhance Canada's competitiveness; and
- Expressing openness to additional reforms.

While the consultation is an important milestone, it is just the beginning of a broader effort. The CFFiM looks forward to continuing to work constructively with the market participants, regulators, and governments to advance practical reforms that strengthen Canada's capital markets while maintaining appropriate investor protection.