Under Ontario’s Securities Act and Commodity Futures Act, the Ontario government is periodically required to appoint advisory committees to review securities and commodity futures legislation, regulations, and rules relating to matters dealt with by the Ontario Securities Commission (OSC).
The Minister of Finance appointed an independent committee (named the Five Year Review Committee) in March 2000 to review securities legislation, regulations and rules, and the legislative needs of the OSC. The Five Year Review Committee issued its draft report on May 29, 2002 and subsequently released its final report for submission to the Minister of Finance on May 29, 2003.
On November 6, 2019 as part of the 2019 Ontario Economic Outlook and Fiscal Review, the government announced the creation of a Securities Modernization Taskforce responsible for soliciting input from stakeholders and help inform the government’s vision of creating a 21st century securities regulatory framework.
A first advisory committee (the CFA Advisory Committee) was appointed by the Minister of Finance in May 2005 to review commodity futures legislation, regulations, and rules. The CFA Advisory Committee issued its interim report on May 26, 2006 and final report in January 2007.