The Globe and Mail reports in its Wednesday edition that across Canada, securities regulators are expanding how individuals can invest in private, exempt markets. Guest columnist J. Ari Pandes writes that eligibility rules are being reconsidered and new pathways are opening outside the prospectus regime. At the same time, public markets -- built around continuous disclosure, liquidity and oversight -- have seen comparatively modest structural change. The contrast is difficult to ignore. Greater access to private markets is not, in itself, a policy solution. Regulators should not confuse expanding access with the meaningful, continuous disclosure of public markets. The Toronto Stock Exchange has made sensible housekeeping changes to its Company Manual, clarifying dividend-notice requirements, tax-reporting expectations and documentation standards. It has also proposed a refresh of listing categories, moving away from dated industry labels and recalibrating certain sector thresholds. These steps improve clarity and administration, but they have done little to change the central calculus confronting growing companies: whether the cost, uncertainty and pace of a public listing are justified relative to remaining private.