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FP says Doug Ford wants to "create confidence" in OSC

2019-04-18 09:38 ET - In the News

The Financial Post reports in its Thursday edition that Ontario Premier Doug Ford is seeking to put his own business-friendly stamp on Canada's biggest capital market, but some fear the measures being proposed push too far onto turf usually reserved for arm's-length regulators. The Post's Geoff Zochodne writes that Mr. Ford and his governing Progressive Conservatives put forward a five-point plan in last week's provincial budget that they said was aimed at "creating confidence" in Ontario's bond and stock markets. Among the steps being proposed are putting the Ontario Securities Commission's already launched "Burden Reduction Task Force" to work, setting up a new "Office of Economic Growth and Innovation" inside the OSC, requiring the regulator to provide more of an economic justification for the rules it makes and improving investor protections and competitiveness in the industry. So far, the industry appears to be supportive of the government's policies. However, the government's approach is raising some eyebrows. "I find it concerning and problematic to see the Ford government step into the regulatory agenda of an arm's-length regulatory agency," said Anita Anand, a professor of law at the University of Toronto.

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