Barbara Hendrickson, of BAX Securities Law, was prominently quoted in a recent article in the Canadian Bar Association National Magazine. The article, “Going it Alone” by staff writer Doug Beazley, discusses the recent consultation report of the Ontario Capital Markets Modernization Taskforce published in July 2020 which sets out a series of reforms including in the area of reducing legislative and regulatory burden; encouraging competition between market participants and helping business grow and attracting investments.

Barbara Hendrickson, while commending the proposed reform efforts set out in the report, believes that the reforms should be harmonized across Canada and developed in the context of a national securities regulator, the Cooperative Capital Markets Regulatory System (“CCMR”).

Barbara Hendrickson raises the issue of coordination with the CCMR and the of timing of the initiative in Ontario. Along with B.C., Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island and Yukon, Ontario is a partner in the Cooperative Capital Markets Regulatory System, an effort to streamline capital markets regulation nationwide. According to Ms. Hendrickson many of the recommendations in the task force’s report only really make sense if they’re implemented nationally, — and introducing them regionally would “create even more fragmentation in our Canadian markets.”

Barbara also commented on the need for harmonization in the area of prospectus exemptions in the context of private placements: “Currently, even though we have made great strides through the Canadian Securities Administrators process to streamline securities regulation across Canada, we still have different regimes in effect in different provinces — for example, in the crowdfunding and offering memorandum prospectus exemptions for private placements. A go-it-alone approach by Ontario would result in even more fragmented rules.”

The complete article can be found:

For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.

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