Some fear the measures being proposed push too far onto turf usually reserved for arm’s-length regulators
Ontario Premier Doug Ford’s government is seeking to put its 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.
Anand, who also holds the J.R. Kimber Chair in Investor Protection and Corporate Governance at U of T, said she was concerned about what reducing regulatory burdens could mean for investor-protection initiatives, two goals that are often at odds with each other. Having government officials go around a regulator and deal directly with a self-regulator, such as IIROC, is unusual and could lead to confusion and problems, according to Ken Kivenko, an investor advocate and president of Kenmar Associates.“If it was just the only thing with the budget, we’d say, ‘Well, it’s probably well-intentioned,’” Kivenko said. “But in terms of the overall context, of all the little things they’re doing, it’s worrisome.
“Provincial governments do not typically weigh in with their views regarding how an independent agency fulfills its statutory mandate,” she said. “This is why it is incredibly concerning to me to see the Ford government insert itself into the purview of an independent regulatory body.” While Kivenko called the overall plan “disappointing,” the Ford government says the changes are part of making Ontario a more attractive destination for investment.
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