Bill 269, Protecting the People of Ontario Act (Budget Measures), 2021 (Bill 269), introduced a new statute titled the Securities Commission Act, 2021, S.O. 2021, c. 8, Sched. 9 (SCA). The OSC was continued under this new governance statute, and the SCA provides for the creation of an independent Capital Markets Tribunal (Tribunal) to separate the regulatory and adjudicative functions of the OSC.
Bill 269 also includes numerous consequential amendments to the Ontario Securities Act (OSA), R.S.O. 1990, c. S.5, section 127, and theCommodity Futures Act, R.S.O. 1990, c. C.20 (CFA), including shifting most of the governance and corporate provisions from the OSA to the SCA and making the changes necessary to provide for the Tribunal as decision maker in place of the OSC.
The amendments to the purposes of the OSA and CFA to cover capital formation and competition came into force on April 27, 2021, while the remaining provisions of the SCA came into force on April 29, 2022.