Minister’s statement on nationwide Securities Passport system

Brenda Bailey, Minister of Finance, has issued the following statement on Ontario’s commitment to reduce barriers to investment across Canadian jurisdictions.

“As we work to attract new investment and stimulate economic growth in British Columbia, I welcome Ontario’s commitment to joining all other provinces and territories in a system that makes it easier for businesses to invest in B.C. and across Canada.

“This is a major win for reducing barriers between provinces and territories, boosting investor confidence and strengthening the economy.

“With Ontario joining the Securities Passport system, businesses and investors can now access capital markets across all Canadian provinces and territories. Decisions made by one province’s regulator can apply in all other Canadian jurisdictions.

“It is a confidence boost for businesses and investors who will benefit from less duplication, lower costs and administrative burdens, and faster access to capital markets in our province and across Canada.

“The Province of B.C. has been advocating for Ontario to join the system so that B.C. companies can benefit from fewer separate approvals, lower compliance costs and less red tape when operating in Ontario.

“I am committed to working closely with my provincial and territorial counterparts to ensure continued improvement to the existing system.

“Today’s announcement reflects the continued importance of working together across Canada to improve our competitiveness and attract investment. I look forward to building on this momentum by removing other barriers in the financial sector, including making it easier for credit unions to serve members across Canada.”