CFFiM - Canadian Forum For Financial Markets

CFFiM - Canadian Forum For Financial Markets released "Tokenization and the Future of Capital Markets: Implications Across the Capital Markets Value Chain", a comprehensive report examining how tokenization impacts every stage of the capital markets ecosystem.

• Issuance
• Distribution
• Trading
• Market infrastructure
• Clearing & settlement
• Post-trade administration and servicing

Read the full report here:https://cffim-fcmfi.ca/wp-content/uploads/2026/07/Tokenization-and-the-Future-of-Capital-Markets_July-28-2026.pdf

https://www.theglobeandmail.com/business/commentary/article-ontarios-joining-the-passport-securities-regulatory-system-is-too/

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy CounselJonathan Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

In addition, the passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Read the full article here:

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Jonathan Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

The passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Preece examines why Ontario’s symbolic decision to join the passport system has been overstated.

The passport system has benefits but does not address many of the challenges that continue to affect Canada's capital markets, including:

· Fragmented regulation across multiple jurisdictions;

· Duplicative fees and compliance costs;

· A slow and complex policy-making process; and

· Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Read the full article here:

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

Ontario's decision to join the Canadian Securities Administrators' passport system is a positive step toward reducing interprovincial barriers and advancing a more integrated Canadian economy—but it does not resolve the deeper structural challenges facing Canada’s capital markets.

In an opinion piece in The Globe and Mail, CFFiM Senior Policy Counsel Jonathan Preece examines why the practical impact of this decision has been overstated.

The passport system does not address many of the challenges that continue to affect Canada's capital markets, including:

• Fragmented regulation across multiple jurisdictions;
• Duplicative fees and compliance costs;
• A slow and complex policy-making process; and
• Challenges coordinating multi-jurisdictional enforcement.

If Canada is serious about improving productivity, competitiveness, and capital formation, reducing regulatory fragmentation will require more than Ontario joining the passport system.

Opinion: Ontario’s joining the ‘passport’ securities regulatory system is too little and not enough While it has promoted some harmonization in the application of provincial securities law, it is not a panacea for all the criticisms that have been levelled against Canada’s regulatory system

Making an Impact: Advancing Canada’s Capital Formation Agenda

CFFiM commends the Canadian Securities Administrators on the release of its Consultation Paper 51-406: Modernizing the Regulation of Public Companies.

A welcome and timely opportunity to consider how Canada’s regulatory framework can strengthen its capital markets.

The consultation reflects an important shift toward a more competitive and capital formation-focused regulatory framework. We are encouraged to see the consultation address a number of priorities that CFFiM has consistently advanced, including:

- Expanding the use of semi-annual reporting.
- Advancing proportionate regulation, particularly for venture issuers, through potentially more scaled and more tailored disclosure requirements.
- Considering regulatory developments in the United States where appropriate to enhance Canada's competitiveness; and
- Expressing openness to additional reforms.

While the consultation is an important milestone, it is just the beginning of a broader effort. The CFFiM looks forward to continuing to work constructively with the market participants, regulators, and governments to advance practical reforms that strengthen Canada's capital markets while maintaining appropriate investor protection.

🎙️Podcast: In Part II of this two-part podcast series, Stephen Burns, Partner at Bennett Jones, joins us to examine the practical implications of the proposed PPCDA, including:
- Enhanced consent requirements
- Greater transparency around automated decision-making
- Expanded rights to data deletion and mobility
- A new framework for de-identified and anonymized information.

We also explore heightened expectations surrounding cross-border data transfers, third-party service provider oversight, privacy management programs, and security safeguards—and what these changes could mean for organizations as they prepare for a new era of privacy regulation in Canada.

Listen to the episode here: https://cffim-fcmfi.ca/podcast/inside-canadas-privacy-overhaul-part-2/

Inside Canada's Privacy Overhaul (Part 2): New Compliance Requirements — CFFiM | FCMFi A quarter century after the Personal Information Protection and Electronic Documents Act (PIPEDA) reshaped Canada’s privacy landscape, Ottawa is

🎙️Podcast: Inside Canada's Privacy Overhaul: The Policy Rationale and Legal Framework

On June 15, 2026, the federal government introduced Bill C-36, proposing the most significant overhaul of Canada's private-sector privacy framework in more than 25 years.

In Part I of our two-part podcast series, Stephen Burns, Partner at Bennett Jones, joins us to discuss:
- Why privacy reform is happening now
- How the PPCDA differs from the current PIPEDA regime
- Privacy as a fundamental right
- The introduction of a private right of action for Canadians

For organizations, understanding the policy rationale and legal framework behind these proposed reforms is an important first step in preparing for a new era of privacy regulation in Canada.

Listen to the episode here: https://cffim-fcmfi.ca/podcast/inside-canadas-privacy-overhaul-part1/

Inside Canada's Privacy Overhaul (Part 1): The Policy Rationale and Legal Framework — CFFiM | FCMFi A quarter century after the Personal Information Protection and Electronic Documents Act (PIPEDA) reshaped Canada’s privacy landscape, Ottawa is

🎙️Podcast on why tokenization matters and how it could reshape capital markets.

In this episode, we explore how tokenization could reshape the capital markets value chain—from the origination of bonds and shares through trading, servicing, and delivery to investors.

We examine whether tokenization could transform how companies raise capital, broaden investor access, alter the role of intermediaries, reshape market infrastructure, and accelerate the evolution of private markets.

Is it merely an incremental upgrade to existing market plumbing, or does it represent a more fundamental reconfiguration of how capital markets operate?

Guest: Duane Block, Managing Director, Alvarez & Marsal | Crypto

Tokenization: Rewiring Capital Markets — CFFiM | FCMFi This podcast sets out the impact of tokenization as a reconfiguration of key parts of the capital markets value chain, from issuance through post-trade.