BY E-MAIL: Subject: Consultation – Modernizing Ontario’s Capital Markets Joint goals.

The NCFA supports the collaborative efforts of the CSA with respect to the adoption of a passport system9 and, with a change in regulatory culture, supports a national securities regulator. [...] Further information regarding the need for regulatory change can be found on the NCFA’s website.10, 11, 12 (iii) Change management at the OSC Changing the culture and approach at the OSC would require enormous commitment from the Premier and Cabinet, senior officials in relevant Ministries, and a new OSC Chair and CEO (selected in large part for their change management skills). [...] (vi) Separate tribunal The NCFA does not think that separation of the supervision/staff from the adjudicative function is essential, but given the size of the OSC and the Ontario market, as well as the perceptions of bias, it should probably be done now, and could be done by adding the function to the Financial Services Tribunal. [...] the NCFA believes that a Canada-wide technology innovation sandbox that fully integrates all provincial regulators should be a priority and that the innovation sandbox should have clear end-to-end processes and visible metrics for the streamlined onboarding and graduation of fintech innovators in the 15 See: . [...] Given today’s environment and governmental initiatives to foster and promote innovation, the NCFA believes that the success of the Taskforce’s efforts in, for example, enabling greater access to capital for Canadian start-ups and entrepreneurs are key to: • sparking Canada’s leadership and presence in the global FinTech space, especially when foreign regulators, such as the UK FCA, MAS20, and FINM.