At a time when tariffs and shifting geopolitical relationships are making global trade less predictable, strengthening Canada’s
economy at home has new urgency. We cannot control every external shock, but we can remove unnecessary barriers within our
borders and help Canadian businesses and capital move, compete and grow.

That principle applies to the movement of capital as much as it does to goods, services and workers. Ontario’s commitment to join the Canadian Securities Administrators’ passport system is therefore more than a technical regulatory development. It is a step toward a more integrated and competitive Canadian economy.

The passport system allows issuers and registrants to work primarily with one principal regulator across participating jurisdictions. Ontario’s longstanding non-participation has required firms elsewhere in Canada to duplicate efforts with the Ontario Securities
Commission. Once implemented, its participation should reduce cost and complexity while maintaining strong investor protection.
I welcomed this progress. It has always struck me as counterproductive that Canadian asset managers could face greater complexity offering investments across Canada than some foreign firms entering our market. A more coherent domestic system can help Canadian firms scale, support capital formation and strengthen competitiveness when Canada needs to attract and retain investment.

Many members may not realize that this progress also reflects a benefit of CFA Society Toronto membership. Through our Society, CFA Societies Canada represents you nationally; it is a collaboration of 12 CFA Institute member societies representing more than
21,000 CFA charterholders. This network brings members’ expertise into discussions with governments, regulators and industry organizations.

CFA Societies Canada helped advance this issue through sustained advocacy. It jointly urged Ontario to join the passport system, co-hosted the Capital Mobility roundtable at the One Canada Summit, supported the resulting recommendation and co-led the
coalition welcoming Ontario’s commitment. Attention now turns to timely implementation and a genuinely streamlined regulatory experience. Advocacy may be less visible than an event, publication or professional development program, but it is an important form of member value. It gives our collective expertise a national voice and helps advance markets that are efficient, competitive and worthy of investor trust.

When external markets become less predictable, strengthening the market we share becomes even more important. I encourage members to follow this work, raise the policy issues affecting your practice and contribute your expertise when opportunities arise.
Through CFA Societies Canada and the leadership of Michael Thom, CFA, managing director, our local community has a national voice, and each of us can help strengthen it.

Heather Cooke, CFA
Chair, Board of Directors
CFA Society Toronto