On July 15, 2026, the Government of Ontario announced its intention to join the Canadian Securities Administrators (CSA) Passport System. Ontario’s decision has been described as an important step toward reducing interprovincial trade barriers and advancing a “one Canada economy.”

In this article, the CFFiM explains that, while the Passport System has improved regulatory coordination, provincial and territorial regulators continue to impose duplicative registration and participation fees on market participants. As a result, issuers distributing securities across Canada have to pay multiple filing fees, while dealers operating across jurisdictions may incur multiple registration fees, despite only one “principal regulator” being responsible for reviewing those filings under the Passport System.

These direct costs represent only one aspect of the administration faced by market participants, which includes responding to overlapping regulatory requirements and inquiries from multiple authorities. The CFFiM states that achieving meaningful improvements will require reforms that extend beyond the Passport System itself.