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Canada’s largest capital markets watchdog kicked off a broad consultation Monday aimed at reducing costly and outdated rules and lightening the regulatory burden on companies.

The aim is “to identify new actions we can take to save time and money for Ontario businesses by eliminating rules and requirements that are outdated or unduly burdensome,” said Maureen Jensen, chair of the Ontario Securities Commission.

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“Our markets and businesses are better able to compete, innovate and flourish when we lighten the regulatory load, while maintaining strong protections for Ontario investors,” she said in a statement.

Jensen, who earlier announced the creation of a “burden reduction” task force in November, said key area of focus for the OSC’s consultation would target rules that may have become outdated or unnecessary, and look for opportunities to “streamline and improve” disclosure to investors, who she said ultimately bear the cost of unnecessary or outdated regulations.