"The more things change, the more they stay the same" is not a catchphrase often heard in the corridors of Bay Street these days. The investment industry is being transformed, it seems, on a moment by moment basis, and not solely by technological advances. Securities commissions and stock exchanges are undergoing fundamental structural changes and, in some cases, redefining their priorities. The dominance and influence of institutional investors in the capital markets are continuing to grow exponentially, and regulators are scrambling to keep pace. Globalization, though not a new phenomenon, continues to pervade the securities markets, while pressure builds on politicians to remove legal barriers to foreign investment.

Should any of this concern public companies from a compliance standpoint?