🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

UPDATE 1-Former TMX exec to join new Canadian securities regulator

Published 2016-11-17, 12:45 p/m
© Reuters.  UPDATE 1-Former TMX exec to join new Canadian securities regulator
NDAQ
-
X
-

(Adds interview with Cowan)

By Alastair Sharp

TORONTO, Nov 17 (Reuters) - Former TMX Group Ltd X.TO executive Kevan Cowan has been appointed chief regulator of a yet-to-be-created national securities regulator meant to unify the current patchwork of provincial entities, its implementation body said on Thursday.

The much-delayed cooperative system which currently includes British Columbia and Ontario, as well as the smaller regulators for Saskatchewan, New Brunswick, Prince Edward Island, Yukon plus the Canadian federal government, is expected to launch in 2018. Alberta and Quebec have both said they will not join the regulator. a complicated project, there's lots of work to be done, but we're getting well under way," Cowan, who starts on Monday as head of the transitional body, said in a phone interview.

"The top priority for me is to get out and start to work with the staff of each of the commissions that are coming into the CMRA (Capital Markets Regulatory Authority)," he said.

It is not clear where current heads of the various provincial regulators will fit into the new body, which said it will soon choose a "regionally diverse" executive team from among those regulators.

Cowan left TMX in 2015, soon after the operator of the Toronto Stock Exchange brought in Lou Eccleston as chief executive officer, a role for which he was considered a candidate.

Sources had told Reuters in March that Cowan was consulting Nasdaq Inc NDAQ.O on its move into Canada. declined to confirm or deny that report.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.