Cowan tapped to lead new market watchdog

CMRA

regulatory operations, advisory services, and enforcement functions. Regulatory hearings would be the responsibility of a separate chief adjudicator, who would lead an independent tribunal. That appointment has not yet been made.

“Kevan’s appointment is a significant milestone for this initiative,” said Bill Black, chair of the Capital Markets Authority Implementation Organization.

“His venture capital work while based in Western Canada, for companies across the country, combined with his experience on a national level, gives him a broad understanding of Canada’s capital markets, including small and medium-sized businesses.”

Before Cowan joined TMX Group, where he worked for 18 years in a variety of positions, he was a partner at a national law firm now known as Gowling WLG.

In July, the ministers responsible for capital markets regulation in the participating provinces selected an initial 15-member board for the CMRA and set a timeline of enacting uniform legislation by mid-2018 with a launch sometime that year.

The implementation group is planning to select an executive management team “soon” from securities regulators in the participating provinces, according to a statement issued Thursday.

Larry Ritchie, a capital markets specialist and partner at law firm Osler, Hoskin & Harcourt LLP, said it makes sense to appoint someone at Cowan’s top level well ahead of the co-operative regulator becoming operational.

“It is important, as a matter of good transition planning, that he was identified and ushered into the job at this time, so that he can build the team, the structure and infrastructure that will be needed on day 1, when the switch is flipped,” Ritchie said.

Ottawa and four provinces — Ontario, British Columbia, Saskatchewan, and New Brunswick — signed on to create a co-operative regulator in 2014. Prince Edward Island and Yukon joined later.

The CMRA was crafted in response to the defeat of a proposed national regulator spearheaded by the federal government, which was quashed by a Supreme Court of Canada decision in 2011.

Of the provinces and territories that remain outside the planned co-operative regulator, Quebec and Alberta have been the most publicly opposed to joining.