MONTREAL, June 14, 2022 /CNW Telbec/ – The Canadian Securities Administrators (CSA) today announced the appointment of Stan MagidsonPresident and Chief Executive Officer of the Alberta Securities Commission (ASC), as CSA Chair for a three-year term, beginning in July 1, 2022.
Mr. Magidson succeeds Louis MorissetPresident and Chief Executive Officer of the Autorité des marchés financiers who has acted as President of the CSA since April 1, 2015.
In his role as CSA Chair, Mr. Morisset greatly facilitated the fulfillment of the CSA’s mandate to serve investors and market participants. During his seven-year tenure, the CSA undertook many major policy reforms focused on creating better protections for Canadian investors. These included:
implementing customer-focused reforms
the prohibition of deferred sales charges and associated redemption charges
the prohibition of trailing commissions for brokers who only execute orders
enhanced protections for elderly and vulnerable customers across Canada
In addition, under Mr. Morisset’s leadership, the CSA adopted various changes to modernize the regulatory regime without compromising investor protection. As part of the 2016-2019 Business Plan, the CSA undertook an in-depth analysis and review of disclosure and other requirements aimed at reducing the regulatory burden on reporting issuers. This review concluded with the adoption of several changes under the current business plan (and the completion of 9 of 10 regulatory burden initiatives), with further review for all market participants.
“I am honored to have served as CSA Chair and to have worked closely with my CSA colleagues to protect investors and maintain confidence in from Canada financial markets,” Morisset said. “I am proud of the accomplishments made by the ASC and its members, particularly in the wake of the challenges created by the pandemic, the rapid pace of industry transformation, and the changing needs and preferences of investors. I look forward to continuing to support the efforts of the ASC and am confident that Stan’s exceptional experience will provide the ASC with valuable leadership and insights. »
Mr. Morisset will continue to be actively involved with the CSA as President and CEO of the Autorité des marchés financiers.
“I look forward to building on Louis’ remarkable leadership as a consensus builder,” Mr. Magidson said. “The CSA are now well positioned to continue to develop and adapt their ever-growing work to create more efficient capital markets and protect Canadian investors. I intend to build on this success, strengthen relationships with CSA stakeholders and continue to execute The CSA’s mandate is to protect investors, foster fair, efficient and transparent markets and reduce systemic risk. »
Before joining the ASC in July 2016, Mr. Magidson has served as President, CEO and Director of the Institute of Corporate Directors and as President of the Global Network of Director Institutes. Previously, he was a partner for 21 years at a national law firm where he advised corporate investees, investors, financial intermediaries and boards of directors across the country on securities law, financing of companies, mergers and acquisitions and corporate governance.
The CSA has also appointed David Cheop, Chairman and CEO of the Manitoba Securities Commission (SMSC), for a three-year term as Vice-Chair of the CSA. Mr. Cheop succeeds Kevin HoytCEO of the Financial and Consumer Services Commission of New Brunswick. Prior to joining the MSC in 2019, Mr. Cheop held senior management positions with one of the from Canada leading financial services companies for over 20 years, serving as Chief Compliance Officer, Chief Anti-Money Laundering Officer and Chief Privacy Officer. Previously, he was Deputy Director and Secretary of the MSC, overseeing all legal, investigative and enforcement functions.
Moreover, the duration of Grant VingoeCEO of the Ontario Securities Commission as Chair of the Policy Coordinating Committee was reappointed for three years.
The CSA, the board of securities regulators of from Canada provinces and territories, coordinates and harmonizes the regulation of Canadian financial markets.
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SOURCE Financial Markets Authority
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