Kevan Cowan, former president of TMX Group Ltd.'s TSX Markets and TSX Venture Exchange, has been tapped to lead the Capital Markets Regulatory Authority (CMRA), the proposed new co-operative national securities regulator, if and when it launches.
Cowan would serve as the CMRA's first chief regulator when it's slated to launch in 2018, but the initiative has already missed several deadlines and still faces several hurdles, including a constitutional challenge in Quebec and the need to pass the required legislation in all of the various participating jurisdictions (British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, the Yukon, and the federal government).
In the meantime, Cowan will serve as CEO of the Capital Markets Authority Implementation Organization (CMAIO) starting Nov. 21.
Cowan began his career as a securities lawyer in 1988 before joining TMX Group in 1997; he remained with the company in various roles, including president of the TSX Venture Exchange from 2007-09 and as president of TSX Markets and group head of equities from 2008 until 2015.
"Kevan's appointment is a significant milestone for this initiative," says Bill Black, chairman of the CMAIO. "We're delighted to welcome him as the chief regulator, given his depth of knowledge and expertise."
Photo: TMX Group