William Black, a former insurance industry executive, has been named the first chairman of the proposed new co-operative capital markets regulator.
Black, who was president and CEO of Maritime Life Assurance Co. between 1995 and 2004, was named as the first chairman of the board of directors of the proposed new Capital Markets Regulatory Authority (CMRA). He was selected by the council of ministers (which includes British Columbia, Ontario, Saskatchewan, New Brunswick, Prince Edward Island, the Yukon and the federal government so far) that will oversee the CMRA, based on the recommendation of an independent nominating committee.
At the same time, the ministers also announced that the Capital Markets Authority Implementation Organization has been formally incorporated to help guide the implementation of the new regulator. Black, and the other members of the CMRA board, will also serve as the board of the implementation organization.
The revised federal and provincial legislation needed to create the new regulatory framework has yet to be released, although the ministers reiterated their intention to release a second consultation draft, along with draft regulations, for public comment at some point this summer. Earlier this month, the government of Quebec said it would challenge the constitutionality of the proposed new regulator in court.
The ministers made their announcements following their meeting in Victoria on Friday.
Ian Russell, president and CEO of the Investment Industry Association of Canada (IIAC), lauds Black's appointment, saying, "Bill Black is an excellent choice." Specifically, Russell points out that Black "has the requisite knowledge and experience in financial markets, has worked closely with the regulatory community and has a strong understanding of public policy."