As regulators around the world grapple with ways to treat innovations in corporate finance, the Alberta Securities Commission (ASC) announced today that it has created a “new economy” division. The new division will co-ordinate the regulator’s work at enabling new-economy companies to raise capital while also addressing issues involving emerging financial technologies.
“We’re at a key inflection point in Alberta’s capital markets.” said Stan Magidson, chairman and CEO of the ASC, in a release. “There are concerted efforts to diversify our economy, while global forces have led to rapidly changing market dynamics and the introduction of transformative financial technologies and products. The establishment of the new economy division reflects our commitment to ensuring we meet the challenge of fostering innovation in these areas while maintaining strong investor protection.”
The regulator announced that it has appointed Denise Weeres to head the new division. Previously, Weeres was a manager in the ASC’s corporate finance division.
“In this position, [Weeres] provided leadership in pivotal policy initiatives such as the Canadian Securities Administrators’ (CSA) regulatory sandbox initiative,” the regulator stated. “She also played a key role in developing various exemptions to facilitate new financing alternatives, including the ASC’s crowdfunding regime … and provided oversight of TSX Venture Exchange matters.”
Added Magidson: “Denise is a proven leader with experience in advancing initiatives to create an effective regulatory framework that encourages innovation, as well as in raising capital on the issuer side. We are delighted to welcome her to the senior management team to spearhead the important efforts of our new economy division.”