FREDERICTON (GNB) – New Brunswick lawyer Peter Klohn, who has more than 30 years of experience in the areas of securities, regulated industries, and intellectual property, will sit on the board of directors of the newly formed Capital Markets Regulatory Authority.

The ministers responsible for capital markets regulation in New Brunswick, British Columbia, Ontario, Saskatchewan, Prince Edward Island and Yukon, and the federal finance minister, have chosen the Capital Markets Regulatory Authority’s initial board of directors and set new timelines for implementing the authority.

Once created, the authority will be the single regulator administering the proposed uniform provincial-territorial Capital Markets Act and complementary federal Capital Markets Stability Act. When passed, these acts would form the legislative cornerstones of the new Cooperative Capital Markets Regulatory System.

Klohn is currently the independent chair of the Financial and Consumer Services Commission of New Brunswick. He is a graduate of the University of New Brunswick (B.B.A.) and Osgoode Hall Law School, York University. As a consultant to the Government of New Brunswick, he provided recommendations for new securities legislation which resulted in the creation of the New Brunswick Securities Commission in 2004.

Other members of the board of directors are:

  • William Black, chair;
  • Andrea Bolger;
  • Joan Dunne;
  • Garth Girvan;
  • Rory Godinho;
  • Nancy Hopkins;
  • Douglas Knight;
  • Jill Leversage;
  • Harold MacKay;
  • John McCoach;
  • Jean-Pierre Ouellet;
  • Vicky Sharpe;
  • Eric Tripp; and
  • Howard Wetston.

These 15 highly qualified individuals bring a range of relevant capital markets knowledge and expertise to the initial board. As a group broadly representative of the regions of Canada, they were selected by the ministers following a rigorous process led by an independent nominating committee. Pending the creation of the authority, they will serve as the board of directors for the Capital Markets Authority Implementation Organization, which will assist in the transition to and implementation of the authority.

The ministers also have amended the implementation milestones set out in the Memorandum of Agreement Regarding the Cooperative Capital Markets Regulatory System related to passing legislation and launching the authority. Participating jurisdictions will use their respective best efforts to enact the uniform provincial-territorial Capital Markets Act and the complementary federal Capital Markets Stability Act by June 30, 2018, with the authority expected to be operational in 2018. The participating jurisdictions are committed to moving forward and taking the necessary steps to ensure a successful launch of the co-operative system with a smooth transition for market participants.

The ministers renew their invitation to the governments of other provinces and territories to join the co-operative system.

 

22-07-16