Ontario News

Ontario Appoints New Chair for Ontario Securities Commission

STATEMENT

Ontario Appoints New Chair for Ontario Securities Commission

TORONTO — Today, Ontario’s Minister of Finance Peter Bethlenfalvy released the following statement on the appointment of a new Chair for the Ontario Securities Commission (OSC).

“I am pleased to announce that Kevan Cowan will be appointed the new Chair of the Ontario Securities Commission, pending review by the Standing Committee on Government Agencies.

Mr. Cowan has been a valuable member of the Board of Directors for the OSC and was key in providing recommendations to our government on capital markets as a member of the Ontario Capital Markets Modernization Taskforce Expert Advisory Group.

With over 30 years of experience in the capital markets industry, Mr. Cowan will play a critical role in supporting our government’s vision to make the OSC a 21st century capital markets regulator.

To move our vision forward, our government is implementing many of the recommendations made by the Capital Markets Modernization Taskforce.

We have expanded the mandate of the OSC to include capital formation and competition in capital markets. We also separated the combined OSC Chair and Chief Executive Officer position into two distinct positions and established a new Capital Markets Tribunal within the OSC.

Our government is moving ahead with modernizing how public companies communicate with investors and the markets to reduce regulatory burden and support digitization of the economy.

These changes will position Ontario’s capital markets to help contribute to our ambitious Plan to Build Ontario.

Our government looks forward to continuing to work with Mr. Cowan and the leadership at OSC to continue to protect investors and ensure that Ontario remains an attractive jurisdiction to invest and raise capital.”

Biography

Kevan Cowan is a financial services executive with more than 30 years of experience in capital markets operational, regulatory and policy matters. He has been a key participant in the transformative changes occurring in Canadian capital markets over that time.

Mr. Cowan is the past Chief Executive Officer of the Capital Markets Authority Implementation Organization, where he worked on behalf of nine Canadian governments leading the development of a pan-Canadian securities regulatory authority. Prior to that, Mr. Cowan was President of TSX Markets, responsible for the equities business of the TMX Group, including the Toronto Stock Exchange, TSX Venture Exchange, Alpha Trading, TMX Select and related services. He is also a past President of the TSX Venture Exchange. Mr. Cowan was previously a partner in a large Canadian law firm, practicing corporate and securities law.

Mr. Cowan has served on many boards and in advisory roles, including with the Toronto Financial Services Alliance / Toronto Finance International (Chair of the Board), the Investment Industry Regulatory Organization of Canada (Board member), the Ontario Capital Markets Modernization Taskforce Expert Advisory Group, the Calgary Economic Development Investment Advisory Committee, and the Ontario Securities Commission Small Business Advisory Committee.

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