Minister of Finance Jim Flaherty on Monday named Doug Hyndman to head the transition office that will work to develop a single securities regulator for Canada.

Hyndman, chairman of the British Columbia Securities Commission, will lead the new Canadian Securities Regulator Transition Office as chairman and chief executive.

He will be joined by Bryan Davies, current chairman of the Canada Deposit Insurance Corp., as vice chairman. Before joining CDIC, Davies, was CEO and superintendent of the Financial Services Commission of Ontario from 2002 to 2005. Before that, Davies was senior vice president of regulatory affairs at the Royal Bank.

Hyndman, who has headed the BCSC since 1987, will join the new transition office on a full-time basis. He will also a chair an advisory committee of the participating provinces and territories. Davies will remain head of the CDIC and act as vice chairman of the committee.

Flaherty declined to name which jurisdictions would be participating in the planned move to a single regulator today. So far, only Ontario, and more recently, B.C., have openly expressed an interest in moving to a national regulator. Quebec and Alberta have been most opposed, preferring to retain their jurisdiction and pursue a passport model.

The transition office is charged with crafting a plan for a single regulator, including the development of a new federal Securities Act with a year. It will begin operations July 13.

“I am eager to begin work on setting the course for a Canadian securities regulator. My aim is to create the best securities regulator in the world, following best global practices for independence, governance, and accountability. This includes ensuring that Canada has strong and cost-effective investor protection delivered through regional offices that are connected to regional economies and integrated in a national structure,” says Hyndman.

“With the leadership of the transition office, the Canadian securities regulator will enable Canada to respond swiftly and efficiently to developments in the financial sector and speak with one voice internationally. It will also provide clearer national accountability, strengthen enforcement, better serve the needs of investors, and eliminate barriers within our own country,” Flaherty says.

IE