The Canadian Securities Administrators’ (CSA) centre of gravity is shifting sharply westward, with Stan Magidson, chairman and CEO of the Alberta Securities Commission (ASC), taking over as chairman of the CSA for the next three years.
On July 1, Magidson will replace Louis Morisset, president and CEO of the Autorité des marchés financiers, as the head of the umbrella group of provincial regulators.
Morisset has led the CSA since April 2015.
In that time, the organization has taken on a number of major investor protection initiatives, including a ban on deferred sales charge (DSC) mutual fund structures and a ban on the payment of trailer fees to discount brokers, along with the implementation of the client-focused reforms.
The CSA has also begun overhauling the self-regulatory structure in Canada.
“I am proud of the achievements the CSA and its members accomplished, particularly in the wake of challenges created by the pandemic, the rapid pace of the industry’s transformation and the evolving needs and preferences of investors,” Morisset said in a release. “I look forward to continuing to support the CSA’s efforts and am confident that Stan’s exceptional experience will provide the CSA with valuable leadership and insights.”
As head of the ASC, Magidson leads the CSA working group that’s overseeing SRO reform. He was named head of the ASC in 2016.
Prior to that, Magidson was president, CEO and director at the Institute of Corporate Directors. He also spent over 20 years in private practice with Osler, Hoskin & Harcourt LLP in both Calgary and Toronto, and was at one time seconded to the Ontario Securities Commission (OSC) as director of its M&A branch.
“The CSA is now in a strong position to continue developing and adapting our ever-growing body of work to create more efficient capital markets and protect Canadian investors,” Magidson said in a statement. “I intend to build on this success, strengthen relationships with CSA stakeholders and continue to execute the CSA’s mandate to protect investors, foster fair, efficient and transparent markets, and reduce systemic risk.”
The CSA also has a new vice-chairman: David Cheop, chairman and CEO of the Manitoba Securities Commission. Cheop was appointed to a three-year term, replacing Kevin Hoyt, CEO of the Financial and Consumer Services Commission of New Brunswick.
At the same time, the CSA announced that Grant Vingoe, CEO of the OSC, will continue to serve as chairman of its key policy arm, the Policy Coordination Committee. Vingoe’s term atop the PCC was renewed for three years.