Donne Smith, chairman and CEO of the New Brunswick Securities Commission will leave the commission on June 30, the NBSC said Friday.

Smith was appointed as chairman of the commission for a five-year term when the crown corporation was created on July 1, 2004.

Smith has been actively involved in securities regulation in New Brunswick since 1987. He is the second longest serving chair of a securities regulator in the country. He also served as the vice chair of the Canadian Securities Administrators, the council of securities regulators in Canada.

“I believe it is time for new leadership to ensure this regulatory agency — so important to New Brunswick — meets the many challenges ahead,” said Smith in a release.

“For myself, I look forward to continuing my career and discovering new opportunities to serve,” he added.

Smith was instrumental in the drive to overhaul New Brunswick’s regulatory framework for securities, which dated back to 1935. He led the start-up and rapid growth of the NBSCensuring it could effectively fulfill its role of protecting investors and fostering New Brunswick’s fledgling capital markets.

The commission expects that a new chair and chief executive officer will be appointed by the provincial government in the near future.

IE