The Investment Industry Association of Canada (IIAC) applauded Monday’s launch of the Transition Office and the appointment of Doug Hyndman as chairman and CEO and Bryan Davies as vice chairman.

“The appointment of these two experienced and respected professionals gives assurance that a Canadian securities regulator will become a reality in the Canadian capital markets,” the IIAC said in a release.

“The strong leadership and resources behind this effort, based on the recommendations of the Expert Panel on Securities Regulation, will succeed where similar efforts in the past have failed,” said Ian Russell, president and CEO, IIAC.

The Transition Office will work closely with the provinces and territories to develop a federal Securities Act and design a transition plan for a single securities regulator.

The IIAC has established a Steering Committee, comprised of experienced executives representing IIAC firms from across the country, to provide industry input to the Transition Office.

“Our Steering Committee has a wealth of practical experience from all aspects of the securities business in mainstream and venture capital markets. We look forward to providing practical advice to the Transition Office to build a single securities regulator for Canada that reflects the regional dimension of our capital markets and is responsive to all investors, issuers and other market participants,” Russell concluded.

The Certified General Accountants Association of Canada also offered its support to the newly launched Transition Office.

The Investment Counsel Association of Canada also endorsed the decision, after many years of advocating the need for a single securities regulator.

“If ever there has been a time in our history to restructure our capital markets regulation to improve investor confidence and protection, now is the time,” said Katie Walmsley, ICAC president. “As virtually the only industrialized country without a single regulator, how can we smoothly implement G-20 recommendations to strengthen our financial system with 13 separate securities regulators? Federal leadership is required by this new office and we are delighted that the Canadian Securities Regulator Transition Office will take on G-20 recommendations as part of their mandate.”

The association also applauded the appointment of Hyndman as chairman and CEO of the office.

“Strong leadership and a well thought out transition plan which recognizes the importance of regional expertise in branch offices across Canada is critical to the new Canadian regulator being effective,” Walmsley said.

IE