The Investment Dealers Association must be involved in the regulatory reform debate, says the IDA’s new chairman.

“It is imperative that these initiatives lead to constructive change for the capital markets and not be a wasted effort,” said National Bank Financial’s Kym Anthony at the IDA’s annual meeting Monday in St. Andrew’s By-the-Sea, N.B. He indicated he is less interested in the structure of the system, and more concerned about its overall costs and efficiency.

In his inaugural address, Anthony also noted it is important to protect regional differences and representation. “Change for change’s sake will not be helpful. Progress should mean that we are changing the world to fit the vision. Instead, we always seem to be changing the vision.”

Anthony also indicated there is new hope the IDA will finally achieve recognition in Quebec, thanks to its bill promising to create a super-regulator in that province.

On the issue of tattered investor confidence, Anthony highlighted the importance of ethics. Although markets can’t be controlled, he says, the industry’s ethics and culture can. “High ethical standards are the result of day-to-day decisions made in the context of a culture of good and sound values, not platitudes. After all, people differ little on what they call evil, but unfortunately, they differ greatly on what they call excusable.”

Anthony began his career with CIBC Wood Gundy and worked in Toronto, Calgary, London and Tokyo. From 1993 to 1998, he was chairman and CEO of TD Securities and latterly vice chair of TD Bank.

He presently holds the position of president and CEO of National Bank Financial. He was vice chair of the Investment Dealers Association of Canada and a member of the executive committee of thebBoard prior to his current appointment. He serves on the boards of ComDev International and the Canadian Opera Company.

“I am pleased to have this opportunity to serve as Chair of Canada’s national self-regulatory organization and industry representative,” said Anthony. “In the coming months, we intend to continue our active involvement in discussions relating to regulatory reform, recognition in Quebec and build on our initiatives to address investor confidence.”

In his speech as outgoing chair, Terry Salman noted that IDA in the last year has won changes to federal tax law to benefit small business and venture capital. And it has helped get legislation introduced to protect income trust investors from liability. He also said Ottawa is responsive to its suggestions about anomalies in federal tax law concerning trusts. However, he said the IDA has been unsuccessful in getting the federal government to change the capital gains inclusion rate for small public firms.

The IDA also appointed Brian Porter as vice chair of the board of directors. Porter is currently executive managing director, Scotia Capital Inc. He serves as director of the Ombudsman for Banking Services and Investments and Invest in Kids, and is director and capital campaign chair of Bridgepoint Health Foundation. Porter is a member of the executive committee of the IDA board of directors.

In addition to these appointments, James Baillie, of Torys LLP and Michael Grandin have been elected to the board for two-year terms as public directors. John Howard and Alain Rhéaume have agreed to serve their fourth two-year terms as public directors.

The IDA also appointed as industry directors: Frank Laferriere, chief operating officer and CFO, Berkshire Securities Inc. and Thomas Monahan, managing director, CIBC World Markets.