Stan Magidson named Chair and CEO of Alberta Securities Commission

The provincial government has appointed a new chair and CEO to the Alberta Securities Commission.

Stan Magidson will take over the job fromWilliam Rice, who retired last fall.

"The government of Alberta trusts Stan and the very capable team of the ASC to lead the continued modernization, harmonization and regulation of our capital markets in a way that promotes transparency in an open, vibrant system in Alberta," said Finance Minister Joe Ceci on Tuesday.

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Magidson is the former president and CEO of the Institute of Corporate Directors. He chaired the ASC's securities advisory committee between 2002 and 2008.

He said he supports independent regulators in each provincial market, but added that thenational harmonization of the country's capital markets through theCanadian Securities Administrators is equally important.

Ontario is the only province that does not participate in theCSA's"passport system," which helps to streamline access and the regulatory process for companiesseeking to raise investment capital.

"There is something to be said for having boots on the ground, a knowledgeable regulator in your market and then coming together nationally to get the best on the thinking based on that, and then ideally harmonization coast to coast," he said.

"Perhaps Ontario is entrenched intheir positionbut I, like my predecessor, will advocate and work very hard to have others in the countryunderstand the wisdom of ourcurrent system," Magidson added.

Alberta to stay separate from national securities regulator

Ontario, British Columbia, Saskatchewan, New Brunswick, Prince Edward Island and Yukon have all signed on to a proposed national securities regulator.

Ceci says Alberta will not. He saidAlberta's economy is unique and requires its own regulator.

Quebec also remains opposed and has launched a legal challenge against the proposal.

If implemented, the national body would be expected to help oversee stock markets by policing abuses and securities fraud.

Canada is the only G20 country without a national securities regulator.