Bill Rice, CEO of Alberta Securities Commission is seen in this file photo.
The Alberta government is on the hunt for a new chief executive officer to lead the Alberta Securities Commission as long-serving head Bill Rice readies himself for retirement at the end of September.
Mr. Rice has served 10 years as the head of the ASC, making him one of Canada's most senior securities regulators. The career securities lawyer was originally appointed as chair of the ASC in 2005 and was reappointed to a second term in December, 2009.
Despite long knowing Mr. Rice's departure date, the province does not have a new CEO ready to step into the job. The ASC said the hunt was delayed following the provincial election in May, which saw the Conservatives defeated and a new NDP government installed under Premier Rachel Notley.
With the appointment delayed, the commission said on Wednesday that ASC vice-chairman Tom Cotter has been appointed interim chairman and CEO, effective Oct. 1.
Mr. Cotter joined the ASC in 2014 from law firm McCarthy Tétrault LLP in Calgary, where he advised companies on an array of securities, mergers and governance issues.
Mr. Rice has been a high-profile critic of proposals to centralize securities regulation in Canada, including the current plan to create a new federal-provincial co-operative regulator that provinces can join voluntarily while retaining joint control of the organization through a council of ministers.
During his term at the ASC, he also served for four years as chairman of the Canadian Securities Administrators (CSA), the umbrella group for Canada's provincial securities commissions.
Mr. Rice has defended the current system under which separate provincial regulators work co-operatively through the CSA to harmonize their regulations, arguing the "passport" system has been efficient while giving provinces control over their own regulation.
The passport system allows companies to get approvals in one province for securities transactions such as share issues that are then automatically recognized by all other commissions.
Janet McFarland