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 Doug Hyndman
Chair and CEO, Canadian Transition Office, Vancouver British Columbia
After 22 years as Chair of the British Columbia Securities Commission, Doug Hyndman was appointed by the Government of Canada in 2009 to be chair and chief executive officer of the Canadian Securities Transition Office. He leads the work to design and establish a new Canadian securities regulator, in consultation with jurisdictions that have agreed to participate. Since 2005, he has been the chair of AcSOC, an independent, volunteer body that oversees the setting of accounting standards in Canada. Doug began his career in the BC Ministry of Finance, and served as assistant deputy minister responsible for economic and budgetary policy.
“The recent market turmoil reminds us not to take stability for granted. Financial markets are economically critical and are generally efficient, but they are vulnerable to mood swings, fads, misjudgements, and outright cheating. The main lesson we should draw from the latest cycle is that we need to do a better job of identifying risks, so we can either take appropriate action to mitigate them or inform others who are better placed to do so. We must acknowledge, though, that spotting hidden risks is not easy. Markets are constantly innovating. It is hard to tell, until after the fact, where the risks might arise. Regulators will not achieve perfection but, if we can ask the right questions and trace the linkages, we will have a better chance of catching serious risks before they cause so much damage.”
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 Malcolm D. Knight
Vice Chairman, Deutsche Bank, New York, New York
Prior to joining Deutsche Bank Global Group as Vice Chairman in 2008, Dr. Malcolm Knight had a distinguished career in banking regulation. He led the Bank for International Settlements and was Senior Deputy Governor of the Bank of Canada. He started his career as a professor at University of Toronto and London School of Economics and Political Science before moving to senior positions in research and operations at the International Monetary Fund (IMF). Malcolm also served as a trustee of the International Accounting Standards Committee Foundation, and a member of the Financial Stability Forum (now the Financial Stability Board).
“An integrated reform package should strengthen financial institutions’ capital adequacy, reduce the complexity of securitized credit products and vastly enhance the disclosure of their characteristics. The scope of regulation must be extended to all systemically-important financial institutions. Credit and other derivatives should be progressively shifted to trading through central counterparties with regulatory oversight of key market players’ exposures. Each jurisdiction should establish a financial system risk regulator to identify systemically-important financial institutions, mitigate system- wide risks, and intervene in troubled institutions to limit moral hazard while ensuring continuity of crucial functions. Most importantly, global reform must be harmonized internationally to limit regulatory arbitrage.”
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 Greg Tanzer
Secretary General of International Organization of Securities Commissions (IOSCO) Madrid, Spain
Greg Tanzer has been a securities regulator for 17 years. Before being appointed Secretary General of IOSCO in 2007, he was Executive Director for Consumer Protection and International at the Australian Securities & Investments Commission (ASIC). He had worked at ASIC and its predecessor body, the Australian Securities Commission, in a range of roles since 1992. While at ASIC, he chaired IOSCO’s Technical Committee Standing Committee on Investment Management from 1997 to 2003. Before joining ASIC, Greg worked as a lawyer in the Commonwealth Attorney-General’s Department and the Department of Finance.
“The aim of IOSCO and securities regulators is to ensure that there exists a well-regulated capital markets structure that allows markets to operate in an orderly, efficient, and fair manner, while ensuring adequate protection for investors. The financial crisis has given fresh impetus to national regulators’ commitment to cooperate in developing common global standards of securities regulation that are capable of being adapted and implemented effectively in local jurisdictions. Robustly implemented and enforced standards of regulation will ensure that there continues to exist: • a well-regulated global capital market with sufficient transparency • a measured approach to risk-taking • strong clearing and settlement processes • robust enforcement systems targeted at market abuse to support the recovery of the global economy and financial system”
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 Dr. Patricia Walters
CFA, Clinical Associate Professor of Accounting at Fordham University President, Disclosure Analytics, Inc., New York, New York
As well as being a member of the Accounting Standards Oversight Council of the Canadian Accounting Standards Board (AcSB) and the AcSB’s IFRS Discussion Group, Patricia Doran Walters, PhD, CFA®, is a professor at Fordham University and . President, Disclosure Analytics, Inc. Her consulting practice specializes in financial reporting and disclosure under International Financial Reporting Standards (IFRS) and US GAAP. Before starting Disclosure Analytics, Pat was Senior Vice President at CFA Institute where she managed development of Global Investment Performance Standards and enforced the CFA Institute’s Code of Ethics and Standards of Practice.
“Regulators should build and grow investor confidence in the financial markets. This means crafting regulations that improve transparency, not shying away from changes that corporate enterprises dislike, and—maybe most importantly—enforcing, and being seen to enforce, existing regulations. Regulators today must be brave, even fearless, in supporting investor needs. Requiring fair value information in financial statements in the current market climate is a perfect example of this need for bravery. As investors and creditors, we need and use fair value information in our decisions about where to put our own, and our clients’, money. We understand that measuring fair value isn’t simple, but we need it even more when markets are volatile or declining, than when they are calm or rising.”
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.jpg "Ian Hanomansing 2008") Ian Hanomansing
News Anchor, CBC Television, Vancouver, British Columbia
Ian Hanomansing brings a unique perspective to Capital Ideas 2009. He has a wealth of experience as a journalist and as host of CBC TV's Canada Now and CBC Newsworld’s Hemisphere. He is also an accomplished townhall moderator outside the newsroom. Ian has guided many debates and discussions on a range of important national and local issues, with organizations as diverse as the Association of Canadian Court Administrators, BC Crown prosecutors, Asia Pacific Foundation, BC Working group on Street Crime, FedEx Canada, and the Canadian Association of Journalists’ National Convention.
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