SAINT JOHN – The New Brunswick Securities Commission announced today that Donne Smith, Chair and Chief Executive Officer, will leave the Commission on 30 June upon the expiry of his term of office. Mr. Smith was appointed as Chair of the Commission for a five-year term when the crown corporation was created on 1 July 2004.

Mr. Smith has been actively involved in securities regulation in New Brunswick since 1987. He is the second longest serving Chair of a securities regulator in the country. Mr. Smith also served as the vice-chair of the Canadian Securities Administrators, the council of securities regulators in Canada.

“For the Commission,” said Smith, “I believe it is time for new leadership to ensure this regulatory agency – so important to New Brunswick - meets the many challenges ahead. For myself, I look forward to continuing my career and discovering new opportunities to serve. However, I take great pride in having been a New Brunswick public servant for over 25 years and, in particular, these last five years as the founding Chair of the Commission. At the Commission we have created an internationally recognized regulatory agency whose positive influence and credibility is disproportionate to New Brunswick’s size and population. I believe we are viewed nationally and internationally as an effective, innovative and uncompromising regulator because of the unique vision fostered by our Members and staff. I very much appreciate their contribution to our success.”

Mr. Smith was instrumental in the drive to overhaul New Brunswick’s antiquated regulatory framework for securities, which dated back to 1935. He led the start-up and rapid growth of the Commission ensuring it could effectively fulfill its role of protecting investors and fostering New Brunswick’s fledgling capital markets. Under Mr. Smith’s stewardship, the Commission has demonstrated its role and relevance as a regulatory partner in Canada’s national system of securities regulation. It has also shown that New Brunswick’s public interest and drive for self-sufficiency is best served by having control over its securities regulatory process.

The Commission expects that a new chair and chief executive officer will be appointed by the Government in the near future.

ABOUT THE NEW BRUNSWICK SECURITIES COMMISSION

The New Brunswick Securities Commission is the Crown Corporation that regulates the securities industry in New Brunswick. It is funded indirectly by investors through industry. Its mandate is to protect investors from unfair, improper or fraudulent practices and foster fair and efficient capital markets, as well as confidence in those markets.

ABOUT DONNE SMITH

Donne Smith has over 25 years of experience in securities law. Previously, he was Administrator and Director of the Securities Administration Branch of the Department of Justice under the Security Frauds Prevention Act. For several years, he concurrently held the role of secretary of the Board of Commissioners of Public Utilities and Motor Carrier Board. Mr. Smith was also acting Chair of the Public Utilities Board in 2006. He is a member of the New Brunswick Law Society, the Canadian Bar Association and is a former vice-chair of the Canadian Securities Administrators.

Media Contact:

Wendy Connors-Beckett
Senior Communications Specialist
New Brunswick Securities Commission
Telephone: 506 643-7745 or 1 866 933-2222
Email: wendy.connors-beckett@nbsc-cvmnb.ca