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The new chairman of the Ontario Securities Commission will make enforcement a top priority during his term at the helm of Canada's largest securities regulator, pledging Tuesday to strengthen and streamline the way cases are handled.

Howard Wetston, 63, told an Ontario legislative committee he will focus particularly on enforcement, investor protection and "pro-active" rule making as chairman of the commission.

"The OSC's compliance and enforcement regime is vigorous and active," Mr. Wetston said in his first public comments since being named OSC chairman last month.

"But it must be more visible and better understood by market participants and the public in order to have the desired deterrence effect."

Mr. Wetston said investigations and prosecutions must also be more streamlined, responding to long-standing concerns that regulators and courts take too long to resolve securities law breaches.

"I recognize there will be challenges, but we must responsibly bring enforcement cases along faster. Capital and investment will flow to jurisdictions that have a high level of protection."

The Ontario standing committee on government agencies approved Mr. Wetston's nomination Tuesday as chairman of Canada's largest securities regulator, but the appointment still requires the signing of an order-in-council by Ontario's Lieutenant-Governor.

Mr. Wetston, a lawyer and former federal court judge, most recently served as chairman of the Ontario Energy Board and previously worked at the OSC as a vice-chairman. He is replacing former chairman David Wilson, who completed his five-year term at the end of October.

Mr. Wetston is expected to serve a three-year term because he is moving to the OSC at the same time that the Ontario and federal governments are urging the creation of a new national securities regulator, which would replace Canada's patchwork of 13 provincial and territorial regulators.

He told the standing committee Tuesday he endorses the national regulator plan and will work with the Ontario government to champion the proposal. Mr. Wetston said Toronto should play a prominent role in the new organization.

"Given the size of Ontario's capital markets, Toronto should be prominent within a national regulatory structure since Toronto is Canada's financial capital," he said.

Mr. Wetston also pledged Tuesday to give a stronger voice to investors, who have been lobbying for greater representation at the OSC, saying he supports the recent creation of a new Investor Advisory Panel.

He told the committee he also will focus on "pro-active" rule making, saying regulators need to be more "risk oriented."

"We must get ahead of the curve and anticipate the risks that may threaten in the future," he said.

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