Ontario says it has appointed former board member Kevan Cowan as the new chair of the Ontario Securities Commission.

In a press release, Finance Minister Peter Bethlenfalvy says Cowan provided recommendations to the government on capital markets modernization.

Cowan is a financial services executive who has been a key participant in the transformation of Canadian capital markets during his three decades in the industry. 

He has served on a variety of boards and was CEO of the Capital Markets Authority Implementation Organization.

He has also been president of TSX markets and previously practised corporate and securities law.

The OSC is an independent government agency that enforces securities legislation in the province.  

Cowan takes the spot previously held by Heather Zordel, who stepped down less than a year into her tenure. 

Zordel was the first chair of the OSC after it was reorganized, splitting the roles of chair and chief executive into two separate positions.