Peter A Allard School of Law

DAC Profile: Nazma Lee

NazmaLee

Nazma Lee is Senior Legal Counsel in Corporate Finance at the British Columbia Securities Commission (BCSC). Since joining in 2009, Nazma has worked on various policy projects. Nazma is also part of the team that manages complaints and hearing applications relating to bids and M&A matters.

Prior to the BCSC, Nazma practiced securities law at a large national firm in Vancouver, and spent two years with an international law firm in London, UK. Nazma was called to the bar in BC in 2004 and holds a Juris Doctor from the University of Toronto and a Bachelor of Arts (International Relations) from the University of British Columbia.

What led you to your current role as Senior Legal Counsel at the BC Securities Commission?

Its very funny where ones career path can lead – I certainly did not enter law school thinking I am SO going to be a securities regulator!” I stumbled into securities law after articles at the Vancouver office of a large national firm. After a few years at the firm, I was recruited by a large international firm in the UK to join its (then-) booming securitization and structured finance practice. It was difficult to resist the lure of working in London (and all the easy travel opportunities a London base offered) so my husband and I made the leap in 2007.

It was an interesting time to work in finance in London, to say the least. I spent most of my time on secondment in the repackaging” group of a large investment bank that was heavily involved in the alphabet soup of complex products that would later become infamous, like MBS, CDS and CDOs. That gave me a front-row seat as the financial crisis unfolded in 2008. By 2009, I felt a strong pull to return to Vancouver for family reasons. A former colleague who had joined the BCSC reached out about an opening, just as we planned a move back home. From my first interview, I knew this was where I wanted to be.

What do you enjoy most about working at the BC Securities Commission?

Even after 12 years, the work is stimulating, and I am always learning. I have had the good fortune to work on a broad range of policy projects and files, many of which were borne out of changing market conditions and evolving investor information needs. For example, the 2008-09 financial crisis shone a spotlight on opaque areas such as derivatives, structured products and credit ratings. Given my experience from London in complex finance, I cut my teeth at the BCSC on policy projects addressing these previously lightly or unregulated areas. Since then I have worked on a diverse range of policy areas, including capital-raising exemptions, corporate governance and proxy voting/shareholder communications. I also handle applications for exemptive relief, as well as M&A, take-over bid and proxy-related applications, complaints and hearings.

But the biggest thing that keeps me at the BCSC are the folks around me. The unfair stereotype of the clock-watching government bureaucrat does not apply to anyone at the BCSC! They are roundly excellent, intelligent, thoughtful colleagues to collaborate with and learn from. Their commitment and responsiveness to issuers and the investing public is remarkable. And while the work can be demanding at times, I appreciate the flexibility BCSC offers, including the ability to work from home part-time. I’ve gotten closer to that illusive balance between work and family life, so I can spend more quality time brokering peace between my two kids!

What are some of your favourite projects you have worked on?

I have had the good fortune of working on emergent areas as markets change and the disclosure needs of investors evolve. One of my current focuses is ESG (environmental, social, governance), specifically board diversity and climate-related disclosures. These are areas that would resonate with many on a personal level, but as staff making recommendations to our Commission members, we apply a specific lens to policy-making that involves considering our mandate under the Securities Act and balancing costs and benefits of new rules. I am a naturally curious person and have enjoyed speaking to and learning from various stakeholders and experts, and re-examining and testing some of my own thoughts and views in the policy development process.  

What are some issues in law that you would like to raise awareness about?

My policy work has led me to think about diversity and systemic biases in the corporate world, specifically from a regulatory lens. But diversity and inclusion is something I’ve always pondered personally in the context of the legal profession. Many of my classmates at U of T 20+ years ago came from the families of lawyers and judges. As the first to pursue law in my family, I didn’t fit the profile, and while I wasn’t self-aware about it at the time, looking back I was intimidated and in awe of the profession generally.

I don’t know if I’ve fully shaken off that impostor syndrome” even after all these years. I recently saw "But I Look Like A Lawyer”—an excellent documentary by the Federation of Asian-Canadian Lawyers—and found myself reacting on a very visceral level: so many experiences I’d just shrugged off came rushing back. I have started slowly unpacking how my family background and personal history and experiences have subconsciously impacted my career journey, and how I view the world and conduct myself, on various levels. This has led me to think about ways to build a more inclusive and diverse legal profession, especially for law students and young lawyers.

I hope I can also bring a unique standpoint to the Dean's Advisory Committee given my winding career path to securities regulation and raise awareness around public service as a rewarding career option. I get to take deep dives into emerging policy issues that our capital markets are grappling with, and a nice mix of transactional work and colourful complaints keeps me on my toes. Big law” definitely isn’t the only place where a securities geek can find a home!

Last Updated: Summer 2022

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