(Refiles to fix typo in slug line)

* 50 of 115 cases in advanced stages of investigation

* Supports formation of national securities watchdog

TORONTO, Dec 22 (Reuters) - The Ontario Securities Commission (OSC), Canada’s major securities regulator, wants to get tougher with white collar criminals, amd that may mean handing out more jail time, the commission’s new chairman, Howard Wetston, said in a televised interview.

“Jail terms represent an important deterrent to those individuals who wish to engage or potentially engage in white collar crime,” Wetston told Business News Network on Wednesday.

Wetston, who was appointed last month, said prison sentences are more effective as a deterrent than “slap-on-the-wrist” fines.

The OSC, criticized in the past for its lack of convictions, currently has 115 cases on the go with about 50 of those in advanced stages of investigation, Wetston said.

“Sometimes a tremendous amount of deterrent value is just bringing the case. Sometimes we get caught up in the notion of the only important case are successful cases,” he added.

In the United States, securities regulation continues to be in focus with the most recent insider trading arrest of tech company executives charged with leaking corporate secrets to investment funds. The case has put a spotlight on “expert networks” -- something Wetston said the OSC is mindful of. He wouldn’t comment on the status of any such investigations in Canada.

Wetston, a lawyer and former chairman of the Ontario Energy Board, said he supports the establishment of a national securities regulator in Canada to help bring regulatory consistency across the country.

The federal government has been moving to set up a national regulator to replace the 13 separate provincial and territorial groups that now regulate the Canadian securities market.

Several Canadian provinces, including Alberta and Quebec, oppose the idea, feaful of losing local influence.