Associations Call on G20 Finance Ministers to Ensure Reforms Promote Open Markets



    TORONTO, Sept. 3 /CNW/ - The Investment Industry Association of Canada,
the Japan Securities Dealers Association, the London Investment Banking
Association, and the Securities Industry and Financial Markets Association
(the "Associations"), released a statement today in advance of the meeting of
G20 Finance Ministers:

    "We welcome the continued focus of G20 Finance Ministers on financial
repair and reform. We believe these efforts to date have set the foundation
for financial stability, future economic growth and job creation. To maintain
momentum for global reform, the Ministers rightly continue to meet and discuss
regulatory reactions to the financial turmoil.
    "The Associations believe that as countries accelerate the pace of
domestic regulatory and legislative reforms, it remains vital to seek a
well-balanced and well-coordinated regulatory framework and guard against
measures that the G20 committed to avoid - measures that would create barriers
to market entry, distort competition, or encourage regulatory arbitrage. We
believe that the G20's approach for coordinated and collaborative global
regulatory reform could provide a strong basis for regulatory convergence and
mutual recognition.
    "Consequently, it is critical that the G20 Finance Ministers remain
committed to ensuring that reforms are developed and implemented in a manner
that promotes open markets and the free flow of capital. It is in this way
that the global economy, as well as the consumers of financial services and
products, will benefit most from the new regulatory architecture that the G20
envisages. We are concerned, however, that some recent regional and national
regulatory proposals diverge in ways that could create distortions or other
barriers in the global marketplace. In these instances, we encourage Ministers
to foster, in line with the G20 mandate, the necessary changes to develop
consistency with a well-founded global policy approach.
    "In light of the FSB's expanded mandate and the more direct impact of its
work with market participants, we believe that Finance Ministers should
encourage the FSB to ensure that global policy development is well informed by
impact analysis and based on a transparent process and through dialogue with
market participants, ensuring reasonable time for comment and discussion. Many
global organizations - such as IOSCO, the OECD, Basel, the WTO, the IMF, the
World Bank, and APEC - have all endorsed regulatory transparency."

    Notes to Editors

    The Investment Industry Association of Canada (IIAC) advances the
position of the Canadian investment industry on regulatory and public policy
issues. As the professional association for the industry, IIAC has a mandate
to promote efficient, fair and competitive capital markets for Canada while
helping its member firms across the country succeed in the industry. More
information about IIAC is available at http://www.iiac.ca
    11 King St West, Suite 1600
    Toronto, ON M5H 4C7

    Contact: Katie O'Dell - kodell@iiac.ca Tel No.: 416-687-5478

    The Japan Securities Dealers Association is a hybrid association
functioning both as a self-regulatory organization (SRO) and as a trade
association in the Japanese securities market. Today JSDA comprises of more
than 500 members consisting of securities firms and other financial
institutions operating securities business in Japan. As a full-fledged SRO,
JSDA extensively regulates market intermediaries. Its self-regulatory
functions cover rule-making, enforcement, inspection, disciplinary actions,
accreditation of sales representatives, and dispute mediation. As a trade
association, JSDA provides the industry's voice to the government and other
related parties, conducts and promotes investor education, and implements
studies for further activating the market. More information about JSDA is
available at www.jsda.or.jp/
    1-5-8, Kayaba-cho, Nihonbashi, Chuo-ku, Tokyo 103-0025

    Contact: Koichi Ishikura - k_ishikura@wan.jsda.or.jp Tel No.:
81-3-667-8537

    LIBA is the principal trade association in the United Kingdom for firms
which are active in the investment banking and securities industry. The
Association represents its members on both domestic and international aspects
of this business, and promotes their views to the authorities in the United
Kingdom, the European Union, and elsewhere. More information about LIBA is
available at www.liba.org.uk
    6 Frederick's Place, London, EC2R 8BT

    Contact: Timothy Baker - timothy.baker@liba.org.uk Tel No.:
44-207-736-3606

    The Securities Industry and Financial Markets Association brings together
the shared interests of more than 600 securities firms, banks and asset
managers. SIFMA's mission is to promote policies and practices that work to
expand and perfect markets, foster the development of new products and
services and create efficiencies for member firms, while preserving and
enhancing the public's trust and confidence in the markets and the industry.
SIFMA works to represent its members' interests locally and globally. It has
offices in New York, Washington D.C., and London and its associated firm, the
Asia Securities Industry and Financial Markets Association, is based in Hong
Kong. More information about SIFMA is available at www.sifma.org
    120 Broadway, New York, NY 10271

    Contact: Andrew DeSouza - adesouza@sifma.org Tel No.: 202-962-7390




For further information:

For further information: Katie O'Dell - kodell@iiac.ca, Tel No.: (416)
687-5478

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Investment Industry Association of Canada (IIAC)

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