MONTREAL, April 23 /CNW Telbec/ - Eight members of the Canadian Securities Administrators (CSA) have recently signed a Supervisory Cooperation Arrangement with the China Banking Regulatory Commission (CBRC) in relation to the Qualified Domestic Institutional Investor (QDII) Program for Chinese commercial banks.
The QDII program allows approved institutional investors in China, including banks and fund management, to invest funds pooled from their mainland clients in approved overseas financial markets.
The securities commissions of Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan entered into the arrangement to strengthen the level of regulatory cooperation with Chinese regulators in order to develop the wealth management business of Chinese commercial banks in Canada.
"The CSA attaches considerable importance to Canada's eligibility as a destination for the Qualified Domestic Institutional Investor Program," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "This supervisory cooperation arrangement paves the way for Chinese commercial banks to conduct investments on behalf of their clients with Canadian-based financial institutions regulated by CSA participating jurisdictions. This could attract new capital to the Canadian market and open new markets to Canadian financial institutions.
"Through this program, CBRC recognizes the quality of Canadian securities market regulation," St-Gelais added. "The CSA would like to thank the Canadian government for its assistance in concluding this arrangement."
The arrangement is currently in effect in seven of eight CSA participating jurisdictions. Subject to obtaining the requisite ministerial approval, the arrangement is scheduled to take effect in Ontario on June 22, 2010.
Established in 2003, the CBRC is responsible for the regulation and supervision of banking institutions and their business operations.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For more information:
Robert Merrick Sylvain Théberge
Ontario Securities Commission Autorité des marchés financiers
Mark Dickey Brenda Lea Brown
Alberta Securities Commission British Columbia Securities Commission
Ainsley Cunningham Wendy Connors-Beckett
Manitoba Securities Commission New Brunswick Securities Commission
Natalie MacLellan Barbara Shourounis
Nova Scotia Securities Saskatchewan Financial Services
Janice Callbeck Doug Connolly
PEI Securities Office Financial Services Regulation Division
Office of the Attorney General Newfoundland and Labrador
Fred Pretorius Louis Arki
Yukon Securities Registry Nunavut Securities Office
SOURCE Autorité des marchés financiers
For further information: For further information: Robert Merrick, Ontario Securities Commission, (416) 593-2315; Sylvain Théberge, Autorité des marchés financiers, (514) 940-2176; Mark Dickey, Alberta Securities Commission, (403) 297-4481; Brenda Lea Brown, British Columbia Securities Commission, (604) 899-6554; Ainsley Cunninghamm, Manitoba Securities Commission, (204) 945-4733; Wendy Connors-Beckett, New Brunswick Securities Commission, (506) 643-7745; Natalie MacLellan, Nova Scotia Securities Commission, (902) 424-8586; Barbara Shourounis, Saskatchewan Financial Services Commission, (306) 787-5842; Janice Callbeck, PEI Securities Office, Office of the Attorney General, (902) 368-6288; Doug Connolly, Financial Services Regulation Division, Newfoundland and Labrador, (709) 729-2594; Fred Pretorius, Yukon Securities Registry, (867) 667-5225; Louis Arki, Nunavut Securities Office, (867) 975-6587; Donn MacDougall, Northwest Territories, Securities Office, (867) 920-8984