Eight Canadian Securities Commissions sign Supervisory Cooperation
Arrangement with China's Banking Regulator

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
    416-593-2315                      514-940-2176

    Mark Dickey                       Brenda Lea Brown
    Alberta Securities Commission     British Columbia Securities Commission
    403-297-4481                      604-899-6554

    Ainsley Cunningham                Wendy Connors-Beckett
    Manitoba Securities Commission    New Brunswick Securities Commission
    204-945-4733                      506-643-7745

    Natalie MacLellan                 Barbara Shourounis
    Nova Scotia Securities            Saskatchewan Financial Services
    Commission                        Commission
    902-424-8586                      306-787-5842

    Janice Callbeck                   Doug Connolly
    PEI Securities Office             Financial Services Regulation Division
    Office of the Attorney General    Newfoundland and Labrador
    902-368-6288                      709-729-2594

    Fred Pretorius                    Louis Arki
    Yukon Securities Registry         Nunavut Securities Office
    867-667-5225                      867-975-6587

    Donn MacDougall
    Northwest Territories
    Securities Office
    867-920-8984
    

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For further information: Robert Merrick, Ontario Securities Commission, [phone]; Sylvain Théberge, Autorité des marchés financiers, [phone]; Mark Dickey, Alberta Securities Commission, [phone]; Brenda Lea Brown, British Columbia Securities Commission, [phone]; Ainsley Cunninghamm, Manitoba Securities Commission, [phone]; Wendy Connors-Beckett, New Brunswick Securities Commission, [phone]; Natalie MacLellan, Nova Scotia Securities Commission, [phone]; Barbara Shourounis, Saskatchewan Financial Services Commission, [phone]; Janice Callbeck, PEI Securities Office, Office of the Attorney General, [phone]; Doug Connolly, Financial Services Regulation Division, Newfoundland and Labrador, [phone]; Fred Pretorius, Yukon Securities Registry, [phone]; Louis Arki, Nunavut Securities Office, [phone]; Donn MacDougall, Northwest Territories, Securities Office, [phone]