Investment Industry Association supports Securities Passport System

    TORONTO, March 28 /CNW/ - The Investment Industry Association of Canada
today announced its support for the proposal for implementing the second phase
of the securities regulation passport system for Canada, released today by the
Canadian Securities Administrators. The Association will review the details of
the passport model and provide feedback to the participating jurisdictions.
    "The passport system is a positive first interim step towards making the
Canadian markets more efficient and accessible. To maximize the benefits of
the passport system, and create the most effective and robust outcome for the
Canadian marketplace, we encourage the Ontario Securities Commission to
participate in the passport system," said Ian Russell, President and CEO,
Investment Industry Association of Canada.
    "The next step in this evolution is to reform the contents of the
underlying rules. To build an effective and globally competitive system, the
CSA must create streamlined regulations, underpinned by principles."
    Under the passport system, market participants will be able to access
multiple jurisdictions by dealing with one regulator and operating under a
harmonized set of provincial and national regulations.

    The Investment Industry Association of Canada, formerly the industry
association arm of the Investment Dealers Association of Canada (IDA),
advances the position of the Canadian investment industry on regulatory and
public policy issues. As the professional association for the industry, the
Investment Industry Association 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.

For further information:

For further information: Annie Côté-Kennedy, Investment Industry
Association of Canada, (416) 687-5474,

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Investment Industry Association of Canada (IIAC)

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