Media Advisory: Where is the Canadian securities system headed? - Single regulator or passport system? Centralized or decentralized

    The debate goes on as former head of the Montreal Stock Exchange, Pierre
    Lortie and Investment Industry Association of Canada Chief, Ian Russell
    debate the issues in Toronto.

    TORONTO, Sept. 10 /CNW Telbec/ - Should Canada have a single national
securities regulator or a passport system with more than one entity?
Centralized or decentralized?
    The issue: Currently trading regulations in Canada is handled by
13 separate provincial and territorial bodies that have created a process for
mutual recognition and harmonization of rules know as the "passport system".
    Financial Minister Jim Flaherty is pushing for a single regulator while
all the provinces except Ontario have implemented phase II of the Passport
System. Some provincial securities regulators have begun discussions with the
U.S. Securities and Exchange Commission. Each camp is advancing its agenda.
    The Montréal Economic Institute has asked two prominent advocates to
debate the merits of the options in Toronto.

    Who:    Pierre Lortie :
            For: The Passport System
            Senior Business Advisor, Fraser Milner Casgrain
            & former President and CEO, Montreal Stock Exchange

            Ian Russell :
            For: A single national securities regulator
            President & Chief Executive Officer
            Investment Industry Association of Canada

            Marcel Boyer: Moderator
            President & Chief Economist of the MEI

    What:   Luncheon Debate
            Canadian securities: Single regulator or the passport system?

    Date:   Wednesday September 17, 2008

    Time:   11:45 AM to 2:00 PM
            Debate starts 1PM

    Where:  Sheraton Centre Toronto Hotel
            123 Queen Street West


    Which type of system-centralized or decentralized- would help reconcile
the preferences and interests of investors and issuers most effectively and at
the lowest cost?

    The Single System: The Federal government and Ontario want to replace the
current passport system with a single national body. A single system they
believe will ensure uniform standards and regulations across Canada; provide
more accounting; let issuers and investors benefit form economies of scale;
and assume a more direct role as Canada's spokesperson in the international
harmonization of securities regulation.

    Passport System: The passport system-essentially is a free trade
agreement based on mutual recognition of regulatory systems. Canadian
provinces and territories except Ontario have implemented Phase II of the
passport system.
    The passport system is seen as a way to encourage efficiency, stimulate
the discovery of more appropriate forms of regulation, and respect local

For further information:

For further information: To confirm your attendance please contact:
Marjorie Wallens, MJW Communications, (416) 961-5924, Cell: (416) 708-3783,; André Valiquette, M.A., APR, Director of
Communications, Montreal Economic Institute, (514) 273-0969 #2225, Cell: (514)

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