Canadian Bankers Association

Canadian Bankers Association

June 22, 2009 16:27 ET

Canadian Bankers Association Welcomes Launch of Canadian Securities Regulator Transition Office

TORONTO, ONTARIO--(Marketwire - June 22, 2009) - The Canadian Bankers Association (CBA) today applauded federal Finance Minister Jim Flaherty's creation of a transition office to establish a single securities regulator, and the appointment of Doug Hyndman and Bryan Davies to head up this office.

"This is significant step and great news for Canada's economic competitiveness. Both Mr. Hyndman and Mr. Davies have extensive financial market expertise and are well-respected across Canada," said Nancy Hughes Anthony, President and CEO of the Canadian Bankers Association. "Minister Flaherty should be commended for his perseverance in continuing to pursue a single securities regulator."

The CBA has long advocated for a single securities regulator that will benefit individual Canadians, entrepreneurs and businesses seeking capital to grow and create jobs. The CBA produced a research study in 2007 showing that the current system of raising capital is costly and burdensome, particularly for small and medium-sized businesses.

"A single Canadian securities regulator will enhance efficiency and allow regulators to respond more quickly to changing market events, which is particularly important as Canada copes with the recession," said Ms. Hughes Anthony. "The transition office is an important stage in the creation of the single regulator, and a more streamlined and effective regulatory system in Canada."

The Canadian Bankers Association (CBA) works on behalf of 50 domestic chartered banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for efficient and effective public policies governing banks and promotes an understanding of the banking industry and its importance to Canadians and the Canadian economy. For more information please visit www.cba.ca.

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