Canadian Securities Administrators

Canadian Securities Administrators

April 23, 2010 12:51 ET

Eight Canadian Securities Commissions Sign Supervisory Cooperation Arrangement With China's Banking Regulator

MONTREAL, QUEBEC--(Marketwire - April 23, 2010) - 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 Theberge
Ontario Securities Commission   Autorite des marches 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 Commission   Saskatchewan Financial Services 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    

Contact Information

  • Sylvain Theberge
    514-940-2176