July 19, 2004 Securities

Québec City – Jean St-Gelais, President and Chief Executive Officer of the Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or the “AMF”), is pleased to announce that the AMF has recognized the Investment Dealers Association of Canada (IDA) as a self-regulatory organization (SRO) with respect to carrying on its activities in Québec.

To achieve such recognition, the IDA has adopted measures that confer on its Québec district the powers and resources required to carry on its self-regulatory activities in respect of members operating in Québec.

This includes for example the Québec district’s autonomy to initiate inspections or inquiries related to matters originating in Québec, a guarantee that hearings will take place in Québec and be conducted in French, a separate budget for Québec operations and the adoption of regulations in English and French simultaneously and with the same legal force.

Moreover, the AMF is prepared to delegate to the IDA the exercise of some of its powers, particularly the functions and powers related to the registration of representatives as well as the inspection powers in respect of members, and it has transmitted its decision to the Minister of Finance for government approval.

The AMF’s recognition of the IDA as an SRO will help ensure an effective regulatory framework for Québec’s financial sector, promote the development and efficiency of the financial sector as well as protect the public.

The IDA’s mission includes monitoring its members for the purpose of:

• ensuring that they comply with securities legislation;
• preventing fraudulent acts, practices and manipulation;
• promoting investor protection;
• fostering fair, equitable and ethical business practices;
• ensuring appropriate discipline;
• encouraging cooperation and coordination among individuals and legal entities charged with regulating, clearing, settling and facilitating securities transactions and with processing transaction information.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector. It consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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For More Information:

Journalists only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Consumers and investors: (877) 525-0337, dial 9 for English, then dial 2 for consumers