Eight Canadian Securities Commissions sign Supervisory Cooperation Arrangement with China's Banking Regulator

CSA Securities

Montréal – 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.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Brenda Lea Brown

604 899-6554

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Ontario Securities Commission

Robert Merrick

416 593-2315

PEI Securities Office, Department of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Office, Northwest Territories

Donn MacDougall

867 920-8984

Securities Office, Nunavut

Louis Arki

867 975-6587

Securities Office, Yukon

Fred Pretorius

867 667-5225