Securities

Montréal – With the approval yesterday by the Government of Québec of the May 2, 2008 decision by the Autorité des marchés financiers (AMF) to delegate functions and powers to the Investment Industry Regulatory Organization of Canada (IIROC), a major step forward has been taken towards the proposed combination of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS).

This approval by the Government of Québec, in conjunction with the decisions of the AMF and other regulators to recognize IIROC as a self-regulatory organization (SRO), will enable IIROC to begin operations on June 1, 2008. For IDA and RS members, the combination will help streamline and harmonize the regulatory structure for their securities activities in Canada.

IDA and RS agreed to combine their regulatory activities into a single organization and filed an application for recognition as an SRO with Canadian regulatory authorities, including the AMF. The application and the draft recognition order were published for comment on February 8, 2008. The AMF also published the IDA's application for the delegation of functions and powers to the new SRO on February 22, 2008.

The decisions of the AMF in this matter are available for consultation under Proposed Combination of SROs in the Public Consultations section of its website.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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