Montréal – The Chairmen of four Canadian securities regulators and the Chairman of the U.S. Securities and Exchange Commission (SEC), following a series of meetings coinciding with the annual conference of the International Organization of Securities Commissions (IOSCO) held in Paris, announced today a schedule for the completion of a process agreement that would open the way for discussions of a potential U.S.-Canada mutual recognition arrangement.
In order to facilitate discussions between Canada and the United States and more closely co-ordinate their systems of securities regulation, the Canadian Securities Administrators (CSA) and the SEC are working on an agreement setting forth the process to be followed in concluding mutual recognition arrangements. Under the schedule announced today, the process agreement would be concluded in mid-June 2008.
The process agreement, once concluded, would open the way for substantive discussions between the CSA and the SEC on the subject of mutual recognition. Mutual recognition could provide Canadian securities exchanges and certain other Canadian financial service providers with greater freedom to operate in the United States under Canadian regulatory oversight, while U.S. securities markets and certain other U.S. financial service firms could gain greater freedom to operate in Canada under SEC oversight. In this manner, dual regulation, redundancy, and regulatory overlap could be eliminated.
The joint CSA-SEC news release is available on the AMF website.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Québec City: 418-525-0337