News Release
Eight Canadian securities commissions sign Supervisory Cooperation Arrangement with China’s banking regulator [CSA]
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Date:
2010-04-23 -
Number:
2010/24
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.
For more information:
Robert Merrick | Sylvain Théberge Autorité des marchés financiers 514-940-2176 |
| Mark Dickey Alberta Securities Commission 403-297-4481 | Brenda Lea Brown British Columbia Securities Commission 604-899-6554 |
| Ainsley Cunningham Manitoba Securities Commission 204-945-4733 | Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745 |
| Natalie MacLellan Nova Scotia Securities Commission 902-424-8586 | Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842 |
| Janice Callbeck PEI Securities Office Office of the Attorney General 902-368-6288 | Doug Connolly Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594 |
| Fred Pretorius Yukon Securities Registry 867-667-5225 | Louis Arki Nunavut Securities Office 867-975-6587 |
| Donn MacDougall Northwest Territories Securities Office 867-920-8984 |