Canadian Bankers Association welcomes legislation to create a national securities regulator

For Immediate Release

Toronto, ON, May 26, 2010 – The Canadian Bankers Association (CBA) applauded today’s move by the federal government to table legislation to create a national securities regulator. A single, Canadian regulator will offer improved investor protection and greater efficiencies in capital markets and will reduce the cost of raising capital for businesses across the country.

“We are pleased by the government’s perseverance on this important economic issue as Canada’s current fragmented system puts us out of step with other countries around the world,” said Nancy Hughes Anthony, President and Chief Executive Officer, Canadian Bankers Association.  “We believe a national securities regulator will benefit businesses of all sizes in all parts of Canada and improve our global competitiveness.”

The CBA agrees with the federal government’s decision to bring the proposed legislation to the Supreme Court of Canada and will continue to support the government’s efforts to create a national securities regulator.

For many years the CBA has advocated for efficient securities regulation, with the strong belief that a national regulator would benefit all Canadians. This includes entrepreneurs and businesses seeking capital to grow and create jobs, savers and investors seeking opportunities to build their financial future in a secure marketplace, and employees working for companies that depend on the capital markets for financing and growth.

“We are also pleased to see that the national securities regulator will ensure that market participants benefit from regional policy and regulatory expertise in locations across the country,” said Ms. Hughes Anthony.

The Canadian Bankers Association works on behalf of 50 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 263,400 employees. The CBA advocates for effective public policies that contribute to a sound, successful banking system that benefits Canadians and Canada's economy. The Association also promotes financial literacy to help Canadians make informed financial decisions. www.cba.ca.

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For more information:
Andrew Addison, Canadian Bankers Association
Tel: (416) 362-6093, ext. 220
Cell: (416) 587-7733
E-mail: aaddison@cba.ca