CBA Strongly Supports Recommendations From the Expert Panel on Securities Regulation

TORONTO, ONTARIO, Jan 12 (MARKET WIRE) --
The Canadian Bankers Association (CBA) today welcomed the final report
from the Expert Panel on Securities Regulation, Creating an Advantage in
Global Capital Markets, and strongly supports its recommendation to
create a single securities regulator for Canada.

"The Expert Panel has put forward a realistic and workable plan that we
strongly support. We have been debating securities regulation in Canada
for decades: enough is enough. With this report the debate is over, it's
time to get this done," said Nancy Hughes Anthony, President and CEO of
the Canadian Bankers Association. "We commend the federal government for
continuing to push for a single securities regulator and we strongly
encourage the federal government to adopt the Panel's recommendations and
for the provinces to get on-board."

The CBA agrees with the Panel's conclusion that the current fragmented
structure makes it difficult for Canadian securities regulators to react
quickly and decisively to capital market events. As the report stated,
the current system makes Canada vulnerable to market and reputational
risks.

"Regulators must have the structure to deal quickly and effectively with
systemic risk. The regulatory structure in Canada seems well-suited to
this in all areas except securities regulation," said Ms. Hughes Anthony.
"There have always been good reasons to put a single securities regulator
in place, but the current economic situation makes it more important than
ever."

Enhancing efficiency and reducing the cost of raising capital

A single securities regulator would enhance efficiency, increase
confidence in the markets and allow regulators to respond more quickly to
market events. Canada can no longer afford to maintain the current system
of 13 securities regulators with 13 sets of regulations if it wishes to
remain competitive and attract global investment dollars.

The fragmented system in Canada also has a negative impact on Canadian
firms' attempts to raise capital by imposing unnecessary costs, and this
burden falls disproportionately on small- and medium-sized enterprise
since there are clear economies of scale in developing and filing
securities offerings.

Moreover, Canada is out of step with other countries around the globe
which are moving ahead with securities reform. Of the approximately 100
countries that are represented on the International Organization of
Securities Commissions, Canada is the only country without a national
securities regulator.

Additional CBA information

The CBA's July 2008 submission to the Expert Panel on Securities
Regulation can be found at the following link:

www.cba.ca/en/content/reports/080715%20-%20Enhancing%20Canadian%20Competitivenes
_FINAL.pdf

The CBA research on the impact that multiple regulators have on the cost
of raising capital for small businesses can be found here:

www.cba.ca/en/section.asp?fl=4&sl=269&tl=278&docid=

The Canadian Bankers Association works on behalf of 51 domestic chartered
banks, foreign bank subsidiaries and foreign bank branches operating in
Canada and their 257,000 employees to advocate for efficient and
effective public policies governing banks and to promote an understanding
of the banking industry and its importance to Canadians and the Canadian
economy.

Contacts:
Canadian Bankers Association
Andrew Addison
(416) 362-6093, ext. 220 or Cell: (416) 587-7733
Email: aaddison@cba.ca

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