Eight Canadian Securities Regulators Sign Regulatory Cooperation Arrangement With China's Insurance

Eight members of the Canadian Securities Administrators (CSA) have recently signed a Regulatory Cooperation Arrangement with the China Insurance Regulatory Commission (CIRC) to establish a channel for regulatory cooperation in connection with Chinese insurance firms' overseas investments involving registered Canadian firms and recognized markets.

The securities regulators 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 increase mutual understanding and information exchange.

"The CSA attaches considerable importance to Canada's eligibility as a destination for investments by Chinese insurers," said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). "The fact that this is only the third arrangement of this nature signed by the CIRC with foreign regulators is a clear statement by the CIRC about the strength of Canada's capital markets and the quality of its regulatory framework."

The regulatory cooperation arrangement paves the way for Chinese insurers to invest in financial products on Canadian markets regulated by CSA participating jurisdictions. It is expected to facilitate capital flowing from China into the Canadian market and create new business opportunities for market participants here in Canada.

The arrangement is currently in effect in seven of eight participating CSA jurisdictions. Subject to obtaining the requisite ministerial approval, the arrangement is scheduled to take effect in Ontario on December 29, 2010.

In April, a similar arrangement was entered into with the Chinese Banking Regulatory Commission in order to develop the wealth management business of Chinese commercial banks in Canada.

The CSA acknowledges the assistance of the Canadian embassy in Beijing with concluding the latest arrangement.

Established in 1998, the CIRC is authorized by the Chinese State Council to conduct administration, supervision and regulation of the Chinese insurance market, and to ensure that the insurance industry operates in compliance with the law.

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

Ontario Securities Commission
Autorité des marchés financiers

416-593-2315
514-940-2176

Mark Dickey
Brenda Lea Brown

Alberta Securities Commission
British Columbia Securities Commission

403-297-4481
604-899-6554

Ainsley Cunningham
Wendy Connors-Beckett

Manitoba Securities Commission
New Brunswick Securities Commission

204-945-4733
506-643-7745

Natalie MacLellan
Barbara Shourounis

Nova Scotia Securities Commission
Saskatchewan Financial Services Commission

902-424-8586
306-787-5842

Janice Callbeck
Doug Connolly

PEI Securities Office
Financial Services Regulation Division

Office of the Attorney General
Newfoundland and Labrador

902-368-6288
709-729-2594

Graham Lang
Louis Arki

Yukon Securities Registry
Nunavut Securities Office

867-667-5466
867-975-6587

Donn MacDougall

Northwest Territories

Securities Office

867-920-8984

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