Toronto, ON, September 19, 2013 – The Canadian Bankers Association (CBA) applauded today’s move by the governments of Canada, British Columbia and Ontario to establish a Cooperative Capital Markets Regulator which will offer improved investor protection and greater efficiencies in capital markets in participating provinces.

“We appreciate the federal government’s perseverance and leadership on this important economic issue as Canada’s current fragmented system puts us out of step with other countries around the world,” said Terry Campbell, President of the Canadian Bankers Association. “Today’s announcement by these three governments is a significant first step and we encourage other provinces to participate in the proposed system.”

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.

About the Canadian Bankers Association

The Canadian Bankers Association works on behalf of 56 domestic banks, foreign bank subsidiaries and foreign bank branches operating in Canada and their 275,000 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 and works with banks and law enforcement to help protect customers against financial crime and promote fraud awareness.