May 29, 2003
For Immediate Release

Four Canadian Securities Commissions Sign Memorandum of Understanding With China Securities Regulatory Commission

Vancouver- The securities commissions of Alberta, British Columbia, Ontario, and Qubec have signed a memorandum of understanding for co-operation and information sharing with the China Securities Regulatory Commission (CSRC).

Both the Chinese regulators and the provincial regulators in Canada recognize the increasing international activities in the securities and futures markets. We now have a framework to assist each other in protecting investors and the integrity of our markets, said Doug Hyndman, the chair of the British Columbia Securities Commission, which led the discussions with the CSRC.

The MOU is also a necessary condition for Canadian companies to participate in joint ventures in the securities and fund management business in China. The signing therefore opens new business opportunities in China for Canadian financial firms.

The CSRC is the authority responsible for the supervision and regulation of the national securities and futures market in China.

The Alberta Securities Commission, the British Columbia Securities Commission, the Ontario Securities Commission and the Commission des valeurs mobilires du Qubec are members of the Canadian Securities Administrators (CSA). The CSA, composed of the 13 provincial and territorial securities regulatory authorities, administer securities laws in Canada to protect investors and ensure an efficient and effective securities market.

Media relations contacts:

B.C. Securities Commission
Andrew Poon
604-899-6880
1-800-373-6393 (B.C. & Alberta only)
www.bcsc.bc.ca

Alberta Securities Commission
Joni Delaurier
403-297-4481
www.albertasecurities.com

Commission des valeurs mobilires du Qu├ębec
Barbara Timmins
514-940-2199, ext. 4434
1-800-361-5072 (Qubec only)
www.cvmq.com

Ontario Securities Commission
Eric Pelletier
416-595-8913
1-877-785-1555 (toll free in Canada)
www.osc.gov.on.ca