The National Bank satisfied with amendments to Bill 107
Montreal, 25 September 2002 -
National Bank of Canada declares that it is satisfied with the amendments made to the Bureau de décision et de révision en valeurs mobilières presented in Bill 107.
In its memorandum tabled in July before the Commission des finances publiques, the National Bank had expressed its misgivings with respect to Bill 107. The new powers and responsibilities given to the Bureau de décision et de révision en valeurs mobilières, which Pauline Marois, Quebec's Finance Minister, has just presented, are more in line with the Bank's expectations. They are also in keeping with the trend in North America.
With capital and assets circulating ever more freely, it is important that the structures adopted be harmonized with those in other provinces and countries in order to promote economic development. The Bank is pleased that Ms. Marois has taken into account and been receptive to the needs of the financial services industry.
In addition, the National Bank reiterated its support for the initiative to streamline the regulatory framework of the financial sector while maintaining a high level of investor protection. Consequently, it hopes that the Agence nationale d'encadrement du secteur financier will be set up as soon as possible.
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including retail, corporate and investment banking. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of over $75 billion and, together with its subsidiaries, employs over 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange.
Information (the following telephone number and e-mail address are intended solely for the use of journalists and other media representatives):
National Bank of Canada
Director of Public Relations
Tel.: (514) 394-8644