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For Immediate Release


CONTACT:

January 5, 2000

INVESTMENT DEALERS ASSOCIATION OF CANADA

ASSOCIATION CANADIENNE DES COURTIERS EN VALEURS MOBILIÈRES

Kathleen O’Brien Pam Whitworth
Public Affairs Communications Director
Investment Dealers Association of Canada Canadian Venture Exchange
(416) 943-6921 Tel: (604) 488-3126
IDA and CDNX announce Member Regulation transfer to the IDA

January 4, 2000—By an agreement that took effect December 31, 1999, the Canadian Venture Exchange (CDNX) has transferred its Member Regulation functions to the Investment Dealers Association of Canada (IDA).

Under the agreement, the IDA takes responsibility for Financial Compliance, Sales Compliance, Enforcement and Registration for those firms that were formerly in the CDNX audit jurisdiction. CDNX retains responsibility for approving traders to access TradeCDNX, and for the regulation of trading done in securities listed on CDNX. CDNX will also establish a trade desk and corporate finance due diligence review process.

The IDA assumes responsibility for the 24 firms that were in the CDNX audit jurisdiction—six of which were not IDA Members. The firms requiring IDA Member status will go through a simplified membership process, similar to what was undertaken when the Toronto Stock Exchange transferred Member Regulation responsibilities to the IDA in 1997. In addition, seven Member Regulation staff from CDNX transferred to the IDA effective December 31, 1999. With the completion of this arrangement, the IDA has 166 firms in its primary audit jurisdiction, representing over 97% of the capital and revenue in the industry.

The Investment Dealers Association of Canada is the national self-regulatory organization (SRO) and trade association of the securities industry. The Association’s role is to foster fair, efficient and competitive capital markets by encouraging participation in the savings and investment process and by ensuring the integrity of the marketplace.

CDNX is Canada’s newest stock exchange, launched November 29, 1999, following the merger of the Alberta and Vancouver stock exchanges. Part of the overall Canadian capital market restructuring, CDNX was established to provide a strong market for emerging businesses, investors and member firms. It is one of Canada’s three specialized exchanges, complementing the Toronto Stock Exchange—home to the senior equities market—and the Montreal Exchange—the market for derivative products.

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