FOR IMMEDIATE RELEASE

January 12, 2009

CARP welcomes Expert Panel recommendations to protect investors

TORONTO, ON: CARP welcomes the recommendations made by the Expert Panel on Securities Regulation in its report released January 12, 2009 to better protect investors by creating an Independent Adjudicative Tribunal, improving investor complaint handling and redress mechanisms and giving a stronger voice to investors.

CARP strongly recommended a focus on investor protection in its submission to the Expert Panel and called specifically for an independent Adjudicator as well as a National Securities Enforcement Agency with a mandate to support investors as well providing the necessary expertise to prosecute offenders and order redress. [a copy of CARP’s submission may be found: here]

“The panel’s recommendations mark a major advance in investor protection in Canada and are particularly welcome at a time of market chaos that has robbed so many older Canadians of their retirement security,” said Susan Eng, Vice President, Advocacy of CARP. “A National Securities Regulator which helps to streamline and improve transparency in the industry will also enhance investor protection.”

CARP is a national, non-partisan, non-profit organization committed to advocating for a New Vision of Aging for Canada, social change that will bring financial security, equitable access to health care and freedom from discrimination. CARP seeks to ensure that the marketplace serves the needs and expectations of our generation and provides value-added benefits, products and services to our members. Through our network of chapters across Canada, CARP is dedicated to building a sense of community and shared values among our members in support of CARP’s mission.

For further information, please contact:

Pam Maher 416.363.2277 x. 235 Communications coordinator

Anne Gravel 416.363.2277 x. 230 Researcher, Policy Development

for

Susan Eng Vice President Advocacy
CARP, A New Vision of Aging for Canada

or visit our website: www.carp.ca

Relevant recommendations

Independent Adjudicative Tribunal

12. We recommend the establishment of an independent adjudicative tribunal. However, we believe that the securities regulator should retain jurisdiction over certain decisions, such as discretionary exemptions from securities regulations and rules, as well as matters regarding contested takeover bids. The securities regulator has the policy expertise and the quick response capability to properly address these matters in a more timely fashion, which in our opinion outweigh the benefits of referring these decisions to an independent tribunal.

Better Serving Investors

13. We recommend the establishment of a dedicated service to address the lack of information, guidance, and support for investors in the domain of complaint-handling and redress. We envision that this service would disseminate comprehensive information about complaint-handling and redress in Canada. The service could be provided by a securities regulator or another regulatory entity.

14. We recommend the following to improve investor complaint-handling and redress mechanisms:

a securities regulator with the power to order compensation in the case of a violation of securities law so that the investor would not be required to resort to the courts;

establishment of an investor compensation fund funded by industry to allow the securities regulator to directly compensate investors for a violation of securities law; and