The boards of directors of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) today announced the appointment of Susan Wolburgh Jenah as president and CEO of the proposed new self-regulatory organization (SRO) which is intended to succeed the IDA and RS.

“We are extremely pleased to have Susan on board,” said Ron Lloyd, chairman, IDA. “We conducted a thorough search and spoke to a number of outstanding candidates. With Susan, we were very impressed with the extensive regulatory experience, deep understanding of the securities industry and capital markets, and the strategic insight she will bring to the role.”

Wolburgh Jenah is currently a vice chairwoman at the Ontario Securities Commission and a member of the board of directors. She is also a member of the OSC’s Adjudicative Committee, which is responsible for the review and establishment of adjudicative policy, process and procedure. She chairs adjudicative panels which hear and decide enforcement proceedings, regulatory policy matters and appeals of decisions of recognized self-regulatory organizations and OSC staff decisions. Wolburgh Jenah is also involved in establishing and maintaining relationships with securities regulators in other jurisdictions and represents the Commission on international committees.

Prior to her appointment as vice chairman, Wolburgh Jenah, who joined the OSC in 1983, was General Counsel and Director of International Affairs.

In addition to leading many legislative and policy initiatives, she served as a member of Ontario’s Five-Year Legislative Review Committee, which issued a comprehensive report in May, 2003 with recommendations to update and improve securities legislation.

“Combining member and market regulation into a single entity makes a lot of sense. This is a unique opportunity to build on the considerable depth of knowledge and expertise that resides in each of the merging organizations to further enhance the high quality of the regulatory system in Canada,” said Wolburgh Jenah. “This high quality is very evident in the strong teams from the IDA and RS that, through this proposed merger, will become even stronger.”

“Once the new SRO is in operation, it will create greater clarity for investors and further improve regulatory effectiveness through better coordination of policies and procedures,” said Bill Moriarty, chairman. “A single, streamlined entity will also be more effective in domestic policy issues and initiatives, and enhance the international reputation of Canadian capital markets.”

Wolburgh Jenah will join the IDA-RS Steering Committee effective Feb. 19, 2007. Her appointment as president and CEO will take effect once the proposed organization begins operations.

The Steering Committee has been working closely with the Canadian Securities Administrators (CSA) and capital markets stakeholders to finalize the design and structure of the proposed new organization. Once this has been completed, formal approvals will be sought from the boards of the IDA, RS and TSX, and from IDA members and the CSA. The approval process is expected to begin early in 2007.

The new SRO will operate on a not-for-profit basis. Stakeholders will initially include all those currently regulated by the IDA or RS, including marketplaces that have contracted with RS for outsourced regulation services. The governance structure will be robust in order to facilitate a broader range of responsibilities for the new entity over time should other industry groups choose to participate.