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INVESTMENT DEALERS ASSOCIATION OF CANADA

SPRING 1998

Representing

Members

Interests

Whats Inside...

Representing Members Interests ............... 1-4Bill 188 ............................................................. 5-6Mutual Fund Dealers Association.............. 7-8Securities Industry Performance ................ 9-10Investor Education ........................................ 11Distinction 1998 ............................................ 12-13IDA Annual Conference .............................. 14-15

The Investment Dealers Association (IDA) is activelyinvolved, on a regular and ongoing basis, inrepresenting members concerns and interests to governmentsand other organizations. Since our last issue, the IDA hasbeen active on a number of fronts.

SEC Regulation S: Safe Harbour secured forCanadian Investment Dealers

The Investment Dealers Association has successfully convincedthe U.S. Securities and Exchange Commission (SEC) that newamendments to Regulation S should not apply to Canadianinvestment dealers. These SEC amendments would haveseriously affected Canadian issuers whose principal marketis the United States.

Regulation S in U.S. securities law provides a safe harbourfrom SEC registration requirements for the offers and sales ofsecurities by domestic and foreign issuers which are madeoutside the United States and which are truly offshore.Designed to curb abuses of the rule, the SECs proposedamendments would have seriously affected the public

REP RTIDA

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offerings in the Canadian market of Canadian issuers whose principalmarket is the United States. Specifically:

Canadian issuers would have been unable to initiate marketstabilization activities because of restrictions on hedging transactions;

new certification and legending requirements would have increasedadministrative costs; and

share liquidity would have been damaged (legended stock wouldtrade as a separate class of securities on Canadian exchanges) sincethe offered securities would not be fungible with shares inter-listedand traded on US exchanges.

The IDA argued successfully that Canadian issuers were applyingRegulation S appropriately and should be exempted from application ofthese punitive and costly new amendments.

For additional information, please contactIan C.W. Russell,Senior Vice-President, Capital Markets416-865-3036

Extending the 1997 RRSP deadline: serving clientsin a time of need

On January, 22, 1998 IDA President and CEO Joe Oliver wrote theHonourable Paul Martin, Minister of Finance, as well as the HonourableHerb Dhaliwal, Minister of Revenue, to request an extension of theFebruary 28 deadline for 1997 RRSP contributions. Investment Advisorsemployed by IDA member firms had expressed concern that many of theirclients in regions of the country affected by Januarys devastating ice stormswere being forced to spend their planned RRSP savings to meetimmediate and pressing expenses related to the ice storms.

The IDA asked the federal government to make this change so that wecould assist clients who were unable to make their RRSP contributionswithin the usual time frame. Our intervention contributed to the federalgovernments decision to extend the deadline to March 31, 1998.

Economic and Fiscal Outlook in British Columbia: restoringbusiness confidence and increasing investment

Policy action to relieve the tax and regulatory burden for B.C. companiesis urgently needed to boost business confidence and stimulate growth.This was the message Executive Committee members delivered during avisit to British Columbia February 17-19th.

At a press conference attended by over 15 television, radio and print

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journalists, the IDA released its B.C. Economic and Fiscal Outlook paper,one of a series that the Association prepares annually on each provincialeconomy. ( The Québec Provincial Economy Outlook paper is the next inthe series.) In a Feb. 20th news release, IDA Chairman David Wilsoncommented that although the government has taken some modest stepsto address the erosion of business confidence, B.C.s current economicperformance and uncertain prospects indicate that more vigorousremedial action is needed to restore business confidence and set thefoundation for renewed investment. The report recommended theintroduction of policy initiatives to lower the tax and regulatory burden,including a reduction in business and personal tax rates, lower stumpagefees, royalties and other costs levied on the resource industries, theelimination of the corporate capital tax and the introduction ofinvestment tax credits. Reaction to the report was very positive.

During the B.C. visit, the IDA Executive Committee met with officers oflocal member firms, the B.C. Securities Commission, and seniorgovernment officials, including the Deputy Minister of Finance. Issuesraised with the BCSC included recognition of financial planningstandards, as well as a number of cross border trade matters. ExecutiveCommittee members also met with representatives of the Vancouver andBritish Columbia business community and attended the quarterlyFebruary VSE Board dinner at which IDA Chair David Wilson was guestspeaker.

The Association is continuing to work with the B.C. business communityto press the Clark government for improvements in fiscal, tax andregulatory policy, particularly with regard to the April 3 provincialbudget. The IDA has conveyed its serious concerns about proposedlegislation affecting unclaimed intangible property and is also workingwith the committee set up by the Ministry of the Attorney-General on theissue of Alternate Dispute Resolution.

Provincial Budget Preparations in Ontario:the IDA participates

On March 4, 1998, The IDA met with Ontario Finance Minister ErnieEves and Finance Ministry officials to discuss government preparationsfor the upcoming 1998 provincial spring budget. Joe Oliver representedthe Association.

The Association commended the government for its efforts instrengthening public finances in the province, noting that lower deficitsand the scheduled phase-in of personal tax cuts have boosted businessand consumer confidence and contributed to increased investmentspending in the province.

In its report, Ontario: An Assessment of Fiscal Performance, the IDA

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projected inflation-adjusted economic growth of about 4 per cent this yeardue, in large part, to rising business investment. The Association called onthe government to stick to its balanced budget target for fiscal 2000/01.Should growth and revenues prove lower than expected, the provinceshould implement additional spending cuts to ensure a balanced budget.Other recommendations included the introduction of general taxincentives to promote capital formation instead of relying on the currentapproach of specifically targeted tax measures.

If you would like a copy of these reports, please contact Public Affairs at(416)943-6921.

YEAR 2000 (Y2K): An Update

IDA Report readers can expect regular updates on a issue which is a toppriority for the Association and its members: preparing for the Year 2000.In our last issue we reported that the Association had been working closelywith representatives from the Canadian securities industry to promoteindustry awareness, assist in the coordination of street-wide testing andimplementation of Y2K compliant systems for all IDA members, and sharepromising solutions and common strategies.

Were pleased to report that the Canadian G-30 Committee has agreed toplay a coordinating role with respect to regulatory initiatives andstreet-wide testing. (The Canadian G-30 Committee was formed in thelate 1980s as part of the Group of 30, an international organizationcomprised of financial services sector firms.) G-30 is well positioned totake on a coordinating role in this complex initiative.

The Association is involved in discussions with the U.S. based SecuritiesIndustry Association (SIA) on the possibility of using and adapting SIAdetailed test plans in creating Canadian street-wide testing. A committeehas also been set up to define the technical environment needed tosupport an industry-wide test, with March 1999 set as a tentative datefor a first test.

We are very pleased that Jean Monty, one of Canadas business leaders onY2K , will be our keynote speaker at this years IDA Conference. At therequest of Prime Minister Jean Chrétien, BCE President and COO JeanMonty last year led an industry taskforce on Canadian Year 2000preparations. In addition, a special presentation Year 2000 and theCanadian Securities IndustryA Progress Report will also be aConference highlight. ( For more details on the conference, please see pages14-15)

For additional information, please contactKeith Rose,Vice President Policy(416) 943-6907

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Jean Martel, Chairman of the Quebec Securities Commission,recently presented a submission to the Quebec National Assemblyon Bill 188, draft legislation governing the distribution of financialservices and products.

Here are some of the highlights of Mr. Martels presentation:

The Quebec Securities Commission has decided to participate inthe discussions raised by the draft legislationgoverning the distribution of financial services andproducts ( Bill 188) because, in addition to the factthat the Commission believes it is absolutely necessaryto restructure the distribution system in Quebec, wealso believe that this sector cannot afford to undertakesuch a task unless it is done well. We believe that our

input can help you and the government to achieve this goal.

Bill 188 is fundamental to this goal because its provisions willestablish a new structure in one of the most dynamic sectors of thesecurities market, the mutual funds industry.

(Under Bill 188s provisions) the investment funds brokeragebusiness will be governed by the Financial Services Bureau, a newadministrative structure similar to an SRO, which will administerthe Commissions rules governing such activities. In addition, thelegislation will confer on the QSC the task of overseeing this newstructure with respect to that part of its mandate relating tosecurities.

We believe that the draft legislation provides the right solution tothe fundamental issues raised by the evolution of the financialservices sector both in terms of protecting the consumer and investorand ensuring the efficiency of the markets.

Governing Principles

Our experience in applying the Securities Act has led us to threeprinciples which should guide you in your consideration of Bill188.

The first principle Today, in the Canadian economicenvironment, the distribution of financial products and servicescannot be considered solely in light of the Quebec context.

The legislator should be a visionary and , it seems to us, shouldrefrain from adopting regulatory policies which in the end cannot

DraftLegislationBill 188

Caution from theChairman of the QSC

BILL 188

Jean Martel

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be reconciled or harmonized with the policies of other jurisdictions whereour financial sector operates. Similarly, the regulatory structure governingthe industry should be developed in such a manner that it can functionclosely with its counterpart in other jurisdictions with relative ease.

This is the price to pay in order to have the means to structurally eliminateduplication and to control regulatory costs, two conditions necessary forcompetitivity and gaining access to extra-provincial markets.

The second principle A multiplicity of SROs, combined with the sharingof responsibilities which then leads them to compete, often results in anincrease in the exercise of regulatory powers. This ultimately will lead to amore complex regulatory framework.

Finally, the third principle The concern to protect the jurisdiction ofQuebec in securities matters must be expressed in a way which ensuresthat this industry remains open to the world, both so that its members canextend their activities globally and so that Quebec investors can benefitfrom out of province competition.

Mr. Martel also identified some issues of concern

Internal harmonisation: the draft Bill governing the distribution of financialproducts and services would mean that mutual fund representatives workingin brokerage firms registered with an unrestricted practice will remainsubject to the current regulations and the self-regulatory regime of theSRO recognised under the Securities Act. If these standards are notharmonised, there will be a competitive imbalance which will be unfairfor one group or the other.

Multilateral co-operation: the other Canadian provinces are developinga joint SRO, based on an understanding between the Investment FundsInstitute of Canada (IFIC) and the Investment Dealers Association ofCanada (IDA). When this new SRO is fully recognised by all Canadiansecurities authorities, it will become an important partner of the FinancialServices Bureau in supervising representatives doing business in more thanone province, including Quebec. At the outset, there will be considerablework required in order to ensure that the two agencies can collaborateclosely and work efficiently together.

The draft bill governing the distribution of financial products and servicesis technical, specialised and complex legislation. It reflects the sameprinciple underlying the Securities Act, that the truth is to be found at theintersection of the best interests of the public who are the consumers offinancial services and products, the distributors who are the remuneratedlink between investors and financial producers, and the mutual funds,which seek financial success in managing growing assets. Ultimately,our objective must be to achieve a balance between the needs of allstakeholders and the needs of the financial system.

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Building a new regulatory organization is a complex and lengthytask. In this issue of the IDA Report, were pleased to reporton a number of critically important steps which have been takento date. Now named the Mutual Fund Dealers Association ofCanada (MFDA), a full slate of twenty one directors has beenappointed.

At the request of the Canadian Securities Administrators (CSA),the Investment Dealers Association of Canada is supervising thenew SRO, with shared governance. The underlying concept is totake advantage of the IDA s experience and expertise, to preservethe self in self-regulation, and to ensure a pivotal role for publicdirectors in representing the public interest. The appointment of aBoard of Directors, with equal representation from the IDA, IFICand the public, is thus a critically important first step.

IDA Board appointments include David Wilson ( ScotiaMcLeodInc. and Chair of the IDA), Sue Dubarno ( Midland WalwynCapital Inc.), G.T. McCaughey ( CIBC Wood Gundy Securities Inc.),Ken Shields ( Goepel McDermid Inc. and IDA Vice-Chair), FredrickH. Smith ( Matrix Financial Corporation), Wally Gabler, (NesbittBurns Inc.) and Joe Oliver, President of the IDA.

IFICs Board nominations include Dax Sukhraj (KeybaseFinancial Group and IFIC Chair), Thomas Hockin (President ofIFIC), Philip Armstrong ( Altamira Investment Services Inc. ), PaulHogan ( The Investment Center), Andrew Scipio del Campo (ScotiaDiscount Brokerage Inc.), Joan Isaacs (Independent WealthManagement) and Terry Wright (Investors Group).

Public Directors include: Hon. Catherine Callbeck, The Senate ofCanada; Prof. Ronald J. Daniels, Dean, Faculty of Law, Universityof Toronto; W.D. (Bill) Grace; Margot Northey, Dean, QueensUniversity School of Business; Janet K. Pau, Canadian Forest Prod-ucts Ltd.; Hon, Ian Sinclair; and R. J. Wright, Teck. Corp.

Five committees will be established to address some of the keyissues which are integral to developing the new SROs by-lawsand regulations. They are: a) Capital and the creation of an

Mutual Fund

Dealers

Association of

Canada

A Progress Report

MUTUAL FUND SRO

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In a recent speech to the Canadian Institute, MFDA President and CEOJoe Oliver outlined the vision and guiding principles of the neworganization.

Our regulatory goal is a level playing field for investors who should beafforded the same protection when buying the same product, irrespectiveof whom they are buying it from. Therefore, the underlying approach topolicy development is regulatory harmonization i.e. the same rules for allregistrants, except where legitimate business differences justify differentbut adequate rules.

Mr. Oliver also noted the need for sensitivity to the impact onexisting businesses and potential hardship for individuals, stating that,while transition arrangements will be considered where appropriate,ensuring investor protection must remain paramount. He concluded hisremarks with an assessment of the complexities of the huge task ahead:

There are over 50,000 mutual funds distributors working in over 300firms who will be the members of the new Mutual Fund SRO. The new

SRO must urgently address the regulatory vacuumand the potential for significant regulatory abuse.Realistically, we cant get this done overnight. I be-lieve that our timelines are realistic - up and fullyoperational within 18 monthsbut they are alsoambitious. Yet they must be ambitious. We must

move- and be seen to be moving- quickly to address critical issues ofinvestor protection. Protecting the Canadian investing public requires noless.

The new SRO musturgently address theregulatory vacuumand the potential forsignificant regulatoryabuse.

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YEAR END STATS

On March 12, 1998 the IDA released its annual performancereport for the Canadian securities industry. Here are some of thehighlights of the report which is prepared on a quarterly basis by SeniorVice President, Capital Markets, Ian C.W. Russell.

Industry net profits decline

Operating profit in the Canadian securities industry in 1997matched the previous years performance with annual profittotalling $2.1 billion. Steady performance reflected consistent trendsover the past year: buoyant market conditions, strong retailparticipation in equity markets and an active corporate under-writing and advisory calendar. Industry net profit was downmodestly in the year to total $769 million and return onshareholders equity slumped to 22% from 25%.

As operating costs rise

Total industry revenues showed strong gains last year, up 13%year-over-year, underlining a positive business climate for theindustry. Industry performance last year, however, was dictatedmore by a sharply rising cost structure than revenue gains asoperating costs rose 23%. This inability to control the cost side ofthe business was particularly evident among firms in the retailsector where costs rose nearly one third year-over-year andrevenues were stagnant. The integrated firms in the industry alsocoped with rising costs but solid revenue gains mitigated the costimpact, with operating profit rising 12% year-over-year.

Brokerage revenues, accounting for nearly one-half of totalrevenue, rose 14% last year in response to active retail participa-tion in equity markets, both individual stocks and mutual funds.Share trading in the period rose 37%, with retail clientscontributing 62% of the commission earnings. Net sales ofCanadian equity mutual funds were up 56% last year, with dealermutual fund commissions accounting for 29% of total commissionearnings.

The integrated firms also benefited from solid gains inunderwriting and corporate advisory work. These revenues rose

SecuritiesIndustryPerformance

Business and

Profitability Trends,

January - December 1997

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54 % last year to a record $1.6 billion. The institutional firms alsobenefited from last years active underwriting calendar and corporaterestructurings. These revenues rose 21% year-over-year, half thepercentage gain for the integrated firms. It is noteworthy that the foreigninstitutional firm group ( the affiliates of the global investment banks)scored large gains in the underwriting/advisory business last year.Revenues were up 61% in response to rapid growth of the high yieldbond market and the significant profile of foreign affiliates in corporatebond syndicates.

Increased underwriting/advisory earnings posted by the institutionalfirms, however, failed to translate into improved profitability. Theoperating profit of the institutional firms fell 15% last year. This poorperformance can be traced to dismal results in principal debt and equitytrading. The pronounced and sudden moves in bond yields and interestrate spreads were responsible for much lower trading revenues, down26% year-over-year. Results in the fourth quarter had a lot to do with thisperformance as trading revenues were virtually non-existent in thatquarter (even before overhead is counted). Preliminary data indicate thattrading volume in Canada bonds actually fell 3% in the fourth quarterover the preceding quarter.

Earnings will be under pressure in 1998

The earnings performance of the mid-sized firms in the securitiesindustry will continue to be under pressure this year. Revenues are likelyto be squeezed by competitive pressures within the industry, notably fromthe integrated firms and also from outside the industry, particularly forfirms competing in the retail sector. A significant and extended downturnin highly valued equity markets would deliver a major blow to revenues.If these circumstances occur during the year, these mid-sized firms willhave considerable difficulty in adjusting their cost structures in line withdeclining revenues.

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Expanding the knowledge

of investors

Investor

Education

Investor education has always been an important initiative forsecurities regulators, which is why the IDA, along with theCanadian securities commissions and other self-regulatoryorganizations such as the stock exchanges, participated in thefirst ever Investor Education Week in Canada.

Investor Education Week, which ran from March 30 to April 3, isdesigned to help expand the knowledge of investors and theindustry. The campaign was undertaken by the Council ofSecurities Regulators of the Americas (COSRA), whosemembership includes securities regulators from 26 nations acrossNorth, Central and South America, and the Caribbean.

Investor Education Week included an Electronic Town Hallmeeting which created the opportunity for interaction with theinvesting public via a broadcast satellite. Over 800 peopleparticipated from sites in Toronto, Ottawa, London and Sault Ste.Marie. Panellists included Jack Geller, Vice-Chairman, OSC;Roberta Wilton, President, CSI and the ILC; Thomas Hockin,President, IFIC; and Joe Oliver, President and CEO, IDA, andPresident & CEO of the new Mutual Fund Dealers Association(MFDA).

Many of the questions focused on what investors can do toincrease their knowledge of the investment industry and what thesteps are to finding an appropriate Investment Advisor orFinancial Planner. Mr. Oliver also answered a number ofquestions regarding the new Mutual Fund SRO. (for moreinformation on the MFDA, see pages 7-8)

INVESTOR EDUCATION

Later this month the Investor Learning Centre of Canada, as partof its ongoing commitment to investor education, will open a brand-new resource centre in downtown Toronto. Its going to be a one-stop centre where the public can find the very bestinformation about investing.

The ILCs new street front centre, (located at 121 King St. West atthe corner of King and York streets), will feature live news, stockinformation, mutual fund data, investment books and magazines,newspapers, CD ROMs, Internet terminals and much more. Itwill offer free walk-in and phone-in assistance to investorswanting to know more about the Canadian securities markets.

Scheduled for a grand opening on Monday, April 20, the newResource Centre is absolutely free. The ILC is also planning onopening satellite resource centres in Calgary, Montreal andVancouver over the next two to four years.

ILCs new resource centre

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Recognizing Excellence in

the Investment Industry

DISTINCTION PROGRAM

Distinction 98 The IDAs 1998 Distinction Program is well under way, and theexcitement is just beginning. This year marks the eighthanniversary of the program, which recognizes outstandinginvestment advisors (IAs) who exemplify the highest standards ofdedication and professionalism in the Canadian securitiesindustry.

A district winner is chosen from each of our seven districts, whichincludes British Columbia, Alberta, Saskatchewan, Manitoba,Ontario, Québec and the Atlantic district (New Brunswick, NovaScotia, Newfoundland and PEI). The seven district winners,chosen by regional juries composed of notable industry and non-industry judges, go on to represent their districts at theNational level, which is held every year at the IDAs AnnualConference. Our confirmed national jurors include Jean Martel,Chair of the Québec Securities Commission and Dina Palozzi,Superintendent and CEO, Financial Services Commission.

At the time of printing, all of our districts have selected theirsemi-finalists, and some, as you will notice below, have selectedthe district winner.

Congratulations to the 1998 district semi-finalists:

British Columbia:Ruby Diamond, Lévesque Securities, VictoriaMark Osachoff, ScotiaMcLeod, VancouverPhilip Lowe, Nesbitt Burns, VictoriaSusan Knowler, RBC Dominion Securities, Victoria (District Winner)Michael OBrien, Midland Walwyn, Victoria

Alberta:Angus Watt, Lévesque Securities, EdmontonKen Bateman, Midland Walwyn, LethbridgeDavid Salloum, RBC Dominion Securities, Edmonton (District Winner)Orlene Lacey, Midland Walwyn, EdmontonGillian Clarke, Lévesque Securities, CalgaryHeather Compton, Lévesque Securities, Calgary

Saskatchewan:Carl Ekdahl, Midland Walwyn, ReginaCheryl Dougan, ScotiaMcLeod, Saskatoon (District Winner)Barry Wotowich, RBC Dominion Securities, Saskatoon

Manitoba:Leigh Cunningham, RBC Dominion Securities, WinnipegJoanne Lee, Midland Walwyn, WinnipegColin Ryan, Nesbitt Burns, Winnipeg

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Ontario:Malcolm Anthony, RBC Dominion Securities, TorontoCarol Ivey, RBC Dominion Securities, OrilliaCraig Jarvis, ScotiaMcLeod, Toronto (District Winner)Robert Nesbitt, RBC Dominion Securities, OttawaJeff Wagman, Taurus Capital, Toronto

Québec:Adena Franz, RBC Dominion Securities, MontréalCaroline Gauthier, ScotiaMcLeod, MontréalChristian Lamarre, Lévesque Beaubien Geoffrion, LavalDenise Péloquin, ScotiaMcLeod, Montréal

Atlantic:David Carmody, Midland Walwyn, Charlottetown, PEINancy Ross, CIBC Wood Gundy, Fredericton, NBBruce Templeton, RBC Dominion Securities, St. Johns, NFLD (District Winner)

Candidates are evaluated on superior client service; thorough knowledgeof industry rules, products and services; and a solid record of educationalachievements and community involvement.

Since the programs inception in 1991, the IDA has developed a verydistinguished list of Distinction winners, all of whom are examples ofoutstanding IAs who place the best interests of their clients andcommunities first. They are:

If you have an IA within your firm whom you think would be an idealcandidate for next years Distinction Program, talk to your BranchManager or National Sales Manager. They will be receiving registrationkits from the IDA in early fall. For further information, please call IDAPublic Affairs at (416) 943-6921.

1991 - Jay Smith, CIBC Wood Gundy, Toronto, Ontario1992 -William Small, ScotiaMcLeod, St. Johns, Newfoundland1993 - Jacques Maurice, ScotiaMcLeod, Montréal, Québec1994 -E. Alan McLaughlin, RBC Dominion Securities,

Winnipeg,Manitoba1995 -Brian Neale, RBC Dominion Securities,

Ottawa, Ontario1996 -Pamela Bendall, Nesbitt Burns, White Rock,

British Columbia1997 -Nancy Cobban, RBC Dominion Securities,

Toronto, Ontario

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Mont -

Tremblant

IDA ANNUAL CONFERENCE

Summer is fast approaching -- that means its time to registerfor the IDAs 82nd Annual Meeting and Conference in Mont-Tremblant, Québec. From June 28 - 30, IDA members and guestswill enjoy an outstanding line-up of speakers, panel discussionsand presentations, plus the opportunity to see old colleagues andfriends and make some new acquaintances. All this at one of NorthAmericas premier resort areas.

Conference highlights include:

Opening Address: Bernard Landry, Deputy Premier of Québec,Minister of State for the Economy, Minister of Finance,Minister of Industry, Commerce, Science and Technology, andMinister of Revenue. M. Landry also chairs the CabinetCommittee on Employment and Economic Development.

Keynote Speaker: Jean Monty, President and Chief OperatingOfficer of BCE Inc. Headquartered in Montréal, Québec, BCE isCanadas leading global telecommunications company. Mr. Montyhas also served as Vice-Chairman and CEO of Northern TelecomLtd. and as President and CEO of Bell Canada.

Keynote Dinner Speaker: Michael Bloomberg, Chairman andChief Executive Officer of Bloomberg Financial Markets. Mr.Bloomberg has revolutionized financial communications, buildinga global, multimedia-based empire that provides real-timefinancial information through over 90,000 proprietary terminalsto over 150,000 people in more than 60 countries.

The Fast Changing Tide: Ian C.W. Russell, Senior Vice-President, Capital Markets : an informative assessment ofcurrent and future industry performance.

Presentations and panel discussions you wont want to miss: Year 2000 and the Canadian Securities Industry -- A Progress

Report Continuing Education: A Made-in-Canada Model The Presentation of the 1998 Distinction Award

82nd Annual Meetingand Conference

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Mont-Tremblant offers a variety of social and recreational activities forconference guests to enjoy, including:

Golf - tee-off times have been booked, and a great game of golf awaits youat Le Géant, a world-class course with 18 holes at the foot of the Laurentianmountains.

Tennis - there are 13 Har-Tru tennis courts in Mont-Tremblant, wherelessons and equipment rentals are also available. Why not take a lessonand improve your backhand?

Water Activities - equipment rentals and lessons are available forcanoeing, swimming, fishing, pedal boats, water skiing, step jet,windsurfing, sailing (laser and catamaran) and surf bikes.

Race Car and Performance Racing - Move over Jacques! Here is theprogram to help you master your racing skills on the famous Circuit MontTremblant.

Boat Tours and Dinner Cruises - experience the beauty of picturesque LacTremblant.

Plus - mountain bike and tour bike rentals, in-line skating, white waterrafting, horseback riding, hiking and backpacking, rock climbing and 4x4s.

The 82nd

Annual Meeting and Conference will be an event that cant bemissed. If you would like a registration package, please call: DebbieNicholls @ (416) 943-6999.

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The Investment Dealers Association of Canada is the nationalself-regulatory organization and trade association of the securitiesindustry. The Associations role is to foster efficient capital markets byencouraging participation in the savings and investment process, and byensuring the integrity of the marketplace.

TORONTO Suite 1600, 121 King Street West, Toronto, Ontario M5H 3T9Tel: (416) 364-6133 Fax: (416) 364-0753

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CALGARY Suite 2330, 355 Fourth Avenue S.W., Calgary, Alberta T2P 0J1Tel: (403) 262-6393 Fax: (403) 265-4603

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Printed on recycled paper

Ce rapport est disponible en français sur demande.

The IDA Report is published four times a yearby the Investment Dealers Association ofCanada, Public Affairs Dept. For furtherinformation please call (416) 943-6921 ore-mail: sburrows@ida.ca