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CMA Submission in Response to Finance Canada's 2006 Review of Financial Sector Legislation:

May 26, 2005

Mr. Gerry Salembier
Director, Financial Institutions Division
Financial Sector Policy Branch
Department of Finance
L'Esplanade Laurier
20th floor, East Tower
140 O'Connor St.
Ottawa, ON K1A OG5

Dear Mr. Salembier:

CMA Canada has reviewed the Draft Submission to the Department of Finance on "An Effective and Efficient Legislative Framework for the Canadian Financial Services Sector" dated April 28, 2005.

We have had an opportunity to provide input into this document and fully support the document as presented.� It is important to change the legislation to ensure that Canada's processes keep pace with global innovation.

In addition, Canadians can only benefit from a modernization of the cheque clearing process that will make Canada's financial systems more efficient and resilient and allow new services to be made available to clients of Canadian financial institutions.

Yours sincerely,

Steve F. Vieweg, MBA, CMA, FCMA
President and CEO

cc. Guy Legault, President and CEO
Canadian Payments Association