December 21, 2006 CSA Securities

Calgary - The Canadian Securities Administrators (CSA) is seeking comments on proposed National Instrument 41-101 General Prospectus Requirements. In an effort to harmonize prospectus requirements across Canada, the proposed rule is aimed at providing market participants, including certain types of investments funds, with a seamless and transparent set of general prospectus requirements.

“The major achievement of this proposal is the consolidation of related prospectus rules and policies into one instrument,” said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). “The harmonization and streamlining of the various jurisdictional requirements under the proposed rule will make it easier for issuers to distribute securities in Canada’s financial markets.”

Currently, all CSA jurisdictions have similar, but not identical prospectus requirements. Market participants looking to distribute securities in various provinces and territories across Canada have to consider the requirements of each jurisdiction. Consolidating the local requirements into one set of rules for all markets across Canada will reduce transaction costs for issuers that offer securities in multiple markets while maintaining stringent disclosure standards and protecting the rights of investors.

The comment period is open to March 31, 2007. The proposed rule and companion documents are available on several CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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