July 17, 2009 CSA Securities

Vancouver – The Canadian Securities Administrators (CSA) today published the final version of a new streamlined process for dealer and adviser registration in multiple jurisdictions, making the passport system available to registrants.

All CSA jurisdictions (except Ontario) have approved the rule and policy amendments. CSA members in all provinces and territories (including Ontario) have approved a new policy containing procedures for registration in multiple jurisdictions. It includes an interface system for firms and individuals in passport jurisdictions to register in Ontario.

“With the extension of passport to dealers and advisers, the passport system will be fully implemented,” said CSA Chair Jean St-Gelais. “This final phase of passport will give market participants faster and simpler access to the Canadian capital markets and will benefit investors in all provinces and territories.”

Amending Multilateral Instrument 11-102 Passport System to extend passport to the dealer and adviser community is the last step in fulfilling a major commitment in the memorandum of understanding regarding securities regulation among the governments of passport jurisdictions. Ontario is not a passport jurisdiction.

The new policy, National Policy 11-204 Process for Registration in Multiple Jurisdictions, will replace and streamline the current National Registration System and establish the process for obtaining registration in multiple jurisdictions, including Ontario.

The foundation for passport is a set of harmonized regulatory requirements consistently interpreted and applied throughout Canada. The amendments to the passport instrument and the new national policy will be implemented concurrently with National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), which harmonizes and simplifies the registration regime in Canada. The CSA published NI 31-103 and the related instruments and amendments today. We expect to implement NI 31-103 and the related instruments on September 28, 2009.

The amendments, new policy, and related documents are available on various 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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