Toronto - The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) announced today that they are seeking feedback from investors and market participants on appropriate disclosure and transparency measures related to short sales and failed trades in Canada.

A joint CSA and IIROC Working Group has been monitoring and reviewing international regulatory approaches to issues arising from short selling and failed trades. The Working Group is seeking feedback on a range of regulatory options aimed at strengthening Canada's regulatory regime, including enhanced disclosure of short sales and some public disclosure of failed trades.

"Effective disclosure and transparency practices are fundamental to maintaining fair and efficient capital markets," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "A key consideration in our consultation will be striking the appropriate balance between enhancing trade transparency and maintaining a cost-efficient structure that encourages greater market participation."

"This consultation effort complements a series of measures IIROC has pursued to improve the regulatory framework for short sales in Canada and to strengthen the integrity of the Canadian arketplace," said Susan Wolburgh Jenah, IIROC's President and Chief Executive Officer.

A copy of the joint CSA/IIROC Notice is available on the websites of CSA members and on IIROC's website, where IIROC has today posted other Notices related to short sales as well. The onsultation period is open until May 31, 2012.

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

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.
 

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 For more information:

Carolyn Shaw-Rimmington
Commission des valeurs mobilières de l'Ontario
416-593-2361

Mark Dickey
Alberta Securities Commission
403-297-4481

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Ainsley Cunningham
Commission des valeurs mobilières du Manitoba
204-945-4733

Wendy Connors-Beckett
Commission des valeurs mobilières du Nouveau-Brunswick
506-643-7745

Shirley Lee
Nova Scotia Securities Commission
902-424-5441

Jennifer Anderson
Saskatchewan Financial Services Commission
306-798-4160

Janice Callbeck
Securities Office
Office of the Attorney General
Île-du-Prince-Édouard
902-368-6288

Doug Connolly
Financial Services Regulation Div
Terre-Neuve-et-Labrador
709-729-2594

Helena Hrubesova
Registraire des valeurs mobilières
Yukon
867-667-5466

Louis Arki
Bureau des valeurs mobilières
Nunavut
867-975-6587

Donn MacDougall
Bureau des valeurs mobilières
Territoires du Nord-Ouest
867-920-8984

Lucy Becker
IIROC
416-943-5870