For Immediate Release
March 13, 2008

Canadian Regulators Adopt Harmonized Prospectus Rule

Calgary - The Canadian Securities Administrators (CSA) announced today that National Instrument 41-101 General Prospectus Requirements (NI 41-101) and related amendments will come into force on March 17, 2008.

NI 41-101 creates a comprehensive and transparent set of national prospectus requirements for all issuers including certain investment funds.

“NI 41-101 will make it easier for issuers to distribute securities across Canada by establishing one standard set of national prospectus rules,” said Jean St-Gelais, Chair of the CSA and President and Chief Executive Officer of the Autorité des marchés financiers (Québec). “The new rule will maintain a high level of disclosure to investors while reducing costs for issuers wishing to offer securities in more than one jurisdiction.”

The new rule is based on three general principles:

  • Harmonization and consolidation of the general prospectus requirements among Canadian jurisdictions.
  • Harmonization of the general prospectus requirements with the continuous disclosure and short form prospectus disclosure regimes.
  • Amendments to the principles underlying the general prospectus requirements identified as a result of regulatory reviews, applications for exemptive relief, or public comment and consultation.

NI 41-101 is coming into force at the same time as Multilateral Instrument 11-102 Passport System and new national policies that streamline Canadian regulatory processes for prospectuses and exemptive relief applications.

NI 41-101 and related amendments 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.

For more information:

Laurie Gillett
Ontario Securities Commission
416-595-8913
Barbara Shourounis
Saskatchewan Financial Services Commission
306-787-5842
Frédéric Alberro
Autorité des marchés financiers
514-940-2176
Andrew Poon
British Columbia Securities Commission
604-899-6880
Nicholas A. Pittas
Nova Scotia Securities Commission
902-424-6859
Mark Dickey
Alberta Securities Commission
403-297-4481

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733

Jane Gillies
New Brunswick Securities Commission
506-643-7745

Mark Gallant
Department of Attorney General
Prince Edward Island
902-368-4552
Doug Connolly
Financial Services Regulation Division Newfoundland and Labrador
709-729-2594
Louis Arki
Nunavut Securities Registry
867-975-6587
Donald MacDougall
Securities Registry
Northwest Territories
867-920-8984
Fred Pretorius
Yukon Securities Registry
867-667-5225