March 8, 2002
For Immediate Release

Canadian Securities Administrators Announce Uniform Securities Legislation Project

Calgary - The Canadian Securities Administrators (the CSA ) have made a strong commitment to eliminating the differences in provincial and territorial securities law by embarking on a project to develop uniform securities legislation.

This initiative, which the CSA call the USL Project, is part of a broader proposed strategy of regulatory reform that aims to reduce the burden of regulation on market participants and make regulation more effective. The CSA recognize that much of the regulatory burden is due to each of Canada's provinces and territories having different securities legislation. The objective of the project is to eliminate these differences by developing a uniform act and rules within two years for adoption across Canada.

The members of the Steering Committee overseeing the project are:

Stephen Sibold - Chair of the Steering Committee and Chair of the Alberta Securities Commission
Doug Hyndman - Chair of the British Columbia Securities Commission Chair
Don Murray - Chair of the Manitoba Securities Commission
Paul Moore - Vice-Chair of the Ontario Securities Commission
Claire Richer - Commissioner, Qubec Securities Commission
Les O'Brien - Vice-Chair of the Nova Scotia Securities Commission

The USL Project is an exciting opportunity to make a momentous improvement to Canada's regulatory system, said Stephen Sibold, Chair of the Steering Committee and the ASC. Uniform securities legislation will encourage participation in Canada's markets.

CSA members have also published a notice that describes the Project in more detail and invites comment. The notice can be found on several commission websites.

The CSA is the umbrella organization representing the 13 provincial and territorial securities commissions.

For further information:

Joni Delaurier
Alberta Securities Commission
(403) 297-4481
www.albertasecurities.com

Mike Bernard
British Columbia Securities Commission
(604) 899-6524
www.bcsc.bc.ca

Frank Switzer
Ontario Securities Commission
(416) 593-8120
www.osc.gov.on.ca

Denis Dub
Commission des valeurs mobilires du Qu├ębec
(514) 942-5494
www.cvmq.com