For Immediate Release
January 8, 2009

Canadian Securities Regulators Emphasize Disclosure Obligations for Current Market Conditions

Toronto – The Canadian Securities Administrators (CSA) published today CSA Staff Notice 51-328 to assist reporting issuers in preparing their financial statements and Management’s Discussion and Analysis (MD&A) in the current market environment.

The notice highlights some specific areas for which clear disclosure will be important to help investors understand the risks and circumstances facing issuers. It outlines areas for consideration, including financial instruments, going concern, impairment of goodwill and long-lived assets, and discusses additional considerations for junior resource companies.

The current economic uncertainty and financial market volatility make it especially important for an issuer to clearly disclose the present and anticipated impacts of market conditions on its operations, financial condition, liquidity and future prospects.

Receiving information necessary to understand an issuer’s current and prospective financial position and its operating results is critical for investors. Therefore, MD&A disclosure should be sufficiently detailed and avoid boilerplate statements. The areas discussed in the notice are not new requirements and should not be considered an exhaustive list. Rather, they are intended to provide guidance to issuers.

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
Ainsley Cunningham
Manitoba Securities Commission
204-945-4733
Sylvain Théberge
Autorité des marchés financiers
514-940-2176
Wendy Connors-Beckett
New Brunswick Securities Commission
506 643-7745
Ken Gracey
British Columbia Securities Commission
604-899-6577
Natalie MacLellan
Nova Scotia Securities Commission
902-424-8586
Mark Dickey
Alberta Securities Commission
403-297-4481
Barbara Shourounis
Saskatchewan Financial Services Commission
306-787-5842
Marc Gallant
Office of the Attorney General
Prince Edward Island
902-368-4552
Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
709-729-2594
Fred Pretorius
Yukon Securities Registry
867-667-5225
Louis Arki
Nunavut Securities Office
867-975-6587
Donn MacDougall
Northwest Territories
Securities Office
867-920-8984