News Release

Montreal – The Canadian Securities Administrators (CSA) announced today that they have updated the regulatory framework for firms and individuals who deal in securities, provide investment advice or manage investment funds.

The revised framework updates the CSA’s 2009 registration reform initiative, which introduced a series of National Registration Rules designed to modernize the existing registration rules into a  harmonized regime for the CSA and Self Regulatory Organizations (SROs).

The proposed amendments are the result of the CSA’s monitoring of the implementation of the National Registration Rules and public consultations. The revised rules codify current exemption orders and FAQs, provide new filing timelines, refine certain exemptions, and provide extended transition periods in respect of certain requirements. New guidance and clarifications have been added in order to give better effect to the original intent of the CSA and to reflect changeover to International Financial Reporting Standards (IFRS).

“These amendments are the result of our continuing dialogue with stakeholders about questions and concerns that have arisen in respect of their practical experience working with the National Registration Rules” said Bill Rice, Chair of the CSA, and Chair and Chief Executive Officer of the Alberta Securities Commission. “We believe that these amendments will strengthen investor protection and improve the day-to-day operation of the Instrument for both industry and regulators”

In some jurisdictions, ministerial approvals are required for these changes. Subject to obtaining all necessary approvals, the amended registration regime will come into force in all jurisdictions on July 11, 2011.

The revised National Registration Rules and related amendments are available on the websites of CSA members.

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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