News Release

Vancouver – The British Columbia Securities Commission (BCSC) and the Alberta Securities Commission (ASC) have jointly released respective oversight reviews of the TSX Venture Exchange Inc.'s (TSX-V) performance in fulfilling its regulatory functions as a stock exchange.

Pursuant to their agreed functional oversight responsibilities, the BCSC completed a review of the TSX-V’s compliance, trading operations, trade policy development and trading systems and the ASC reviewed corporate finance policies and the TSX-V’s corporate governance and risk management processes.

In the areas that the BCSC reviewed, the TSX-V met the appropriate standards for market operation in all material respects.  The BCSC recommended improvements to its direct market access review and approval process, as well as its trading rule monitoring and enforcement procedures.

In the areas that the ASC reviewed, the TSX-V met the appropriate standards for market operation in all material respects. The ASC recommended improvements to the documentation of processes for corporate finance waivers and the introduction of additional quality assurance processes for filing and listing applications.

The ASC and BCSC will work with the TSX-V to ensure processes are amended to address the issues raised as part of the review.

The BCSC and ASC are the lead regulators for the TSX-V, which has headquarters in Calgary, and local offices in Vancouver, Toronto and Montreal.

A copy of each commission’s review is available at www.bcsc.bc.ca or www.albertasecurities.com.

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province.

The ASC is the regulatory agency responsible for administering Alberta’s securities laws.

For more information:

Ken Gracey      
British Columbia Securities Commission  
604-899-6577      

Mark Dickey
Alberta Securities Commission
403-297-4481