February 2012

Securities Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Tel: (306)787-5645

Fax: (306)787-5899

Email: fcaa@gov.sk.ca

February 2012

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CSA and IIROC Seek Input on Trade Transparency

March 2, 2012 – The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) announced today that they are seeking feedback from investors and market participants on appropriate disclosure and transparency measures related to short sales and failed trades in Canada.

A joint CSA and IIROC Working Group has been monitoring and reviewing international regulatory approaches to issues arising from short selling and failed trades. The Working Group is seeking feedback on a range of regulatory options aimed at strengthening Canada's regulatory regime, including enhanced disclosure of short sales and some public disclosure of failed trades.

“Effective disclosure and transparency practices are fundamental to maintaining fair and efficient capital markets,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “A key consideration in our consultation will be striking the appropriate balance between enhancing trade transparency and maintaining a cost-efficient structure that encourages greater market participation.”

“This consultation effort complements a series of measures IIROC has pursued to improve the regulatory framework for short sales in Canada and to strengthen the integrity of the Canadian marketplace,” said Susan Wolburgh Jenah, IIROC’s President and Chief Executive Officer.

A copy of the joint CSA/IIROC Notice is available on the websites of CSA members and on IIROC’s website, where IIROC has today posted other Notices related to short sales as well. The consultation period is open until May 31, 2012.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

For more information, please contact:

Jennifer Anderson
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 798-4160
Fax: (306) 787-9006
Email: jennifer.anderson2@gov.sk.ca

Securities − CSA Staff Notice 41-307 Corporate Finance Prospectus Guidance

March 2, 2012 − The Canadian Securities Administrators (CSA) today released Staff Notice 41-307 Corporate Finance Prospectus Guidance. The purpose of this staff notice is to alert issuers (other than investment fund issuers) and their advisors about our approach where there are concerns regarding the financial condition of an issuer and/or the sufficiency of proceeds in the context of a prospectus offering. In limited circumstances, these concerns may affect our ability to recommend that a receipt be issued for a prospectus. This staff notice applies to all prospectus reviews, regardless of whether the offering is an IPO, new issue or secondary offering.

This notice describes issues that have arisen in past prospectus reviews and explain the types of comments we have raised about an issuer’s financial condition and/or the sufficiency of proceeds.

This guidance applies to issuers that have short-term liquidity concerns and/or offerings that do not appear to be raising sufficient proceeds. We recognize the importance of capital formation in Canada, and this guidance is not intended to inhibit capital raising through a prospectus offering other than where there are significant investor protection concerns.

CSA Staff Notice 41-307

For more information, contact:

Ian McIntosh
Saskatchewan Financial Services Commission
Phone: (306) 787-5867

Securities − Notice of Application to Extend a Temporary Order to UFX Bank, Mike Lane and Amy Walsh

February 28, 2012 − The Saskatchewan Financial Services Commission (the Commission) will hear an application filed by Staff of the Commission via teleconference on Thursday March 8, 2012 at 1:30 pm.

Notice of Application to Extend a Temporary Order - February 28, 2012

For more information, contact:

Ola Ben-Ajayi
Saskatchewan Financial Services Commission
Phone: (306) 798-3381
Email: ola.ben-ajayi@gov.sk.ca

Cease Trade Order Issued Against UFX Bank, Mike Lane and Amy Walsh

February 23, 2012 – Saskatchewan Financial Services Commission (SFSC) issued a Cease Trade Order on February 22, 2012, against UFX Bank, Mike Lane and Amy Walsh.

SFSC has information that UFX Bank and the individuals named, through their website www.ufxbank.com, have defrauded a Saskatchewan resident of approximately $27,000. UFX Bank appears to be UK-based, but authorities in Belgium and Cyprus have also issued similar sanctions.

“Individuals should exercise extreme caution when dealing with off-shore companies online,” said Ed Rodonets, Deputy Director of Enforcement for the Securities Division.

The order directs UFX Bank, Mike Lane and Amy Walsh to cease trading, acquiring and advising in securities and exchange contracts and removes their ability to use any exemptions in Saskatchewan.

Anyone contacted by any representative of UFX Bank should contact SFSC’s Securities Division at (306) 787-5645.

About the SFSC and SFSC Securities Division

Saskatchewan Financial Services Commission (SFSC) protects consumer and public interests and supports economic well-being through responsive marketplace regulation. We protect Saskatchewan consumers by regulating financial products and service providers in an effective, efficient and balanced manner.

The SFSC’s Securities Division protects investors by regulating the selling of securities in Saskatchewan. Securities are forms of investment such as stocks, bonds and units in mutual funds

For more information on the SFSC and their regulatory responsibilities, please visit www.sfsc.gov.sk.ca.

Cease Trade Order - February 23, 2012

For more information, contact:

Jennifer Anderson
Saskatchewan Financial Services Commission
Phone: (306) 798-4160
Email: jennifer.anderson2@gov.sk.ca

Canadian Securities Regulators’ 2011 Enforcement Report Highlights Proactive Measures to Protect Investors

February 22, 2012 – The Canadian Securities Administrators (CSA) today released its 2011 Enforcement Report that outlines how Canadian securities regulators are actively working to protect investors and prevent abusive conduct in the marketplace. Key highlights of the report include proactive measures taken by CSA members, such as using protective orders and communicating with investors, to prevent harm.

“CSA members work to deter wrongdoing and to protect investors through both enforcement efforts and investor education,” said Bill Rice, CSA Chair and CEO and Chair of the Alberta Securities Commission. “This report focuses on the actions our enforcement teams take to respond to violations ranging from illegal insider trading to market manipulation.”

This year’s report demonstrates that enforcement action against wrongdoing in Canada’s capital markets is a top priority for Canadian securities regulators. CSA members concluded a total of 124 cases in 2011, involving 237 individuals and 128 companies. Of these cases, 24 were concluded in court proceedings, which resulted in jail sentences against eight individuals.

The CSA’s 2011 Enforcement Report is available for the first time in HTML format in which readers can navigate to specific sections of the report quickly and easily. The report comes out in advance of Fraud Prevention Month in March, which highlights tools and resources Canadians can use to recognize and avoid investment fraud, and lets them know they can turn to securities regulators for help. Among the new tools is the CSA’s new Twitter account, to be used to share information about the CSA and its programs, beginning with key sections of the enforcement report. People interested in investor protection or education news and programs are encouraged to follow the CSA on Twitter (@CSA_News).

Key highlights of the 2011 Enforcement Report:

66 of the concluded cases involved illegal distributions, which represented the largest category of concluded cases.
124 concluded cases involved a total of 237 individual and 128 companies that resulted in:
- Fines and administrative penalties of more than $52 million
- Nearly $50 million in restitution, compensation and disgorgement
- Jail sentences against eight individuals
63 interim orders restricting trading and/or freezing the assets against 109 individuals and 108 companies.
126 matters commenced against a total of 231 individuals and 121 companies.
47 of the 124 concluded cases were concluded by a contested hearing before a tribunal.
31 appealed cases, an increasing number.

The 2011 Enforcement Report is now available at http://er-ral.csa-acvm.ca/ and accessible from the CSA website www.securities-administrators.ca and from the websites of various CSA members.

The CSA, the council of securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

CSA 2011 Enforcement Report

For more information, please contact:

Securities – Cease Trade Order in the Matter of 2020 IT Solutions Corp.

February 16, 2012 - The Saskatchewan Financial Services Commission issued a cease trade order in the Matter of 2020 IT Solutions Corp.

Cease Trade Order - February 16, 2012

For more information, please contact:

Ian McIntosh, Deputy Director, Corporate Finance
Securities Division
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-5867
Fax: (306) 787-5899
Email: ian.mcintosh@gov.sk.ca

Securities - Revised CSA Staff Notice 52-306 Non-GAAP Financial Measures and Additional GAAP Measures

February 16, 2012 - This Canadian Securities Administrators Staff Notice provides guidance to an issuer that discloses non-GAAP financial measures or additional GAAP measures, as those terms are described in this notice. The notice applies both to an issuer that uses IFRS as well as an issure that uses accounting principles other than IFRS.

CSA Staff Notice 52-306 (Revised)

For more information, please contact:

Securities - Cease Trade Order in the Matter of Big Sky Finishers (No. 1) Inc.

February 14, 2012 - The Saskatchewan Financial Services Commission issued a cease trade order in the Matter of Big Sky Finishers (No. 1) Inc.

Cease Trade Order - February 14, 2012

For more information, please contact:

Securities - CSA Consultation Paper 91-404 - Derivatives: Segregation and Portability in OTC Derivatives Clearing

February 10, 2012 – The Canadian Securities Administrators (CSA) today published for comment Consultation Paper 91-404 - Derivatives: Segregation and Portability in OTC Derivatives Clearing. The Consultation Paper sets out the CSA Derivatives Committee’s proposals related to the segregation and portability of customer positions and related collateral in cleared over-the-counter (OTC) derivatives transactions.

Specifically, the paper addresses the segregation of assets put forward as collateral for OTC derivatives transactions cleared through a central counterparty (CCP), by customers that access the CCP indirectly through clearing members. As Canadian and international regulators move forward with their G20 commitments that mandate the clearing of standardized OTC derivatives, the effective operation of CCPs becomes essential to enhancing market stability and strengthening market participant protection.

“The CSA is committed to establishing a comprehensive framework for the regulation of OTC derivatives that serves the needs of market participants and is consistent with Canada’s international commitments,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The CSA Derivatives Committee has developed proposals for segregation and portability arrangements that aim to protect customer positions and related collateral in the event of a clearing member insolvency.”

Market participants are invited to submit their comments until April 10, 2012. All responses received will be published on the Autorité des marchés financiers (www.lautorite.qc.ca) and the Ontario Securities Commission (www.osc.gov.on.ca) websites.

Copies of the Consultation Paper are available on the following websites: Alberta Securities Commission, Autorité des marchés financiers, British Columbia Securities Commission, Manitoba Securities Commission, New Brunswick Securities Commission, Nova Scotia Securities Commission, Ontario Securities Commission and Saskatchewan Financial Services Commission.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

CSA Consultation Paper 91-404

For more information, please contact:

Securities - Canadian Securities Regulators Proposed Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers

February 10, 2012 -The Canadian Securities Administrators proposed Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers is being published for a 60-day comment period. Comment Period ends April 10, 2012.

For more information, please contact:

Dean Murrison, Deputy Director, Legal and Registration
Securities Division
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-5879
Fax: (306) 787-5899
Email: dean.murrison@gov.sk.ca

Securities - Canadian Securities Regulators Modernize Rules Concerning Mutual Funds

February 9, 2012 – The Canadian Securities Administrators (CSA) announced today the completion of the first phase of its “Modernization Project”, which seeks to update the product regulation of publicly offered investment funds.

The purpose of the Project is to modernize investment fund regulation, making it more effective and relevant in today’s more diverse and increasingly innovative retail marketplace.

Specifically, the amendments introduced in the first phase recognize the proliferation of Exchange Traded Funds (ETFs) and streamline their access to the market by eliminating the need for them to apply for regulatory exemptions. This will reduce regulatory costs, which is also expected to benefit investors. The amendments are also designed to enhance the resilience of money market funds to certain short-term market risks, by introducing new liquidity requirements and term restrictions.

“By modernizing these important investment fund rules, we are responding to the rapidly evolving investment fund landscape, as well as maintaining consistency with global standards,” said Bill Rice, Chair of the CSA, and Chair and Chief Executive Officer of the Alberta Securities Commission.

Subject to ministerial approval, the amendments will come into force April 30, 2012. The new requirements for money market funds will come into force following a transition period.

To view the amended rules, please refer to the CSA Notice on National Instrument 81-102 Mutual Funds, which is available on the websites of various 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.

For more information, please contact:

Securities - The Securities Commission (Adoption of National Instruments) Amendment Regulations, 2012 come into force

The Securities Commission (Adoption of National Instruments) Amendment Regulations, 2012 came into force on February 6, 2012. The regulations amend Form 51-102F6 Statement of Executive Compensation.

Commission Regulation 2012 No. 1

For more information contact:

Barbara Shourounis, Director
Securities Division
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-5842
Fax: (306) 787-5899
Email: barbara.shourounis@gov.sk.ca

Securities Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Tel: (306)787-5645

Fax: (306)787-5899

Email: fcaa@gov.sk.ca