June 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

June 2012

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Securities – Telefonos de Mexico, S.A.B. de C.V. Decision pursuant to section 92 of The Securities Act, 1988

June 27, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that Telefonos de Mexico, S.A.B. de C.V. is no longer a reporting issuer.

Decision - June 27, 2012

Securities – NAL Energy Corporation Decision pursuant to section 92 of The Securities Act, 1988

June 25, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that NAL Energy Corporation is no longer a reporting issuer.

Decision - June 25, 2012

Securities – CSA Staff Notice 11-317 Withdrawal of Notices

June 21, 2012 - CSA Staff Notice 11-317 Withdrawal of Notices. This notice formally withdraws a number of CSA and local notices. In general, the withdrawn material will remain available for historical research purposes in the CSA members’ websites that permit comprehensive access to CSA notices.

CSA Staff Notice 11-317

For more information contact:

Dean Murrison, 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: dean.murrison@gov.sk.ca

Securities – Canadian Securities Regulators Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms

June 21, 2012 - The Canadian Securities Administrators (CSA) today published for comment CSA Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms. The purpose of this consultation paper is to address specific concerns about the services provided by proxy advisory firms and their potential impact on Canadian capital markets, and to determine if, and how, these concerns should be addressed by Canadian securities regulators.

The CSA is seeking feedback on the following concerns that market participants, primary issuers and their advisors raised about proxy advisory firms:

potential conflicts of interest;
potential perceived lack of transparency;
potential inaccuracies and limited engagement with issuers;
potential corporate governance implications; and
the extent of reliance by institutional investors on the recommendations provided by proxy advisory firms.

“This consultation is aimed at providing the CSA with more information from market participants to assist us in our analysis into the need for potential regulation of proxy advisory firms,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The feedback will help us determine the validity of the concerns raised, consider their impact on the integrity of Canadian capital markets, and assess whether there is a need for a securities regulatory response.”

The CSA also seeks comments on a range of possible securities regulatory responses and frameworks, if it is determined that a securities regulatory response is warranted.

The CSA Consultation Paper 25-401 is available on CSA members’ websites. The comment period is open until August 20, 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.

Consultation Paper 25-401

For more information contact:

Securities – Canadian Securities Regulators Propose Disclosure Enhancements to Fund Facts

June 21, 2012 - The Canadian Securities Administrators (CSA) today published for a second comment period proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, which were originally published in August 2011 (2011 Proposal).

In the 2011 Proposal, the CSA set out Stage 2 of the implementation of the point of sale framework for mutual funds, which proposed amendments to allow delivery of the Fund Facts document to satisfy prospectus delivery requirements. The Fund Facts document is central to the point of sale initiative. It is in plain language, no more than two pages double-sided and highlights key information about a mutual fund that is important to investors.

Based on investor and stakeholder feedback on the 2011 Proposal, the CSA are now proposing changes to the content of the Fund Facts document, in particular, the presentation of risk in the document. Some of the more notable changes to the Fund Facts document include:

Adding an explanation of the risk scale and the relationship between risk and losses;
Requiring a list of some of the specific risk factors that could impact a fund’s returns; and,
Including a comparison of the mutual fund’s performance with a low risk investment – a one-year Guaranteed Investment Certificate.

“The CSA’s proposals are an important step in the implementation of this investor-focused initiative,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “The proposed changes to the Fund Facts are intended to provide more effective disclosure to assist investors in making informed investment decisions.”

During the second comment period, the CSA will also conduct further document testing of the Fund Facts with investors to inform the final changes to the document.

To view the proposed amendments, please refer to the CSA Notice on NI 81-101 Mutual Fund Prospectus Disclosure, which is available on the websites of CSA members. A sample Fund Facts including the proposed changes is available in Appendix A of the Notice. The comment period is open until September 6, 2012.

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

For more information contact:

Securities – Order of the Court of Appeal for Saskatchewan in the Matter of Alena Marie Pastuch et al

June 21, 2012 - Today, the Court of Appeal for Saskatchewan issued an order that the hearing in the Matter of Alena Marie Pastuch et al scheduled for June 13, 2012 will not proceed at this time.

Order of the Court of Appeal for Saskatchewan - June 21, 2012

For more information contact:

Sonne Udemgba, Acting Deputy Director, Legal
Securities Division
Saskatchewan Financial Services Commission
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan S4P 4H2
Phone: (306) 787-5879
Fax: (306) 787-5899
Email: sonne.udemgba@gov.sk.ca

Securities – Extract Resources Limited Decision pursuant to section 92 of The Securities Act, 1988

June 18, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that Extract Resources Limited is no longer a reporting issuer.

Decision - June 18, 2012

Securities – Canadian Securities Regulators Propose Enchanced Disclosure Requirements on Investment Costs and Performance

June 14, 2012 - The Canadian Securities Administrators (CSA) are publishing for a second comment period, proposed amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, which would require registered dealers and advisers to provide investors with clear and meaningful information on the costs and performance of their investments.

This Proposal includes, among other things, requirements for registered dealers and advisers to provide their clients with annual reports that show them:

in dollars, what the dealer or adviser was paid for the products and services it provided, and
in dollars and percentages, how the client’s investments performed during that year and over longer periods

In June 2011, the CSA initially published the Proposal based on consultation with investors and industry. Approximately 2,000 investors were surveyed and document testing sessions were held to gain better insight into investors’ understanding and expectations related to fees, performance measurement and reporting.

After reviewing public comments on the 2011 Proposal, conducting additional investor research and industry consultation, the CSA are now proposing some enhancements and added requirements to the 2011 Proposal, which include:

disclosing some fixed income commissions to provide more clarity about embedded fees charged to investors;
expanding the scope of account statements to provide more complete information to investors
establishing a standardized method for determining the market value of securities to ensure consistency in reporting to investors; and,
disclosing the costs and risks that are unique to scholarship plan investments.

“This is an important investor protection initiative that aims to help investors better understand the costs and performance of their investments,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “With the proposed changes, investors will be able to better assess their progress towards meeting their financial goals and the value of the professional advice they receive.”

The Notice, Request for Comment and reports on the investor surveys and document testing will be available on CSA members’ websites. The comment period is open until September 14, 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.

For more information contact:

Securities – Diversified Private Equity Corp. Decision pursuant to section 92 of The Securities Act, 1988

June 13, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that Diversified Private Equity Corp. is no longer a reporting issuer.

Decision - June 13, 2012

Securities – Aeroquest International Limited Decision pursuant to section 92 of The Securities Act, 1988

June 12, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that Aeroquest International Limited is no longer a reporting issuer.

Decision - June 12, 2012

Securities – Sears Holdings Corporation approval pursuant to section 44(3) of The Securities Act, 1988

June 12, 2012 - Permission requested granted to Sears Holdings Corporation application pursuant to section 44(3) of The Securities Act, 1988.

Approval Letter - June 12, 2012

Securities – HSBC Financial Corporation Decision pursuant to section 92 of The Securities Act, 1988

June 8, 2012 - Decision pursuant to section 92 of The Securities Act, 1988 that HSBC Financial Corporation is no longer a reporting issuer.

Decision - June 8, 2012

Securities – CSA Staff Notice 45-310 Update on CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions

June 7, 2012 – Canadian Securities Administrators (CSA) Staff Notice 45-310 Update on CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions. This notice updates market participants on the status of this consultation.

For more information, please contact:

Securities Division

Suite 601, 1919 Saskatchewan Drive

Regina, Saskatchewan S4P 4H2

Tel: (306)787-5645

Fax: (306)787-5899

Email: fcaa@gov.sk.ca