Canadian Securities Regulators Propose Enhancements to Scholarship Plan Disclosure

TORONTO, Nov. 25, 2011 /CNW/ - The Canadian Securities Administrators (CSA) today published for a second comment period amendments to National Instrument 41-101 General Prospectus Requirements, including Proposed Prospectus Form 41-101F3 Information Required In A Scholarship Plan Prospectus, which introduces a tailored disclosure form for scholarship plans.

The CSA are proposing revisions to the amendments of NI 41-101, first published in March 2010, based on feedback received on that initial publication.  The proposed revisions aim to further clarify disclosure requirements related to scholarship plans.

The Plan Summary document remains the focus of the Prospectus Form and is intended to help investors better understand scholarship plans.

"The Prospectus Form is designed to provide investors with a simpler and clearer understanding of the potential benefits, risks and costs of investing in scholarship plans," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.  "By ensuring the form disclosure is effective, we aim to help investors make more informed investment decisions regarding saving for their children's education."

The Prospectus Form also addresses a number of issues in current scholarship plan disclosure identified through previous CSA compliance and prospectus reviews, as well as the 2008 Review of Registered Education Savings Plan Industry Practices.

The CSA is seeking written comments from investors and industry participants on the proposed amendments in the Notice. To comment, please refer to the CSA Notice and Request for Comment announcing proposed amendments to National Instrument 41-101 General Prospectus Requirements and Proposed Form 41-101F3 Information Required In A Scholarship Plan Prospectus, which are available on CSA member websites.

The comment period is open until January 24, 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.


SOURCE Canadian Securities Administrators

For further information:

Carolyn Shaw-Rimmington    
Ontario Securities Commission   
416-593-2361      
Mark Dickey
Alberta Securities Commission
403-297-4481
Sylvain Théberge     
Autorité des marchés financiers   
514-940-2176      
Richard Gilhooley
British Columbia Securities Commission
604-899-6713
Ainsley Cunningham     
Manitoba Securities Commission   
204-945-4733      
Wendy Connors-Beckett
New Brunswick Securities Commission
506-643-7745
Natalie MacLellan     
Nova Scotia Securities Commission   
902-424-8586      
Jennifer Anderson 
Saskatchewan Financial Services  
Commission
306- 798-4160 
Janice Callbeck     
PEI Securities Office      
Office of the Attorney General    
902-368-6288      
Doug Connolly  
Financial Services Regulation Div.
Newfoundland and Labrador
709-729-2594
Helena Hrubesova     
Yukon Securities Registry     
867-667-5466      
Louis Arki
Nunavut Securities Office
867-975-6587
Donn MacDougall
Northwest Territories      
Securities Office
867-920-8984


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