OSC issues Notice 11-904 in respect of Proposed Passport System by other CSA members

    TORONTO, March 28 /CNW/ - The Ontario Securities Commission (OSC) today
issued OSC Notice 11-904 outlining reasons for not taking part in the second
phase of the passport system of securities regulation. The Notice addresses
Proposed National Instrument 11-102 Passport System, issued by other members
of the Canadian Securities Administrators (CSA), the passport members.
    Although the proposed rule is characterized as a national instrument, the
OSC will not be adopting the rule. The OSC believes that securities regulatory
reform should:

    -   strengthen Canada's capital markets and improve our competitive
        position by eliminating fees, costs and duplication arising from 13
        provincial and territorial securities regulators,
    -   promote consistency in regulatory decision making to ensure fairness
        and a level playing field for all market participants, and
    -   lead to better and more effective enforcement across Canada resulting
        in greater investor protection.

    The passport proposal does not sufficiently address these objectives.
Although the proposal may add incremental administrative improvements and
efficiencies to our current regulatory processes, it does not resolve the need
to modernize Canada's securities regulatory structure.
    The Ontario Government has indicated that it is not prepared to
participate in the passport system without a roadmap, with reasonable
timelines, to get to a common securities regulator. OSC Chair David Wilson
says the Commission supports a common securities regulator that would
interpret, apply and enforce securities laws consistently for all market
participants in Canada.
    OSC Notice 11-904 is available at www.osc.gov.on.ca. The comment period
is open until May 28, 2007.

For further information:

For further information: For media inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Carolyn Shaw-Rimmington,
Manager, Public Affairs, (416) 593-2361; For investor inquiries: OSC Contact
Centre, (416) 593-8314, 1-877-785-1555 (Toll Free)

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