For Immediate Release
August 13, 2008

Canadian regulators announce results of
Continuous Disclosure Reviews for Fiscal 2008

Toronto– The Canadian Securities Administrators (CSA) today published Staff Notice 51-326 Continuous Disclosure Program Activities for Fiscal 2008, that summarizes the results of the continuous disclosure (CD) review program for the fiscal year ended March 31, 2008.

During this period, the CSA completed 854 CD reviews, including 442 full reviews and 412 issue-oriented reviews, into areas including asset-backed commercial paper, new accounting requirements including financial instruments and mining technical disclosure reviews.

In general, the CSA was satisfied with the level of compliance with continuous disclosure obligations by a number of its reporting issuers. Thirty-nine per cent of the reporting issuers we reviewed had no material deficiencies. Thirty-six per cent were requested to make enhancements to their disclosure in future filings. However, a number of reporting issuers had significant deficiencies, which resulted in refilings of certain CD documents (19%), referrals to enforcement (5%) and cease trade orders (1%).

“Any person or company seeking to invest in the Canadian capital markets can do so with confidence knowing that our CD reviews are rigorous, timely and focused,” said CSA Chair Jean St-Gelais. “CD reviews are critically important and the CSA will work to ensure that issuers continue to provide complete, accurate and timely information.”
There are 4,200 reporting issuers in Canada, other than investment funds, that are subject to regular full reviews and issue-oriented reviews as part of the CSA CD review program. The CSA uses a risk-based approach to select issuers for review and to determine the type of review that will be conducted.

CSA Staff Notice 51-326 Continuous Disclosure Review Program Activities for Fiscal 2008 is available on various CSA members' websites.

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:

Laurie Gillett Ontario Securities Commission 416-595-8913	Barbara Shourounis Saskatchewan Financial Services Commission 306-787-5842
Christian Barrette Autorité des marchés financiers 514-940-2176	Andrew Poon British Columbia Securities Commission 604-899-6880
Shirley Lee Nova Scotia Securities Commission 902-424-5441	Mark Dickey Alberta Securities Commission 403-297-4481
Ainsley Cunningham Manitoba Securities Commission 204-945-4733	Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745
Marc Gallant Prince Edward Island Office of the Attorney General 902-368-4552	Doug Connolly Financial Services Regulation Division Newfoundland and Labrador 709-729-2594
Louis Arki Nunavut Securities Registry 867-975-6587 867-920-8984	Donald MacDougall Securities Registry Northwest Territories
Fred Pretorius Yukon Securities Office 867-667-5225