As part of the Canadian securities regulators' efforts to transform the Canadian registration regime as it relates to entities in the business of trading in securities, the CSA also propose to change the basis upon which prospectus-exempt securities are distributed in Canada. At the same time as releasing the second version of proposed National Instrument 31-103 Registration Requirements for comment, the CSA also published for comment a proposed revised and restated version of National Instrument 45-106 Prospectus and Registration Exemptions. Comments on this latter instrument are also due on May 29, 2008.

type Investment Management Advisory - April 2008 - Proposed National Instrument 31-103 - Impact On The Exempt Securities Market