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(December 21, 2006) The CSA is seeking comment on a proposed national instrument that would harmonize prospectus requirements across the country.

National Instrument 41-101 General Prospectus Requirements, would provide a seamless and transparent set of general prospectus requirements. Currently, all CSA jurisdictions have similar but not identical prospectus requirements.

“The major achievement of this proposal is the consolidation of related prospectus rules and policies into one instrument,” said Jean St-Gelais, chair of the CSA and president and CEO of Quebec’s AMF. “The harmonization and streamlining of the various jurisdictional requirements under the proposed rule will make it easier for issuers to distribute securities in Canada’s financial markets.”

The comment period is open until March 31, 2007. The proposed rule and companion documents are available on several CSA members’ websites.

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Pure Trading ATS to launch in January

(December 21, 2006) Alternative trading system CNQ has announced that its continuous auction market service, Pure Trading, will launch on January 19, 2007.

Pure Trading will initially trade three TSX-listed stocks for a two-week period, before gradually rolling out the rest of the market.

“The first trades will be the culmination of an extraordinary amount of effort by a wide range of participants, including Canadian and international dealers, order entry and management service providers, our technology vendors, the regulatory community and our Pure Trading team,” said Richard Carleton, vice-president, corporate development, of CNQ and Pure Trading.

Pure Trading will be the first competitive visible market in Canada since the introduction of the “ATS rules” by the Canadian Securities Administrators in 2001. Trading hours will run from 9 a.m. to 5 p.m.

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MFDA issues fines, ban

(December 21, 2006) The MFDA has released its decision in the hearing against Ontario’s Dale Michael Graveline, over allegations that he misappropriated $45,000 from clients and failed to co-operate with the subsequent investigation.

The hearing panel has permanently barred Graveline from conducting securities-related business in any capacity and fined him $50,000 over the misappropriation. He must also pay an additional $50,000 fine for failure to co-operate.

On top of the $100,000 in fines, Graveline has been billed $7,500 for the costs of the investigation.

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Front Street reopens fund

(December 21, 2006) Front Street Capital has announced the reopening of its Front Street Special Opportunities Canadian Fund, effective January 2, 2007.

The fund had been closed to new investors, but open to pre-authorized investment purchase plans, since March 31, 2006, as sales had exceeded the manager’s ability to deploy capital while sticking to the fund’s mandate.

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(12/21/06)