March 14, 2005

Edmonton... Bill 19, the Securities Amendment Act, 2005, will harmonize Alberta's securities regulation with other provinces, providing greater protection for investors and making it easier for businesses to access capital markets in more than one province or territory.

"The bill is good news for Alberta businesses and investors. It will streamline processes for businesses and provide improved investor protection by strengthening enforcement and penalties for illegal investment activities," said Finance Minister Shirley McClellan.

Bill 19 proposes changes to the Securities Act that will:

• Facilitate the creation and development of a passport system, to provide a single window of access to capital markets in participating provinces and territories,
• Enhance enforcement and compliance powers to strengthen investor protections through a variety of means, including more broadly prohibiting misrepresentations, fraud and market manipulation, increasing maximum fines and administrative penalties, forcing those who benefit from illegal activities to forfeit their gains and ensuring that those who provide trading and advisory services to Albertans put the interests of their clients ahead of their own or their firm when trading.
• Further harmonize various provisions of the Alberta Securities Act with those of other jurisdictions to provide for more consistent regulation across Canada.

"This bill will help ensure rules for market participants and investors are in step across Canada," said Grande Prairie-Smokey MLA Mel Knight, who introduced the legislation in the Legislature on
March 14. "It sends a message that the Government of Alberta takes Securities legislation seriously and is working to improve our ability to enforce those laws."

The legislation helps fulfill Alberta's commitment to the Provincial/Territorial Memorandum of Understanding Regarding Securities Regulation signed on September 30, 2004.

Alberta is leading a special task force of government officials and securities regulators to implement the passport system in 2005. The task force has been working on implementing the passport system, the first commitment in the MOU, and will focus on the development of highly harmonized and simplified securities laws in coming months. Alberta remains committed to working with other provinces and territories to improve securities regulation that inspires investor confidence and supports competitiveness, innovation and growth through efficient, streamlined and cost-effective securities regulation.

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Gerald Kastendieck
Communications
Alberta Finance
(780) 427-5364

This news release is available on the Alberta Finance homepage at: http://www.finance.gov.ab.ca

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