The Saskatchewan Financial Services Commission Act will be proclaimed in force on February 1, and the Saskatchewan Financial Services Commission will be launched.

All of the powers and duties of the Saskatchewan Securities Commission and the director of the SSC will be assigned to the SFSC. The Securities Act will remain in force. All of the Saskatchewan Securities Commission powers will be assigned to the SFSC, and the appointment of current commission members will be terminated. They will be re-appointed to the SFSC.

The director of the SSC will be appointed as a deputy to the executive director of the SFSC under the title director of the securities division of the SFSC. The deputy directors of the SSC will also be appointed as deputies to the executive director under their current. The SFSC will delegate to the director and deputy directors all of the powers of the director under the Securities Act and some of the powers of the commission.

All of the operations of the SSC will continue as the securities division of the SFSC. The staff of the SSC will continue to perform their same functions in the securities division of the SFSC. All pending applications including applications for exemption orders, for registration, and for prospectus receipts will be dealt with in the usual way. There is no need to re-file them.

All of the decisions of the SSC that were made before Feb. 1, 2002 will continue to be in full force and effect after February 1, 2003. National Instruments and Local Instruments remain in force. Every registration made and receipt issued for a preliminary prospectus, a prospectus or an amendment to a prospectus continues in force. All decisions of the SSC including cease trade orders, exemption orders and rulings, and general rulings/orders remain in force. And all commission policies and staff notices continue to be in effect.