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May 7, 2003
For immediate release

Securities Regulators Unveil Fraud Awareness Quiz

Office of the Attorney General

Attorney General Jeffrey Lantz today announced a new initiative recently unveiled by securities regulators to assist investors in increasing their financial knowledge.

"This new quiz is a simple way to help investors learn more and protect themselves against becoming a victim of financial fraud," says Attorney General Lantz. "The PEI Securities Office is pleased to partner with the North American Securities Administrators Association and the Canadian Securities Administrators in promoting this valuable new tool."

The North American Securities Administrators Association (NASAA) and the Canadian Securities Administrators (CSA) published the interactive Investment Fraud Awareness Quiz on the NASAA Web site, www.nasaa.org. The quiz is designed to test investors' knowledge of investment fraud and to encourage them to watch out for warning signs.

The 12-question quiz takes about 10 minutes to complete and a score and results are generated immediately. Questions cover topics such as investment risk, fraudulent products, how to deal with a securities salesperson and the role of government securities regulators. A compilation of the overall results of the quiz will be published at a later date.

According to Christine Bruenn, President of NASAA, "Billions are lost to investment fraud every year. From the Yukon Territory to Miami, con artists don't discriminate – they target men, women, the elderly and minorities. Investors need to be aware of the warning signs for fraud, where to turn for information and what protections they have."

"We want to give investors the tools they need to protect themselves," said Stephen Sibold, Chair of the CSA. "This quiz not only tests investors' current knowledge of scams and frauds, but is designed in such a way as to increase their financial literacy at the same time."

NASAA's Breunn reinforced the need for investors to contact their securities regulator to check out investments and promoters prior to handing over any money. "Canadian and state securities regulators make disciplinary records of all registered persons available to the public and can confirm that investment products and salespeople are properly registered. One quick call to a securities regulator can save you a lot of grief down the road."

In Canada, regulators participate in Investor Education Month, This year, provincial and territorial securities regulators announced the national winner of the first edition of the Test Your Financial I.Q. Contest. The PEI winner, Amanda Gallant of Bluefield High, was presented the award by Attorney General Lantz in April.

In addition to these partnership initiatives, the PEI Securities Office has rolled out its new Web site at www.gov.pe.ca/securities/ The PEI Securities Office continues to work with regulators from across the country to update its laws to better serve the investing public.

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Media Contact: Jennifer MacLeod
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