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National Instrument 55-102 - A New System for Electronic Filing of Insider Reports, September 2001

September-7-2001

Summary

The Canadian Securities Administrators (the “CSA”) recently released National Instrument 55-102 - System For Electronic Disclosure by Insiders (referred to as “SEDI”). SEDI will fundamentally change the manner in which insider reporting is performed in Canada as reports will be filed electronically with one filing and not by telecopy to various securities commissions. Investors will be able to access the data promptly by date, company name, name of insider and class of security. The obligation of issuers to file issuer profile supplements under SEDI comes into force on October 29, 2001 while all other filings on SEDI, including individual insider reports, come into force on November 13, 2001. SEDI mandates (subject to certain limited exceptions) that “SEDI issuers” (see definition below) file and disseminate insider reports electronically by way of a software application. Unlike SEDAR, no special software is required for SEDI and insider reports may be filed by anyone over a website accessed through commonly available web browsers (www.sedi.ca).

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