Securities Law & Instruments

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AMENDMENTS TO

NATIONAL INSTRUMENT 51-102

CONTINUOUS DISCLOSURE OBLIGATIONS,

FORM 51-102F2 ANNUAL INFORMATION FORM,

FORM 51-102F5 INFORMATION CIRCULAR AND

COMPANION POLICY 51-102CP

CONTINUOUS DISCLOSURE OBLIGATIONS

AND

CONSEQUENTIAL AND OTHER AMENDMENTS TO

NATIONAL INSTRUMENT 52-107 ACCEPTABLE

ACCOUNTING PRINCIPLES, AUDITING STANDARDS

AND REPORTING CURRENCY, MULTILATERAL

INSTRUMENT 52-109 CERTIFICATION OF

DISCLOSURE IN ISSUERS' ANNUAL AND

INTERIM FILINGS, MULTILATERAL INSTRUMENT

52-110 AUDIT COMMITTEES, NATIONAL

INSTRUMENT 58-101 DISCLOSURE OF

CORPORATE GOVERNANCE PRACTICES AND

NATIONAL INSTRUMENT 71-102 CONTINUOUS

DISCLOSURE AND OTHER EXEMPTIONS

RELATING TO FOREIGN ISSUERS

AND

AMENDMENTS TO

ONTARIO SECURITIES COMMISSION RULE

51-801 IMPLEMENTING NATIONAL INSTRUMENT

51-102 CONTINUOUS DISCLOSURE OBLIGATIONS

AND FORM 41-501F1 INFORMATION REQUIRED

IN A PROSPECTUS UNDER ONTARIO SECURITIES

COMMISSION RULE 41-501 GENERAL

PROSPECTUS REQUIREMENTS

AND

REQUEST FOR COMMENT

PROPOSED AMENDMENTS TO

NATIONAL INSTRUMENT 51-102

CONTINUOUS DISCLOSURE OBLIGATIONS,

COMPANION POLICY 51-102CP CONTINUOUS

DISCLOSURE OBLIGATIONS AND

NATIONAL INSTRUMENT 52-108

AUDITOR OVERSIGHT

NOTICE OF COMMISSION APPROVAL

AND REQUEST FOR COMMENT

On September 4, 2007, the Commission approved amendments to the following rules, forms and companion policy:

    • National Instrument 51-102 Continuous Disclosure Obligations;

    • Companion Policy 51-102CP Continuous Disclosure Obligations;

    • Forms 51-102F2 Annual Information Form and 51-102F5 Information Circular;

    • National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency;

    • Multilateral Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings;

    • Multilateral Instrument 52-110 Audit Committees;

    • National Instrument 58-101 Disclosure of Corporate Governance Practices;

    • National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers;

    • Ontario Securities Commission Rule 51-801 Implementing National Instrument 51-102 Continuous Disclosure Obligations; and

    • Form 41-501F1 Information Required in a Prospectus under Ontario Securities Commission Rule 41-501 General Prospectus Requirements.

The amendments to rules (the Rule Amendments) were sent to the Minister responsible for securities regulation on October 12, 2007. If the Minister does not approve or reject the Rule Amendments or return them for further consideration, they will come into force on December 31, 2007.

We are also requesting comment on proposed amendments (the Proposed Amendments) to the following rules and policy:

    • National Instrument 51-102 Continuous Disclosure Obligations;

    • Companion Policy 51-102CP Continuous Disclosure Obligations; and

    • National Instrument 52-108 Auditor Oversight.

Details related to the Proposed Amendments can be found in the Notice of Amendments and Notice and Request for Comment published in Chapter 5. The comment period for the Proposed Amendments is open until January 11, 2008.

October 12, 2007