June 9, 2003
For Immediate Release

Insiders and Issuers: SEDI Filing Requirements Begin Today

Toronto-As of today, insiders are required to begin filing insider reports on the System for Electronic Disclosure by Insiders (SEDI). Before filing reports on www.sedi.ca, insiders or their agents must register as SEDI users and create insider profiles. Insiders who do not have an immediate need to file insider reports are encouraged to register later, a few days in advance of their first anticipated filing.

To comply with securities regulation, insider activity must be reported within 10 calendar days after a transaction takes place. Insiders of SEDI issuers are responsible for filing accurate and timely information about their transactions, including the:

  • type of security
  • opening balance;
  • date of the transaction;
  • type of transaction, such as a buy or sell;
  • value or number of securities involved in the transaction;
  • the type of currency; and,
  • closing balance.

As well, starting today, SEDI issuers are required to file issuer event reports on SEDI within one business day of events such as mergers, amalgamations, stock splits and consolidations, among other events. SEDI issuers are reporting issuers, other than mutual funds, that are required to file disclosure documents in electronic format through the System for Electronic Document Analysis and Retrieval (SEDAR) - essentially all Canadian public companies.

The Canadian Securities Administrators Staff Notice 55-309, which sets out the SEDI filing requirements, is available at www.csa-acvm.ca or from securities commissions at the web sites listed below. Information about registering, creating accounts and profiles, and filing issuer event and insider reports, is also available in the SEDI User Guide available from the web sites, or on the SEDI online Help. Issuers are encouraged to remind their insiders of the requirement to file reports online.

SEDI, an initiative of the CSA, an umbrella organization of the 13 provincial and territorial securities regulators, will bring faster and better public access to data on insider trades by making the information available electronically, within moments of it being filed.

The SEDI system was developed for the CSA by CDS INC., a subsidiary of the Canadian Depository for Securities Limited, which also operates SEDAR and the National Registration Database (NRD).

Media relations contacts:

Joni Delaurier
Alberta Securities Commission
403-297-4481
www.albertasecurities.com

Andy Poon
B.C. Securities Commission
604- 899-6880
1-800-373-6393 (B.C. & Alberta only)
www.bcsc.bc.ca

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733
1-800-655-5244 (Manitoba only)
www.msc.gov.mb.ca

ric Pelletier
Ontario Securities Commission
416-595-8913
www.osc.gov.on.ca

Barbara Timmins
Commission des valeurs mobilires du Qubec
514-940-2176
1-800-361-5072 (Quebec only)
www.cvmq.com