Final Version Of NI 58-101 Adopted

The Canadian Securities Administrators have adopted a uniform final version of their proposed corporate governance disclosure rule, known as National Instrument 58-101 (the Rule), and the associated National Policy 58-201 (the Policy). While these instruments are scheduled to come into force on June 30, 2005, the Rule will only apply to information circulars or annual information forms, as applicable, filed following financial years ending on or after June 30, 2005. As a result, for most issuers with calendar year ends, the Rule will apply commencing in early 2006.

The Rule will apply to all reporting issuers, other than investment funds, issuers of asset-backed securities, designated foreign issuers and SEC foreign issuers (each as defined) and certain issuers of exchangeable securities, among other exemptions.