Proposed Replacement Of Instrument Relating To Internal Control Reporting And Certification Requirements

On March 30, 2007, the Canadian Securities Administrators (CSA) published for comment a replacement of Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109). If enacted, proposed National Instrument 52- 109 (Proposed NI 52-109) would require management to evaluate an issuer’s internal control over financial reporting (ICFR) and provide management’s discussion and analysis (MD&A) disclosure about their conclusions on the effectiveness of ICFR based on such evaluation.

The CSA members (other than British Columbia) had previously published for comment, on February 4, 2005, Multilateral Instrument 52-111 Reporting on Internal Control Over Financial Planning and an amended and restated Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (2005