On September 23, 2008, the Securities and Exchange Commission
("SEC") issued new rules governing public reporting
obligations of foreign private issuers in the United States. The
SEC historically has provided eligibility and disclosure
accommodations to foreign private issuers reflecting differences in
national laws and accounting regulations. In conjunction with its
recent moves toward acceptance of International Financial Reporting
Standards ("IFRS"), the SEC now has modernized key
testing and disclosure provisions applicable to foreign private
issuers.
Testing for Foreign Private Issuer Status and Canadian
MJDS Filings
Although an entity organized outside the U.S. is considered a
foreign issuer, additional tests are necessary to confirm foreign
private issuer status, such as not having a majority of shares held
by U.S. residents. Under the new SEC rules, effective December 6,
2008, foreign private issuers will be able to assess their
eligibility once a year on
