The Canadian Securities Administrators has issued a notice regarding the status of the proposed continuous disclosure rule.

The CSA says that it is issuing the notice to help reporting issuers and their advisers in planning and scheduling directors’ and securityholders’ meetings and their continuous disclosure for the next fiscal year.

On June 20, 2003, the CSA published for comment a revised version of the proposed rule, National Instrument 51-102 Continuous Disclosure Obligations, that would replace existing continuous disclosure obligations of reporting issuers, other than investment funds. The CSA is currently considering the comments they have received and are incorporating changes.

No changes are expected to the filing deadlines. However, it is expected that either the board of directors or the audit committee will be permitted to approve the interim financial statements. Also, the definition of venture issuer is expected to change slightly to replace the list of exchanges in the U.S. with a reference to exchanges registered as national securities exchanges.

Subject to receiving all necessary commission and ministerial approvals, the CSA anticipates the new rule requirements for financial statements, management discussion and analysis (MD&A) and annual information forms will apply for financial years beginning on or after January 1, 2004.

As a result, the first interim financial statements and MD&A that will be required to comply with it will be for first quarters ending on or after March 31, 2004.

Proxy solicitation and information circulars will apply as of June 1, 2004, and business acquisition reports will apply for significant acquisitions if the initial legally binding agreement was entered into on or after March 30, 2004.