National Instrument 55-102, System for Electronic Disclosure by Insiders (SEDI) ("NI 55-102") came into force on October 29, 2001 and requires that insider reports be filed in electronic format using the SEDI website. The SEDI website was initially launched for use on October 29, 2001, but its operation was suspended on January 31, 2002 due to technical difficulties. SEDI will once again be launched on May 5, 2003 and, commencing June 9, 2003, all insider reports must be filed using SEDI.

SEDI is the insider trade reporting system that will be available over the internet at www.sedi.ca. This system replaces the paper-based reporting system of reporting insider trades. SEDI is designed to improve public access and add transparency to insider reporting by making insider trading information available to investors on the SEDI web site, 24 hours a day, seven days a week. The public will be able to search for and look at public information that has been filed by issuers and insiders on SEDI. The big question, of course, is “Will it work this time?”

type Securities & Capital Markets Bulletin - Return of the SEDI