FOR IMMEDIATE RELEASE

Securities Regulators to Make the System for Electronic Disclosure by Insiders More User Friendly

December 5, 2005 – Montreal – The Canadian Securities Administrators (CSA) launched a survey today to seek input on how to make the System for Electronic Disclosure by Insiders (SEDI) more user friendly.

“We are currently investigating ways to make SEDI easier to use,” said Jean St-Gelais, Chair of the CSA and President of the Autorité des marchés financiers du Québec. “As part of this process, regulators from coast to coast encourage all SEDI users and interested parties to participate in research on how the system can be improved or streamlined.”

The electronic filing system, launched in June 2003, is far more efficient than its precursor, a paper and fax based system, and it provides for accurate, detailed information for regulators and the investing public, said St-Gelais. “SEDI brings efficient public access and transparency to insider trade reporting by making information about insider trades available to investors electronically for all jurisdictions in Canada.”

The survey is accessible online at: www.SEDI.ca

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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