New rules for earnings guidance and forward-looking information

The Canadian Securities Administrators (CSA) has amended the rules for disclosure of material forward-looking information. The amendments streamline and consolidate disclosure requirements for financial outlooks and future-oriented financial information; ensure such disclosures have a reasonable basis; require issuers to provide more transparency when explaining updates and withdrawals; and clarify their purpose and timing. The new requirements are effective December 31, 2007.