Toronto SE requires Y2000 reporting
YEAR 2000 REPORTING REQUIRED BY TSE LISTED COMPANIES
TORONTO, Feb. 5 /CNW/ - The Board of Governors of The Toronto Stock
Exchange has adopted a rule requiring listed companies to disclose material
information on the information systems and related business implications of
the Year 2000 century change.
The rule is effective immediately and requires disclosure in annual
reports mailed to shareholders from April 1, 1998 to December 31, 1999. A
Staff Notice issued by the Canadian Securities Administrators on January 30,
1998, states companies should use the Management's Discussion and Analysis
section of the annual report for this disclosure, and expands on the nature of
the disclosure which should be made.
In a letter advising its listed companies of the requirement, the TSE
suggested to listed companies that they look to the content of the CSA Notice
in interpreting the TSE requirement.
The TSE urges companies who plan to mail annual reports before April 1,
1998 to make the Year 2000 disclosure, if possible. It also reminds issuers
they are obligated to disclose material changes to their Year 2000 information
in their continuous disclosure filings on an ongoing basis.
This Year 2000 reporting requirement for listed companies reflects the
TSE's ongoing commitment to enhance investor confidence in its market.
For further information: Steve Kee, TSE Senior Media Specialist, Tel. (416) 947-4682, Cell. (416) 574-7500, skee@tse.com
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