The following article appeared in Saturday’s National Post:

No need for two SEDARs

financialpost.comSaturday, October 1, 2011

Public should have the same access as subscribers

by Barry Critchley

Equal access to all information at all times to all investors, either big or small, would seem to be an admirable objective for a proper functioning market.

It has meant to have been that way for more than a decade in the United States, which in August 2000 enacted Regulation FD that was designed to address the selective disclosure of information by publicly traded companies and other issuers. It is also a principle in Canada - though it is not always practiced.

Indeed, the lack of what's supposed to occur was underscored in a recent letter the Canadian Investor Relations Institute wrote to the Canadian Securities Administrators. The letter by the "professional association of executives responsible for communication between public corporations, investors and the financial community," focused on access to SEDAR Filings.

SEDAR, or System for Electronic Document Analysis and Retrieval, is a mandatory document filing for Canadian public companies that is operated by the Canadian Securities Administrators. The idea is to ensure that all the documents are accessible to improve investor awareness and promote confidence in the transparent operation of the capital markets.

But there are two SEDARs. ? The first is available to fee-paying subscribers to SEDAR-SCRIBE where the information is virtually in real time. Typically Reuters or Bloomberg provide the information to its subscribers as part of a data feed; ? the second is available on SEDAR's web site - the next day.

" The Canadian Investor Relations Institute strongly believes that having two access levels to company filings on SEDAR is inconsistent with the intent of securities regulations to foster fair and efficient capital markets and provide all investors with equally timely, accurate information on which to base investment decisions," said the letter, adding that objective "requires a level playing field, which is not provided under the current two-tier level of access to SEDAR filings."

In its letter, CIRI indicated it doesn't want the data providers to be penalized. Instead it wants SEDAR to lift its game so that all investors are provided with the same level of near real-time access to SEDAR filings. In other words, the level of public access should be raised to that enjoyed by the subscribers to SEDAR-SCRIBE. NIRI is also aware that what it's proposing requires some technology improvements. "Given the technological advancements since SEDAR's inception, CIRI believes that filed materials can now be made promptly available on the public SEDAR website," it wrote.

Calls to the CSA seeking a comment weren't returned by press time.

bcritchley@nationalpost.com

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Cheers,

durban1