warrantless,

The last part (in bold) is quite clear, i.e, once something is considered "material" by the company, it can drag its heels for about 10 days, as far as the legal requirements are concerned.

But, under OSC rules the company is "responsible" for the determination if something is material. This is where the dancing begins...since the OSC did not specifically specify if the responsibility is legal, moral or "fudiciary" which has the connotation of both legal and moral. This clause could be interpreted as the OSC is sending a signal that the company should be diligent and act as a good corporate citizen to its shareholders.

But legally speaking this sounds like a tiger without teeth!

By any chance you have Ms Simard e-mail? I am too far from 416 area (costly long-distance calls).

Got any feedback from LSG? Perhaps, you could raise the "moral/fudiciary responsibility" issue with them.

goldhunter