The Bourse de Montreal Inc., which operates the Montreal Exchange, has received relief from the obligation to file an independent report on its systems with regulators for the year 2002 as required by National Instrument 21-101 Marketplace Operation. The relief was granted on the basis that the independent report filed in 2003 will fulfil the requirement for both 2002 and 2003.

The Montreal Exchange filed an application with the Ontario Securities Commission for a decision granting an exemption from the obligation to report on its systems for the year 2002. The ME says that due to the many changes in its technology, it was not in a position to complete an independent review and report of its controls.

The exchange reports that in 2002 it launched a disaster recovery plan which will result in the installation of a highly sophisticated structure in case of disaster in Montreal. The plan should be completed in 2003.

The ME also initiated a power supply project in 2002 to set up an improved system of uninterrupted power source, computer cooling units and fire security system for its systems. The project was completed in March 2003.

The exchange says it will undertake to file with the OSC and the Quebec Securities Commission a complete and independent report by Dec. 31, 2003, at the latest.

http://www.osc.gov.on.ca/en/Regulation/Orders/2003/ord20030502_223_montreal.htm