The Nasdaq Stock Market, Inc. ("Nasdaq") has adopted a rule change (by adding new subsection (4) to Rule 4350(b)) to require semi-annual financial reporting by foreign private issuers.  Under the rule change, all Nasdaq-listed foreign private issuers will have to provide, in a press release that must also be submitted to the SEC on Form 6-K, an interim balance sheet and semi-annual income statement not later than six months after the end of the issuer's second quarter.  The information must be presented in English but does not have to be reconciled to U.S. GAAP. 
 
The rule change is effective for semi-annual interim periods ending after January 1, 2006.  Accordingly, for calendar year issuers the six-month period ending June 30, 2006, will be the first interim period for which the information will be required, and the press release will have to be issued (and Form 6-K submitted) on or before December 31, 2006.
 
As most, if not all, Canadian Nasdaq-listed issuers already provide this information, compliance with the new rule should not be problematic.  

If you have any questions regarding the foregoing, please contact Guy Lander , Gerald Shepherd and Scott Tayne in the New York office (212-588-5500), Patricia Olasker in the Toronto office (416-863-0900) or Maryse Bertrand in the Montréal office (514-841-6400)

Davies Ward Phillips & Vineberg LLP, with over 235 lawyers, practises nationally and internationally from offices in Toronto, Montréal, New York and an affiliate in Paris and is consistently at the heart of the largest and most complex commercial and financial matters on behalf of its North American and overseas clients.

The information and comments contained herein are for the general information of the reader and are not intended as advice or opinions to be relied upon in relation to any particular circumstances.  For particular applications of the law to specific situations, the reader should seek professional advice.