SEC rules under pressure

AN UNEXPECTED softening of US rules on what constitutes proved oil reserves will open the door even wider to an international buying spree in Alberta's oil sands, says a Bank of Montreal strategist. If the US Securities and Exchange Commission (SEC) decides this year to update rules from the late 1970s it will enable major firms to invest greater amounts in the oil sands, says Donald Coxe, global portfolio strategist and chairman of Chicago-based Harris Investment Management. Further momentum could come from the International Monetary Fund, which Coxe says is likely to adopt a broader definition of measuring the oil sands, which could see Canada's reserves exceeding Saudi Arabia's by two or