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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934

Flexible Solutions
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
33938T104
(CUSIP Number)
12/31/2007
(Date of Event Which Requires Filing of this Statement)

Check appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

 
 

 

 

                     
CUSIP No.
 
33938T104 
 13G 
Page
 
1 
 
of 
 
1  Pages 

 

           
1   Names of Reporting Persons/I.R.S. Identification Nos. of Above Persons (Entities Only)

Pictet Asset Management SA(“PAM SA”)
The reporting person disclaim beneficial ownership of the shares reported, which are owned of record and beneficially by three non-U.S. investment funds, both managed by PAM SA.
     
     
2   Check the Appropriate Box if a Member of a Group
  (a)   o
  (b)   o
     
3   SEC Use Only
   
   
     
4   Citizenship or Place of Organization
   
  Pictet Asset Management SA — Switzerland
       
  5   Sole Voting Power:
     
Number of   Pictet Asset Management SA: 1,330,000
       
Shares 6   Shared Voting Power:
Beneficially    
Owned by   Pictet Asset Management SA: None
       
Each 7   Sole Dispositive Power:
Reporting    
Person   Pictet Asset Management SA: 1,330,000
       
With 8   Shared Dispositive Power:
     
    Pictet Asset Management SA: None
     
9   Aggregate Amount Beneficially Owned by Each Reporting Person
   
  Pictet Asset Management SA: 1,330,000
     
10   Check if the Aggregate Amount in Row (9) Excludes Certain Shares
   
  o
     
11   Percent of Class Represented by Amount in Row (9)
   
  Pictet Asset Management SA: 9.394%
     
12   Type of Reporting Person:
   
  Pictet Asset Management SA: IA

 

 

Item 1.
  (a)   Name of Issuer: Flexible Solutions
 
  (b)   Address of Issuer’s Principal Executive Offices:
2614 Queenswood Drive
Victoria, BC
V8N 1X5
Canada
Item 2
  (a)   Names of Person Filing:
 
      Pictet Asset Management SA(“PAM SA”)
 
  (b)   Address of Principal Business Office or, if none, Residence:
 
      Pictet Asset Management SA:
60 ROUTE DES ACACIAS
GENEVA 73
SWITZERLAND
CH-12 11
  (c)   Citizenship:
 
      Pictet Asset Management SA: United Kingdom
 
  (d)   Title of Class Securities: COMMON STOCK
 
  (e)   CUSIP Number: 33938T104
Item 3. If this statement is filed pursuant to Rule 13d-1 (b), or 13d-2 (b) or (c), check whether the person is A
     Not applicable.
Item 4. Ownership
     The reporting persons disclaim beneficial ownership of the shares reported, which are owned of record and beneficially by three non-U.S. investment funds, both are managed by PAM SA.
  (a)   Amount Beneficially Owned:
 
      Pictet Asset Management SA: 1,330,000
 
  (b)   Percent of Class:
 
      Pictet Asset Management SA: 9.394%
 
  (c)   Number of shares as to which such person has:
 
      Pictet Asset Management SA:
  (i)   sole power to vote or to direct the vote: 1,330,000
 
  (ii)   shared power to vote or to direct the vote: None

 

 

  (iii)   sole power to dispose or to direct the disposition of: 1,330,000
 
  (iv)   shared power to dispose or to direct the disposition of: None
Item 5. Ownership of Five Percent or Less of a Class
     Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
     Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company
     See answer to Item 2 (a)
Item 8. Identification and Classification of Members of the Group
     Not applicable.
Item 9. Notice of Dissolution of the Group
     Not applicable.
Item 10. Certification
     By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

 

 

SIGNATURE
     After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
         
  Date: 9TH January 2008
 		  
  /s/ James Read    
  James Read   
  Compliance Manager   
 
AGREEMENT OF REPORTING PERSONS
     The undersigned herby agree that the foregoing Schedule 13G is filed on behalf of the undersigned.
           
  Pictet Asset Management SA
 		  
  By:   /s/ James Read    
    James Read, Compliance Manager