Commission Approval of Amendment: Policy Statement No. 47 and The Solicitation of Expressions of Interest [including National Policy Statement No. 47]

The Commission is publishing in today's Bulletin amendments to the following rules andnotices respecting the amendments for the purpose of extending the expiration date fromDecember 31, 1998 to December 31, 1999:

1. In the Matter of the Limitations on a Registrant Underwriting Securities of a RelatedIssuer or Connected Issuer of the Registrant (1997), 20 OSCB 1217;

2. In the Matter of Certain Advisers (1997), 20 OSCB 1217;

3. In the Matter of the Prompt Offering Qualification System [including National PolicyStatement No.47] (1997), 20 OSCB 1217;

4. In the Matter of National Policy Statement No. 47 and the Solicitation of Expressions ofInterest [including National Policy Statement No. 47] (1997), 20 OSCB 1217;

5. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219;

6. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1218;

7. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219;

8. In the Matter of Certain Reporting Issuers (1997), 20 OSCB 1219; and

9. In the Matter of Certain Reporting Issuers [including National Policy Statement No.41](1997), 20 OSCB 1219.

The notices and the amendments to the rules are published in Chapter 5 of the Bulletin.

Reference:
Randee B. Pavalow
Policy Coordinator/Advisor
Ontario Securities Commission
(416) 593-8257

Susan Greenglass
Legal Counsel, Policy Coordination
Ontario Securities Commission
(416) 593-8140

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended therule entitled In the Matter of the National Policy Statement No. 47 and the Solicitation ofExpressions of Interest [including National Policy Statement No. 47] (1997), 20 OSCB1217 (the "Rule"). The amendment extends the expiration date of the Rule fromDecember 31, 1998 to December 31, 1999. This amendment, however, does notmaterially change the Rule and, accordingly, under section 143.2 of the Act, theCommission has not published the amendment for comment.

The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on October 7, 1998. If the Minister does not approve theamendment, reject the amendment or return it to the Commission for furtherconsideration, the amendment will come into force on December 21, 1998. If theMinister does approve the amendment, the amendment will come into force 15 daysafter it is approved.

Substance and Purpose of Amendment

The Rule replaced the deemed rule entitled In the Matter of the National PolicyStatement No. 47 and the Solicitation of Expressions of Interest (1993) 16 OSCB 2832[including National Policy Statement No. 47 (1993), 16 OSCB 765].

The Rule provides that it will expire on the earlier of the date on which a new ruleintended to replace it comes into force and December 31, 1998. Proposed NationalInstrument 44-101 Prompt Offering Qualification System, which is intended to replacethe Rule, was published for comment on February 20, 1998 at (1998), 21 OSCB 1138and the comment period expired May 22, 1998. The purpose of the amendment is toextend the expiration date from December 31, 1998 to December 31, 1999 in order topermit the consideration of comments received on the proposed National Instrument bythe Commission and its staff and the review of the proposed National Instrument by theMinister.

Text of Amendment

The text of the amendment follows.

1.1 Amendment - The Rule entitled In the Matter of the National Policy StatementNo. 47 and the Solicitation of Expressions of Interest [including National PolicyStatement No. 47] is amended by deleting "December 31, 1998" in the lastsentence and replacing it with "December 31, 1999."