Commission Approval of Amendment: Insider Bids, Issuer Bids, and Take-Over Bids in Anticipation of Going Private Transactions

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amendedthe rule entitled In the Matter of Insider Bids, Issuer Bids and Take-over Bids inAnticipation of Going Private Transactions (1997), 20 OSCB 1219, as amended by(1998), 21 OSCB 2338 and (1998), 21 OSCB 7752 (the "Rule"). The amendmentextends the expiration date of the Rule from December 31, 1999 to December 31,2000. This amendment however, does not materially change the Rule and,accordingly, under section 143.2 of the Act, the Commission has not published theamendment for comment.

The amendment and the material required by the Act to be delivered to the Ministerof Finance were delivered on October 5, 1999. 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 19, 1999. 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 Insider Bids, Issuer Bidsand Take-over Bids in Anticipation of Going Private Transactions (1993), 16 OSCB3429.

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, 1999. Proposed Rule 61-501 Insider Bids, Issuer Bids, Going Private Transactions and Related PartyTransactions, which is intended to replace the Rule, was published for a secondcomment period on January 22, 1999 at (1999), 22 OSCB 493. The commentperiod for the republication expired on April 23, 1999. On May 14, 1999,Commission staff at (1999), 22 OSCB 2941 requested comment on four specificaspects of the proposed Rule. The purpose of the amendment is to extend theexpiration date from December 31, 1999 to December 31, 2000 to allow theCommission and its staff appropriate time to assess the comments received on theproposed Rule, consider what changes are necessary to the proposed Rule andallow time for finalization.

Text of Amendment

The text of the amendment follows.

DATED: October 8, 1999.

1.1 Amendment - The Rule entitled In the Matter of Insider Bids, Issuer Bidsand Take-over Bids in Anticipation of Going Private Transactions is amendedby deleting "December 31, 1999" in the last sentence and replacing it with"December 31, 2000."