Commission Approval of Amendment: Prompt Offering Qualification System [including National Policy Statement No. 47]

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amendedthe rule entitled In the Matter of the Prompt Offering Qualification System [includingNational Policy Statement No. 47] (1997), 20 OSCB 1217, as amended by (1998),21 OSCB 6433 (the "Rule"). The amendment extends the expiration date of theRule from December 31, 1999 to December 31, 2000. This amendment however,does not materially change the Rule and, accordingly, under section 143.2 of theAct, the Commission has not published the amendment 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 the Prompt OfferingQualification System (1993), 16 OSCB 731, 732 and 949 [including National PolicyStatement 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, 1999. Proposed NationalInstrument 44-101 Short Form Prospectus Distributions, which is intended toreplace the Rule, was published for a second comment period on July 23, 1999 at(1999), 22 OSCB (POP Supp). The comment period for that publication expired onSeptember 24, 1999. The Canadian Securities Administrators received significantcomments in response to the July 23, 1999 publication. The purpose of theamendment is to extend the expiration date from December 31, 1999 to December31, 2000 in order to permit the consideration of comments received on theproposed National Instrument, the revision of the proposed National Instrumentwhere necessary and the finalization of the proposed National Instrument.

Text of Amendment

The text of the amendment follows.

DATED: October 8, 1999.

1.1 Amendment - The Rule entitled In the Matter of the Prompt OfferingQualification System [including National Policy Statement No. 47] isamended by deleting "December 31, 1999" in the last sentence andreplacing it with "December 31, 2000."