Notice of Participation of Other Canadian Securities Commissions and Extension of Comment Period Regarding Request for Comments: Concept Proposal - 22-801 - Non-SRO Electronic Trading Systems and Market Fragmentation

NOTICE OF PARTICIPATION OF OTHER

CANADIAN SECURITIES COMMISSIONS IN THE

FORUM TO DISCUSS "NETS" AND MARKET

FRAGMENTATION AND EXTENSION OF COMMENT

PERIOD REGARDING REQUEST FOR COMMENTS

On May 16,1997, the Ontario Securities Commission (the "OSC") published a Request for Comments and Notice of Forum regarding Non-SRO ElectronicTrading Systems ("NETS Request for Comments"), (May 16, 1997) 20 O.S.C.B. 2565. In the NETS Request for Comments, the OSC indicated it was seekinginformation from interested parties (including stock exchanges, Non-Self Regulatory Organization Electronic Trading Systems ("NETS"), brokers, dealers andinvestors) and was intending to convene a public meeting with a view to developing an appropriate regulatory framework for the operation of NETS, and therole of the Commission in connection therewith.

On May 23, 1997, the United States Securities and Exchange Commission issued a concept release soliciting comment on both its overall approach to theregulation of markets as well as specific options under its current regulatory framework for addressing changes in its markets, particularly the development ofalternative trading systems and the development of technology that allows U.S. investors to trade on foreign markets from the United States ("SEC ConceptRelease"). The SEC Concept Release can be found in the Federal Register, Release No. 34-38672; File No. S7-16- 97(File Name: 3438672.txt). Although thecircumstances in the U.S. markets and Canadian markets are not identical, many of the issues raised in the SEC Concept Release are applicable in Canada. Asthe OSC believed that the process in Ontario would benefit from a review of the discussion of the issues as set forth in the responses to the SEC ConceptRelease, the OSC extended the time period for the responses to the NETS Request for Comments from July 15, 1997 until September 15, 1997.

The Alberta Securities Commission (the "ASC"), the British Columbia Securities Commission (the "BCSC"), Commission des valeurs mobilières du Québec (the"CVMQ"), and the Saskatchewan Securities Commission (the "SSC"), have notified the OSC that they would like to hold a joint forum where representatives oftheir respective Commissions would be present at the proceedings and would participate in the public meeting on the same basis as OSC Commissioners. As aresult of this development, other members of the public may decide that they have an interest in making a submission in response to the issues and questionsraised by the NETS Request for Comments and may wish to participate in the public hearing. Accordingly, the OSC has agreed with the ASC, BCSC, CVMQ,and SSC to extend the time period for the responses to the NETS Request for Comments from September 15, 1997 until October 15, 1997.

This extension may also require that the proposed public meeting date be moved from November to a later date. Notice of the date of the public meeting and theformat for the proceedings will be provided at a later date.

All interested parties are invited to make written submissions with respect to the NETS Request for Comments and requests for appearances by October 15,1997, which may be sent to the:

A diskette containing the submissions (in DOS or Windows format, preferably WordPerfect) should also be submitted. Comment letters submitted in response torequests for comments are placed on the public file in certain jurisdictions and form part of the public record, unless confidentiality is requested. Comment letterswill be circulated amongst the securities regulatory authorities, whether or not confidentiality is requested. Although comment letters requesting confidentialitywill not be placed on the public file, freedom of information legislation in certain jurisdictions may require the securities regulatory authorities in thosejurisdictions to make comment letters available. Persons submitting comment letters should therefore be aware that the press and members of the public may beable to obtain access to any comment letters.

Questions may be referred to:

Dated: August 29, 1997.