Notice of Ministerial Approval

NOTICE OF MINISTERIAL APPROVAL OF

NATIONAL INSTRUMENT 81-106

INVESTMENT FUND CONTINUOUS DISCLOSURE

AND

ONTARIO SECURITIES COMMISSION RULE 81-801

IMPLEMENTING NATIONAL INSTRUMENT 81-106 INVESTMENT FUND CONTINUOUS DISCLOSURE

AND

RELATED AMENDMENTS

On May 2, 2005, the Chair of Management Board of Cabinet approved the following rules which came into force on June 1, 2005:

1. National Instrument 81-106 Investment Fund Continuous Disclosure, which contains Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance;

2. Ontario Securities Commission Rule 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure;

3. related amendments to:

• National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F1 Contents of Simplified Prospectus and Form 81-101F2 Contents of Annual Information Form

• National Instrument 81-102 Mutual Funds

• National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR)

• National Instrument 81-104 Commodity Pools

• National Instrument 51-102 Continuous Disclosure Obligations

• National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency

• National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and

• Ontario Securities Commission Rule 41-502 Prospectus Requirements for Mutual Funds; and

4. revocation of National Instrument 54-102 Interim Financial Statement & Report Exemption.

The following related policies also came into force on June 1, 2005:

1. Companion Policy 81-106CP to National Instrument 81-106 Investment Fund Continuous Disclosure;

2. Companion Policy 81-801CP to Ontario Securities Commission Rule 81-801 Implementing National Instrument 81-106 Investment Fund Continuous Disclosure;

3. amendments to Companion Policy 81-101CP to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Companion Policy 81-102CP to National Instrument 81-102 Mutual Funds, and Companion Policy 81-104CP to National Instrument 81-104 Commodity Pools; and

4. rescission of National Policy 27 Canadian Generally Accepted Accounting Principles, National Policy 31 Change of Auditor of a Reporting Issuer, National Policy 50 Reservations in an Auditor's Report, and National Policy 51 Changes in the Ending Date of a Financial Year and in Reporting Status.

These rules and policies were previously published in a supplement to the Bulletin on March 11, 2005, and are published in Chapter 5 of this Bulletin.

On May 2, 2005, the Chair of Management Board of Cabinet also approved a Regulation amending or revoking certain provisions of Regulation 1015 of the Revised Regulations of Ontario, 1990. This Regulation was filed as O. Reg. 215/04 on May 18, 2005 and will be published in the Ontario Gazette on June 4, 2005. The Regulation is published in Chapter 9 of this Bulletin.