Commission Approval of Amendment: International Offerings made by way of Private Placement in Ontario

The Commission is publishing in this Bulletin amendments to the following rules and notices respecting the amendments for the purpose of extending theexpiration date from July 1, 1998 to July 1, 1999:

1. In the Matter of Regulation 1015, R.R.O. 1990, as amended and In the Matter of Certain International Offerings by Private Placement in Ontario (1997),20 OSCB 1219; and

2. Blanket Permission - International Offerings made by way of Private Placement in Ontario- Subsection 38(3) of the Securities Act (Ontario) (1997), 20OSCB 1219.

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

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended the rule entitled Blanket Permission - International Offerings made by wayof Private Placement in Ontario- Subsection 38(3) of the Securities Act (Ontario) (1997), 20 OSCB 1219 (the "Rule"). The amendment extends the expirationdate of the Rule from July 1, 1998 to July 1, 1999. The 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 Minister of Finance were delivered on June 11, 1998. If the Minister does notapprove the amendment, reject the amendment or return it to the Commission for further consideration, the amendment will come into force on August 25, 1998.If the Minister does approve the amendment, the amendment will come into force 15 days after it is approved.

Substance and Purpose of Amendment

The Rule replaced the deemed rule entitled Blanket Permission - International Offerings made by way of Private Placement in Ontario- Subsection 38(3) of theSecurities Act (Ontario) (1993), 16 OSCB 5938.

The Rule provides that it will expire on the earlier of the date on which a new rule intended to replace it comes into force and July 1, 1998. A replacement rulehas not yet been published for comment. The purpose of the amendment is to extend the expiration date of the Rule from July 1, 1998 to July 1, 1999 in order toallow sufficient time for a proposed rule to be published for comment, for consideration of comments received and for review of any proposed rule by theMinister.

Text of Amendment

The text of the amendment follows.

1.1 Amendment - The Rule entitled Blanket Permission - International Offerings made by way of Private Placement in Ontario- Subsection 38(3) of theSecurities Act (Ontario) is amended by deleting "July 1, 1998" in the last sentence and replacing it with "July 1, 1999."