Commission Approval of Amendment: Blanket Permission - International Offerings Made by Way of Private Placement in Ontario - Subsection 38(3) of the Securities Act (Ontario) - Notice of Amendment to Rule Under the Securities Act

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended therule entitled Blanket Permission - International Offerings made by way of PrivatePlacement in Ontario - Subsection 38(3) of the Securities Act (Ontario) (1997), 20OSCB 1219, as amended by (1998), 21 OSCB 4211 (the "Rule"). The amendmentextends the expiration date of the Rule from July 1, 1999 to July 1, 2001. Theamendment, however, does not materially change the Rule and, accordingly, undersection 143.2 of the Act, the Commission has not published the amendment forcomment.

The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on April 7, 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 June 21, 1999. If the Ministerdoes approve the amendment, the amendment will come into force 15 days after it isapproved.

Substance and Purpose of Amendment

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

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 July 1, 1999. Commission staff initiallyconsulted with certain market participants as to the need for the Commission to adopt arule to replace the Rule. Based on these consultations, staff was of the view that areplacement rule was not required. Staff subsequently received additionalrepresentations to the effect that a replacement rule would be of considerable utility.Staff is now in the process of formulating a replacement rule for the Commission'sconsideration. The purpose of the amendment is to extend the expiration date of theRule from July 1, 1999 to July 1, 2001 in order to allow sufficient time for theformulation of a replacement rule, the consideration of that rule by the Commission,publication of a proposed rule for comment, consideration of comments received andreview of any proposed rule by the Minister.

Text of Amendment

The text of the amendment follows.

DATED: April 9, 1999.

1.1 Amendment - The Rule entitled Blanket Permission - International Offeringsmade by way of Private Placement in Ontario - Subsection 38(3) of the SecuritiesAct (Ontario) is amended by deleting "July 1, 1999" in the last sentence andreplacing it with "July 1, 2001".