Changes to Companion Policy 11-102CP Passport System, NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, Companion Policy 23-103CP Electronic Trading and Direct Electronic Access to Marketplaces, Companion Policy 31-103CP Regis

CHANGES TO SPECIFIED POLICIES

1. Companion Policy 11-102CP to Multilateral Instrument 11-102 Passport System, National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, Companion Policy 23-103CP Electronic Trading and Direct Electronic Access to Marketplaces, Companion Policy 31-103CP to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, Companion Policy 45-102CP to National Instrument 45-102 Resale of Securities, Companion Policy 51-105CP to Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets are changed by this Instrument.

2. The Policies named in section 1 are changed

(a) by replacing "National Instrument 45-106 Registration and Prospectus Exemptions" with "National Instrument 45-106 Prospectus Exemptions" wherever it occurs, and

(b) by replacing "National Instrument 45-106 Prospectus and Registration Exemptions" with "National Instrument 45-106 Prospectus Exemptions" wherever it occurs.

3. Except in Ontario, the changes to these policies take effect on May 5, 2015. In Ontario, the changes to these policies will take effect on the later of the following:

(a) May 5, 2015 and

(b) the day on which subsection 12(2) of Schedule 26 of the Budget Measures Act, 2009 is proclaimed in force.