Multilateral Instrument: Implementing Multilateral - 45-801 - Implementing Multilateral Instrument 45-105 Trades to Employees, Senior Officers, Directors, and Consultants

ONTARIO SECURITIES COMMISSION

RULE 45-801

IMPLEMENTING MULTILATERAL INSTRUMENT 45-105

TRADES TO EMPLOYEES, SENIOR OFFICERS, DIRECTORS, AND CONSULTANTS

1.1 Revocation of Rule 45-503-- Ontario Securities Commission Rule 45-503 Trades to Employees, Executives and Consultants is revoked.

1.2 Removal of Exemption for Trades under Paragraph 35(1)19 and Clause 72(1)(n) of the Act -- The exemptions contained in paragraph 35(1)19 and clause 72(1)(n) of the Securities Act (Ontario) are not available for a trade.

1.3 Removal of Certain Exemptions for Trades of Securities of Certain Companies -- The exemption contained in section 2.1 of Ontario Securities Commission Rule 45-501 Exempt Distributions is not available for a trade in a security of a subsidiary company of an employee or an executive, or a consultant company, if the company has acquired securities under an exemption contained in Mulitlateral Instrument 45-105 Trades to Employees, Senior Officers, Directors, and Consultants and at the time of the trade holds the securities, unless a trade of the securities acquired by the company to the purchaser would have been permitted under section 9.1 of Rule 45-501.

1.4 Effective Date -- This rule comes into force on August 15, 2003.