Piergiorgio Donnini

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

- AND -

IN THE MATTER OF
PIERGIORGIO DONNINI

ORDER
(Sections 127 and 127.1)

WHEREAS on May 7, 2002, the Ontario Securities Commission (the "Commission") issued an Amended Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act (the "Act") in respect of Piergiorgio Donnini ("Donnini");

AND WHEREAS the Commission conducted a hearing into this matter on May 13-17, June 11 and July 11, 2002;

AND WHEREAS the Commission was satisfied that Donnini has not complied with Ontario securities law and has not acted in the public interest;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

IT IS ORDERED THAT:

1. pursuant to clause 1 of subsection 127(1) of the Act, the registration granted to Donnini under Ontario securities law be suspended for 15 years from the date of this order;
    
2. pursuant to clause 2 of subsection 127(1) of the Act, trading in any securities by Donnini cease for 15 years from the date of this order, with the exception that Donnini be permitted to trade in securities
    
   1. in personal accounts in his name in which he has sole beneficial interest, and
       
   2. in registered retirement savings plans in which he, either alone or with his spouse, has sole beneficial interest;
       
3. pursuant to clause 7 of subsection 127(1) of the Act, Donnini resign all positions that he holds as a director or officer of an issuer that is a registrant, or that directly or indirectly holds more than a 5% interest in a registrant;
    
4. pursuant to clause 8 of subsection 127(1) of the Act, Donnini is prohibited for 15 years from becoming or acting as a director or officer of any issuer that is a registrant, or that directly or indirectly holds more than a 5% interest in a registrant; and
    
5. pursuant to section 127.1 of the Act, Donnini pay costs of the Commission in investigating his affairs and of, or related to, conducting the hearing in this matter, in the amount of $186,052.30.
    

DATED at Toronto this 12th day of September, 2002.