Notice of Commission Approval - IDA Amendments to Margin Requirements for Long Options - Regulations 100.9 and 100.10

THE INVESTMENT DEALERS ASSOCIATION OF CANADA (IDA)

PROPOSED AMENDMENTS TO MARGIN REQUIREMENTS

FOR LONG OPTIONS -- REGULATIONS 100.9 AND 100.10

NOTICE OF COMMISSION APPROVAL

The Ontario Securities Commission approved amendments to IDA Regulations 100.9 and 100.10 regarding margin requirements for long options. In addition, the Alberta Securities Commission approved and the British Columbia Securities Commission did not object to the amendments. The purpose of the amendment is to permit the same margin treatment of Member firm account and client account positions in long options and to give regulatory value to any time value portion of the long option's market value when the option expiry is nine or more months away. A copy and description of the proposed amendments were published on June 25, 2004, at (2004) 27 OSCB 6108. No comments were received.