NOTICE OF CHAIR OF MANAGEMENT BOARD OF CABINET APPROVAL OF

FINAL RULE UNDER THE SECURITIES ACT

NATIONAL INSTRUMENT 31-101 NATIONAL REGISTRATION SYSTEM

On February 18, 2005 the Chair of Management Board of Cabinet (the Chair) approved National Instrument 31-101 National Registration System as a rule under the Securities Act. The Chair also approved Form 31-101F1 Election to use the NRS and Determination of Principal Regulator, Form 31-101F2 Notice of Change (together with the rule, referred to as the Instrument) The Instrument was published for comment in September 2004 and made by the Commission in December 2004, at which time the Commission also approved National Policy 31-201 National Registration System (the Policy) to come into effect at the same time as the Instrument.

The Instrument and Policy will come into force on April 4, 2005.

The Instrument and Policy are published in Chapter 5 of the Bulletin and at http://www.osc.gov.on.ca/en/Regulation/Rulemaking/Rules/rules.html. No changes have been made to the Instrument or Policy since their previous publication in the Bulletin on January 7, 2005. The Instrument will be published in the Gazette on April 9, 2005.