Commission Approval of Amendment: Going Private Transactions

NOTICE OF AMENDMENT TO RULE UNDER THE SECURITIES ACT
IN THE MATTER OF GOING PRIVATE TRANSACTIONS

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended therule entitled In the Matter of Going Private Transactions (1997), 20 OSCB 1219, asamended by (1998), 21 OSCB 2337 and (1998), 21 OSCB 7751 (the "Rule"). Theamendment extends the expiration date of the Rule from December 31, 1999 toDecember 31, 2000. This amendment however, does not materially change the Ruleand, accordingly, under section 143.2 of the Act, the Commission has not published theamendment for comment.

The amendment and the material required by the Act to be delivered to the Minister ofFinance were delivered on October 5, 1999. If the Minister does not approve theamendment, reject the amendment or return it to the Commission for furtherconsideration, the amendment will come into force on December 19, 1999. If theMinister does approve the amendment, the amendment will come into force 15 daysafter it is approved.

Substance and Purpose of Amendment

The Rule replaced the deemed rule entitled In the Matter of Going Private Transactions(1993), 16 OSCB 3428.

The Rule provides that it will expire on the earlier of the date on which a new ruleintended to replace it comes into force and December 31, 1999. Proposed Rule 61-501Insider Bids, Issuer Bids, Going Private Transactions and Related Party Transactions,which is intended to replace the Rule, was published for a second comment period onJanuary 22, 1999 at (1999), 22 OSCB 493. The comment period for the republicationexpired on April 23, 1999. On May 14, 1999, Commission staff at (1999), 22 OSCB2941 requested comment on four specific aspects of the proposed Rule. The purposeof the amendment is to extend the expiration date from December 31, 1999 toDecember 31, 2000 to allow the Commission and its staff appropriate time to assessthe comments received on the proposed Rule, consider what changes are necessary tothe proposed Rule and allow time for finalization.

Text of Amendment

The text of the amendment follows.

DATED: October 8, 1999.

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AMENDMENT TO ONTARIO SECURITIES COMMISSION RULE
IN THE MATTER OF GOING PRIVATE TRANSACTIONS

1.1 Amendment - The Rule entitled In the Matter of Going Private Transactions isamended by deleting "December 31, 1999" in the last sentence and replacing it with"December 31, 2000."