Securities Law & Instruments

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RESCISSION OF NATIONAL POLICY 48

FUTURE-ORIENTED FINANCIAL INFORMATION

AND

AMENDMENTS TO NATIONAL INSTRUMENT 51-102

CONTINUOUS DISCLOSURE OBLIGATIONS

AND

RELATED CONSEQUENTIAL AMENDMENTS

NOTICE OF COMMISSION APPROVAL

On September 4, 2007, the Commission approved amendments to National Instrument 51-102 Continuous Disclosure Obligations (NI 51-102) and other consequential amendments relating to the reformulation and rescission of National Policy 48 Future-Oriented Financial Information (the NP 48 Reformulation Amendments).

The NP 48 Reformulation Amendments consist of

1. amendments to:

    • NI 51-102, Form 51-102F1 Management's Discussion and Analysis and Companion Policy 51-102CP Continuous Disclosure Obligations (CP 51-102),

    • Form 44-101F1 Short Form Prospectus,

    • Form 45-101F Information Required in a Rights Offering Circular,

    • Companion Policy 44-101CP Short Form Prospectus Distributions,

    • National Policy 41-201 Income Trusts and Other Indirect Offerings,

    • National Policy 51-201 Disclosure Standards,

    • Form 41-501F1 Information Required in a Prospectus and Companion Policy 41-501CP to Commission Rule 41-501 General Prospectus Requirements and

2. the rescission of NP 48.

The Commission has also approved the revocation of s. 60 of Ontario Regulation 1015 made under the Act (R.R.O. 1990, Reg. 1015, as am.).

The amendments to rules (the Rule Amendments) were sent to the Minister responsible for securities regulation on October 12, 2007. The Minister may approve or reject the Rule Amendments or return them for further consideration. If the Minister approves the Rule Amendments or does not take any further action by December 10, 2007, the NP 48 Reformulation Amendments will come into force on December 31, 2007.

October 12, 2007