Industry

INVESTMENT INDUSTRY REGULATORY

ORGANIZATION OF CANADA (IIROC)

NOTICE OF APPROVAL --

UNIVERSAL MARKET INTEGRITY RULES

PROVISIONS RESPECTING SHORT SALES

AND FAILED TRADES

NOTICE OF COMMISSION APPROVAL

The Ontario Securities Commission approved amendments to the Universal Market Integrity Rules ("UMIR") 1.1 and 3.2, new UMIR Rules 7.10 and 7.11 and UMIR Policies 1.1 and 2.1 containing provisions related to short sales and failed trades. The Alberta Securities Commission, the Autorité des marches financiers, the New Brunswick Securities Commission, the Nova Scotia Securities Commission and Saskatchewan Securities Commission approved the amendments. The British Columbia Securities Commission did not object to the amendments.

A proposed amendment to repeal Rule 10.10 and eliminate the requirement to file the "Short Position Reports" was deferred at this time. A copy and description of the original amendments were published on September 7, 2007 at (2007) 30 OSCB 7809. A summary of public comments received, IIROC's responses, along with a description and a copy of the amendments revised to reflect non-material changes to the original amendments, are contained in Chapter 13 of this OSC Bulletin.