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EXEMPTION FROM RECOGNITION AS A STOCK EXCHANGE
UNDER SECTION 21 OF THE SECURITIES ACT

EXEMPTION FROM REGISTRATION AS A COMMODITY FUTURES
EXCHANGE UNDER SECTION 15 OF THE
COMMODITY FUTURES ACT

EXEMPTION FROM PART 4 OF OSC RULE 91-502 TRADES IN RECOGNIZED OPTIONS

On March 16, 2004, the Commission granted the Bourse de Montréal (the Bourse) an exemption from

    • The requirement to be recognized as a stock exchange under section 21 of the Securities Act (Ontario); and

    • The requirement to be registered as a commodity futures exchange under section 15 of the Commodity Futures Act (Ontario).

The Director also granted the Bourse an exemption from Part 4 of OSC Rule 91-502 Trades in Recognized Options. The exemption order is published in Chapter 2 of this Bulletin.

The Commission published the Bourse exemption order for comment on December 13, 2002. No comments were received.