R.S.O. 1990, c. S.5, AS AMENDED
(Section 127)

WHEREAS on August 27, 1996, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing pursuant to section 127 of the SecuritiesAct, R.S.O. 1990, c. S.5, as amended (the "Act") in respect of Robert Frederick Rose ("Rose");

AND WHEREAS Rose and Staff of the Commission entered into a Settlement Agreement dated January 7, 1997, in which they agreed to a proposed settlementof these proceedings respecting Rose, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and hearing submissions of counsel on behalf of Rose and Staff of the Commission;

AND UPON the Commission being of the opinion that it is in the public interest to make this order;

IT IS ORDERED pursuant to clause 1 of section 127(1) of the Act that:

1. The Settlement Agreement dated January 7, 1997, attached hereto, be and is hereby approved.

2. The registration of Rose as a securities salesperson will be suspended from February 1, 1997, until the later of August 1, 1997, or the date that Rose passesthe examination based upon the Conduct and Practices Manual.

3. Upon Rose's registration being reinstated, Rose will be subject to the following term of supervision (in addition to normal supervision) for a period of twoyears from the date of reinstatement: daily review by his employer of trades by Rose in the inventory account.

4. As long as Rose is registered under the Act, he will not be an insider nor act as a promoter of a reporting issuer.

5. From February 1, 1997, to February 1, 1999, Rose will not trade in securities, directly or indirectly, for his own account or the account of any personassociated with him provided that, upon reinstatement of his registration, Rose may trade through his employer's inventory accounts.

6. Rose will not act as a market maker except in respect of securities for which he has been approved by the TSE as the Registered Trader and, if so approved,he will submit to regular reviews by the TSE of his market making activities and will comply with all TSE requirements. Failure to comply with any requirementof the TSE is grounds for the TSE to revoke his approval as a Registered Trader, without prior notice.

January 7th, 1997.

"J. F. Howard"
"G. P. H. Vernon"