OSC Will Seek Leave to Appeal the Decision in respect of Stephen Taub

News Release
Ontario Securities Commission 20 Queen St. W. Box 55, Suite 1900 Toronto, ON M5H 3S8	Commission des valeurs mobilières de l'Ontario	FOR IMMEDIATE RELEASE July 22, 2008

TORONTO – The Ontario Securities Commission (OSC) announced today that it will seek leave to appeal the decision of the Divisional Court of Ontario in respect of the Stephen Taub matter.

On July 15, 2008, the Ontario Superior Court of Justice, Divisional Court, allowed an appeal by Stephen Taub on the basis that the Securities Act does not authorize self-regulatory organizations (SROs) that have been recognized by the OSC to discipline former members. The Commission’s recognition of an SRO is designed to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets.

“The Commission is concerned that investor protection would be weakened if a registered representative could avoid the consequences of breaching SRO rules by resigning from his or her SRO member firm,” said OSC Executive Director Peggy Dowdall-Logie. “An SRO’s ability to take disciplinary action against former members, and former representatives of its member firms, is fundamental to effective investor protection and the functioning of an effective SRO.”

For Media Inquiries:	Wendy Dey Director, Communications & Public Affairs 416-593-8120 Laurie Gillett Manager, Public Affairs 416-595-8913 Carolyn Shaw-Rimmington Assistant Manager, Public Affairs 416-593-2361
For Investor Inquiries:	OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)