Commission Approval of Amendment: Certain Reporting Issuers [including National Policy Statement No. 41]

Commission Approval of Amendment: Certain Reporting Issuers [including National Policy Statement No. 41]

Pre-Reformulation

NOTICE OF AMENDMENT TO RULE UNDER THE SECURITIES ACT
IN THE MATTER OF CERTAIN REPORTING ISSUERS
[INCLUDING NATIONAL POLICY STATEMENT NO. 41]

Notice of Amendment

The Commission has, under section 143 of the Securities Act (the "Act"), amended the rule entitled In the Matter of Certain Reporting Issuers [including National Policy Statement No. 41] (1997), 20 OSCB 1219, as amended by (1999), 22 OSCB 152, (2000), 23 OSCB 288 and (2000), 23 OSCB 6725 (the "Rule"). The amendment extends the expiration date of the Rule from December 31, 2001 to June 30, 2002. This amendment, however, does not materially change the Rule and, accordingly, under section 143.2 of the Act, the Commission has not published the amendment for comment.

The amendment and the material required by the Act to be delivered to the Minister of Finance were delivered on October 25, 2001. If the Minister does not approve the amendment, reject the amendment or return it to the Commission for further consideration by December 24, 2001, the amendment will come into force on January 8, 2002. If the Minister approves the amendment, it will come into force 15 days after it is approved.


Substance and Purpose of Amendment

The Rule replaced the deemed rule entitled In the Matter of Certain Reporting Issuers (1988), 11 OSCB 1029 [including National Policy Statement No. 41 (1987), 10 OSCB 6306].

The Rule provides that it expires on the earlier of the date on which a new rule intended to replace it comes into force and December 31, 2001. It is intended that the Rule be replaced by National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer, which was published for a third comment period on September 1, 2000 at (2000), 23 OSCB 5937, together with proposed National Instrument 54-102 Supplemental Mailing Lists and Interim Financial Statements. National Instrument 54-102 has been proposed to replace the provisions of NP 41 pertaining to supplemental mailing lists, but has not been republished for comment since it was first published in February 1998 with the then proposed National Instrument 54-101. National Instrument 54-102 is expected to be adopted by the Canadian Securities Administrators at the same time as National Instrument 54-101, without material changes from the version of National Instrument 54-102 that was published in February 1998.


The purpose of the amendment is to extend the expiration date of the Rule from "December 31, 2001" to "June 30, 2002" in order to allow the Commission and other members of the Canadian Securities Administrators additional time to consider and respond to comments in respect of the proposed National Instrument, including comments related to implementation, before finalizing the National Instrument.


Text of Amendment

The text of the amendment follows.


DATED: November 2, 2001


AMENDMENT TO ONTARIO SECURITIES COMMISSION RULE
IN THE MATTER OF CERTAIN REPORTING ISSUERS
[INCLUDING NATIONAL POLICY STATEMENT NO. 41]

1.1 Amendment - The Rule entitled In the Matter of Certain Reporting Issuers [including National Policy Statement No. 41] (1997), 20 OSCB 1219, as amended by (1999), 22 OSCB 152, (2000), 23 OSCB 288 and (2000), 23 OSCB 6725, is amended by deleting "December 31, 2001" in the last sentence and replacing it with "June 30, 2002".