Notice of Rule: OSC Rule - 48-501 - Trading during Distributions, Formal Bids and Share Exchange Transactions

NOTICE OF CHAIR OF MANAGEMENT BOARD OF CABINET APPROVAL OF

FINAL RULE UNDER THE SECURITIES ACT

OSC RULE 48-501 TRADING DURING

DISTRIBUTIONS, FORMAL BIDS AND SHARE

EXCHANGE TRANSACTIONS

On April 12, 2005, the Chair of Management Board of Cabinet approved OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions (Rule) as a rule under the Securities Act. The Rule was published for comment on August 29, 2003, at (2003) 26 OSCB 6157, republished for comment on September 10, 2004, at (2004) 27 OSCB 7766, and made by the Commission in February 2005, at which time the Commission also approved Companion Policy 48-501 CP to the Rule (Companion Policy) to come into effect at the same time as the Rule.

The Rule and Companion Policy will come into force on May 9, 2005.

The Rule and Companion Policy are published in Chapter 5 of this Bulletin and in the Policy and Regulation section of the Commission's web site at www.osc.gov.on.ca. No changes have been made to the Rule or Companion Policy since their previous publication in the Bulletin on March 4, 2005 (2005) 28 OSCB 2212. Notice of the Rule will be published in the Gazette on May 14, 2005.

The amendments to the Universal Market Integrity Rules 1.1, 1.2, 7.7 relating to trading during certain securities transactions (published in their final form at (2005) 28 OSCB 2351) will become effective on the same date.