Notice of Commission Order – Application to Vary Recognition Order – Canadian Depository for Securities Limited

On January 9, 2006, the Commission issued an order (Order) pursuant to section 144 of the Securities Act (Ontario) to vary the recognition order dated July 12, 2005, recognizing CDS as a clearing agency (Recognition Order).

The purpose of the Order is to vary: (1) the timeframe for the completion and submission to the Commission of a governance report from six months to twelve months form the date of the Recognition Order; and (2) the requirement to file an annual report at the same time as the financial statements to filing the annual report at the same time it is provided to shareholders.

The Order is published in Chapter 2 of this Bulletin.