Proceedings

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, C. S.5, AS AMENDED
AND
IN THE MATTER OF
ALTAMIRA MANAGEMENT LIMITED
ORDER
(Subsection 127(1))

WHEREAS on September 12, 1997, the Ontario Securities Commission (the "Commission") issued a notice of hearing to consider:

1) whether it would be in the public interest to make an order under clause 4 of subsection 127(1) of the Act that the respondent Altamira Management Limited("Altamira") submit to a review of its trading practices and procedures and institute such changes as may be ordered by the Commission;

2) whether it would be in the public interest to make an order under clause 6 of subsection 127(1) of the Act that Altamira be reprimanded; and

3) such further and other orders or directions as the Commission may consider to be in the public interest to make.

AND WHEREAS Altamira and staff of the Commission entered into a settlement agreement (the "Settlement Agreement") in which they agreed to a proposedsettlement of these proceedings, subject to the approval of the Commission;

AND WHEREAS Altamira has consented to the issuance of this order and has waived its right to a full hearing and appeal of this matter;

AND UPON reviewing the Settlement Agreement filed herein;

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

THEREFORE IT IS HEREBY ORDERED, pursuant to clauses 4 and 6 of subsection 127(1) of the Securities Act (the "Act") that:

1. Altamira be and it is hereby reprimanded; and

2. Altamira implement forthwith the changes to its trading practices recommended by Charles Caty in his report attached as Schedule "E" to the SettlementAgreement herein dated September 12, 1997.

September 15th, 1997.

"J. A. Geller"          "G. P. H. Vernon"