Notice of Commission Approval - Material Amendments to CDS Rules - ACT Participant

THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED

MATERIAL AMENDMENTS TO CDS RULES

ACT PARTICIPANT

NOTICE OF COMMISSION APPROVAL

In accordance with the Rule Protocol between the Ontario Securities Commission (OSC) and The Canadian Depository for Securities Limited (CDS), the OSC approved on July 11, 2006 the amendments filed by CDS relating to the Automated Confirmation Transaction (ACT) service. The amendments create a new category of limited participants (ACT Participants) in the CDS Cross-Border Services. ACT Participants participate in the Cross-Border Services on a restricted basis. The ACT Participants will use ACT only for the purposes of reporting, confirming and reconciling trades through ACT and the use of a NSCC sponsored account. The ACT Participants will not settle their trades directly, but will designate a clearing broker to settle the trades on their behalf. A copy and description of these amendments were published for a 30 day comment period on May 12, 2006 at (2006) 29 OSCB 4108. No comment letters were received.