Proceedings

IN THE MATTER OF THE
COMMODITY FUTURES ACT, R.S.O.1990, c.C.20, AS AMENDED

AND THE SECURITIES ACT,R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
WAYNE S. UMETSU

AMENDED NOTICE OF HEARING
(Subsection 60(1), CommodityFutures Act and subsection 127(1), Securities Act)

TAKE NOTICE that the OntarioSecurities Commission (the ACommission@) will hold a hearingpursuant to subsection 60(1) of the CommodityFutures Act, R.S.O. 1990, c.C.20, as amended (the "Act"),and subsection 127(1) of the Securities Act, R.S.O.1990, c. S.5, as amended, at the offices of the Commission,on the 17th Floor, Hearing Room, 20 Queen StreetWest, Toronto commencing on the 10th day of September,2001 at 10:00 a.m.

TO CONSIDER whether, pursuantto subsection 60(1) and section 60.1 of Act,it is in the public interest for the Commission:

(i) to make an order that the exemptions containedin Ontario commodity futures law do not apply to the Respondentpermanently or for such period as the Commission may direct;

(ii) to make an order that the Respondent bereprimanded;

(iii) to make an order prohibiting the Respondentfrom becoming or acting as a director or officer of any issuerpermanently or for such period as the Commission may direct;

(iv) to make an order that the Respondent paythe costs of the Commission=s investigation and this proceeding;and/or

(v) to make such further orders as the Commissionmay deem appropriate.

AND TO CONSIDER whether,pursuant to subsection 127(1) of the Securities Act,it is in the public interest for the Commission:

(i) to make an order that the Respondentcease trading in securities permanently or for such time asthe Commission may direct;

(ii) to make an order prohibiting the Respondentfrom becoming or acting as a director or officer of any issuerpermanently or for such period as the Commission may direct;and

(iii) to reprimand the Respondent.

BY REASON OF the allegationsset out in the Amended Statement of Allegations ofStaff of the Enforcement Branch of the Commission and suchadditional allegations as counsel may advise and the Commissionmay permit;

AND TAKE FURTHER NOTICE thatany party to the proceeding may be represented by counselif that party attends or submits evidence at the hearing;

AND TAKE FURTHER NOTICE thatupon failure of any party to attend at the time and placeaforesaid, the hearing may proceed in the absence of thatparty and such party is not entitled to any further noticeof the proceeding.

Dated this 23rd day of August,2001

_____________________________
John Stevenson, Secretary to the Commission

TO:
Mr. Wayne S. Umetsu
942 Yonge Street
Toronto, Ontario
M4W 3S8