Securities Law & Instruments

IN THE MATTER OF
THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF
PIERGIORGIO DONNINI

ORDER
(Sections 127 and 127.1)

WHEREAS on May 7, 2002, the Ontario SecuritiesCommission (the "Commission") issued an Amended Noticeof Hearing pursuant to sections 127 and 127.1 of the SecuritiesAct (the "Act") in respect of Piergiorgio Donnini("Donnini");

AND WHEREAS the Commission conducteda hearing into this matter on May 13-17, June 11 and July 11,2002;

AND WHEREAS the Commission was satisfiedthat Donnini has not complied with Ontario securities law andhas not acted in the public interest;

AND WHEREAS the Commission is of theopinion that it is in the public interest to make this order;

IT IS ORDERED THAT:

(1) pursuant to clause 1 of subsection 127(1)of the Act, the registration granted to Donnini under Ontariosecurities law be suspended for 15 years from the date of thisorder;

(2) pursuant to clause 2 of subsection 127(1)of the Act, trading in any securities by Donnini cease for 15years from the date of this order, with the exception that Donninibe permitted to trade in securities

(a) in personal accounts in his name in whichhe has sole beneficial interest, and

(b) in registered retirement savings plans inwhich he, either alone or with his spouse, has sole beneficialinterest;

(3) pursuant to clause 7 of subsection 127(1)of the Act, Donnini resign all positions that he holds as adirector or officer of an issuer that is a registrant, or thatdirectly or indirectly holds more than a 5% interest in a registrant;

(4) pursuant to clause 8 of subsection 127(1)of the Act, Donnini is prohibited for 15 years from becomingor acting as a director or officer of any issuer that is a registrant,or that directly or indirectly holds more than a 5% interestin a registrant; and

(5) pursuant to section 127.1 of the Act, Donninipay costs of the Commission in investigating his affairs andof, or related to, conducting the hearing in this matter, inthe amount of $186,052.30.

September 12, 2002.

"Paul M. Moore"     "KerryD. Adams"     "Harold P. Hands"