| THE SECURITIES ACT | ) |
Order No. 4476 |
) |
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| Section 13.1 of National Instrument 51-102 Continuous Disclosure Obligations | ) ) |
June 9, 2004 |
Issuers Traded on Certain Foreign Markets
WHEREAS:
(A) National Instrument 51-102 Continuous Disclosure Obligations ("NI 51-102") was made a rule of the Manitoba Securities Commission, effective March 30, 2004;
(B) A reporting issuer's obligations under NI 51-102 vary depending on whether it is a venture issuer, as defined in NI 51-102;
(C) One of the requirements of the definition of venture issuer is that the reporting issuer not, at the applicable time, have any of its securities listed or quoted on a marketplace outside of Canada and the United States of America;
(D) The Commission considers that there are certain marketplaces outside of Canada and the United States on which having securities traded should not disqualify a reporting issuer from treatment as a venture issuer for the purposes of NI 51-102;
(E) The Commission is of the opinion that it would not be prejudicial to the public interest to grant the order requested.
IT IS ORDERED:
1. THAT, pursuant to section 13.1 of NI 51-102, the requirement in the definition of venture issuer in section 1.1 of NI 51-102, that a reporting issuer not, at the relevant time, have any of its securities listed or quoted on a marketplace outside of Canada and the United States of America, does not apply to a reporting issuer whose securities are traded on a market identified in Schedule "A" to this order, provided that the issuer's securities are not also quoted or traded on any other marketplace outside of Canada and the United States of America.
BY ORDER OF THE COMMISSION
Deputy Director
Schedule A
Freiverkehr der FWB Frakfurter Wertpapierb�rse
(Regulated Unofficial Market of the Frankfurt Stock Exchange)
Freiverkehr der B�rse Berlin-Bremen
(Unofficial Regulated Market of the Berlin-Bremen Stock Exchange)