April 16, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) has exempted TSX Inc. (the “TSX”) from the application of section 169 of the Québec Securities Act. The Ontario Securities Commission (“OSC”) has also exempted Bourse de Montréal Inc. (the “Bourse”) from section 21 of the Ontario Securities Act and section 15 of the Commodity Futures Act.

The Alberta, British Columbia, Ontario, Manitoba and, at the time, Québec securities commissions signed a Memorandum of Understanding (MOU) on the joint oversight of Canadian stock exchanges. Under the MOU, and further to the exemptions granted, the AMF will act as lead regulator for the Bourse, whereas the OSC will act as lead regulator for the TSX. The lead regulator is responsible for conducting regulatory oversight of the exchange and will inform exempting regulators of its activities. Exempting regulators will have the opportunity to raise issues about the lead regulator’s oversight.

The AMF and the OSC rendered these decisions after consideration of various grounds, including the applications submitted by the TSX and the Bourse. The AMF and the OSC also took into account the public interest.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF brings together the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

The Ontario Securities Commission's mandate is to provide protection to investors from unfair, improper or fraudulent practices; and to foster fair and efficient capital markets and confidence in their integrity.

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Information :

Autorité des marchés financiers
Barbara Timmins 514-940-2176

Ontario Securities Commission
Wendy Dey 416-593-8120