OSC Will Seek Leave to Appeal the Decision in respect of Stephen Taub

    TORONTO, July 22 /CNW/ - The Ontario Securities Commission (OSC)
announced today that it will seek leave to appeal the decision of the
Divisional Court of Ontario in respect of the Stephen Taub matter.
    On July 15, 2008, the Ontario Superior Court of Justice, Divisional
Court, allowed an appeal by Stephen Taub on the basis that the Securities Act
does not authorize self-regulatory organizations (SROs) that have been
recognized by the OSC to discipline former members. The Commission's
recognition of an SRO is designed to provide protection to investors from
unfair, improper or fraudulent practices and to foster fair and efficient
capital markets.
    "The Commission is concerned that investor protection would be weakened
if a registered representative could avoid the consequences of breaching SRO
rules by resigning from his or her SRO member firm," said OSC Executive
Director Peggy Dowdall-Logie. "An SRO's ability to take disciplinary action
against former members, and former representatives of its member firms, is
fundamental to effective investor protection and the functioning of an
effective SRO."

For further information:

For further information: For Media Inquiries: Wendy Dey, Director,
Communications & Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Contact Centre,
(416) 593-8314, 1-877-785-1555 (Toll Free)

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