Staff of the Ontario Securities Commission announced today that they have amended the Statement of Allegations in the matter of CIBC World Markets Inc. by removing the reference to section 40(a) of the Securities Act found in paragraph 10(b) of the allegations.

The change was made in order to provide greater certainty about the OSC’s position regarding the application of this section. In the OSC’s view, section 40 applies only to registered advisors. Staff’s allegations remain otherwise unchanged.

As previously announced, OSC staff have reached a settlement agreement with CIBC World Markets in this matter. The terms of the settlement agreement will remain confidential until presented to the commission.

The settlement sgreement will be considered by a joint hearing of the OSC and the Commission des valeurs mobilières du Québec on Thursday February 27, 2003.

Copies of the Notice of Hearing and the amended Statement of Allegations in this matter are available on the OSC’s Web site at www.osc.gov.on.ca.