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ARTICLE · 27 NOVEMBER 2012

Letter In Response To Request For Comments From The Alberta Securities Commission, November 16, 2012

In this letter, we comment from a legal, as opposed to a business, standpoint on the proposed amendments in the Notice of Republication and Request for Comment.

CanadaCorporate/Commercial Law

DELIVERED VIA ELECTRONIC MAIL

Alberta Securities Commission

Suite 600, 250 - 5th Street SW

Calgary, Alberta T2P 0R4

Fax: (403) 297-4113

E-mail: [email protected]

Attention: Shane Altbaum, Legal Counsel, Market Regulation

Dear Sir:

RE: Comment Letter to Notice Of Republication And Request For Comment Regarding Regulation Of Over-The-Counter Derivatives Transactions

We appreciate the opportunity to comment on the Alberta Securities Commission's (the "Commission") Notice of Republication and Request for Comment regarding proposed amendments to Alberta's regulation of Over-the-Counter Derivatives Transactions1 issued on October 15, 2012, by the Commission requesting for comment. The Commission is specifically proposing amendments to Alberta legislation under the Securities Act, R.S.A. 2000, and c S-4 (the "Act") required to:

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