Northwest Asset Management, Inc. - s. 4.1 of OSC Rule 31-502

Order

Headnote

Application for an exemption from subsection 3.3(4) whereby the designated registered representative, partner or officer shall be employed at the same location as the associate representative, associate partner or associate officer whose advice must be approved.

Rules Cited

Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants, s. 3.3(4) and s. 4.1.

May 30, 2005

Northwest Asset Management, Inc. and Mr. Michel Lessard

Order under Section 4.1 of Rule 31-502 of the Securities Act, R.S.O. 1990 c. S. 5,

as amended, that:

An application has been received on April 18, 2005 from Northwest Asset Management, Inc. (NAMI) for an exemption from subsection 3.3(4) of the Ontario Securities Commission Rule 31-502 Proficiency Requirements for Registrants (the Rule).

Northwest Asset Management, Inc. has represented to the Director that:

1. NAMI is registered in the category of an investment counsel and portfolio manager in Ontario. Its head office is in Toronto, however, it has offices in Montreal.

2. NAMI has no other registered adviser in Toronto who could be designated under subsection 3.3(3) of the Rule to approve the advice given by Mr. Christopher Holland, an associate officer of NAMI who is located in the Toronto office.

3. Mr. Michel Lessard is NAMI's ultimately responsible person and a registered adviser who is based in its Montreal office. NAMI wishes to designate Mr. Lessard to supervise Mr. Holland within the meaning of the Rule, notwithstanding that Mr. Lessard is not employed at the same location as Mr. Holland, as required by subsection 3.3(4) of the Rule.

The Director is satisfied that it would not be prejudicial to the public interest to make the requested Order.

It is ordered under section 4.1 of Rule 31-502 that Northwest Asset Management, Inc. and Mr. Michel Lessard be exempt from subsection 3.3(4) of Rule 31-502 until

1. Northwest Asset Management, Inc. ceases to be registered in the category of investment counsel and portfolio manager in the province of Ontario; or

2. Mr. Holland ceases to be employed by Northwest Asset Management, Inc.

"David M. Gilkes"