IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S.5, AS AMENDED
IN THE MATTER OF THE APPLICATION FOR
LESLIE BRENT THATCHER
HEARING BEFORE THE DIRECTOR
PURSUANT TO SUBSECTION 26(3) OF THE SECURITIES ACT
HELD ON: OCTOBER 16, 2000
HELD AT: Ontario Securities Commission
20 Queen Street West
HELD BEFORE: PEGGY DOWDALL-LOGIE
Manager, Registrant Legal Services
KATHRYN J. DANIELS For the Staff of the Commission
LESLIE BRENT THATCHER For the Applicant
In response to Mr. Thatcher's application (OSC Registration File Number 599610) under the Securities Act (Ontario) (the Act) for registration as a salesperson to act on behalf of Scotia Discount Brokerage Inc. (Scotia Discount Brokerage), staff of the Ontario Securities Commission (the Commission) advised Mr. Thatcher, in their letter dated August 22, 2000 that staff were recommending that Mr. Thatcher's application for registration be denied on the grounds that he was not suitable for registration.
Scotia Discount Brokerage is registered under the Act as a dealer in the category of investment dealer.
In staff's letter, Mr. Thatcher was advised that, pursuant to subsection 26(3) of the Act, before a decision of the Director would be made in respect of his application for registration, he would have a right to be heard. Mr. Thatcher requested that right and a hearing was held before me on October 16, 2000, where I acted as Director pursuant to the current Determination by the Executive Director of positions within the Commission that are designated as Director for the purposes of the Act.
At the hearing, I heard testimony from Mr. Thatcher and received submissions from Mr. Thatcher and from counsel for staff of the Commission.
On the basis of the testimony, and after having considered the submissions, as well as reviewing the transcript of the hearing, it appears to me that the applicant, Mr. Leslie Brent Thatcher, at this time, is not suitable for registration as a salesperson to act on behalf of Scotia Discount Brokerage.
I therefore refuse the application for registration. My written reasons for this decision will follow.
January 12, 2001