HeadnoteRule31-507 - Section 4.1 - variation of director's decision providingregistrant with an extension of time in which to become a SROmember- registrant agrees to terms and conditions regarding timeframe to become a member of the IDA and consequences of not obtainingsuch membership within the time frame.
StatuteCitedSecuritiesAct, R.S.O. 1990, c. S.5., as am., s. 21.1.
RuleCitedOSCRule 31-507 "SRO Membership - Securities Dealers and Brokers"(2000) 23 O.S.C.B. 5657, ss. 1.1(1), 2.2 and 4.1.
INTHE MATTER OF
THE SECURITIES ACT
R.S.O.1990, CHAPTER S.5, AS AMENDED (the "Act")
INTHE MATTER OF
ONTARIOSECURITIES RULE 31-507
SROMEMBERSHIP- SECURITIES DEALERS AND BROKERS (the "Rule")
INTHE MATTER OF
(Section4.1 of the Rule)WHEREASAnchor Securities Limited ("Anchor") received a decision (the"Original Decision") on November 26, 2001 from the Director, pursuantto section 4.1 of the Rule, which exempted Anchor from the requirementof the Rule to be a member of a self-regulatory organization ("SRO")recognized by the Ontario Securities Commission (the "Commission")under section 21.1 of the Act ("Recognized SRO") until April 11,2002, subject to terms and conditions attached to the OriginalDecision (Schedule "A");
ANDWHEREAS Anchor has applied (the "Application") to theDirector to have the exemption in the Original Decision extended;
ANDUPON considering the Application and the recommendationof staff of the Commission;
ANDUPON Anchor having represented to the Director that:
1.Anchor is registered as a dealer in the category of "securitiesdealer" under the Act.
2.Anchor submitted a membership application to the IDA on or aboutDecember 11, 2001.
3.At the time of the granting of the Original Decision, Anchor wasrequired to obtain membership in the Investment Dealers Associationof Canada (the "IDA"), a Recognized SRO, by April 11, 2002.
4.Certain terms and conditions attached to the Original Decisionhave not been achieved.
5.Anchor requires the exemption under the Original Decision be extendedin order to obtain confirmation from the IDA that responses todate from Anchor to the IDA have been satisfactory and to respondto any further deficiencies and obtain IDA membership.
ANDUPON the Director being satisfied that to do so wouldnot be prejudicial to the public interest;
ITIS THE DECISION of the Director, pursuant to section4.1 of the Rule, that, effective April 11, 2002, if no Event ofDefault occurs on or before June 14, 2002, the exemption providedin the Original Decision will terminate on June 14, 2002 and thatparagraph 7 of Schedule "A" be revoked and the following substituted:
"7.No later than June 1, 2002, Anchor shall have satisfied, to thesatisfaction of the IDA, all requirements for membership in theIDA and shall have received such membership no later than June14, 2002. A confirmation that Anchor has received IDA membershipshall be sent by Anchor to the Senior Accountant no later thanJune 14, 2002. In the event that staff of the IDA is unavailableto provide such confirmation, Anchor shall have filed with theCommission, to the attention of the Senior Accountant, a certificateexecuted by a Senior Officer of Anchor, which represents suchsatisfaction and explains why staff of the IDA is unavailableto give such confirmation."