Securities Law & Instruments

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, as amended

-AND -

IN THE MATTER OF
MARK KASSIRER



ORDER
(Subsection 127(1))

WHEREAS on June 13, 2002, the Ontario Securities Commission (the "Commission") issued a Notice of Hearing pursuant to subsection 127(1) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the "Act") respecting Mark Kassirer ("Kassirer");

AND WHEREAS Kassirer entered into a Settlement Agreement in which he agreed to a proposed settlement of the proceedings, subject to the approval of the Commission;

AND UPON reviewing the Settlement Agreement and the Statement of Allegations of Staff of the Commission and upon hearing submissions from counsel for Kassirer and from Staff of the Commission;

AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order pursuant to subsection 127(1) of the Act;

IT IS ORDERED THAT:

1. the attached Settlement Agreement executed June 13 and 14, 2002 is approved;

2. pursuant to subsection 127(1), paragraph 4 of the Act, Kassirer Asset Management Corporation ("KAMC") submit to a review by Deloitte & Touche Inc. of current controls and procedures respecting its trading and accounting systems to ensure compliance with applicable securities law. The review shall be at Kassirer's or KAMC's expense. The review shall be completed by no later than September 30, 2002;

3. pursuant to subsection 127(1), paragraph 4 of the Act, a report of the findings of the review described in paragraph 2 above, including any deficiencies, shall be submitted to the Commission to the attention of the Director, Capital Markets and Kassirer concurrently. KAMC shall institute the necessary changes to rectify the deficiencies reported by Deloitte & Touche Inc. by no later than October 31, 2002;

4. pursuant to subsection 127(1), paragraph 1 of the Act, Kassirer must pass the Partners, Directors and Officers examination by no later than December 15, 2002 as a term and condition of his continued registration; and

5. pursuant to subsection 127(1), paragraph 6 of the Act, Kassirer is reprimanded.


DATED at Toronto this 17th day of June, 2002




_______________________________
Paul Moore
______________________________
Harold Hands

_________________________________
Theresa McLeod