Securities Law & Instruments

Headnote

Section 147 - securities adviser exempt fromrequirement in section 21.10 of the Act, and sections 112, 139and 140 of the Regulations that the securities adviser deliverto the Commission within 90 days after the end of its financialyear a copy of its audited financial statements for the financialyear - securities adviser does not have control over client'sassets.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.,ss. 21.10, 147.

Regulations Cited

Regulation made under the Securities Act, R.R.O.1990, Reg. 1015, as am., ss. 112, 139 and 140.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5,AS AMENDED (the "Act")

AND

IN THE MATTER OF

R.R.O. 1990, REGULATION 1015,AS AMENDED (the "Regulation")

AND

IN THE MATTER OF

PRIVATE FINANCIAL RESEARCHCORPORATION

 

ORDER

(Section 147)

UPON the application (the "Application")of Private Financial Research Corporation (the "Applicant")to the Ontario Securities Commission (the "Commission")for an order (the "Order"), pursuant to section 147of the Act, exempting the Applicant from the requirements insection 21.10 of the Act and sections 112, 139 and 140 of theRegulation that the Applicant deliver to the Commission within90 days after the end of its financial year a copy of its auditedfinancial statements for the financial year;

AND UPON considering the Applicationand the recommendation of the staff of the Commission;

AND UPON the Applicant having representedto the Commission that:

1. The Applicant has been registered underthe Act as a securities adviser since June 28, 2002 and hasa financial year end of April 30.

2. The Applicant provides published adviceand investment advisory services to institutional investorswhich is not tailored to the needs of specific clients anddoes not take custody of, or have any control over, clientassets.

3. The Applicant is not subject to the minimumfree capital requirements of subsection 107(3) of the Regulationby virtue of subsection 107(4) of the Regulation.

AND UPON the Commission being satisfiedthat to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 147of the Act that the Applicant is not subject to section 21.10of the Act and sections 112, 139 and 140 of the Regulation.

August 22, 2002.

"David M. Gilkes"