Securities Law & Instruments

Headnote

Section 83 of the Securities Act (Ontario) - labour sponsored investment fund deemed to have ceased to be a reporting issuer - the fund merged with another labour sponsored investment fund - only one shareholder remaining - the fund will be wound up in the near future - the fund meets the requirements set out in OSC Staff Notice 12-703.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., s. 83.

August 31, 2007

Gowling Lafleur Henderson LLP
Barristers and Solicitors
Suite 1600, 1 First Canadian Place
100 King Street West
Toronto, Ontario
M5X 1G5
 
Attention:
Angela Nikolakakos
 
Re:
Financial Industry Opportunities Fund Inc. ("the Applicant") - Application to Cease to be a Reporting Issuer under Section 83 of the Securities Act (Ontario), c. S.5, as amended (the "Act")

The Applicant has applied to the Ontario Securities Commission (the "Commission") for an order under section 83 of the Act to be deemed to have ceased to be a reporting issuer.

As the Applicant has represented to the Commission that:

(a) the outstanding securities of the Applicant, including debt securities, are beneficially owned, directly or indirectly, by less than 15 security holders in Ontario and less than 51 security holders in Canada;

(b) no securities of the Applicant are traded on a marketplace as defined in National Instrument 21-101 Marketplace Operation;

(c) the Applicant is not in default of any of its obligations under the Act as a reporting issuer; and

(d) the Applicant will not be a reporting issuer or the equivalent in any jurisdiction in Canada immediately following the Director granting the relief requested.

The Director is satisfied that it would not be prejudicial to the public interest to grant the requested relief and orders that the Applicant is deemed to have ceased to be a reporting issuer.

"Vera Nunes"
Assistant Manager, Investment Funds Branch
Ontario Securities Commission