Pursuit Financial Management Corporation -- s. 213(3)(b) of the LTCA

Headnote:

Clause 213(3)(b) of the Loan and Trust Corporations Act -- Application by manager, with prior track record acting as trustee, for approval to act as trustee of an existing pooled fund and future pooled funds to be established and managed by the applicant and offered pursuant to a prospectus exemption.

Statutes Cited:

Loan and Trust Corporations Act, R.S.O. 1990, c. L.25, as am., s. 213(3)(b).

December 23, 2011

Attention: Eric Poole

Dear Sirs/Medames:

Further to your application dated May 31, 2011 (the "Application") filed on behalf of the Applicant, and based on the facts set out in the Application and the representation by the Applicant that

• the Applicant has, inadvertently, been acting as trustee of Pursuit High Income Fund (the "Fund") since it was established in 2004, without having previously obtained the required approval under the LTCA; and

• the assets of the Fund and such other funds as the Applicant may establish from time to time (the "Future Funds"), are or will be held in the custody of a trust company incorporated, and licensed or registered, under the laws of Canada or a jurisdiction, or a bank listed in Schedule I, II, or III of the Bank Act (Canada), or an affiliate of such bank or trust company,

the Ontario Securities Commission (the "Commission") now makes the following order:

Pursuant to the authority conferred on the Commission in clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the Applicant act as trustee of the Fund and the Future Funds, the securities of which will be offered pursuant to a prospectus exemption.

Yours truly,