Bieber Securities Inc. and Julie A. Leefe - s. 4.1 of Rule 31-502

Headnote

Registrant exempt from paragraph 2.1 (3)(a)of Rule 31-502 Proficiency Requirements for Registrants, CompanionPolicy, Designation and Regulation. Application of the provisionas drafted is numerically impossible for firms with fewer thantwenty registrants.

Rules Cited

Ontario Securities Commission Rule 31-502 ProficiencyRequirements for Registrants, Companion Policy, Designationand Regulation.

IN THE MATTER OF

THE SECURITIES ACT,

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

AND

IN THE MATTER OF

BIEBER SECURITIES INC. andJULIE A. LEEFE

ORDER

(Section 4.1 of Rule 31-502)

WHEREAS the Director (Director) has receivedan application from Bieber Securities Inc. (Bieber) and JulieA. Leefe (Leefe) for an order pursuant to Section 4.1 of Rule31-502 Proficiency Requirements for Registrants, Companion Policy,Designation and Regulation (Rule 31-502) exempting Bieber andLeefe from paragraph 2.1(3)(c) of Rule 31-502;

AND WHEREAS the Director has consideredthe application and the recommendation of staff of the OntarioSecurities Commission;

AND WHEREAS Bieber has represented tothe Director that:

1. Bieber was incorporated under the lawsof the Province of Manitoba on September 6, 1995.

2. Bieber is registered in the category ofinvestment dealer (equities and options) in Ontario and isa member of the Investment Dealers Association of Canada,in the Provinces of Manitoba, Alberta, Saskatchewan, BritishColumbia, and Ontario.

3. Bieber is sponsoring the application ofLeefe as a salesperson whose registration is restricted tothe sale of mutual fund securities.

4. Bieber and Leefe do not satisfy the proficiencyrequirements contained in subsection 2.1(1) of Rule 31-502.

5. Since Leefe's registration will be restrictedto the sale of mutual fund securities, and since Leefe hascompleted the Investment Funds in Canada Course, Bieber andLeefe satisfy paragraphs 2.1(3)(a) and (b) of subsection 2.1(3)of Rule 31-502, which sets out an exemption to the proficiencyrequirements contained in subsection 2.1(1) of Rule 31-502.

6. Bieber and Leefe do not satisfy paragraph2.1(3)(c) of Rule 31-502 because on the date Leefe is grantedregistration, Bieber will have registered with it more thanthe lesser of (i) 100 restricted representatives whose registrationis restricted to the sale of mutual funds; and (ii) that numberof restricted representatives whose registration is restrictedto the sale of mutual funds equal to five per cent of thetotal number of representatives registered with Bieber.

7. Numerically, no company with fewer thantwenty representatives in total can satisfy paragraph 2.1(3)(c)of Rule 31-502.

8. Bieber employs no other salesperson inOntario whose registration is restricted to the sale of mutualfund securities, and it employs less than twenty reprsentativesin total;

AND WHEREAS the Director is satisfiedthat it would not be prejudicial to the public interest to makethe requested Order on the basis of the terms and conditionsproposed;

IT IS HEREBY ORDERED by the Directorpursuant to Section 4.1 of Rule 31-502 that the Bieber and Leefebe exempt from paragraph 2.1 (3)(c) of Rule 31-502 until

(a) Bieber ceases to be registered in thecategory of investment dealer, equities and options in theprovince of Ontario; or

(b) Leefe ceases to be employed by Bieber.

October 17, 2002.

"David Gilkes"