G-Trade Services Ltd. - s. 211 of Reg. 1015

Headnote

Application in connection with application forregistration as an international dealer, for an order pursuantto section 211 of the Regulation exempting the Applicant fromthe requirement in subsection 208(2) of the Regulation thatit carry on the business of an underwriter in a country otherthan Canada to be able to register in Ontario as an internationaldealer.

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
G-TRADE SERVICES LTD.

ORDER
(Section 211 of the Regulation)

UPON the application (the "Application")of G-Trade Services Ltd. (the "Applicant") to theOntario Securities Commission (the "Commission") foran order (the "Order") pursuant to section 211 ofthe Regulation, exempting the Applicant from the requirementin subsection 208(2) of the Regulation that the Applicant carryon the business of an underwriter in a country other than Canada,in order for the Applicant to be registered under the Act asa dealer in the category of "international dealer";

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

AND UPON the Applicant having representedto the Commission as follows.

1. The Applicant has filed an application forregistration as a dealer under the Act in the category of "internationaldealer" in accordance with section 208 of the Regulation.The Applicant is not presently registered in any capacity underthe Act.

2. The Applicant is, a Bermuda corporation havingits principal place of business at Crawford House, 23 ChurchStreet, Hamilton, Bermuda, HM 11.

3. The Applicant is a broker/dealer tradingmember in good standing of the Bermuda Stock Exchange.

4. The Applicant's principal business is executingand clearing trades in non-U.S. equity securities.

5. The Applicant does not currently act as anunderwriter in Bermuda. The Applicant does not currently actas an underwriter in any other jurisdiction outside of Bermuda.

6. In the absence of the relief requested inthis Application, the Applicant would not meet the requirementsof the Regulation for registration as an "internationaldealer" as it does not carry on the business of an underwriterin a country other than Canada.

7. The Applicant does not now act as an underwriterin Ontario and will not act as an underwriter in Ontario ifit is registered under the Act as an "international dealer",despite the fact that subsection 100(3) of the Regulation providesthat an "international dealer" is deemed to have beengranted registration as an underwriter for the purposes of adistribution which it is permitted to make.

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

IT IS ORDERED, pursuant to section 211of the Regulation, that, in connection with the registrationof the Applicant as a dealer under the Act in the category of"international dealer", the Applicant is exempt fromthe provisions of subsection 208(2) of the Regulation requiringthat the Applicant carry on the business of an underwriter ina country other than Canada, provided that, so long as the Applicantis registered under the Act as an "international dealer":

(a) the Applicant carries on the business ofa dealer in the country other than Canada, and

(b) notwithstanding subsection 100(3) of theRegulation, the Applicant shall not act as an underwriter inOntario.

September 13, 2002.

"H.L. Morphy"     "H.P.Hands"