Gleacher Fund Advisors LP - s. 6.1(1) of NI 31-102 National Registration Database, s. 6.1 of Rule 13-502 Fees and s. 5.1 of Rule 13-503 Commodity Futures Act Fees

Headnote

Applicant seeking registration as an international adviser is exempted from the electronic funds transfer requirement pursuant to subsection 6.1(1) of National Instrument 31-102 National Registration Database and activity fee contemplated under section 4.1 of Ontario Securities Commission Rule 13-502 Fees and section 3.1 of Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees is waived in respect of this discretionary relief, subject to certain conditions.

Rules Cited

National Instrument 31-102 National Registration Database (2007) 30 O.S.C.B. 5430, s. 6.1

Ontario Securities Commission Rule 13-502 Fees (2003) 26 O.S.C.B. 867, ss. 4.1 and 6.1

August 28, 2007

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER S.5, AS AMENDED

(the Act)

AND

IN THE MATTER OF

THE COMMODITY FUTURES ACT,

R.S.O. 1990, CHAPTER S.20, AS AMENDED

(the CFA)

AND

IN THE MATTER OF

GLEACHER FUND ADVISORS LP

DECISION

(Subsection 6.1(1) of National Instrument 31-102

National Registration Database, section 6.1 of

Rule 13-502 Fees and section 5.1 of Rule 13-503

Commodity Futures Act Fees)

UPON the Director having received the application of Gleacher Fund Advisors LP (the Applicant) for an order pursuant to subsection 6.1(1) of Multilateral Instrument 31-102 National Registration Database (NI 31-102) granting the Applicant relief from the electronic funds transfer requirement contemplated under NI 31-102 and for relief from the activity fee requirement contemplated under section 4.1 of Ontario Securities Commission Rule 13-502 Fees (Rule 13-502) and section 3.1 of Ontario Securities Commission Rule 13-503 (Commodity Futures Act) Fees (Rule 13-503) in respect of this discretionary relief;

AND UPON considering the application and the recommendation of the staff of the Ontario Securities Commission (the Commission);

AND UPON the Applicant having represented to the Director as follows:

1. The Applicant was formed in Delaware, U.S.A. The head office of the Applicant is located in Greenwich, Connecticut, U.S.A. The Applicant is not a reporting issuer in Ontario.

2. The Applicant is concurrently applying for registration as an adviser in the categories of Investment Counsel and Portfolio and as a dealer in the category of non-resident limited market dealer under the Act and as an adviser in the category of commodity trading manager under the CFA.

3. NI 31-102 requires that all registrants in Canada enrol with CDS Inc. (CDS) and use the national registration database (NRD) to complete certain registration filings. As part of the enrolment process, registrants are required to open an account with a member of the Canadian Payments Association from which fees may be paid with respect to NRD by electronic pre-authorized debit (the electronic funds transfer requirement or EFT Requirement).

4. The Applicant would incur significant costs to set up a Canadian based bank account for purposes of fulfilling the EFT Requirement.

5. The Applicant confirms that it does not intend to register in another category to which the EFT Requirement applies and that Ontario is the only jurisdiction in which it is seeking registration

6. Staff of the Canadian Securities Administrators has indicated that, with respect to applications from international dealers and international advisers (or applicants in equivalent categories of registration) for relief from the EFT Requirement, it is prepared to recommend waiving the fee normally required to accompany applications for discretionary relief (the Application Fee).

7. For Ontario registrants, the requirements for payment of the Application Fees are set out in section 4.1 of Rule 13-502 and section 3.1 of Rule 13-503.

AND UPON the Director being satisfied that to do so would not be prejudicial to the public interest;

IT IS THE DECISION of the Director, pursuant to subsection 6.1(1) of NI 31-102 that the Applicant is granted relief from the EFT Requirement for so long as the Applicant:

A. makes acceptable alternative arrangements with CDS for the payment of NRD fees and makes such payment within 10 business days of the date of the NRD filing or payment due date;

B. pays its participation fee under the Act and the CFA to the Commission by cheque, draft, money order or other acceptable means at the time of filing its application for annual renewal, which shall be no later than the first day of December in each year;

C. pays any applicable activity fees, or other fees that the Act and the CFA requires it to pay to the Commission, by cheque, draft, money order or other acceptable means at the appropriate time; and

D. is not registered in any other Canadian jurisdiction in another category to which the EFT Requirement applies;

PROVIDED THAT the Applicant submits a similar application in any other Canadian jurisdiction where it becomes registered as an international dealer or international adviser or in an equivalent registration category;

AND IT IS THE FURTHER DECISION of the Director, pursuant to section 6.1 of Rule 13-502 and section 5.1 of Rule 13-503, that the Application Fee will be waived in respect of the application for this Decision.