Pedroso, Orestes - Director's Decision

IN THE MATTER OF

THE SECURITIES ACT

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

AND

IN THE MATTER OF

THE APPLICATION FOR

REINSTATEMENT OF REGISTRATION OF

ORESTES PEDROSO

HEARING BEFORE THE DIRECTOR

PURSUANT TO SUBSECTION 26(3) OF THE SECURITIES ACT

Motion Heard: February 9, 2001

Director: Peggy Dowdall-Logie

Applicant: Orestes Pedroso, In Person

Staff of the Ontario Securities Commission: Kathryn J. Daniels, Counsel

DIRECTOR'S DECISION

In response to Mr. Pedroso's application (OSC Registration File Number 208549) under the Securities Act (Ontario)(the "Act") for reinstatement of registration as a salesperson to act on behalf of CIBC Securities Inc., staff of theOntario Securities Commission (the "Commission") advised Mr. Pedroso, in their letter dated October 11, 2000, thatstaff were recommending that Mr. Pedroso's application for reinstatement be denied on the grounds that he was notsuitable for registration.

CIBC Securities Inc. is registered under the Act as a mutual fund dealer.

In staff's letter, Mr. Pedroso was advised that, pursuant to subsection 26(3) of the Act, before a decision of theDirector would be made in respect of his application for reinstatement of registration, he would have a right to beheard. Mr. Pedroso requested that right and a hearing was held before me on February 9, 2001, where I acted asDirector pursuant to the current Determination by the Executive Director of positions within the Commission that aredesignated as "Director" for the purposes of the Act.

At the hearing, I heard testimony from Mr. Pedroso and received submissions from Mr. Pedroso and counsel for staffof the Commission.

On the basis of the testimony, and after having considered the submissions, as well as reviewing the transcript of thehearing, it appears to me that the applicant, Mr. Orestes Pedroso is suitable for registration as a salespersonrestricted to selling mutual funds on behalf of CIBC Securities Inc.

I therefore grant the application for registration.

March 28, 2001.

"Peggy Dowdall-Logie"