Desjardins Investment Management Inc. and Héloïse Tassé - Decision

Headnote

Decision pursuant to section 4.1 of OntarioSecurities Commission (OSC) Rule 31-505 (the Rule) exemptingapplicants from the requirement under subsection 1.3(3) of theRule subject to certain terms and conditions.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am.

Rules Cited

OSC Rule 31-505 (1999) 22 O.S.C.B. 731, ss.1.3(2), ss. 1.3(3), s. 4.1.

OSC Rule 31-502 (2000) 23 O.S.C.B. 5658.

IN THE MATTER OF

THE SECURITIES ACT

R.S.O. 1990, c. S.5, as amended(the "Act")

AND

IN THE MATTER OF

DESJARDINS INVESTMENT MANAGEMENTINC. and HELOISE TASSE

DECISION

(Rule 31-505)

UPON the application of Desjardins InvestmentManagement Inc. (DIM) and Héloïse Tassé(together, the Applicants) pursuant to section 4.1 ofOntario Securities Commission Rule 31-505 - Conditions ofRegistration (the Registration Rule) for an exemptionfrom the requirement under subsection 1.3(3) of the RegistrationRule that Ms. Tassé meet certain proficiency requirementsunder Ontario Securities Commission Rule 31-502 - ProficiencyRequirements for Registrants (the Proficiency Rule)in order for supervisory functions, other than the supervisoryfunctions enumerated in subsection 1.3(2) of the RegistrationRule, to be delegated to Ms. Tassé by the designatedcompliance officer of DIM (the Application);

AND UPON considering the Application;

AND UPON the Applicants having representedto the Director that:

1. DIM is registered with the Ontario SecuritiesCommission as an adviser in the category of investment counseland portfolio manager.

2. Ms. Tassé has worked in the securitiesindustry for approximately 17 years, 14 of them in a compliancerole.

3. Ms. Tassé has completed the CanadianSecurities Course and the Partners, Directors and Senior OfficersQualifying Examination.

4. Ms. Tassé was a member of the InvestmentDealers Association.

5. Ms. Tassé has been with the DIMorganization since 2001, and since been appointed ComplianceOfficer of DIM. Prior to her appointment at DIM, Ms. Tasséacted as Vice-President of Corporate Finance at LaurentianBank Securities, advising corporations on raising new capitaland overseeing public distribution of new issues of securities.While with Tassé & Associés, Limitée,Ms. Tassé had full responsibility as Director, Vice-Presidentof Corporate Finance and as Compliance Officer. Ms. Tasséwas also a Corporate Finance Officer at the Quebec SecuritiesCommission.

6. Ms. Tassé does not, however, meetthe qualification criteria in subsection 1.3(3) of the RegistrationRule to be delegated supervisory functions by the designatedcompliance officer of DIM.

7. The designated compliance officer of DIMwill not delegate and Ms. Tassé will not assume thesupervisory functions enumerated in subsection 1.3(2) of theRegistration Rule.

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

NOW THEREFORE, pursuant to section 4.1of the Registration Rule, the Director hereby exempts the Applicantsfrom the requirement of subsection 1.3(3) of the RegistrationRule that Ms. Tassé meet the proficiency requirementsof the Proficiency Rule in order for Ms. Tassé to bedelegated supervisory functions by the designated complianceofficer of DIM;

PROVIDED THAT:

(A) The designated compliance officer ofDIM shall not delegate and Ms. Tassé shall not assumethe supervisory functions enumerated in subsection 1.3(2)of the Registration Rule; and

(B) If the proficiency requirements applicableto compliance officer's delegates of registrants in thecategories of investment counsel and portfolio manager areamended, the relief provided for in this Decision will terminateone year following the date such amendment comes into effect,unless the Director determines otherwise.

October 21, 2002.

"David M. Gilkes"