eFunds.ca Securities Limited - s. 5.1 of Rule 31-506

Headnote

Section 5.1 - OSC Rule 31-506 - exemption tomutual fund dealer from the requirement to be a member of theMutual Fund Dealers Association of Canada - exemption for alimited period of time.

Applicable Ontario Securities CommissionRule

Rule 31-506 - SRO Membership - Mutual Fund Dealers.

IN THE MATTER OF

THE SECURITIES ACT

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

AND

IN THE MATTER OF

ONTARIO SECURITIES COMMISSIONRULE 31-506

SRO MEMBERSHIP B MUTUAL FUNDDEALERS (the "Rule")

AND

IN THE MATTER OF

EFUNDS.CA SECURITIES LIMITED

EXEMPTION

(Section 5.1 of the Rule)

UPON the Director having received anapplication (the "Application") from eFunds.ca SecuritiesLimited ("ESL") seeking a decision pursuant to section5.1 of the Rule, to exempt ESL from the application of section2.1 of the Rule, which would require ESL to be a member of theMutual Fund Dealers Association of Canada (the "MFDA")from and after July 2, 2002 on the condition that ESL is a memberof the MFDA by April 1, 2003;

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

AND UPON ESL having represented to theDirector that:

1. ESL is registered under the Act as a mutualfund dealer and as limited market dealer and has its headoffice in Ontario;

2. ESL filed a membership application (the"MFDA Application") with the MFDA;

3. ESL has complied, on a timely basis, withall requests by the MFDA for information and/or documentspertaining to its MFDA Application;

4. ESL is not aware of any issues which remainunresolved between it and the MFDA in respect of its MFDAApplication;

5. ESL is not, to its knowledge, in breachof any requirements of the Act or the regulations or rulesmade thereunder;

6. ESL received an exemption from section2.1 of the Rule prior to July 2, 2002 ("the Initial Exemption")on the condition that ESL is a member of the MFDA by December1, 2002; and

7. ESL will not be a member of the MFDA byDecember 1, 2002.

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

IT IS THE DECISION of the Director, pursuantto section 5.1 of the Rule, that ESL is exempt from the requirementof section 2.1 of the Rule, as modified by the Initial Exemption,to be a member of the MFDA by December 1, 2002 on the conditionthat from and after April 1, 2003, so long as ESL is registeredas a mutual fund dealer under the Act, it is a member of theMFDA.

November 27, 2002.

"David M. Gilkes"