Olympus United Group Inc. - 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 MUTUAL FUNDDEALERS (the "Rule")

AND

IN THE MATTER OF

OLYMPUS UNITED GROUP INC.

EXEMPTION

(Section 5.1 of the Rule)

UPON the Director having received anapplication (the "Application") from Olympus UnitedGroup Inc. ("Olympus") seeking a decision pursuantto section 5.1 of the Rule, to exempt Olympus from the applicationof section 2.1 of the Rule, which would require Olympus to bea member of the Mutual Fund Dealers Association of Canada (the"MFDA") by December 1, 2002 on the condition thatOlympus is a member of the MFDA by April 1, 2003;

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

AND UPON Olympus having represented tothe Director that:

1. Olympus is registered under the Act asa mutual fund dealer and has its head office in Quebec;

2. Olympus filed a membership application(the "MFDA Application") with the MFDA in 2001;

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

4. Olympus received an exemption from section2.1 of the Rule prior to July 2, 2002 (the "Initial Exemption")on the condition that Olympus was a member of the MFDA byDecember 1, 2002;

5. Olympus is not aware of any issues whichremain unresolved between it and the MFDA in respect of itsMFDA Application and has been advised by staff at the MFDAthat the MFDA Application will be presented to the MFDA Boardof Directors on December 6, 2002 or the following Board meetingto be held in March 2003;

6. Olympus is not, to its knowledge, in breachof any requirements of the Act or the regulations or rulesmade thereunder; and

7. Olympus will not be a member of the MFDAby December 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 Olympus is exempt from therequirement of section 2.1 of the Rule, as modified by the InitialExemption, to be a member of the MFDA by December 1, 2002 onthe condition that, from and after April 1, 2003, so long asOlympus is registered as a mutual fund dealer under the Actit is a member of the MFDA.

November 30, 2002.

"David M. Gilkes"