Municipal Securities Inc.

IN THE MATTER OF

THE SECURITIES ACT

R.S.O. 1990, CHAPTER S.5, AS AMENDED (The "Act")

AND

IN THE MATTER OF

MUNICIPAL SECURITIES INC.

ORDER

(Subsection 127(1) of the Act)

WHEREAS MUNICIPAL SECURITIES INC. ("MUNICIPAL") is registered as a Mutual Fund Dealer pursuant to section 26 of the Act;

AND WHEREAS MUNICIPAL, by application dated November 14, 2000 applied for voluntary surrender of MUNICIPAL's registration as Mutual Fund Dealer pursuant to section 27 of the Act and consented to the suspension of MUNICIPAL's registration as Mutual Fund Dealer in accordance with Ontario Securities Commission Rule 33-501 - Surrender of Registration;

AND WHEREAS on October 31, 2000 MUNICIPAL represented that it has ceased to carry on registerable activities as a Mutual Fund Dealer;

AND UPON the undersigned Director being of the opinion that it is in the public interest;

IT IS ORDERED pursuant to subsection 127(1) of the Act that the registration of MUNICIPAL as Mutual Fund Dealer is suspended until such time as the Commission accepts MUNICIPAL's voluntary surrender of registration pursuant to 27 of the Act.

November 21, 2000.

Gina G. Sugden