Precision Securities, LLC

IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S. 5, AS AMENDED (THE "ACT")

AND

REGULATION 1015 MADE UNDER THE SECURITIES ACT,
R.R.O. 1990, AS AMENDED (THE "REGULATION")

AND

IN THE MATTER OF PRECISION SECURITIES, LLC


ORDER
(Section 211 of the Regulation)

UPON the application of Precision Securities, LLC ("Precision") to the Ontario Securities Commission (the "Commission") for an order pursuant to section 211 of the Regulation that Precision be exempt from the requirement under subsection 208(2) of the Regulation in connection with Precision’s application for registration as a dealer in the category of international dealer on the terms and conditions set forth below;

AND UPON considering the application and the recommendation of staff of the Commission;

AND UPON Precision having represented to the Commission that:

1.Subsection 208(2) of the Regulation states that no person or company may register as an international dealer unless the person or company carries on the business of a dealer and underwriter in a country other than Canada;

2.Precision filed a registration application dated October 5, 2000 (the "Registration Application") with the Commission for registration in Ontario as a dealer in the category of international dealer under paragraph 4 of section 98 and section 208 of the Regulation and applied pursuant to section 211 of the Regulation requesting that Precision be exempted from the requirement under subsection 208(2) of the Regulation that Precision carry on the business of an "underwriter" in a country other than Canada in connection with Precision’s Registration Application as a dealer in the category of international dealer in Ontario;

3.Precision is a limited liability company organized in the State of California having its principal place of business at 16885 Via Del Campo Court, Suite 120, San Diego, California 92127 and Precision is not presently registered in any capacity with the Commission;

4.In respect of Precision’s Registration Application, Precision has certified that it is duly registered with the United States Securities and Exchange Commission as a fully registered broker-dealer in the United States and that such registration permits Precision to carry on dealing activities in the United States. Precision’s principal business is limited to broker-dealer activities involving institutional clients and Precision does not carry on the business of an underwriter;

5.In the absence of the requested exemption, subsection 208(2) of the Regulation would render Precision ineligible for registration as a dealer in the category of international dealer in Ontario because Precision does not carry on the business of an underwriter;

6.Precision respectfully submits that the requirement under subsection 208(2) of the Regulation that Precision carry on the business of an "underwriter" in a country other than Canada in connection with Precision’s Registration Application would impose an undue burden on Precision because, as a United States limited liability company whose principal business is confined to broker-dealer activities involving institutional clients, Precision will not otherwise be able to engage in securities transactions with institutional clients located in Ontario; and

7.Notwithstanding subsection 100(3) of the Regulation, Precision will not engage in the activities of an underwriter in Canada;

AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest;

IT IS ORDERED, pursuant to section 211 of the Regulation, that Precision is exempt from the requirement under subsection 208(2) of the Regulation that it carry on the business of an underwriter in a country other than Canada in connection with its Registration Application as a dealer in the category of international dealer in Ontario provided that:

(1)Precision carries on the business of a dealer in a country other than Canada; and

(2)notwithstanding subsection 100(3) of the Regulation, Precision shall not engage in the activities of an underwriter in Ontario.

November 24th, 2000


"John A. Geller""R. Stephen Paddon"