The Ontario Securities Commission has denied a request by Open Access Ltd. for a permanent exemption from the requirement to join the Mutual Fund Dealers Association.

Open Access is registered in Ontario as a mutual fund dealer, an investment counsel/portfolio manager and a limited market dealer.

The firm sought an exemption from Rule 31 – 506 which requires Open Access to join the MFDA. That request was denied by a director of the OSC.

Open Access then brought an application before the commission seeking to have the decision of the director set aside. A hearing to consider the application was held on November 13, 2003 and December 9, 2003.

The OSC denied Open Access’ request for a permanent exemption, but granted the firm an exemption from MFDA membership until March 31, 2004 in order to permit it to apply for membership in the MFDA. Reasons for decision are pending.

The OSC says Open Access has filed a Notice of Appeal with the Divisional Court.