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<SEC-DOCUMENT>0000791963-09-000004.txt : 20090304
<SEC-HEADER>0000791963-09-000004.hdr.sgml : 20090304
<ACCEPTANCE-DATETIME>20090304160341
ACCESSION NUMBER:		0000791963-09-000004
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20090304
DATE AS OF CHANGE:		20090304
EFFECTIVENESS DATE:		20090304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-157686
		FILM NUMBER:		09655583

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
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<FILENAME>aesp09.htm
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<TITLE>As filed with the Securities and Exchange Commission on March 4, 2009</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="03/04/2009">
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<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman" align=center>As filed with the Securities and Exchange Commission on March 4, 2009</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, D. C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM S-8</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>REGISTRATION STATEMENT UNDER</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>THE SECURITIES ACT OF 1933, AS AMENDED</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact name of Issuer as Specified in its Charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Canada &nbsp;&nbsp;&nbsp;&nbsp;98-0080034</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(State or Other Jurisdiction of &nbsp;&nbsp;&nbsp;(I.R.S. Employer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Incorporation or Organization) &nbsp;&nbsp;&nbsp;Identification No.)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>P.O. Box 2015, Suite 1110</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>20 Eglinton Avenue West</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Toronto, Ontario, Canada &nbsp;M4R 1K8</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address, including zip code, of registrant&#146;s principal executive office)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER &amp; CO. INC. EMPLOYEE SHARE PLAN</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Full title of the plan)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Elaine K. Roberts</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Oppenheimer Holdings Inc.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>P.O. Box 2015, Suite 1110</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20 Eglinton Avenue West</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Toronto, Ontario, Canada M4R 1K8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Telephone (416) 322-1515</P>
<P style="margin:0pt; padding-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt; border-bottom:1.5pt solid #000000" align=center>(Name, address and telephone number, including area code, of agent for service)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. &nbsp;See the definitions of &nbsp;&#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule 12b-2 of the Exchange Act. &nbsp;(Check one):</P>
<P style="margin:0pt; padding-right:18pt; text-indent:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Large Accelerated Filer [&nbsp;&nbsp;]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:18pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Accelerated Filer [X]</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:18pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Non-Accelerated Filer [&nbsp;&nbsp;]</P>
<P style="margin:0pt; padding-right:18pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Smaller Reporting Company &nbsp;[&nbsp;&nbsp;]</P>
<P style="margin:0pt; padding-right:18pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:18pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Do not check if a smaller reporting company)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
<BR></U></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR></U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>Calculation of Registration Fee</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Proposed</P>
<P style="margin:0pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Proposed</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">maximum</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">maximum</P>
<P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Amount of</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title of Securities</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Amount to</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">offering price</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">aggregate</P>
<P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">registration</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>to be Registered (1)</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>be registered</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>per share (1)</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>offering price (1)</U></P>
<P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>fee (1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Class A non-voting</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">380,000</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$8.215</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$3,121,700</P>
<P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$122.76</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">shares</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:14.15pt; text-indent:-14.15pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(1) </P>
<P style="margin:0pt; padding-left:14.15pt; text-indent:21.85pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Estimated solely for the purpose of computing the registration fee pursuant to Rules 457(c) and (h) of the Securities Act of 1933 on the basis of the average of the high and low prices of the Class A non-voting shares on March 2, 2009 on The New York Stock Exchange. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><U><BR>
<BR></U></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>EXPLANATORY NOTE </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>This Registration Statement relates to shares of Class A non-voting shares (the &#147;Class A Shares&#148;) of Oppenheimer Holdings Inc., a corporation incorporated under the laws of Canada (the &#147;Company&#148;), to be issued pursuant to the Oppenheimer &amp; Co. Inc. Employee Share Plan (the &#147;Plan&#148;). A Registration Statement (the &#147;Plan Registration Statement&#148;) relating to Class A Shares to be offered and sold to the Plan was filed with the Securities and Exchange Commission (the &#147;SEC&#148;) on November 2, 2005 (No. 333-129389), the contents of which are incorporated herein by reference.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>On May 5, 2008, the Class B shareholders of the Company voted to approve increasing the number of Class A Shares available to the Plan by 380,000 Class A Shares. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART I</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to Rule 428 under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), the documents containing the information specified in Items 1 and 2 of Part I of Form S-8 will be delivered to the recipients of the Oppenheimer &amp; Co. Inc. Employee Share Plan. &nbsp;Pursuant to Rule 428 under the Securities Act, these documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus meeting the requirements of Section 10(a) of the Securities Act.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PART II</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 3.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Incorporation of Documents by Reference.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The following documents filed with the Securities and Exchange Commission are incorporated by reference in this Registration Statement:</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">(1) The Annual Report on Form 10-K of Oppenheimer Holdings Inc. for the fiscal year ended December 31, 2008; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify>(2) The description of the Class A non-voting shares of Fahnestock Viner Holdings Inc. (the predecessor of Oppenheimer Holdings Inc.) contained in the Form 8-A filed with the Securities and Exchange Commission on August 9, 1996 and any amendments thereto or other reports that are filed for the purpose of updating such description.</P>
<P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>In addition to the foregoing, all documents filed by Oppenheimer Holdings Inc. subsequent to the date of this Registration Statement pursuant to Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Any statement contained in a document incorporated, or deemed to be incorporated herein, by reference shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. &nbsp;Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 4.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Description of Securities.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 5.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Interests of Named Experts and Counsel.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The validity of the Class A non-voting shares issuable pursuant to the Oppenheimer &amp; Co. Inc. Employee Share Plan have been opined upon by Borden Ladner Gervais LLP of Toronto, Canada. &nbsp;A. W. Oughtred, a member of the Board of Directors of Oppenheimer Holdings Inc., is counsel with Borden Ladner Gervais LLP.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 6.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indemnification of Directors and Officers.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer Holdings Inc. is obligated by its bylaws to indemnify its directors and officers and the directors and officers of its subsidiaries to the maximum extent permitted by the Canada Business Corporations Act. &nbsp;Oppenheimer Holdings Inc. has entered into indemnity agreements with each of its directors providing for such indemnities. &nbsp;In addition, Oppenheimer Holdings Inc. carries liability insurance for its directors and officers and the directors and officers of its subsidiaries.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 7.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exemption from Registration Claimed.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Not applicable.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 8.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibits.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>All exhibits are filed herewith unless otherwise indicated. &nbsp;For a list of the exhibits required by this item, see the Index to Exhibits immediately following the signature pages.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Item 9.</P>
<P style="margin:0pt; text-indent:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Undertakings.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The registrant hereby undertakes:</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To include any prospectus required by Section 10(a)(3) of the Securities Act;</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represents a fundamental change in the information set forth in the Registration Statement; and</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement; </P>
<P style="margin-top:0pt; margin-bottom:6pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><U>provided</U>, <U>however</U>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Securities and Exchange Commission by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this Registration Statement.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>The registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant&#146;s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>
<P style="margin-top:12pt; margin-bottom:3pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or controlling persons of the registrant pursuant to any arrangement, provision or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. &nbsp;In the event that any claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by contro
lling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Arial; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SIGNATURES</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, as amended, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on this 4th day of March, 2009.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPPENHEIMER HOLDINGS INC.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Registrant)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By:<U> /s/ E. K. Roberts</U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. K. Roberts, </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President, Treasurer,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(On behalf of the Registrant)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>POWER OF ATTORNEY</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Each person whose signature appears below hereby constitutes and appoints Elaine K. Roberts his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments or supplements to this Registration Statement and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments or supplements hereto in the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or her substitute or substitutes, may lawfully do
 or cause to be done by virtue hereof.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Signature</U></P>
<U><P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Title</U></P>
<U><P style="margin:0pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date &nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><U><BR></U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ A. G. Lowenthal</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chairman of the Board,</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A. G. Lowenthal</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Executive Officer,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director (principal executive</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">officer)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ E. K. Roberts</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">President, Treasurer,</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">E. K. Roberts</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Chief Financial Officer,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director (principal financial</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">and accounting officer)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_____________</P>
<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">J.L. Bitove</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/R. Crystal</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">R. Crystal</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ W. Ehrhardt</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">W. Ehrhardt</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ M.A.M. Keehner</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">M.A.M. Keehner</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/K. W. McArthur</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">K. W. McArthur</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/A. W. Oughtred</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">A. W. Oughtred</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>/s/ B. Winberg___</U></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Director</P>
<P style="margin:0pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">B. Winberg</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><U>INDEX TO EXHIBITS</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibits designated by an asterisk have been heretofore filed by the Company pursuant to Section 13 or 15(d) of the Exchange Act and are hereby incorporated herein by reference to the pertinent prior filing.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Sequentially</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD style="border-bottom:0.5pt solid #000000" valign=top width=91.2><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit No.</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=372><P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Description of Exhibit</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Sequentially Numbered Page</P>
</TD></TR>
<TR><TD valign=top width=91.2>&nbsp;</TD><TD valign=top width=372>&nbsp;</TD><TD valign=top width=127.2>&nbsp;</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4(a)</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Articles of Incorporation of Oppenheimer Holdings Inc. (previously filed as an exhibit to Form 10-Q for the quarterly period ended June 30, 2005).</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>*</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">4(b)</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By-Laws (previously filed as an exhibit to Form 10-Q for the quarterly period ended June 30, 2005).</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>*</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">5</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Opinion of Borden Ladner Gervais LLP regarding the legality of any original issuance of common stock being registered.</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>10</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">10 (c )</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer &amp; Co. Inc. Employee Share Plan (previously filed as an exhibit to Form 10-Q for the quarterly period ended June 30, 2005).</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>*</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23(a)</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of PricewaterhouseCoopers LLP</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>11</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">23(b)</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Consent of Borden Ladner Gervais LLP (included in Exhibit 5).</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>10</P>
</TD></TR>
<TR><TD valign=top width=91.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">24</P>
</TD><TD valign=top width=372><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Power of Attorney (included on the signature pages of this registration statement).</P>
</TD><TD valign=top width=127.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>8</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>ex23b.htm
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<HEAD>
<TITLE>EXHIBIT 23(b)</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="03/04/2009">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT 23(b)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">THE CONSENT OF BORDEN LADNER GERVAIS LLP IS INCLUDED IN EXHIBIT 5 CONTAINED HEREIN.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>3
<FILENAME>ex23a.htm
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<TITLE>EXHIBIT 23(a)</TITLE>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT 23(a)</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Oppenheimer Holdings Inc. (the &#147;Company&#148;) of our report dated March 2, 2009 relating to the financial statements, and the effectiveness of internal control over financial reporting, which appear in the Company&#146;s Annual Report on Form 10-K for the &nbsp;year ended December 31, 2008.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ PricewaterhouseCoopers LLP</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">New York New York</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>4
<FILENAME>ex5.htm
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<TITLE>EXHIBITS 5 and 23(b)</TITLE>
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<META NAME="date" CONTENT="03/04/2009">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBITS 5 and 23(b)</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">OPINION OF COUNSEL</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">CONSENT OF COUNSEL</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>[Letterhead of Borden Ladner Gervais LLP]</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">March 4, 2009</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Securities and Exchange Commission</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">100 F Street, N.E.</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Washington, D. C. &nbsp;20549</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">U. S. A.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dear Sirs:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:-36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Re: </P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. </P>
<P style="margin:0pt; padding-left:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Registration Statement on Form S-8</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We have acted as Canadian counsel to Oppenheimer Holdings Inc., a corporation incorporated under the laws of Canada (the &#147;Corporation&#148;), in connection with the preparation and filing with the Securities and Exchange Commission of a Registration Statement on Form S-8 dated March 4, 2009, registering an aggregate of 380,000 Class A non-voting shares (the &#147;Class A Shares&#148;) of the Corporation reserved for issuance under the Oppenheimer &amp; Co. Inc. Employee Share Plan (the &#147;Plan&#148;) subject to compliance with applicable United States and Canadian securities laws and the requirements of the Toronto Stock Exchange.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We are qualified to practice law in the Province of Ontario. We have made no investigation of the laws of any jurisdiction other than, and the opinions hereinafter expressed are confined to, the laws of Ontario and the laws of Canada applicable in Ontario.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We have examined such corporate records of the Corporation and other documents as we have deemed necessary and appropriate under the circumstances to furnish the following opinions:</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:50.15pt; text-indent:-14.15pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. </P>
<P style="margin:0pt; padding-left:50.15pt; text-indent:21.85pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Corporation is a corporation duly continued and validly existing under the laws of Canada.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:50.15pt; text-indent:-14.15pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">2. </P>
<P style="margin:0pt; padding-left:50.15pt; text-indent:21.85pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">When the 380,000 Class A Shares have been duly issued and when the Corporation has received the issue price for the 380,000 Class A Shares in the manner contemplated by the Plan, the Class A Shares will be duly issued as fully paid and non-assessable shares.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">We hereby consent to the filing of this letter as an exhibit to the Registration Statement and all amendments thereto and to the reference to our name under the heading &#147;Interests of Named Experts and Counsel&#148; in the Registration Statement.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Yours very truly,</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">/s/ Borden Ladner Gervais LLP</P>
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