Cameron McInnis

The Filer applied for exemptive relief from the requirement under subsection 3.11(1) of National Instrument 52-107 to include comparative interim financial information in the acquisition statements for its proposed acquisition of Covelya Group Limited.

The Filer argued that it was impracticable to prepare the prior-period information on a consistent basis because the acquired business had not historically prepared interim financial statements.

The principal regulator granted the exemption, provided the interim financial statements are otherwise prepared in accordance with IAS 34 and the Filer complies with the conditions of the prior period exemption under section 8.9 of National Instrument 51-102.

The Filer, Ontario Power Generation Inc., applied for an exemption from the requirement under National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP and IFRS.

The Filer carries on rate-regulated activities and currently prepares its financial statements in accordance with U.S. GAAP under a previous exemption.

The Principal Regulator granted the exemption, allowing the Filer to continue using U.S. GAAP until the earlier of January 1, 2032, the cessation of its rate-regulated activities, or a specified period after the mandatory application of a new IFRS standard for rate-regulated activities.

The Filer applied for exemptive relief from the requirement in NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The relief was sought in connection with a qualifying transaction involving the acquisition of a business whose prior year financial statements could not be audited without a modified opinion regarding opening inventory.

The Ontario Securities Commission granted the exemption, provided the only modification in the auditor's report relates to the inventory qualification and subsequent audited financial statements are included.

The applicant sought exemptive relief from certain financial statement and MD&A preparation requirements under NI 51-102, NI 41-101, and NI 52-107 in connection with an information circular for a proposed business combination.

The applicant requested to prepare certain historical and pro forma financial statements in accordance with U.S. GAAP and U.S. PCAOB GAAS, and to prepare the related MD&A in accordance with U.S. requirements.

The principal regulator granted the requested exemptions, provided the documents are prepared in accordance with the specified U.S. standards.

The Filer, a Capital Pool Company, applied for exemptive relief from the requirement under NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The relief was sought in connection with a proposed Qualifying Transaction involving the acquisition of Coil Solutions Inc. The auditor's report for Coil's 2023 financial statements contained a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the requested relief, noting that the subsequent 2024 financial statements had an unmodified opinion and the business was not seasonal.

Toronto Cleantech Capital Inc. applied for exemptive relief from the requirement under NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The relief was sought for the audited consolidated financial statements of THS L.P. for the year ended November 30, 2022, which contained a modified opinion due to an inventory qualification.

The Ontario Securities Commission granted the requested relief, noting that a subsequent audited period contained an unmodified opinion and the business was not seasonal.

The filer, Hydro One Limited, applied for an exemption from the requirement under section 3.2 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP and IFRS.

The filer sought to continue preparing its financial statements in accordance with US GAAP due to its rate-regulated activities and the pending finalization of a mandatory rate-regulated standard by the International Accounting Standards Board.

The Ontario Securities Commission granted the exemption, permitting the filer to use US GAAP until the earliest of January 1, 2027, the cessation of its rate-regulated activities, or the implementation of a mandatory rate-regulated standard.

Ontario Power Generation Inc. applied to the Ontario Securities Commission for exemptive relief from the requirement under National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The applicant sought to continue using U.S. GAAP due to its rate-regulated activities, pending the finalization of a new International Financial Reporting Standard for such activities.

The Principal Regulator granted the exemption, revoking a prior 2018 relief order and permitting the use of U.S. GAAP until the earliest of January 1, 2027, the cessation of the applicant's rate-regulated activities, or the implementation of the new mandatory standard.

The Filer applied for exemptive relief from the requirement in NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The Filer sought to include the financial statements of an acquired business, Trutina Pharmacy Inc., in its Filing Statement for a Qualifying Transaction.

The auditor's report for Trutina contained a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the relief, noting that there was a subsequent audited period of at least six months with an unmodified opinion and the business was not seasonal.

The Filer, Nova Net Lease REIT, applied for exemptive relief from the requirement to file financial statements of Cloud Cannabis prepared in accordance with IFRS.

The Filer sought permission to file the financial statements prepared using US GAAP instead.

The Ontario Securities Commission granted the requested exemption, noting that the Filer does not control Cloud Cannabis and that the US GAAP financial statements will not be materially different from those prepared under IFRS.

Partner Jet Corp. applied for exemptive relief from certain financial statement disclosure requirements under National Instrument 51-102 and National Instrument 52-107 in connection with its proposed amalgamation with Volatus Aerospace Corp. The applicant sought to provide alternative financial disclosure in its management information circular due to the impracticability of obtaining audited financial statements for certain recently acquired subsidiaries of Volatus.

The Ontario Securities Commission granted the requested relief, permitting the applicant to include the proposed alternative disclosure in its circular.

The Filer applied for an exemption from the requirement in subsection 3.12(2) of National Instrument 52-107 that an auditor's report accompanying audited acquisition statements must express an unqualified opinion.

The Filer acquired Ebbtide Holdings, LLC, triggering the requirement to file a business acquisition report including audited annual financial statements.

The Filer's auditor was unable to issue an unqualified opinion due to a lack of sufficient audit evidence over the inventory balance.

The Ontario Securities Commission granted the exemption, provided the Filer includes specific financial information in the business acquisition report, including an audited statement of assets acquired and liabilities assumed without qualification.

The Filer, a special purpose acquisition corporation (SPAC), applied for exemptive relief from the requirement to prepare financial statements for its qualifying transaction targets in accordance with IFRS.

The Filer sought to use U.S. GAAP and U.S. PCAOB GAAS instead, as it is an SEC issuer and intends to file its post-transaction financial statements under U.S. GAAP.

The Ontario Securities Commission granted the requested relief, permitting the target financial statements and pro forma financial statements to be prepared in accordance with U.S. GAAP.

The Filer applied for exemptive relief from the requirement under NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The Filer sought to include the target company's financial statements in an information circular with a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the requested relief, provided the target includes subsequent audited and reviewed financial statements with unmodified opinions.

The applicant, a Nevada corporation listed on the TSX Venture Exchange, applied for an extension of previously granted exemptive relief from certain Canadian accounting and continuous disclosure requirements.

The applicant required additional time to become an SEC Issuer due to delays in making its common shares eligible with the Depository Trust Company.

The Ontario Securities Commission granted the requested relief, extending the deadline to August 29, 2019, provided that if the applicant does not become an SEC Issuer by that date, it must immediately file the required Canadian financial statements and MD&A.

The Filer, a Nevada corporation listed on the TSX Venture Exchange, applied for exemptive relief from the requirement to prepare its financial statements in accordance with Canadian GAAP and its MD&A in the Canadian form.

The Filer had filed a registration statement with the SEC and anticipated becoming an SEC Issuer.

The Ontario Securities Commission granted the relief, permitting the Filer to file financial statements prepared in accordance with U.S. GAAP and MD&A prepared in accordance with U.S. requirements, provided it becomes an SEC Issuer by June 30, 2019.

Confidentiality relief was also granted.

The applicant, Petromaroc Corporation, applied for exemptive relief from the requirement that the audited financial statements of Wolverine Energy and Infrastructure Inc. for the year ended March 31, 2017, be accompanied by an unmodified auditor's report.

The target's auditors were appointed after March 31, 2016, and could not observe the physical inventory count, resulting in a modified opinion.

The Ontario Securities Commission granted the requested relief, noting that the subsequent audited period did not contain a modified opinion and the business was not seasonal.

Ontario Power Generation Inc. applied for an exemption from the requirement under National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP and IFRS.

The applicant sought to continue preparing its financial statements in accordance with U.S. GAAP due to its rate-regulated activities.

The Ontario Securities Commission granted the exemption, revoking the previous relief and permitting the use of U.S. GAAP until the earlier of January 1, 2024, the cessation of the applicant's rate-regulated activities, or the mandatory application of an IFRS standard specific to rate-regulated activities.

The Filer applied for an exemption from section 3.2 of National Instrument 52-107 to allow it to prepare its financial statements in accordance with US GAAP instead of Canadian GAAP/IFRS.

The Filer has activities subject to rate regulation, and the International Accounting Standards Board has not yet completed its project on accounting for such activities.

The principal regulator granted the exemption, revoking the previous relief and permitting the use of US GAAP until January 1, 2024, or until the Filer ceases rate-regulated activities or a mandatory IFRS standard is adopted.

The Filers applied for an exemption from the requirement under section 3.2 of National Instrument 52-107 to prepare financial statements in accordance with Canadian GAAP/IFRS.

The Filers, which have activities subject to rate regulation, sought to continue preparing their financial statements in accordance with U.S. GAAP.

The Principal Regulator granted the exemption, allowing the Filers to use U.S. GAAP until the earlier of January 1, 2024, the cessation of their rate-regulated activities, or the mandatory application of an IFRS standard specific to rate-regulated activities.