Edward P. Kerwin

Goldeye Explorations Limited applied for an order to cease to be a reporting issuer in Alberta, British Columbia, and Ontario following a plan of arrangement where it became a wholly owned subsidiary of Treasury Metals Inc. The Ontario Securities Commission, acting as principal regulator, granted the order, noting that the Filer's outstanding securities were beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide.

Telesta Therapeutics Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada.

The Filer had recently been acquired by ProMetic Life Sciences Inc. through a plan of arrangement and its common shares were delisted from the Toronto Stock Exchange.

The Commission granted the order, finding that the Filer met the necessary criteria despite a minor default in filing recent interim financial statements.

The Filer, Opko Health, Inc., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada.

The Filer demonstrated that Canadian residents beneficially own less than 2% of its outstanding securities and comprise less than 2% of its total securityholders worldwide.

The Commission granted the order, deeming the Filer to cease to be a reporting issuer.

The applicant, the CEO and Chair of Shopify Inc., applied for exemptive relief from the prospectus requirement under s. 53(1) of the Securities Act to permit the sale of Class A Shares under an automatic securities disposition plan (ASDP).

The applicant sought relief from the waiting period, reporting requirements, and expiry provisions of NI 45-102.

The Ontario Securities Commission granted the exemption, subject to conditions including that the ASDP contains meaningful restrictions on variation or termination, sales are conducted by a broker without the applicant's participation, and the applicant does not possess material undisclosed information when entering the plan.

The Filer applied for exemptive relief from the related issuer and consent restrictions under the Securities Act and National Instrument 31-103.

The relief was sought to allow the Pooled Funds to invest in Underlying Funds managed by the Filer or its affiliates, creating a Fund-on-Fund Structure.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the securities are distributed solely to permitted clients and that no duplicative management or incentive fees are payable.

The Filer, Yum!

Brands, Inc., applied for exemptive relief from the prospectus and dealer registration requirements of the Securities Act (Ontario).

The relief was sought in connection with a proposed spin-off of its China restaurant operations into a newly formed independent company, SpinCo.

The transaction involved distributing SpinCo shares as a dividend in specie to Canadian shareholders and adjusting equity-based compensation awards for Canadian employees.

The Ontario Securities Commission granted the requested exemptions, subject to standard resale restrictions.

The applicant, an investment dealer, applied to the Ontario Securities Commission for an exemption from the prospectus requirement for the distribution of contracts for difference (CFDs) and over-the-counter foreign exchange contracts to investors in applicable jurisdictions.

The Commission granted the requested relief, subject to conditions including that the applicant remain registered as an investment dealer, comply with IIROC rules, and provide clients with a clear risk disclosure document prior to trading.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds.

The requested relief included exemptions from the underwriter's certificate requirement, the take-over bid requirements, and the prospectus form requirement.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers.

The applicant, Lake Shore Gold Corp., applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions following its acquisition by Tahoe Resources Inc. via a statutory plan of arrangement.

The Ontario Securities Commission, acting as principal regulator, granted the exemptive relief sought, noting that all outstanding securities of the applicant are beneficially owned by Tahoe and the applicant has no intention to seek public financing.

Vanguard Investments Canada Inc. applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by Vanguard or its affiliates.

The relief sought exemptions from the substantial securityholder and related issuer restrictions in the Securities Act, as well as the consent requirements in NI 31-103.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with Part 2 of NI 81-102 and specific disclosure requirements in the offering memoranda.

The Filer applied for a decision that it is not a reporting issuer in the jurisdictions.

Following a statutory plan of arrangement where all outstanding common shares were acquired by a parent company, the Filer's shares were delisted and it had fewer than 15 security holders in each Canadian jurisdiction.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief, deeming the Filer to have ceased to be a reporting issuer.

Following a remittal from the Divisional Court, the Ontario Securities Commission held a fresh hearing to determine the appropriate sanctions for Kevin Loman, who was previously found to have engaged in unregistered trading and illegal distribution of securities.

The Commission considered Loman's role as a salesperson, his prior registration experience, and the harm caused to investors.

The Commission ordered 8-year market prohibitions, including bans on trading, acquiring securities, and acting as a director or officer, subject to a limited carve-out.

Loman was also ordered to pay a $60,000 administrative penalty.

The Filer applied for exemptive relief on behalf of itself and certain top funds to permit the top funds to invest in underlying funds managed by the Filer or its affiliates.

The relief sought included exemptions from related issuer restrictions and consent requirements under securities legislation.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds' securities are distributed solely pursuant to prospectus exemptions and that no duplicative fees are payable.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The applicant sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses, the requirement to include a prescribed statement respecting purchasers' statutory rights of withdrawal and remedies, and the take-over bid requirements.

The Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers, and specific disclosure in the prospectus regarding the exemptions and purchasers' rights.

The Filers applied for a decision under the securities legislation of multiple jurisdictions that the Fund is not a reporting issuer.

The Fund, an open-ended mutual fund trust, ceased offering units under a prospectus and is only owned by managed account clients or accredited investors.

The Ontario Securities Commission, as principal regulator, granted the exemptive relief, noting that ceasing to be a reporting issuer would reduce regulatory and financial burdens for the Fund and its unitholders.

The Applicant, Salix Pharmaceuticals, Ltd., applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

Following a merger, the Applicant's outstanding securities were beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief.

Following a merits decision finding that the respondents committed securities fraud by selling securities of First Leaside Group entities without disclosing a critical Grant Thornton Report, the Ontario Securities Commission held a sanctions hearing.

The Commission ordered permanent market prohibitions against both respondents, with limited carve-outs for personal trading after payment of financial sanctions.

Phillips, the directing mind, was ordered to pay a $700,000 administrative penalty and disgorge $16,597,254.

Wilson was ordered to pay a $400,000 administrative penalty and disgorge $7,817,739 on a joint and several basis with Phillips.

The respondents were also ordered to pay $340,867.50 in costs.

Cline Mining Corporation applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

Following a court-supervised recapitalization plan under the Companies' Creditors Arrangement Act, the filer's outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 worldwide.

The filer's shares were delisted and it has no intention to access public capital markets.

The Ontario Securities Commission, acting as principal regulator, granted the exemptive relief sought.

During the 117th day of a protracted hearing on the merits, four respondents brought a motion requesting permission to file written witness statements in lieu of oral examinations-in-chief for their remaining witnesses.

The respondents argued this was necessary to ensure the hearing concluded by the scheduled deadline and to prevent the exhaustion of their funding, relying on the Supreme Court's direction in Hryniak regarding proportionality and access to justice.

Staff opposed the motion, arguing that credibility was at issue and written statements would provide a 'varnished version' of the facts.

The Panel granted the motion, finding that the slight prejudice to Staff in not observing the witnesses during examination-in-chief was outweighed by the necessity to complete the hearing efficiently and the significant costs already incurred by all parties.

Following a merits decision finding multiple respondents liable for insider trading, tipping, and misleading Staff, the Ontario Securities Commission held a hearing to determine appropriate sanctions and costs.

The Commission ordered permanent market prohibitions against the tipper and the most egregious trader, along with substantial administrative penalties and costs.

Other respondents received 15-year market prohibitions with limited carve-outs, administrative penalties, and disgorgement orders.

The Commission emphasized the importance of general and specific deterrence, particularly given the respondents' roles as registrants and their efforts to conceal their misconduct.