Garnet Fenn

The applicant filed a request for a hearing to challenge a Notice of Proposal to impose a $20,000 administrative penalty for paying compensation to a non-licensee.

After a history of adjournments and failures to attend pre-hearing conferences, the applicant failed to attend the scheduled hearing, which had been set peremptory on him.

The Financial Services Tribunal applied Rule 35.01 of its Rules of Practice and Procedure to dismiss the proceeding without further hearing and without notice, ordering the CEO to carry out the Notice of Proposal.

Staff of the Ontario Securities Commission alleged that the respondents obstructed an investigation into their raising of funds through a crypto asset token.

The respondents sent an email to subscribers advising them not to comply with Commission summonses and disparaging the Commission's mandate.

The Commission found that the respondents were responsible for the conduct, which successfully obstructed the investigation.

The Commission held that it was not required to seek a contempt order under s. 13(1) of the Securities Act, and that the respondents' conduct engaged the animating principles of the Act and was abusive of the capital markets, warranting a sanctions and costs hearing under s. 127.

The applicant, a control person of Canada Goose Holdings Inc., applied to the Ontario Securities Commission for an exemption from the prospectus requirement to sell subordinate voting shares under an automatic securities disposition plan (ASDP).

The applicant argued that complying with the standard conditions for control distributions under NI 45-102 would prevent the practical implementation of the ASDP.

The Commission granted the exemption, subject to conditions ensuring the ASDP operates without the applicant's participation or use of material undisclosed information, and granted confidentiality relief until the ASDP's public disclosure.

The applicants, Slate Office REIT and BMO Nesbitt Burns Inc., applied to the Ontario Securities Commission for exemptive relief from the prospectus delivery requirement and certain prospectus form requirements in connection with an at-the-market (ATM) distribution of trust units.

The Commission granted the requested relief, subject to conditions including trading volume and value thresholds, and specific disclosure requirements in the prospectus supplement.

The Commission also granted confidentiality relief regarding the application and decision for a limited period.

The Filer, a special purpose entity that issues credit card receivables-backed notes, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer has no outstanding common shares and its issued notes are held by sophisticated investors or on a private placement basis.

The Commission granted the order, satisfied that the statutory test was met, and the Filer will no longer be a reporting issuer in Canada.

The Ontario Securities Commission approved a settlement agreement between Staff and Martin Bernholtz, a former director of Titan Medical Inc. Bernholtz admitted to selling shares of Titan while in possession of material non-public information regarding imminent public offerings, contrary to the public interest and the company's insider trading policy.

The settlement included a voluntary payment of $225,000, costs of $75,000, and various director and trading bans.

Russell Investments Canada Limited applied for exemptive relief from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-over Bid Requirements for its ETF Funds.

The Ontario Securities Commission granted the requested exemptions, allowing the Filer to file a simplified prospectus and annual information form instead of a long form prospectus, exempting the inclusion of an underwriter's certificate, and exempting purchasers in the normal course from take-over bid requirements.

The Filers applied to the Ontario Securities Commission for exemptive relief from the Prospectus Delivery Requirement and certain Prospectus Form Requirements in connection with an at-the-market distribution of common shares.

The Commission granted the requested relief, subject to conditions including trading volume requirements and specific disclosure obligations.

The Commission also granted confidentiality relief, keeping the application and decision confidential until the earliest of the date the Filers enter into an Equity Distribution Agreement, the date confidentiality is no longer needed, or 90 days after the decision.

The Filer, Naspers Limited, applied for an exemption from the prospectus requirements under Ontario securities legislation in connection with the spin-off of its wholly-owned subsidiary, MultiChoice Group Limited.

The spin-off involved distributing MultiChoice shares to the Filer's shareholders, including a de minimis number of Canadian shareholders, as a dividend in specie.

The Ontario Securities Commission granted the exemption, provided that the first trade in the distributed shares is subject to the resale restrictions in section 2.6 of National Instrument 45-102.

Ninepoint Partners LP applied for exemptive relief on behalf of certain investment funds to permit a fund-on-fund structure.

The requested relief would exempt the funds from restrictions prohibiting them from investing in other funds where they would become a substantial securityholder, and from related reporting obligations.

The Ontario Securities Commission granted the relief, subject to several conditions including that the investments are consistent with the top funds' objectives, effected at an objective price, and that no duplicative fees are charged.

BMO Investments Inc. applied for exemptive relief on behalf of certain mutual funds offering exchange-traded series.

The applicant sought relief from the requirement to prepare a long-form prospectus, the requirement to include an underwriter's certificate, and the take-over bid requirements for purchasers in the normal course on a marketplace.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and annual information form, and the provision of ETF Facts documents to dealers.

The Filers applied to the Ontario Securities Commission for an exemption from the prospectus requirement in respect of the distribution of contracts for difference and other over-the-counter foreign exchange contracts to investors in Canada.

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

The Filer, a Maryland corporation, applied to the Ontario Securities Commission for an exemption from the prospectus requirement to distribute shares of its majority-owned subsidiary, Granite Point Mortgage Trust Inc., to its Canadian shareholders by way of a pro rata dividend in specie.

The Filer and its subsidiary are not reporting issuers in Canada, and the number of Canadian shareholders is de minimis.

The Commission granted the exemption, subject to the condition that the first trade in the distributed shares will be deemed a distribution unless specific resale conditions are met.

The Ontario Securities Commission approved a settlement agreement between Staff and Home Capital Group Inc. (HCG) and three of its former executives.

The respondents admitted to misleading investors by failing to timely disclose the termination of several brokers and brokerages due to falsified loan applications, which caused a decline in mortgage originations.

The settlement included a $10 million payment by HCG for the benefit of a proposed class action, $500,000 in costs, and administrative penalties totaling $2 million against the individual respondents, who were also reprimanded and prohibited from acting as directors or officers of reporting issuers for varying periods.

Sanofi applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements in connection with a global employee share offering.

The offering involved the issuance of units in a temporary French collective shareholding vehicle (FCPE) to Canadian employees, which would later merge with a principal FCPE.

The Commission granted the requested relief, subject to conditions regarding the first trade of the securities and the issuer's non-reporting status in Canada.

The Filer applied for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

Following a share consolidation, the Filer had only three remaining shareholders holding shares for a single beneficial owner.

The principal regulator granted the order, noting the Filer's outstanding securities were beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

The Filer applied for exemptive relief on behalf of proposed exchange-traded funds (ETFs) from the underwriter's certificate requirement, the prospectus form requirement, and the take-over bid requirements.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a Summary Document or ETF Facts, and specific prospectus disclosure.

The relief facilitates the continuous distribution and secondary market trading of the ETFs' listed securities.

Following a merits decision finding that the respondents engaged in unregistered trading, illegal distribution, and fraud, the Ontario Securities Commission held a hearing to determine sanctions and costs.

The respondents raised over $425,000 from investors and misappropriated most of the funds.

The Commission found multiple aggravating factors, including the individual respondent's history as a registrant and his misleading of Staff during the investigation.

The Commission ordered permanent market bans, disgorgement of $313,847, an administrative penalty of $300,000, and costs of $100,000.

Staff of the Ontario Securities Commission alleged that the respondents failed to establish and maintain appropriate controls and procedures regarding supervision, resulting in certain clients paying excess fees.

The respondents self-reported the inadequacies, cooperated with Staff, and entered into a no-contest settlement agreement.

Under the agreement, the respondents committed to paying nearly $50 million in compensation to affected clients, making a voluntary payment of $2.1 million to the Commission, and reimbursing $90,000 in costs.

The Commission approved the settlement agreement, finding it to be in the public interest given the respondents' prompt self-reporting, cooperation, and lack of dishonest conduct.

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.