Grant Vingoe

Fitch Ratings, Inc. applied to the Ontario Securities Commission for an amended and restated designation order under National Instrument 25-101.

The application sought to add Fitch Ireland as a designated rating organization affiliate and remove several other entities that had ceased rating activities.

The Commission, acting as principal regulator under the passport system, granted the order, revoking the previous 2012 designation and designating the filer and its specified affiliates as designated rating organizations.

The applicant, a reporting issuer, applied for exemptive relief under s. 140(2) of the Securities Act to keep a previously filed management information circular and valuation confidential.

The valuation contained commercially sensitive information about the applicant and third parties that was not material to shareholders' voting decisions.

The Commission granted the relief, allowing the applicant to file a revised circular and valuation with the confidential information removed, and ordered that the original filings and the application materials be kept confidential.

Stewards Canada applied for exemptive relief from the prospectus requirement to distribute fixed-income securities (Bonds) to fund mortgage loans for church and community buildings.

The issuer could not comply with the not-for-profit prospectus exemption and sought modifications to the offering memorandum exemption, including allowing a restricted dealer to provide suitability advice and permitting monthly filing of exempt distribution reports.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including investment limits, delivery of an offering memorandum, and maintenance of a redemption reserve.

The Filers applied for an exemption from the prospectus requirement in connection with the distribution of promissory notes to fund mortgage loans for charitable purposes.

The issuer could not comply with the not-for-profit issuer prospectus exemption and required modifications to the offering memorandum exemption.

The Ontario Securities Commission granted the requested relief, subject to conditions including investment limits, suitability advice from a restricted dealer, and specific reporting requirements.

The Filer, Real Estate Asset Liquidity Trust, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer is a special purpose entity that issues mortgage pass-through certificates and has no other issued and outstanding securities.

The Filer demonstrated that it meets the requirements to cease being a reporting issuer, as its certificates are held by sophisticated investors, are rated by rating agencies, and detailed financial information continues to be provided to certificate holders via a reporting agent's website.

The Commission granted the order, determining that the Filer is no longer a reporting issuer in any jurisdiction of Canada.

The Filer, DBRS Limited, applied to the Ontario Securities Commission for an amended and restated decision to add DBRS Germany as a designated rating organization (DRO) affiliate and remove DBRS México.

The Commission, acting as the principal regulator under the passport system, revoked the previous 2016 designation and granted the amended designation order, designating the Filer as a DRO and DBRS US, DBRS UK, and DBRS Germany as DRO affiliates.

The applicant, Desjardins Global Asset Management Inc., applied on behalf of the Desjardins Funds for exemptive relief from the related issuer and reporting requirements under Ontario securities legislation.

The relief sought to permit the funds to purchase non-exchange-traded debt securities of related issuers, specifically those within the Fédération des Caisses Desjardins du Québec group, in primary offerings and the secondary market.

The Ontario Securities Commission granted the requested exemption, subject to conditions including independent review committee approval, designated rating requirements, and pricing safeguards to ensure the transactions are in the best interests of the funds.

Banro Corporation and Banro Corporation Ltd applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order and an order that they cease to be reporting issuers.

The applications followed a restructuring under the Companies' Creditors Arrangement Act, which resulted in Banro Corporation becoming a wholly-owned subsidiary of Banro Corporation Ltd and its securities being delisted.

The Commission granted the requested orders, finding that the statutory tests were met.

Portage Biotech Inc. applied to the Ontario Securities Commission for an exemption from the prospectus requirement under section 53 of the Securities Act.

The applicant proposed to distribute shares of Biohaven Pharmaceutical Holding Company Ltd. to its Canadian shareholders by way of a dividend in specie.

The Commission granted the requested exemption, provided that the first trade in the acquired shares is deemed a distribution unless specific conditions under National Instrument 45-102 are met.

The European Stability Mechanism and the European Financial Stability Facility applied for an exemption from the prospectus requirement for trades in certain debt securities.

The applicants could not rely on the existing exemption for foreign government debt because their debt is guaranteed severally by multiple foreign governments rather than a single government with a designated rating, or relies on capital calls.

The Ontario Securities Commission granted the exemption, provided the securities have a designated rating and are distributed only to permitted clients by registered or exempt international dealers.

The Filers applied for exemptive relief from the dealer and adviser registration requirements and the prospectus requirement in connection with their Note Program, which funds mortgage loans for charitable purposes within the Pentecostal community.

The Ontario Securities Commission granted interim registration and prospectus exemptions to allow the Filers to transition to the modernized regulatory regime, as well as an ongoing prospectus exemption similar to the offering memorandum exemption, subject to specific terms and conditions including investment limits and investor protection measures.

The applicant applied for an order to cease being a reporting issuer in Ontario, British Columbia, and Alberta following the sale of substantially all its assets to a US-based issuer.

The applicant intends to voluntarily dissolve and distribute its remaining assets to shareholders.

The Ontario Securities Commission granted the order, satisfied that the applicant met the requirements under the applicable securities legislation.

The Province of Ontario and Hydro One Limited applied for exemptive relief from various securities law requirements, including insider reporting, early warning, and control person distribution rules, for certain non-aggregated holders of Hydro One securities.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring that investment decisions by non-aggregated holders remain independent of the Minister of Energy and that appropriate disclosures are made.

The applicant, Sionna Investment Managers Inc., applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager.

The relief was sought from investment restrictions that prohibit an investment fund from knowingly making an investment in a person or company in which it is a substantial security holder, or in an issuer in which an officer, director, or substantial security holder has a significant interest.

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

The Filer, Golden Credit Card Trust, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada.

The Filer is a special purpose entity that issues credit card receivables backed notes and has no outstanding common shares.

The Commission granted the order, noting that the Filer's notes are held by a small number of sophisticated investors and that the Filer will continue to make monthly portfolio reports available to investors.

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

Following a share consolidation, the Filer's outstanding securities were beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide.

Although the Filer was in default of certain filing requirements and minority shareholder protection rules, the Ontario Securities Commission granted the order, satisfied that the statutory test was met.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief on behalf of certain pooled funds (Top Funds).

The relief sought to permit the Top Funds to invest in other mutual funds (Underlying Funds) directly or indirectly through derivative instruments, despite statutory restrictions on investing in substantial securityholders or related funds.

The Commission granted the requested relief, subject to conditions ensuring that the fund-on-fund structure does not result in duplicative fees and that appropriate disclosure is provided to investors.

The Filer, DBRS Limited, applied to the Ontario Securities Commission for an amended and restated decision to add DBRS México as a designated rating organization (DRO) affiliate under National Instrument 25-101.

The Commission, acting as the principal regulator under the passport system, found that the Filer met the regulatory requirements and granted the designation order, revoking the previous October 2012 Designation.

The applicant, a U.S.-based manufacturing company listed on the NYSE, applied for a decision that it is no longer a reporting issuer in British Columbia, Ontario, and Nova Scotia.

The applicant has no operations in Canada and a minimal number of Canadian securityholders.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, noting the applicant's undertaking to continue delivering U.S. continuous disclosure materials to its Canadian securityholders.

The Filer, Hycroft Mining Corporation, applied for a decision to cease being a reporting issuer in multiple Canadian jurisdictions following its emergence from Chapter 11 bankruptcy in the United States.

As part of its restructuring, the Filer became a privately held company, terminated its US reporting obligations, and implemented transfer restrictions on its securities to prevent becoming a reporting entity again.

Although the Filer did not meet the simplified or modified approach criteria under CSA Staff Notice 12-307 due to the number of Canadian security holders, the Ontario Securities Commission granted the requested exemptive relief.