Judith Robertson

The applicant brought a motion for a partial stay of a Canadian Investment Regulatory Organization (CIRO) disciplinary panel's sanctions decision pending a review application.

The applicant sought to stay his suspension as a registered representative and executive.

Applying the RJR-MacDonald test, the Capital Markets Tribunal found that while there was a serious issue to be tried, the applicant failed to establish that he would suffer irreparable harm if the stay was refused.

The applicant's evidence of potential financial loss and loss of clients was deemed speculative and unconvincing.

The motion for a stay was dismissed.

The applicant and the respondent sought approval of a settlement agreement regarding allegations that the respondent maintained inadequate controls over marketplace participants' confidential order and trade information, contrary to National Instrument 21-101.

The respondent self-identified the issue but initially failed to promptly advise the regulator of the true nature of the problem.

The Tribunal approved the settlement, finding the agreed sanctions—including a $600,000 administrative penalty, $75,000 in costs, a reprimand, and an independent external review—to be within a reasonable range and in the public interest.

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.

The applicant, Guestlogix Inc., applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The applicant had previously obtained creditor protection under the Companies' Creditors Arrangement Act and completed a restructuring plan, resulting in it becoming a wholly-owned subsidiary of a sponsor.

The Commission found that the applicant met the requirements, as its securities were held by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities were no longer traded on any marketplace.

The order was granted.

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.

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 applicant, Rexel S.A., applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements of the Securities Act.

The relief was sought in connection with a global employee share offering for employees of the Rexel Group, including Canadian employees.

The Commission granted the requested relief, subject to conditions regarding the first trade of the securities.

The applicant, CI Investments Inc., applied for exemptive relief from the related party investment restrictions in the Securities Act and the consent requirements in National Instrument 31-103.

The relief was sought to permit various pooled funds to invest in underlying mutual funds managed by the applicant or its affiliates.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with National Instrument 81-102 and specific disclosure requirements.

The applicant, an investment fund manager, applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the applicant, despite the top funds becoming substantial security holders of the underlying funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely pursuant to prospectus exemptions and that appropriate disclosure of potential conflicts of interest is provided to investors.

The Filers, H&R Real Estate Investment Trust and H&R Finance Trust, applied for exemptive relief from the prospectus requirement for trades of Stapled Units to holders of Exchangeable Units under a distribution reinvestment plan.

The Ontario Securities Commission granted the exemption, subject to conditions including that the ability to purchase Stapled Units under the plan is available to every Exchangeable Unitholder in Canada and that the first trade of any Stapled Units acquired under the decision will be deemed a distribution unless certain resale conditions are met.

The Filer, PC Gold Inc., applied for a decision under the securities legislation of Alberta and Ontario to cease being a reporting issuer.

Following a plan of arrangement, the Filer became a wholly-owned subsidiary of First Mining Finance Corp., and its common shares were delisted from the TSX Venture Exchange.

The Filer's outstanding securities are 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, determining that the Filer met the necessary criteria despite a minor default in filing its most recent interim financial statements.

The applicant sought exemptive relief under the Securities Act and National Instrument 31-103 to permit its pooled funds to invest in underlying mutual funds managed by the same manager, despite the substantial securityholder and consent restrictions.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring that the investments are compatible with the funds' objectives, do not result in duplicate fees, and are accompanied by appropriate disclosure to investors.

The Filer applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the Filer, despite the investment restrictions in the Securities Act (Ontario) prohibiting 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 conditions including that the top funds are distributed solely pursuant to prospectus exemptions and that no duplicative fees are charged.

The filers applied for exemptive relief from the insider reporting requirements under subsection 107(2) of the Securities Act and section 3.3 of National Instrument 55-104.

The relief was sought in connection with the disposition of common shares pursuant to an automatic securities disposition plan, which was established to allow the insider to maintain its proportionate ownership during the company's normal course issuer bid.

The Ontario Securities Commission granted the exemption, subject to the condition that the insider file an annual summary report of all dispositions under the plan.

The Filer, Glacier Credit Card Trust, applied for exemptive relief from the prospectus requirements under National Instrument 45-106 for distributions of its short-term securitized product.

The Filer currently holds only one credit rating from DBRS and requires time to obtain a second rating as mandated by recent amendments to NI 45-106.

The Ontario Securities Commission granted the exemption for up to one year, provided the Filer maintains its current high credit rating and complies with other specified conditions.

Foto Source Canada Inc. applied to the Ontario Securities Commission for exemptive relief from the prospectus requirements under securities legislation.

The applicant operates a centralized buying service for photographic products and sought to issue shares to its members in connection with a share reorganization and ongoing membership.

The Commission granted the requested relief, subject to conditions including the delivery of constating documents, financial statements, and a statement regarding the unavailability of certain statutory protections.

The Filer, New Gold Bayfield Corp., applied for a decision under the securities legislation of Ontario and Alberta to cease to be a reporting issuer.

Following an amalgamation, all common shares of the Filer were owned by New Gold Inc., and the Filer had no intention of accessing capital markets.

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

The applicant, a French corporation, applied for exemptive relief from the prospectus and dealer registration requirements of Ontario securities legislation in connection with a global employee share offering.

The offering involved the issuance of units in a French collective shareholding vehicle (FCPE) to Canadian employees.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the first trade of the securities.

The Filer, American Bonanza Gold Corp., applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

Following an amalgamation, the Filer became a wholly-owned subsidiary of Kerr Mines Inc. and its common shares were delisted from the Toronto Stock Exchange.

The Filer's outstanding securities are 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.

The filers applied for exemptive relief from the insider reporting requirements under subsection 107(2) of the Securities Act and section 3.3 of National Instrument 55-104.

The relief was sought in connection with the disposition of common shares by the insider pursuant to an automatic securities disposition plan, which was established to allow the insider to maintain its proportionate ownership during the company's normal course issuer bid.

The Ontario Securities Commission granted the exemption, subject to the condition that the insider file an annual summary report of all dispositions under the plan.