Margot C. Howard

The applicants, ING Direct Asset Management Inc. and several corporate mutual funds, applied for exemptive relief to extend the lapse date of their simplified prospectus and annual information form from January 2, 2009, to January 9, 2009.

The extension was requested to facilitate the conversion of the corporate funds into mutual fund trusts with identical investment objectives and strategies, without interrupting the distribution of shares or incurring the costs of filing a pro forma prospectus for a seven-day period.

The Ontario Securities Commission, as principal regulator, granted the requested extension, finding it would not be prejudicial to the public interest.

The filer, Brookfield Infrastructure Partners L.P., applied for exemptive relief from the issuer bid requirements under the Securities Act (Ontario) to conduct a normal course issuer bid through the facilities of the New York Stock Exchange.

The filer could not rely on existing exemptions because the NYSE is not a designated exchange and Canadians beneficially own more than 10% of the outstanding units.

The Ontario Securities Commission granted the relief, provided the bid complies with U.S. securities laws and does not exceed the maximum aggregate limit mirroring TSX rules.

The applicant, Sentry Select Investments Inc., applied for exemptive relief from the mutual fund self-dealing investment restrictions under the Securities Act.

The relief was sought to permit a proposed fund-on-fund structure where top funds would invest in an underlying pooled fund under common management.

The Ontario Securities Commission granted the requested exemption, subject to conditions including that no duplicative fees are charged and that the top funds are distributed via private placement exemptions.

PBS Coals Limited applied for an order that it is no longer a reporting issuer under the securities legislation of Alberta and Ontario.

Following a takeover bid by 7027940 Canada Limited, the offeror acquired all outstanding shares, including through compulsory acquisition.

The shares were delisted from the TSX.

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

The Filers applied to the Ontario Securities Commission for exemptive relief from mutual fund conflict of interest restrictions, self-dealing prohibitions, and self-interest prohibitions under the Securities Act.

The relief was sought to permit a one-time reorganization of pooled funds and managed account client investments into a new fund-of-funds structure.

The Commission granted the requested exemption, provided that the reorganization arrangements avoid the duplication of management and performance fees.

Mackenzie Financial Corporation applied for exemptive relief on behalf of several Symmetry Top Funds to permit them to invest in the Symmetry Equity Pool, despite the underlying fund investing more than 10% of its net assets in another mutual fund.

The Ontario Securities Commission granted the requested relief from the mutual fund conflict of interest investment restrictions, reporting requirements, and self-dealing prohibitions, subject to compliance with certain conditions under National Instrument 81-102.

Following a merits decision finding that the respondents engaged in unregistered trading, illegal distributions, and high-pressure sales tactics, the Ontario Securities Commission held a hearing to determine sanctions and costs.

The Commission found the respondents' conduct to be egregious, involving misrepresentations to investors and breaches of prior Commission orders.

The Commission ordered permanent and 20-year trading bans, director and officer bans, and telephoning prohibitions.

Administrative penalties of $200,000 each were imposed on First Global and Grossman, and $20,000 on Shuman.

The respondents were also ordered to pay costs totaling $62,573.74.

Alpha ATS L.P. applied for exemptive relief from the requirement to be recognized as a stock exchange or exchange under the securities legislation of multiple jurisdictions, and for passport relief from the advance notice requirement under paragraph 6.6(b) of National Instrument 21-101 Marketplace Operation.

The relief was sought in connection with the operation of an Odd Lot Facility, which could be considered as providing a guarantee of a two-sided market.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief subject to conditions, including compliance with ATS Rules and notification requirements if certain trading thresholds are met.

The Filer, Goodman & Company, Investment Counsel Ltd., applied for exemptive relief from the self-dealing prohibitions in the Securities Act and Ontario Regulation 1015.

The relief sought would permit the Filer to conduct inter-fund trades between various public funds, pooled funds, and managed accounts under its management.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief subject to several conditions.

These conditions require that the trades be consistent with the investment objectives of the funds, receive approval from the Independent Review Committee or client consent, and comply with specific pricing and transparency requirements, including executing exchange-traded securities at the last sale price.

Following a finding that the respondent violated the 'know-your-client' and suitability requirements by recommending an unsuitable leveraged investment strategy, the Commission held a written hearing on sanctions and costs.

The Commission accepted the joint submissions of Staff and the respondent, noting the egregious nature of the misconduct and the harm caused to vulnerable investors.

The Commission ordered the termination of the respondent's registration, a permanent ban on acting as a director or officer of any registrant, and a reprimand.

No administrative penalty or costs were ordered due to the respondent's financial status and outstanding civil litigation.

Staff of the Ontario Securities Commission brought a settlement agreement for approval regarding the respondent, a former registrant and CEO of Hucamp Mines Ltd. The respondent admitted to causing the issuance of materially misleading news releases regarding private placements and engaging in abusive trading practices, including market manipulation and wash trades.

The Commission approved the settlement agreement, finding the respondent's conduct egregious and harmful to investors.

Although no financial penalty or costs were ordered due to the respondent being an undischarged bankrupt, the Commission imposed a permanent ban on trading, acquiring securities, and acting as an officer or director of any issuer or registrant, concluding the sanctions were necessary for future investor protection and deterrence.

The Ontario Securities Commission held a hearing to consider a proposed Settlement Agreement between Staff and the respondent.

The respondent admitted to acting as an advisor and performing acts in furtherance of a trade without being registered, contrary to s. 25(1) of the Securities Act.

The Commission approved the settlement, noting the respondent's cooperation, the lack of harm to investors, and his efforts to correct his conduct.

The respondent was ordered to cease trading and acquiring securities for nine months, lost exemptions for nine months, and was ordered to pay $3,000 in costs.

Following a finding that the respondents engaged in an illegal scheme to induce vulnerable individuals to transfer locked-in RSPs into private companies, the Commission held a hearing on sanctions and costs.

The Commission ordered permanent cease trade orders, director and officer bans, and reprimands against the architects of the scheme.

The registrant involved had his registration terminated and was subject to a five-year cease trade order.

The respondents were ordered to pay costs totaling $108,000, apportioned based on their degree of responsibility.

The Ontario Securities Commission held a hearing to consider whether the respondent, a mutual fund salesperson, breached the Securities Act and acted contrary to the public interest by recommending an aggressive leveraging strategy to his clients.

The Commission found that the respondent failed to comply with the know-your-client and suitability obligations under OSC Rule 31-505 and failed to deal fairly, honestly, and in good faith with his clients.

The respondent recommended excessive leveraging that was entirely unsuitable given the clients' financial circumstances, risk tolerance, and investment objectives.

However, the Commission dismissed the allegation that the respondent gave undertakings relating to the future value of the investments in breach of section 38(2) of the Act.

A sanctions hearing was ordered to follow.

The filer applied for exemptive relief on behalf of a new mutual fund to permit it to invest up to 10% of its net assets in a Luxembourg-based underlying fund.

Because the underlying fund is not governed by Canadian mutual fund rules, the new fund could not rely on the statutory exemption from investment restrictions and reporting requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including compliance with modified mutual fund rules and prospectus disclosure.

Staff of the Ontario Securities Commission alleged that the respondents engaged in unregistered trading and illegal distribution of securities, breached cease trade orders, and used high-pressure sales tactics.

The Commission found that the respondents traded in First Global shares without being registered and without a prospectus, contrary to sections 25(1) and 53(1) of the Securities Act.

The respondents also breached multiple Commission orders and made misrepresentations to investors.

The Commission concluded that the respondents' conduct was egregious, harmful to the integrity of Ontario's capital markets, and contrary to the public interest.

A subsequent hearing was ordered to determine sanctions.

The Ontario Securities Commission held a hearing regarding allegations that the respondents participated in an illegal distribution of shares in four private companies.

The scheme involved convincing individuals to access locked-in retirement savings plans by transferring funds to purchase shares in the private companies, after which the respondents would lend a portion of the invested amount back to the investors.

The Commission found that Cornwall, Simpson, and Xavier participated in an illegal distribution of securities without a prospectus or available exemption.

Xavier, a registrant, was also found to have failed his know-your-client and suitability obligations and failed to process trades through his sponsoring dealer.

All respondents, including Cook who provided qualification letters, were found to have engaged in conduct contrary to the public interest.

Yamana Gold Inc. brought an application to cease-trade the shareholder rights plan (poison pill) of Meridian Gold Inc. amid a hostile takeover bid.

The Ontario Securities Commission determined that Meridian's board had sufficient time to respond to the bid and assess any competing proposals.

The Commission ordered the poison pill cease-traded effective September 11, 2007, on the condition that Yamana extended its bid to the same date.

The Applicant sought a hearing and review of a Director's decision refusing to grant him registration as an Advising Officer for an Investment Counsel and Portfolio Manager (ICPM) and refusing to register his company as an ICPM.

The Commission found that while the Applicant met the educational requirements, he lacked the requisite work experience in the securities industry, specifically in managing third-party discretionary investment portfolios and being mentored by a registered adviser.

The Commission declined to grant an exemption from the proficiency requirements, concluding that the Applicant's experience in economic research and credit valuation was not equivalent to the required securities industry experience.

The application for registration was denied.

The Ontario Securities Commission convened a hearing to consider a settlement agreement between Staff and Eugene N. Melnyk regarding allegations of failing to file insider trading reports and failing to disclose his relationship with offshore trusts that traded heavily in Biovail shares.

The Commission approved the settlement, which included a $750,000 administrative penalty, $250,000 in costs, a one-year ban on acting as a director of Biovail, and a reprimand, finding the sanctions sufficient for specific and general deterrence.