Disclosure of compelled evidence granted to accused for criminal defence where witnesses were on Crown list.
The applicant, Y, applied under section 17 of the Securities Act for disclosure of compelled and voluntary evidence obtained by the Ontario Securities Commission during an investigation.
Y sought the evidence to make full answer and defence to criminal fraud charges.
The Commission balanced Y's right to make full answer and defence against the privacy interests of the witnesses who provided the evidence.
The Commission granted disclosure for witnesses who consented or did not object, and for those who opposed but were on the Crown's witness list, subject to strict confidentiality terms.
Disclosure was denied for opposing witnesses not on the Crown's witness list.
RCMP application for disclosure of compelled OSC evidence granted for use in criminal fraud proceeding.
The RCMP (Crown) applied under s. 17(1) of the Securities Act for disclosure of compelled evidence obtained by the Ontario Securities Commission during an investigation.
The evidence was sought to assist the Crown in a criminal fraud proceeding against the respondent.
The Commission found that the respondents whose evidence was sought had provided written consent as required by s. 17(3).
Applying the factors from Re Black, the Commission determined it was in the public interest to authorize disclosure, as the consenting respondents waived confidentiality, and the disclosure would not prejudice the respondent's right to make full answer and defence.
The application was granted subject to strict confidentiality and use conditions.
Exemptive relief granted to permit in specie transfers between separately managed accounts and pooled funds.
The Filer applied for exemptive relief from the self-dealing prohibitions in the Securities Act to permit in specie transfers of portfolio securities between its separately managed accounts and pooled funds.
These transfers would facilitate purchases and redemptions of fund units without incurring significant transaction costs.
The Ontario Securities Commission granted the relief, subject to conditions including prior written client consent, valuation requirements, and the absence of compensation or charges other than nominal administrative fees.
Exemptive relief granted from mutual fund conflict of interest reporting requirements subject to disclosure conditions.
The applicant, Goodman & Company, Investment Counsel Ltd., applied for exemptive relief from the mutual fund conflict of interest reporting requirements under the Securities Act (Ontario).
The applicant sought relief from the requirement to file monthly reports for portfolio transactions involving related parties, specifically Dundee Securities Corporation.
The Ontario Securities Commission granted the requested relief, subject to the conditions that similar disclosure is made in the management reports on fund performance for each mutual fund and that specific records of related party portfolio transactions are maintained by the mutual funds.
Exemptive relief granted to extend mutual fund prospectus lapse date pending fund mergers.
The Filer applied for exemptive relief under section 147 of the Securities Act to extend the lapse date of the mutual fund prospectus for several funds until August 17, 2009.
The extension was requested to permit the continued distribution of securities pending the merger of the funds, after which they would be wound up.
The Ontario Securities Commission granted the exemption, finding that the extension would not affect the currency or accuracy of the prospectus information and would not be prejudicial to the public interest.
Exemptive relief granted to permit interfund trading and related issuer investments subject to IRC approval.
TD Asset Management Inc. applied for exemptive relief from various trading, related issuer, and related securityholder prohibitions under the Securities Act.
The requested relief would permit interfund trading, principal trading of debt securities, and in specie transactions among its mutual funds, pooled funds, and managed accounts, as well as investments in related issuers by its pooled funds.
The Ontario Securities Commission granted the requested exemptions, subject to extensive conditions including independent review committee approval, pricing requirements, and record-keeping obligations.
Exemptive relief granted to allow principal trading of portfolio shares during a preferred share offering.
The filers, Newgrowth Corp. and Scotia Capital Inc., applied for an exemption from the Principal Trading Prohibitions under securities legislation.
The exemption would allow Scotia Capital to engage in principal trades of portfolio shares in connection with the public offering of Class B Preferred Shares, Series 2 of Newgrowth Corp. The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief.
Exemptive relief granted from self-dealing prohibitions for the merger of several investment funds.
The applicant, Sentry Select Capital Inc., applied for exemptive relief from the self-dealing prohibitions under the Securities Act and its regulations.
The relief was sought in connection with the proposed mergers of several terminating non-redeemable investment funds into a continuing mutual fund.
The mergers involved the transfer of assets between the funds, which are managed by the same portfolio manager.
The Ontario Securities Commission granted the requested relief, subject to conditions regarding disclosure and the provision of financial statements to unitholders.
Application for relief regarding take-over bid dismissed subject to conditions including terminating a voting agreement.
The Special Committee of the Board of Directors of Patheon Inc. applied for relief under sections 104(1) and 127 of the Securities Act in connection with a take-over bid by JLL Patheon Holdings, LLC.
The Ontario Securities Commission dismissed the application, provided that JLL complies with several conditions.
These conditions included terminating a voting agreement with the MOVA Group, certifying the absence of any other agreements regarding the offer, amending the offer circular to disclose the decision, issuing a news release, and extending the offer period.
Take-over bid allowed to proceed subject to termination of voting agreement and 120-day restriction on new agreements.
The Special Committee of Patheon Inc. applied to the Ontario Securities Commission for relief regarding an unsolicited take-over bid by JLL Patheon Holdings, LLC.
The Special Committee alleged that a voting agreement between JLL and a group of minority shareholders (the MOVA Group) violated the identical consideration and collateral benefit provisions of the Securities Act.
JLL proposed to terminate the voting agreement and extend the offer.
The Commission dismissed the Special Committee's application subject to conditions, including that JLL terminate the voting agreement, extend the offer for at least 15 days, and certify that no new agreement with the MOVA Group would be entered into for 120 days following the expiry of the offer.