Paul Bates

The applicants, mutual fund managers, applied for an exemption from subsection 5.1(a) of National Instrument 81-105 to permit them to pay participating dealers direct costs incurred relating to cooperative marketing initiatives whose primary purpose is to provide educational information concerning tax or estate planning matters.

The Ontario Securities Commission granted the exemption, subject to conditions ensuring the information is general, educational, and not tied to sales incentives.

The Filer, Invesco Trimark Ltd., applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 Mutual Fund Sales Practices.

The Filer sought permission to pay participating dealers for direct costs incurred relating to cooperative marketing initiatives where the primary purpose is to provide educational information concerning tax or estate planning matters.

The Ontario Securities Commission granted the exemption, subject to several conditions, including that the Filer does not require dealers to sell its funds and that the materials contain only general educational information.

The applicants, Aurion Capital Management Inc. and two pooled funds, applied for an exemption from the self-dealing restrictions under the Securities Act.

The exemption was sought to permit the funds to continue holding securities of issuers that would become substantial securityholders of the management company following a change in control.

The Ontario Securities Commission granted the exemption, noting that the investments were made prior to the change in control and that a forced disposition would not be in the best interests of the funds.

The Ontario Securities Commission held a hearing to consider whether to approve a settlement agreement between Staff and several individual respondents regarding their failure to ensure that Philip Services Corp. filed financial statements containing full, true, and plain disclosure.

The Commission approved the settlement, which included reprimands, director and officer bans ranging from five to twelve years, and a collective costs payment of $500,000.

The Commission found the sanctions proportionate and in the public interest, noting the respondents' cooperation and efforts to restructure the company.