Philip Anisman

The Filer, Brookfield Infrastructure Partners L.P., applied for exemptive relief from various continuous disclosure, certification, insider reporting, audit committee, corporate governance, and short form prospectus requirements on behalf of its indirect subsidiary, BIP Investment Corporation.

The relief was sought to accommodate the issuance of Senior Preferred Shares guaranteed by the Filer and other entities.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions, including that the Filer continues to satisfy its continuous disclosure obligations under U.S. federal securities laws and provides full and unconditional guarantees for the preferred shares.

The applicant applied for exemptive relief on behalf of several exchange-traded mutual funds.

The requested relief included exemptions from the requirement to include an underwriter's certificate in the funds' prospectuses and from the take-over bid requirements for purchasers of listed securities in the normal course.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding the delivery of ETF Facts documents and prospectus disclosure.

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.

The Filer, Trillium Credit Card Trust II, 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 with no outstanding common shares and only privately placed notes held by sophisticated investors or qualified institutional buyers.

The Commission granted the order, satisfied that the Filer met the requirements under the applicable securities legislation.

The applicant, H&R Real Estate Investment Trust, sought exemptive relief from various continuous disclosure, certification, short form prospectus, and shelf distribution requirements following a reorganization that eliminated its stapled unit structure with H&R Finance Trust.

The Ontario Securities Commission granted the requested relief, subject to conditions, allowing the applicant to rely on previously filed combined financial statements and exempting it from certain prospectus requirements for its distribution reinvestment plan.

Staff of the Ontario Securities Commission applied for a reciprocal order under subsection 127(10) of the Securities Act based on a decision of the British Columbia Securities Commission.

The BCSC had found that the respondents engaged in a 'pump and dump' market manipulation scheme and imposed permanent market prohibitions and administrative penalties.

The respondents did not participate in the written hearing.

The Commission granted the reciprocal order, imposing permanent trading and registration bans with minor modifications to the carveouts to protect Ontario investors.

The Ontario Securities Commission approved a settlement agreement between Staff and Clayton Smith, the directing mind of Crystal Wealth Management System Limited.

Smith admitted to fraudulently misappropriating approximately $11.8 million from mutual funds he managed and failing to disclose conflicts of interest.

The settlement imposed permanent market prohibitions, a reprimand, and a $250,000 administrative penalty.

The Commission approved the settlement, noting that while the monetary penalty was small and potentially uncollectible due to a carveout provision and a receivership over Smith's assets, the permanent market prohibitions and the avoidance of a lengthy hearing made the sanctions fall within a reasonable range of appropriateness.

The respondent breached a prior Commission order permanently prohibiting him from trading in securities by selling securities to repay a personal debt.

Staff and the respondent reached a settlement agreement imposing a $120,000 administrative penalty, $5,000 in costs, and a second reprimand.

The Commission approved the settlement, affirming that the traditional reasonableness standard applies to securities regulatory settlements rather than the more stringent standard for criminal joint submissions established in Anthony-Cook.

BMO Investments Inc. applied for exemptive relief on behalf of certain mutual funds offering exchange-traded series.

The applicant sought relief from the requirement to prepare a long-form prospectus, the requirement to include an underwriter's certificate, and the take-over bid requirements for purchasers in the normal course on a marketplace.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and annual information form, and the provision of ETF Facts documents to dealers.

The applicant, Nuuvera Inc., applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer.

The application followed a plan of arrangement under which Aphria Inc. acquired all outstanding common shares of the applicant.

The Commission found that the applicant met the requirements under the securities legislation and granted the requested order.

The applicant applied for an exemption from the prospectus requirements in connection with the spin-off of its electrical business into a newly formed independent company.

The spin-off will be effected by way of a dividend in specie of shares to the applicant's shareholders, including those resident in Canada.

The Commission granted the exemption, noting that the number of Canadian shareholders is de minimis and that they will receive the same disclosure materials as U.S. shareholders.

The first trade in the distributed shares will be subject to the resale restrictions in National Instrument 45-102.

The Filers applied to the Ontario Securities Commission for exemptive relief from the Prospectus Delivery Requirement and certain Prospectus Form Requirements in connection with an at-the-market distribution of common shares.

The Commission granted the requested relief, subject to conditions including trading volume thresholds and a 10% limitation on the aggregate market value of shares distributed.

The respondent brought a motion to adjourn the hearing on the merits pending his appeal to the Divisional Court regarding a dismissed motion for a stay based on solicitor-client privilege.

Staff opposed the adjournment, citing its pending motion to quash the appeal.

The Commission found that proceeding with the hearing would not significantly expedite the matter, as the majority of the hearing would occur in September regardless of the outcome of Staff's motion.

The motion to adjourn was granted, and the hearing was rescheduled to September.

Staff of the Ontario Securities Commission applied for an inter-jurisdictional order against the respondent based on a settlement agreement with the US Securities and Exchange Commission.

Staff elected to proceed by way of an expedited written hearing.

The Commissioner determined that an oral hearing was required to fully consider the issues, including the implications of the SEC's findings, the respondent's admission of those findings for specified purposes, and the potential for sanctions relating to registration that were not requested in the Statement of Allegations.

Staff of the Ontario Securities Commission applied for a reciprocal order against Lance Sandford Cook and CBM Canada’s Best Mortgage Corp. based on a decision of the British Columbia Securities Commission.

The BCSC had found that the respondents distributed securities without a prospectus and imposed market prohibitions and monetary sanctions.

The Commission granted the application and issued a reciprocal order imposing market prohibitions on the respondents to protect Ontario investors and deter similar conduct.

BBS Securities Inc. applied for an exemption from the prospectus requirement to distribute contracts for difference (CFDs) and other over-the-counter (OTC) derivative contracts to investors.

The Filer is an IIROC-registered investment dealer subject to strict regulatory requirements regarding margin and risk disclosure.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with IIROC rules and the provision of a comprehensive risk disclosure document to clients.

Following findings that the respondents engaged in three separate frauds involving the sale of shares at an inflated value, undisclosed use of investor funds to pay dividends, and misappropriation of funds, the Ontario Securities Commission held a sanctions and costs hearing.

The Commission ordered the individual respondents to disgorge over $3.3 million obtained through their fraudulent conduct.

In addition, the Commission imposed administrative penalties of $600,000 each on the individual respondents and $300,000 on the corporate respondent, ordered permanent market prohibitions, and awarded $550,000 in costs.

The Filer, a licensed warranty company, applied for an exemption from the prospectus requirement for the issuance of shares to holding companies of Dealer Principals.

The Filer had previously relied on the private issuer exemption but exceeded the 50-shareholder limit.

The Ontario Securities Commission granted the exemptive relief, subject to conditions including the delivery of specific documents to Dealer Principals and restrictions on the transfer of shares.

The Filer, an insurance company, applied to the Ontario Securities Commission for an exemption from the prospectus requirement in connection with the issuance of shares to Dealer Principals.

The Filer had previously obtained a ruling in 1990 but sought new relief due to compliance issues and the potential expiration of the previous ruling.

The Commission granted the exemption, subject to conditions including the delivery of specific documents to prospective shareholders and restrictions on the transfer of shares.

The Ontario Securities Commission approved a no-contest settlement agreement between Staff and the Assante Dealers regarding excessive management expense ratios charged to clients.

The Assante Dealers self-reported the issue, cooperated with Staff, implemented a remediation program, and paid $3.6 million in compensation to affected clients, along with voluntary payments to the Commission.

The panel found the settlement to be fair, reasonable, and in the public interest.