Sarah B. Kavanagh

The Filer, Constellation Software Inc., applied for an exemption from the prospectus requirements under the Securities Act for the distribution of warrants to purchase common shares in connection with its dividend reinvestment plan.

The Ontario Securities Commission granted the exemption, subject to conditions including that the aggregate number of common shares issued upon exercise of the warrants in each financial year not exceed 2% of the issued and outstanding common shares.

The applicants sought exemptive relief from the prospectus delivery requirements under the Securities Act to permit dealers to send or deliver a Fund Facts document instead of a simplified prospectus to purchasers of mutual fund securities.

The Ontario Securities Commission granted the relief, subject to conditions including that investors be provided with equivalent rights of withdrawal and rescission as if they had received a simplified prospectus.

The relief includes a sunset clause terminating upon the coming into force of legislation or rules relating to the delivery of Fund Facts.

The Filer, a U.K. issuer with de minimis market presence in Canada, applied for a decision that it is no longer a reporting issuer in Ontario, Alberta, British Columbia, and Saskatchewan.

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 Filer's securities are not traded on any Canadian marketplace, and it has no intention to seek public financing in Canada.

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

The Filer applied for a decision to hold an incomplete news release, which was erroneously filed on SEDAR by its filing agent, in confidence for an indefinite period.

The Filer subsequently filed the correct, updated news release.

The Ontario Securities Commission granted the requested exemptive relief, finding that the negative implications of leaving the incomplete release public outweighed the desirability of public access, and that the updated release fulfilled the Filer's continuous disclosure obligations.

The applicant, Genworth MI Canada Inc., applied for exemptive relief from insider reporting requirements under the Securities Act for its insider, Genworth Financial, Inc. The relief was sought in connection with an automatic securities disposition plan used to facilitate dispositions pursuant to a normal course issuer bid.

The Ontario Securities Commission granted the exemption, provided that the insider files a report disclosing all dispositions within 90 days of the termination of the plan.

The filer, a French issuer, applied for relief from the prospectus and dealer registration requirements in connection with a global employee share offering.

The offering involved the use of collective employee shareholding vehicles (FCPEs) under French law, preventing reliance on standard exemptions.

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

Aurion Capital Management Inc. applied for exemptive relief on behalf of its pooled funds to permit them to purchase securities of related entities over a stock exchange and non-exchange traded debt securities of related entities in primary offerings and the secondary market.

Relief was also sought to allow the funds to engage in principal trading of debt securities of third parties with a related dealer in the secondary market.

The Ontario Securities Commission granted the requested relief, subject to conditions including approval by the funds' independent review committee, compliance with specific pricing requirements, and limits on the amount of a primary offering of a related entity that a fund may purchase.

The applicant, a U.S. cooperative of travel agents, applied for exemptive relief from the registration and prospectus requirements of the Securities Act to distribute shares to Canadian travel agencies.

The applicant is not a reporting issuer in Canada and the shares are not traded on any marketplace.

The Ontario Securities Commission granted the requested relief, subject to conditions including the delivery of the applicant's constating documents and a statement regarding the unavailability of certain statutory protections.

World Heart Corporation applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions following its merger with a wholly owned subsidiary of HeartWare International, Inc. As a result of the merger, all outstanding securities of the Filer are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide.

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

Avion Gold Corporation, a wholly-owned subsidiary of Endeavour Mining Corporation, applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions substantially similar to those in section 13.3 of National Instrument 51-102, as the Filer's outstanding options did not qualify as designated exchangeable securities.

The Filer applied for exemptive relief from the related issuer restriction in the Securities Act and the restriction in NI 31-103 regarding investments in issuers where a responsible person is an officer or director.

The relief was sought to permit the Top Funds to invest in Underlying Funds managed by the Filer (a fund-on-fund structure).

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the Top Funds are distributed under prospectus exemptions, no duplication of fees occurs, and appropriate disclosure is provided in the offering memorandum.

The applicant, Invesco Canada Ltd, applied for exemptive relief on behalf of an exchange-traded fund from the take-over bid requirements and the requirement that the fund's prospectus contain an underwriter's certificate.

The Ontario Securities Commission granted the requested relief, subject to the condition that purchasers of units provide an undertaking not to exercise voting rights for units representing more than 20% of the outstanding units.

The relief was granted with a sunset clause terminating on November 30, 2012, or upon an amendment addressing prospectus delivery obligations.

The filers applied for exemptive relief from the prohibition against mutual funds investing in related issuers under the Securities Act.

The relief was sought to permit mutual funds and pooled funds managed by the filers to purchase debt securities and exchange-traded securities of related entities in the secondary market following their acquisition by BlackRock, Inc. The Ontario Securities Commission granted the exemption, subject to conditions including approval by the funds' independent review committees and compliance with independent pricing and transparency requirements.

The applicant, a wholly-owned subsidiary following an amalgamation, applied for a decision that it is no longer a reporting issuer in Alberta, Ontario, and Quebec.

The applicant had only one shareholder and fewer than 15 security holders in each jurisdiction.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, noting the applicant had no intention to proceed with a public offering.

Sears Holdings Corporation applied for exemptive relief from the prospectus requirements under the Securities Act to distribute shares of its indirect majority-owned subsidiary, Orchard Supply Hardware Stores Corporation, to its shareholders by way of a dividend in specie.

The applicant is a U.S. public company but not a reporting issuer in Canada, and the number of Canadian shareholders is de minimis.

The Ontario Securities Commission granted the requested relief, provided that the first trade in the distributed shares is deemed a distribution subject to resale restrictions.