Sonny Randhawa

The Filer, Choice Properties Real Estate Investment Trust, applied for exemptive relief from the requirement to file a business acquisition report (BAR) under Part 8 of National Instrument 51-102 in respect of its acquisition of a portfolio of third-party tenant properties.

The Filer argued that the acquisition triggered the significance tests only because the historical financial statements used for the tests reflected the Filer's pre-IPO status with nominal assets.

When calculated using post-IPO financial metrics, the acquisition was not significant.

The Ontario Securities Commission granted the exemption, finding that the acquisition was not significant from a practical, commercial, business, or financial perspective.

The filer, True North Apartment Real Estate Investment Trust, applied for exemptive relief from the requirement under section 8.4 of National Instrument 51-102 to include certain historical financial statements in a business acquisition report.

The filer had acquired properties that were previously owned by multiple owners, making it impractical to obtain the necessary financial records.

The Ontario Securities Commission granted the exemption, permitting the filer to provide alternative financial disclosure, including audited carve-out financial statements and pro forma statements.

Astral Media Inc. applied for a decision that it is no longer a reporting issuer under the securities legislation of multiple Canadian jurisdictions.

Following a statutory plan of arrangement, BCE Inc. acquired all issued and outstanding shares of Astral Media Inc., leaving it with fewer than 15 securityholders in any Canadian jurisdiction and fewer than 51 worldwide.

The Ontario Securities Commission, acting as the principal regulator, granted the requested exemptive relief, determining that the issuer met the requirements to cease being a reporting issuer.

The filer, a real estate investment trust, applied for exemptive relief from the requirement to include certain audited historical financial statements in a Business Acquisition Report following a significant acquisition of properties.

The filer argued it was impracticable to obtain the required financial statements because the properties had multiple previous owners who either did not have or refused to provide the necessary information.

The Commission granted the exemption, allowing the filer to include alternative financial information, including carve-out financial statements, pro forma financial statements, and financial forecasts, as this would provide investors with sufficient material information.

The Filer applied for exemptive relief from the requirement under section 8.4 of National Instrument 51-102 to include certain historical financial statements in a business acquisition report.

The Filer had acquired a portfolio of properties but was unable to obtain the financial statements for three properties for periods prior to their acquisition by the vendor.

The principal regulator granted the relief, permitting the Filer to file alternative financial statements, as the missing information was not material to the combined operations and the Filer had made every reasonable effort to obtain it.

The Applicant, Artaflex Inc., applied for a decision under the securities legislation of Ontario, Alberta, and Québec that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

The Applicant, Angoss Software Corporation, applied to the Ontario Securities Commission and the Alberta Securities Commission for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Commission granted the application, ordering that the Applicant is not a reporting issuer.

The Filer applied for exemptive relief from the requirement under section 8.4 of National Instrument 51-102 to include certain historical financial statements in its business acquisition report relating to the acquisition of three multi-family real estate properties.

The Filer had made every reasonable effort to obtain the historical accounting records for two of the properties for the period prior to their acquisition by the vendors, but was unsuccessful.

The Ontario Securities Commission granted the requested relief, subject to the condition that the Filer include specified alternative financial statements and pro forma financial statements in the business acquisition report.

Redknee Solutions Inc. applied to the Ontario Securities Commission for exemptive relief from the requirement under National Instrument 51-102 to include audited financial statements of an acquired business in a Business Acquisition Report.

The Filer acquired Nokia Siemens Networks' Business Support System business, which was not operated as a separate entity, making the preparation of stand-alone audited financial statements impracticable.

The Commission granted the exemption, permitting the Filer to include alternative financial information, including an audited statement of assets acquired and liabilities assumed, and an audited statement of direct revenues and expenses.

The filer applied for exemptive relief from certain financial statement requirements in a business acquisition report under National Instrument 51-102.

The filer proposed to include almost two years of current audited financial information instead of one year of audited information with the comparable period being unaudited.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest and would provide current and meaningful information to investors.

The Applicant, Arbor Memorial Services Inc., applied to the Ontario Securities Commission and other jurisdictions for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Filer, a reporting issuer with common shares listed on the TSX Venture Exchange, applied for exemptive relief from the definition of 'venture issuer' under various National Instruments.

The Filer sought to maintain its venture issuer status despite listing its shares on the Risk Capital Segment of the Lima Stock Exchange in Peru.

The Ontario Securities Commission granted the relief, provided the Filer continues to have its shares listed on the TSXV and the Lima Stock Exchange remains a junior market.

Excel Funds Management Inc. applied for exemptive relief to merge the Excel Income and Growth Fund into the Excel EM High Income Fund.

The merger did not meet all criteria for pre-approved reorganizations under NI 81-102 because the investment objectives and fee structures were not substantially similar, and the merger would be effected on a taxable basis to utilize loss carry-forwards.

The Ontario Securities Commission granted the requested exemption, finding it achieved a fair and reasonable result for the funds.

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of several mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to invest up to 10% of their net asset value in gold, silver, and commodity ETFs, and to pay brokerage commissions associated with these investments.

The Ontario Securities Commission granted the requested relief, subject to conditions including limits on exposure to specific commodity sectors and disclosure requirements in the funds' prospectuses.

The Funds applied to the Director of the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

The relief sought was an exemption from subsection 2.3(1), which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, provided the final prospectus is filed no later than October 31, 2012.

The applicant, ONE Financial Corporation, applied for exemptive relief on behalf of several commodity pools from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to invest in or gain exposure to underlying investment pools in a fund-of-funds structure.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives and that the underlying pools comply with applicable continuous disclosure requirements.

ONE Financial Corporation applied for exemptive relief from the seed capital redemption restrictions in section 3.2(2)(a) of National Instrument 81-104 for its commodity pools.

The Ontario Securities Commission granted the relief, permitting the manager to redeem its initial $50,000 investment once the pool has received at least $5 million in subscriptions from outside investors, subject to certain conditions including maintaining excess working capital.

The Filer applied for an exemption from the requirement in section 5.1(c) of NI 81-102 to obtain prior investor approval before changing the fundamental investment objectives of a mutual fund.

The Ontario Securities Commission granted the exemption on the basis that all investors in the fund had entered into discretionary investment management agreements giving full discretionary authority to the portfolio manager, making a unitholder meeting an unnecessary cost and inconvenience.

The applicant, AlphaPro Management Inc., applied for exemptive relief on behalf of existing and future mutual funds (the Top Funds) from certain provisions of National Instrument 81-102.

The applicant sought relief from the fund of funds restrictions to permit the Top Funds to invest in exchange traded mutual funds that are not subject to National Instrument 81-101, and to pay brokerage commissions in relation to the purchase and sale of these securities on a recognized exchange.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Top Funds do not short sell securities of the underlying funds and that the underlying funds do not rely on certain other exemptive relief.

The filers, AlphaPro Management Inc. and Horizons ETFs Management (Canada) Inc., applied for exemptive relief from the margin deposit limits in paragraphs 6.8(1) and 6.8(2)(c) of National Instrument 81-102 on behalf of current and future exchange-traded mutual funds.

The funds, which operate as commodity pools, sought to deposit more than 10 percent of their net assets with dealers as margin for specified derivative transactions in Canada and the United States.

The Ontario Securities Commission granted the exemption, conditional on the amount of margin deposited not exceeding 30 percent of the net assets of the funds and all margin being held in segregated accounts.