Vern Krishna

The Applicant, Leerink Swann LLC, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501.

The Applicant sought relief from the requirement to provide disclosure on conflicts of interest and connected issuer relationships when offering foreign securities to permitted clients in Canada, provided that U.S. registered offering disclosure is provided instead.

The Applicant also sought relief from the requirement to include a description of the statutory right of action for damages and rescission in the offering memorandum.

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions, including the delivery of a specific notice to prospective purchasers and the filing of reports of exempt distribution.

The applicant, Purpose Investments Inc., applied on behalf of its existing and future exchange-traded funds for exemptive relief from the underwriter's certificate requirement and the prospectus form requirement under the Securities Act.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a prescribed Summary Document for each class or series of ETF securities.

The relief aligns with the Canadian Securities Administrators Point of Sale Disclosure Initiative and is subject to a sunset clause.

Purpose Investments Inc. applied for exemptive relief from the take-over bid requirements under the Securities Act for the ETF Shares of its Funds.

The Ontario Securities Commission granted the relief, noting that the ETF Shares are non-voting and it is not possible for shareholders to exercise control or direction over the Funds.

The Applicants, U.S. registered broker-dealers, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501 when providing foreign offering documents to Canadian permitted clients.

The requested relief included exemptions from providing Canadian-specific connected and related issuer disclosure, as well as statutory right of action disclosure, in offering memoranda for foreign securities.

The Ontario Securities Commission granted the relief, subject to conditions including that the offering documents comply with U.S. disclosure requirements for underwriter conflicts of interest and that purchasers provide written consent.

The Filer, Wescast Industries Inc., applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

Following a plan of arrangement, all of the Filer's issued and outstanding capital was acquired by a wholly-owned subsidiary of Sichuan Bohong Industry Co., Ltd. The Filer's shares were delisted from the Toronto Stock Exchange, and its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction.

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

The Ontario Securities Commission held a merits hearing regarding allegations that Juniper Fund Management Corporation, its principal Roy Brown, and two mutual funds breached various provisions of the Securities Act.

The Commission found that the respondents failed to maintain proper books and records, acted as an unregistered mutual fund dealer, made misleading statements in their prospectus, engaged in prohibited investments and loans, and breached their statutory duty of care.

Brown was found liable as a director and officer for authorizing and acquiescing in the non-compliance.

A sanctions and costs hearing was scheduled.

The Filer, a wholly-owned indirect subsidiary of Molycorp Inc., applied for an order that it is no longer a reporting issuer under applicable securities laws.

The Filer had outstanding debentures held by more than 51 holders in Canada, but its parent company had guaranteed and assumed all payment and share issuance obligations under the debentures.

The Ontario Securities Commission granted the exemptive relief, finding that the debenture holders no longer required public disclosure in respect of the Filer.

The Filers, Allied Gold Mining PLC and St Barbara Limited, applied for a decision that they are no longer reporting issuers in the Jurisdictions following a scheme of arrangement under the laws of England and Wales.

St Barbara acquired all issued and outstanding shares of Allied Gold, making it a wholly-owned subsidiary.

The Commission granted the requested exemptive relief, noting that the Filers have a de minimis market presence in Canada, their securities are not traded on any Canadian marketplace, and Canadian securityholders will continue to receive continuous disclosure under Australian law.

The Filers, U.S. Silver Corporation and U.S. Silver & Gold Inc., applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements for U.S. Silver, a wholly-owned subsidiary.

U.S. Silver had outstanding warrants exercisable for shares of the parent company, U.S. Silver & Gold.

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 subsidiary's standalone disclosure would not be meaningful to warrantholders.

Following a merits decision finding the respondents engaged in securities fraud, unregistered trading, and illegal distribution, the Ontario Securities Commission held a sanctions and costs hearing.

The respondents had raised over $10 million from offshore investors, misappropriating the funds for personal use and high-risk enterprises.

The Commission ordered permanent market bans against the respondents, an administrative penalty of $500,000 each, joint and several disgorgement of $8,892,906, and $250,000 in costs.

The Filer, Caldwell Investment Management Ltd., applied on behalf of two mutual funds for a decision that the funds are no longer reporting issuers in the applicable jurisdictions.

Following a merger, the Filer became the sole unitholder of the funds and waived all rights to receive continuous disclosure documents.

The funds were kept alive solely to preserve tax losses and had no other assets or liabilities.

The Ontario Securities Commission granted the requested exemptive relief, finding it was not prejudicial to the public interest.

The filers applied for an exemption from the prospectus requirements under section 53 of the Securities Act in connection with a proposed spin-off.

The spin-off involved the distribution of shares, options, and stock units of subsidiary companies to existing Canadian option and stockholders of the parent company.

The Ontario Securities Commission granted the exemptive relief, noting that the parent company had a de minimis shareholder presence in Canada and that no investment decision was required from Canadian shareholders to receive the distributed securities.

The Filer, Cee Gee Financial Services Trust, applied to the Ontario Securities Commission for an exemption from the prospectus and registration requirements under the Securities Act.

The Filer sought to distribute non-transferable promissory notes to specified qualified persons, primarily partners and related entities of Ernst & Young LLP, to fund the firm and its affiliates.

The Commission granted the exemptive relief, subject to conditions restricting the transferability of the notes and requiring the provision of financial information to investors.

Staff of the Ontario Securities Commission brought allegations against the respondents.

The corporate respondent, located in Mexico and unrepresented, requested that copies of all relevant disclosure documents be sent to its offices.

Staff refused, citing confidentiality concerns regarding compelled evidence under section 16 of the Securities Act, and instead offered inspection at the Commission's offices.

The Commission held that Staff failed to meet their disclosure obligations.

Meaningful disclosure required providing copies to the foreign respondent to allow it to make full answer and defence, subject to the respondent providing a written undertaking to maintain confidentiality.

Staff of the Ontario Securities Commission alleged that the respondents, Shaun McErlean and Securus Capital Inc., engaged in unregistered trading, advising without registration, illegal distribution of securities, and fraud.

The respondents solicited millions of dollars from offshore investors, promising high returns and claiming the funds would be held in segregated accounts.

Instead, McErlean commingled the funds, used them for personal expenses, repaid earlier investors, and invested in private companies in which he had an interest.

He also provided investors with fake bank statements to conceal the misappropriation.

The Commission found that all allegations were proven on a balance of probabilities.

The Filer applied for an order exempting the Issuer, a limited partnership, from continuous disclosure, certification, and insider reporting requirements.

The Filer could not rely on the standard exemption for credit support issuers because the Issuer is a limited partnership, not a corporate subsidiary, and the guarantees provided were joint rather than joint and several.

The Ontario Securities Commission granted the requested relief on the condition that the Filer provide a full and unconditional guarantee of the Issuer's notes and comply with conditions substantially analogous to those in section 13.4 of National Instrument 51-102.

The applicant applied for exemptive relief on behalf of several pooled funds to permit them to purchase and hold exchange-traded and debt securities of a related entity.

The Ontario Securities Commission granted the relief, subject to conditions including approval by the funds' independent review committee, pricing requirements, and limits on the amount of primary offerings the funds can purchase.

The applicant, a French issuer, applied for exemptive relief from the prospectus and dealer registration requirements under the Securities Act (Ontario) for an 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 acquired securities.

The applicants, ING Direct Asset Management Limited and ING Direct Funds Limited, applied to the Ontario Securities Commission for exemptive relief from the prospectus delivery requirements under the Securities Act.

They sought permission to send or deliver the most recently filed Fund Facts document instead of the simplified prospectus to satisfy the requirement to deliver a prospectus within two days of a mutual fund purchase.

The Commission granted the exemptive relief, subject to conditions including that investors be granted equivalent rights of withdrawal and rescission upon the delivery of the Fund Facts, and that the relief terminates upon the coming into force of any legislation or rule relating to the delivery of the Fund Facts.

The Filer, Peregrine Metals Ltd., applied for a decision under the securities legislation of multiple jurisdictions to be deemed to have ceased to be a reporting issuer.

Following a plan of arrangement, all of the Filer's outstanding shares were acquired by Stillwater Mining Company.

The Filer's securities are no longer traded on a marketplace and are beneficially owned by fewer than 51 security holders in Canada.

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