Securities Law

The applicant, Stillwater Mining Company, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is 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 that its securities are not traded on any marketplace.

The principal regulator granted the order, finding that the applicant met the test set out in the legislation.

The applicant, Sionna Investment Managers Inc., applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager.

The relief was sought from investment restrictions that prohibit an investment fund from knowingly making an investment in a person or company in which it is a substantial security holder, or in an issuer in which an officer, director, or substantial security holder has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions including that the investments are consistent with the top funds' objectives, effected at an objective price, and that there is no duplication of fees.

The applicant, Brandes Investment Partners & Co., applied for exemptive relief on behalf of several mutual funds (the Top Funds) from the prohibitions in paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102.

The relief sought to permit the Top Funds to invest up to 10% of their net assets in units of two underlying pooled funds that are not subject to NI 81-102 and whose securities are not qualified for distribution.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the underlying pooled funds comply with relevant parts of NI 81-102 and NI 81-106, and that appropriate disclosure is made in the Top Funds' prospectuses.