Securities Law

The applicant investment fund applied for exemptive relief under section 19.1 of National Instrument 41-101 from the requirement in subsection 2.3(1) to file a final prospectus within 90 days of the preliminary prospectus receipt.

The Director granted the requested exemption, permitting the final prospectus to be filed by a specified extended date.

The applicant applied for exemptive relief from the proportionate take-up and extension take-up requirements under the Securities Act in connection with an issuer bid conducted via a modified Dutch auction.

The Ontario Securities Commission granted the requested exemptions, provided the applicant complies with the described take-up mechanics, the liquid market exemption, and U.S. Regulation 14E.

The Filer applied for a decision that it is not a reporting issuer under the securities legislation of Ontario and Alberta.

The Filer had filed a prospectus but never completed its initial public offering, has no active business, and its securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada.

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

The applicants sought exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into continuing funds.

The relief was required because the mergers did not meet all pre-approval criteria, specifically as the fundamental investment objectives were not substantially similar and some mergers would not be tax-deferred.

The Ontario Securities Commission granted the requested exemption, noting that securityholders were provided with timely and adequate disclosure and the mergers would achieve a fair and reasonable result.

The Applicant, Minera Andes Inc., applied to the Ontario Securities Commission and other provincial regulators 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 security holders in each jurisdiction and fewer than 51 in total in Canada, and that its securities are not traded on a marketplace.

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

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.

Unique Broadband Systems, Inc., an insolvent company under CCAA protection, applied for exemptive relief to extend the time required to prepare and send a directors' circular in response to a partial take-over bid.

The Filer had sought an interim stay of the bid in the CCAA proceedings.

The Ontario Securities Commission granted the relief, allowing the Filer to delay the circular until after the court's decision on the stay motion or a specified date, subject to conditions.

The applicant sought exemptive relief from the conflict of interest trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief was requested to permit fully managed accounts to purchase and redeem securities of mutual funds managed by the applicant via in specie transactions.

The principal regulator granted the exemption, subject to conditions including prior written consent from clients, independent review committee approval, and specific valuation and record-keeping requirements.

The applicant, Goodman & Company, Investment Counsel Ltd., applied on behalf of two mutual funds for exemptive relief from the prohibition in section 2.3(h) of National Instrument 81-102.

The relief sought to permit the funds to invest in standardized futures with underlying interests in oil or gas for hedging purposes.

The Ontario Securities Commission granted the relief, subject to conditions including that the investments not exceed 20% of the net assets of the fund and that the futures be traded on specified exchanges.

The applicant applied for exemptive relief from the conflict of interest trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit in specie subscriptions and redemptions by separately managed accounts and mutual funds managed by the applicant.

The Ontario Securities Commission granted the requested exemption, subject to conditions including prior written consent from clients, independent review committee approval, and specific valuation and record-keeping requirements.

The applicant 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 security holders in each jurisdiction and fewer than 51 in total in Canada, and its securities are not traded on a marketplace.

The Commission was satisfied that the statutory test was met and ordered that the applicant is not a reporting issuer.

Manulife Finance Holdings Limited applied to the Ontario Securities Commission and other provincial regulators 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 security holders in each jurisdiction and fewer than 51 in total in Canada, and that its securities are not traded on a marketplace.

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

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.

The Applicant, Falcon Trust, applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Decision Makers were satisfied that the Applicant met the necessary criteria, including having fewer than 51 security holders in total in Canada and no securities traded on a marketplace.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Filer, Adeptron Technologies Corporation, applied for exemptive relief from the requirement under NI 52-107 to provide an unmodified auditor's report for the target company's financial statements in an information circular for a reverse takeover.

The target company's records were destroyed by a water leak, resulting in a qualified auditor's report.

The Ontario Securities Commission granted the relief subject to conditions, including disclosure of the qualification and its underlying reasons in the information circular.

Counsel Portfolio Services Inc. applied for exemptive relief from sections 2.6(a), 2.6(c), and 6.1(1) of National Instrument 81-102 to permit its mutual funds to engage in short selling up to 20% of their net asset value.

The Ontario Securities Commission granted the requested relief, subject to several conditions including limits on the aggregate market value of securities sold short, requirements for cash cover, and specific disclosure obligations in the funds' prospectuses and annual information forms.

Brookfield Asset Management Inc. applied for exemptive relief from the restricted securities provisions of National Instrument 41-101, National Instrument 51-102, and OSC Rule 56-501.

The Filer sought to use the terms 'Class A Limited Voting Shares' and 'Class B Limited Voting Shares' instead of the prescribed restricted security terms, arguing the prescribed terms did not accurately describe the securities.

The principal regulator granted the requested exemptions, subject to the condition that the Filer use the specified alternate terms and refrain from using the term 'common share' or 'common equity' except in limited circumstances.

The Filer, an investment dealer, applied for an exemption from the prospectus requirement in connection with the distribution of contracts for difference and OTC foreign exchange contracts to investors.

The Ontario Securities Commission granted the requested relief, subject to terms and conditions, including that the Filer provide a clear and plain language risk disclosure document to clients prior to their first transaction.

The relief revokes and replaces previous relief granted to the Filer in 2003.

The filer applied for exemptive relief on behalf of two mutual funds to permit them to engage in short selling of securities up to 20% of their total net assets, notwithstanding certain provisions of National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to several conditions including cash cover requirements, limits on the aggregate market value of securities sold short, and internal control and disclosure requirements.

The filers, Deutsche Bank AG and DB Commodities Canada Ltd., applied for exemptive relief from the dealer registration and prospectus requirements of the Securities Act for certain over-the-counter (OTC) derivative transactions.

The relief was sought for trades with 'permitted counterparties' as an interim solution to regulatory uncertainty across Canadian jurisdictions.

The Ontario Securities Commission granted the requested relief, subject to conditions including that no credit or margin be provided to counterparties and a sunset provision of up to four years.