Ontario Securities Commission

The applicant, Ravelin Properties REIT, applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The principal regulator determined that the applicant met the requisite criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not being in default of securities legislation.

The application was granted.

Mercer Park Opportunities Corp. applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Commission found that the Filer met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and granted the requested order.

The Filer, Cronos Group Inc., applied to the Ontario Securities Commission for exemptive relief from the issuer bid requirements under Ontario securities legislation.

The Filer sought to purchase its common shares through the NASDAQ and other U.S. markets pursuant to a normal course issuer bid approved by the TSX, exceeding the 5% limit under the Other Published Markets Exemption.

The Commission granted the requested relief, subject to conditions including compliance with U.S. rules and Rule 10b-18, and aggregate purchase limits across all markets.

WonderFi Technologies Inc. applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The Commission granted the order based on representations that the Filer's 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 applicant, having undergone restructuring under the Companies' Creditors Arrangement Act, applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order and an order declaring that it had ceased to be a reporting issuer.

Following a court-approved transaction, the applicant became a wholly-owned subsidiary with no public securityholders.

The Commission found the statutory tests were met and granted the requested orders.

The applicant, an investment fund manager, applied for exemptive relief on behalf of its investment funds (the Top Funds) to permit them to invest in related underlying funds.

The applicant sought relief from the related issuer restrictions and the consent requirement under National Instrument 31-103.

The principal regulator granted the requested exemptions, subject to conditions including that the investments are compatible with the Top Funds' objectives, no duplication of management or incentive fees occurs, and appropriate disclosure is provided to investors.

The filer applied for exemptive relief from the concentration restriction in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 to permit each proposed ETF to invest in a single Specified Public Issuer in excess of the investment restrictions.

The principal regulator granted the relief, subject to conditions including that the ETFs meet the definition of a fixed portfolio investment fund and that the ETFs will not purchase securities if it would result in becoming an insider of the issuer.

The Filer applied for exemptive relief on behalf of several existing and future exchange-traded funds (ETFs) to permit each ETF to invest up to 100% of its assets in the securities of a single Specified Public Issuer, contrary to the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The Filer sought to revoke and replace an existing decision to remove the average daily trading volume restriction for issuers that otherwise satisfy the public issuer requirements and have a market capitalization in excess of $50 billion.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure requirements.

The filer applied for exemptive relief from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 to permit its proposed exchange-traded funds to invest in a single Launch Public Issuer.

The principal regulator granted the exemption, subject to conditions including that the ETFs otherwise meet the definition of a fixed portfolio investment fund and that the Launch Public Issuer meets specific market capitalization and liquidity requirements.

The applicant applied on behalf of an investment fund for exemptive relief from the requirement under National Instrument 81-106 to file and deliver audited annual financial statements within 90 days of its financial year-end.

The fund invests in underlying funds that have up to 120 days to provide their audited financial statements, making it impossible for the fund to meet the 90-day deadline.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadline to 125 days, subject to certain conditions including notice to securityholders.

The Filer applied for exemptive relief to extend the lapse dates of the prospectuses for three of its exchange-traded funds.

Due to an inadvertent calculation error, the Filer filed the Year 2 ETF Facts after the applicable deadlines, causing the prospectuses to lapse.

The Ontario Securities Commission granted the requested relief, extending the lapse dates and bringing the late filings within the applicable window, subject to conditions including public disclosure of the circumstances.

The Filer, CIBC Asset Management Inc., applied for exemptive relief to extend the lapse date of the simplified prospectus for certain mutual funds from May 9, 2027, to August 13, 2027.

The extension was sought to consolidate the renewal of the May Prospectus with the August Prospectus of other funds managed by the Filer, thereby reducing costs and streamlining disclosure.

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

The Filer, Guardian Capital LP, applied on behalf of the Continuing Fund for exemptive relief from various prospectus and continuous disclosure requirements under NI 81-101, NI 41-101, NI 81-102, and NI 81-106.

The relief allows the Continuing Fund's new ETF series to use the past performance data, financial information, and start dates of the corresponding series of the Terminating ETF following a merger.

The Ontario Securities Commission granted the requested relief, finding it would provide investors with more complete and accurate information and avoid unnecessary confusion.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of several mutual funds from the cover requirements in paragraphs 2.8(1)(d) and 2.8(1)(f)(i) of National Instrument 81-102.

The requested exemption would permit the funds to cover long positions in futures, forwards, and swaps with a right or obligation to sell an equivalent quantity of the underlying interest.

The Commission granted the exemption, subject to conditions including that the use of the exemption is consistent with the funds' investment objectives and that specific cash cover and offsetting position requirements are met.

The applicant applied for exemptive relief on behalf of several mutual funds (the Top Funds) from the restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief sought to permit the Top Funds to invest in other funds (the Bottom Funds) that hold more than 10% of their net asset value in securities of other investment funds.

The Principal Regulator granted the exemption, noting that the resulting multi-tier fund structure would be akin to permitted structures and that there would be no duplication of fees.

The filer, CI Investments Inc., applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The requested relief included exemptions from the dealer registration requirement for sales communications, the underwriter certificate requirement for ETF prospectuses, and the take-over bid requirements for purchasers of ETF units in the normal course.

The Principal Regulator granted the requested exemptions, revoking and replacing a previous decision, provided the filer complies with Part 15 of NI 81-102 regarding sales communications.

The Filer applied for exemptive relief on behalf of existing and future mutual funds to permit them to invest in exchange-traded funds that invest in commodities, including gold and silver, on an unlevered basis.

The Principal Regulator granted the exemption from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102, subject to conditions including that such investments are in accordance with the funds' fundamental investment objectives, do not exceed 10% of net asset value, and are disclosed in the funds' prospectuses.

The applicants, CI Investments Inc. and CI Assante Wealth Management Ltd., applied to the Ontario Securities Commission for exemptive relief from the Pre-sale Fund Facts Delivery Requirement under section 3.2.01 of National Instrument 81-101.

The relief was sought to facilitate automatic switches of investors from Retail Investor Series to Private Investor Series mutual funds with lower fees, without requiring the delivery of a Fund Facts document prior to each switch.

The Commission granted the exemption, subject to conditions including that no sales charges or switch fees apply, and that specific disclosure regarding the lower fee switches be included in the simplified prospectus and Retail Investor Series Fund Facts.

The Filer applied for exemptive relief from certain continuous disclosure, formal valuation, and minority approval requirements applicable to non-venture issuers.

The Filer sought to list its debentures on the Qualified Investor Bond Market of The International Stock Exchange, which would otherwise trigger non-venture issuer obligations.

The principal regulator granted the relief, permitting the Filer to continue complying with venture issuer requirements, subject to conditions including that the debentures only be offered to qualified investors.

The Filer applied for exemptive relief on behalf of several mutual funds offering exchange-traded fund (ETF) securities.

The requested relief included exemptions from the requirement to file a long-form prospectus, the requirement to include an underwriter's certificate, take-over bid requirements for secondary market purchasers, borrowing restrictions to fund distributions, and certain sales and redemptions requirements under NI 81-102.

The principal regulator granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and ETF Facts, and compliance with specific borrowing limits.