OSC 2008

The applicant, Covington Venture Fund Inc., applied to the Ontario Securities Commission for exemptive relief from section 5.5(1)(b) of National Instrument 81-102 to permit the consolidation of the assets of its Class A Shares, Series VII with the assets of its Class A Shares, Series VIII and Series IX.

The consolidation did not meet all criteria for pre-approved reorganizations under section 5.6(1) because it was not a qualifying exchange under the Income Tax Act and the meeting materials did not include long form prospectuses or financial statements.

The Commission granted the requested relief, provided the management information circular contained sufficient information for securityholders to make an informed decision.

The Applicant, IMN Resources Inc., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer under the securities legislation of Alberta and Ontario.

The Commission found that the Applicant met the requirements, as 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 application was granted, and the Applicant was deemed to no longer be a reporting issuer.

The Applicant, Teranet Income Fund, applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 51 security holders in total in Canada and are not traded on a marketplace.

The Ontario Securities Commission granted the requested relief, ordering that the Applicant is no longer a reporting issuer.

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

The applicant had redeemed its only publicly traded securities and had less than 15 security holders in each jurisdiction in Canada.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, finding that the applicant met the test set out in the legislation.

The Applicant, Q9 Networks Inc., applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 51 security holders in Canada and are not traded on a marketplace.

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

The Applicant, Connors Bros.

Income Fund, applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 51 security holders in Canada, its securities are not traded on a marketplace, and it is not in default of any obligations as a reporting issuer.

The Ontario Securities Commission granted the application and ordered that the Applicant is not a reporting issuer.

PBS Coals Limited applied for an order that it is no longer a reporting issuer under the securities legislation of Alberta and Ontario.

Following a takeover bid by 7027940 Canada Limited, the offeror acquired all outstanding shares, including through compulsory acquisition.

The shares were delisted from the TSX.

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

The Filers applied to the Ontario Securities Commission for exemptive relief from mutual fund conflict of interest restrictions, self-dealing prohibitions, and self-interest prohibitions under the Securities Act.

The relief was sought to permit a one-time reorganization of pooled funds and managed account client investments into a new fund-of-funds structure.

The Commission granted the requested exemption, provided that the reorganization arrangements avoid the duplication of management and performance fees.

The applicants, Mackenzie Financial Corporation and Counsel Group of Funds Inc., applied for exemptive relief from the commingling prohibition in section 11.1(1)(b) of National Instrument 81-102.

The applicants sought to temporarily commingle mutual fund trust monies with non-mutual fund trust monies in their trust accounts to facilitate investments in deposits offered by an affiliate.

The Ontario Securities Commission granted the requested relief, satisfied that the applicants' record-keeping and daily reconciliation processes would adequately safeguard client assets.

The Applicant applied for a decision under the securities legislation of multiple jurisdictions 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 Ontario Securities Commission granted the requested relief, ordering that the Applicant is not a reporting issuer.

CI Investments Inc. applied for exemptive relief from various conflict of interest and disclosure requirements under the Securities Act and National Instrument 81-105.

The relief was sought in connection with The Bank of Nova Scotia acquiring a 37.5% interest in CI LP, which would make BNS a substantial security holder of the fund managers.

The Ontario Securities Commission granted the requested relief, permitting the funds to invest in related issuers subject to Independent Review Committee approval, allowing trades through related dealers with subsequent prospectus disclosure, and exempting participating dealers from point of sale disclosure and consent requirements for existing clients, provided disclosure is made in the next quarterly account statement.

The applicant portfolio manager sought exemptive relief from provisions of NI 81-102 and NI 81-106 to permit it to provide past performance information to its private managed account clients for periods before the funds became reporting issuers, and to be exempt from filing this financial report on SEDAR.

The Ontario Securities Commission granted the exemption, provided the financial report contains standard performance information reflecting all elements of return and clearly identifies the calculation periods, and is only distributed to clients of the portfolio manager.

The Bank of Nova Scotia and Scotiabank Tier 1 Trust applied for exemptive relief from certain short form prospectus distribution requirements under National Instrument 44-101.

The Trust was established to issue capital trust securities to raise Tier 1 capital for the Bank.

The Ontario Securities Commission granted the requested relief, exempting the Trust from eligibility, certain disclosure, and notice requirements, subject to conditions including that the Bank remains the beneficial owner of the Voting Trust Units and the Trust complies with continuous disclosure obligations.

BNP Paribas S.A. applied for approval of the indirect change of control of Fortis Investment Management Canada Ltd., the manager of the Fortis Global Equity Exposure Fund, under subsection 5.5(2) of National Instrument 81-102.

The change of control resulted from BNP Paribas's acquisition of Fortis Bank Belgium.

The principal regulator granted the approval, noting that the manager would continue to operate in substantially the same manner and that the fund and its unitholders would not be adversely affected.

The filer applied for exemptive relief from the requirement under MI 61-101 to call a meeting of unitholders and send an information circular in connection with a second step business combination following a take-over bid.

The target's declaration of trust permitted written resolutions by unitholders holding more than 66 2/3% of outstanding units.

The Ontario Securities Commission granted the relief, provided that minority approval is obtained by written resolution rather than at a meeting.

The applicant, a manager of several exchange-traded funds that are commodity pools, applied for exemptive relief from the seed capital requirements in paragraph 3.2(2)(a) of National Instrument 81-104.

The applicant sought permission to redeem its $50,000 seed capital investment in each fund.

The Ontario Securities Commission granted the relief, permitting the redemption provided that each fund has received at least $5.0 million in subscriptions from third-party investors, and that the manager maintains at least $100,000 in excess working capital.

The applicant applied for exemptive relief on behalf of several proposed exchange-traded funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions relating to the transmission of purchase or redemption orders, issuing units for cash or securities, calculation and payment of redemptions, record dates for distributions, and prohibited representations.

The principal regulator granted the requested exemptions, subject to specified conditions.

The applicant, an exchange-traded mutual fund, applied for exemptive relief from various provisions of National Instrument 81-102 Mutual Funds.

The requested relief included exemptions from restrictions on borrowing, investments, organizational costs, calculation and payment of redemptions, preparation of compliance reports, and the record date for payment of distributions.

The Ontario Securities Commission granted the requested relief, noting that the requirements intended principally for conventional mutual funds in continuous distribution were largely not applicable to the applicant and that the relief would not be prejudicial to investors.

The applicant, Mackenzie Financial Corporation, sought exemptive relief from the multi-layering restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was requested to permit the Symmetry Top Funds to invest in the Symmetry Equity Pool, which in turn invests more than 10% of its assets in the Symmetry Equity Class.

The Ontario Securities Commission granted the exemption, finding that the proposed three-tier fund structure was no more complex than existing permitted structures and provided adequate transparency and accountability for portfolio management.

The Filer, a limited partnership established by a professional services firm for tax planning purposes, applied for exemptive relief from the registration and prospectus requirements under the Securities Act.

The relief was sought to permit the distribution of limited partnership interests to partners of the firm, their spouses, family trusts, and family corporations.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including resale restrictions and the requirement that investors receive a copy of the decision document and acknowledge that the protections of securities legislation will not be available.