OSC 2008

The Filer, a mutual fund corporation, applied to the Ontario Securities Commission for an exemption from the requirement under Section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value at least once every business day.

The Filer proposed to calculate its net asset value as of each Retraction Date and the fifteenth day of each month.

The principal regulator granted the requested exemptive relief, provided the Filer's shares remain listed on the TSX and the net asset value is calculated on the proposed dates.

The applicant, Connor, Clark & Lunn Risk-Managed Energy Fund, applied for exemptive relief from the requirement under NI 81-101 to use a simplified prospectus and the prohibition under NI 81-102 against a mutual fund bearing its own organizational costs.

The fund is a mutual fund for securities legislation purposes but operates similarly to a non-redeemable investment fund, conducting a one-time initial public offering through full-service dealers.

The principal regulator granted the requested relief, permitting the fund to use a long-form prospectus and to bear the expenses of the offering, provided those expenses do not exceed 1.5% of the gross proceeds.

The Applicant, Weyerhaeuser Company Limited, applied for a decision that it is not a reporting issuer under the securities legislation of multiple Canadian jurisdictions.

The Decision Makers were satisfied that the Applicant met the criteria, including having fewer than 51 security holders 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.

DragonWave Inc. applied for consent to amend an existing escrow agreement under National Policy 46-201.

The amendment requested that two securityholders, Wesley Clover Corporation and Wesley Clover International Corporation, both controlled by the same individual, be treated as a single entity for the purposes of releasing securities from escrow.

The Ontario Securities Commission, acting as the principal regulator, granted the requested relief, allowing the two entities to be treated as a single entity for escrow release purposes.

The Filer, FirstService Corporation, applied for a decision to hold in confidence an unredacted share purchase agreement previously filed on SEDAR.

The agreement contained intimate financial, personal, and commercially sensitive information.

The Filer subsequently filed a redacted version of the agreement.

The Commission granted the requested exemptive relief, ordering that the unredacted agreement be held in confidence indefinitely, as the redacted information was not material to investors and its disclosure would be seriously prejudicial.

The Filer applied for exemptive relief under section 13.1 of National Instrument 51-102 from the requirement to include prescribed financial statements for a significant acquisition in its information circular and business acquisition report.

The Filer was acquiring four shopping malls, for which separate audited financial statements had never been prepared, except for one property.

The principal regulator granted the relief, permitting the Filer to provide alternative financial disclosure, including audited statements of net operations for the aggregate properties.

The filer applied for an exemption from the formal issuer bid requirements under the Securities Act to repurchase preferred shares from three sophisticated institutional investors.

The Ontario Securities Commission granted the exemption, noting that the preferred shareholders are accredited investors who do not require the protections of a formal issuer bid circular, and that the repurchases will be made on a pro rata basis with the agreement of all holders.

The applicant sought exemptive relief from paragraph 2.5(2)(e) of National Instrument 81-102 to permit its mutual funds to pay brokerage fees associated with trades in securities of affiliated exchange-traded funds (Underlying ETFs).

The principal regulator granted the relief, noting that paying arm's length third-party brokers for secondary market trades does not offend the policy rationale against duplicating sales and redemption fees, provided the investments otherwise comply with section 2.5.

The applicant sought exemptive relief on behalf of several mutual funds from the conflict of interest investment restrictions and reporting requirements under the Securities Act.

The relief was required to permit the funds to invest in underlying commodity pools where the funds might become substantial security holders, or where related parties might hold significant interests or share common officers and directors.

The Ontario Securities Commission granted the requested exemption, provided the investments comply with section 2.5 of National Instrument 81-102 as modified by a prior decision.

The Filer applied for exemptive relief under section 147 of the Securities Act to extend the lapse date for the distribution of securities of two mutual funds under their simplified prospectuses.

The extension was requested to permit continued distribution until the funds were merged into other mutual funds managed by the Filer, avoiding the cost of filing a renewal prospectus for funds that would soon be terminated.

The Ontario Securities Commission granted the requested relief.

The applicant, Local Matters, Inc., applied to the Ontario Securities Commission for exemptive relief from the prospectus and registration requirements under the Securities Act.

The applicant sought to post certain roadshow materials on a commercial website during the waiting period of its initial public offering to comply with U.S. securities laws.

The Commission granted the exemption, provided that the prospectuses state that purchasers in the relevant Canadian jurisdictions have a contractual right of action against the applicant and the Canadian underwriters for any misrepresentations in the website materials, equivalent to the rights under section 130 of the Securities Act.

The filer, Local Matters, Inc., applied for exemptive relief from the prospectus and registration requirements under the Securities Act to permit the posting of electronic roadshow materials on a commercial website during the waiting period of a cross-border initial public offering.

Compliance with U.S. securities laws required unrestricted access to these materials, which conflicted with Canadian requirements.

The Ontario Securities Commission granted the relief, subject to the condition that purchasers in Canada are provided a contractual right of action for any misrepresentations in the materials.

The Filer applied for exemptive relief from the requirement under section 2.8 of National Instrument 44-101 to file a notice of intention at least ten business days prior to filing a preliminary short form prospectus.

The Filer believed it was eligible under transitional provisions to file without a notice, but was not grandfathered.

Delaying the filing would preclude the Filer from complying with a bought deal agreement.

The principal regulator granted the requested exemption.

The Filer applied on behalf of several mutual funds for exemptive relief from certain provisions of National Instrument 81-102 to permit the funds to engage in limited short selling of securities and to deposit fund assets with borrowing agents as security.

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

The applicants sought exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing funds.

The mergers required approval because they did not meet all pre-approval criteria under section 5.6, specifically due to differences in fundamental investment objectives and one merger not qualifying as a tax-deferred transaction.

The Ontario Securities Commission granted the requested relief, noting the benefits of economies of scale, lower operating expenses, and increased portfolio diversification for securityholders.

The applicant, AIC Limited, applied for exemptive relief under National Instrument 81-102 to permit the merger of certain mutual funds that did not meet all criteria for pre-approved reorganizations.

Specifically, the investment objectives were not substantially similar, the merger was not a qualifying exchange under the Income Tax Act, and the meeting materials did not include the most recent financial statements of the continuing funds.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the delivery of tailored simplified prospectuses and the availability of financial statements.

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

The Decision Makers were satisfied that the Applicant met the test, as its securities are beneficially owned by fewer than 51 security holders in Canada and are not traded on a marketplace.

The application was granted, and the Applicant was ordered to not be 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 decision maker found that the Applicant met the necessary criteria, including having fewer than 51 security holders 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 applicant mutual fund manager applied for exemptive relief from the mutual fund conflict of interest investment restrictions and reporting requirements under the Securities Act (Ontario).

The relief was sought to allow the top funds to invest in underlying exchange-traded funds managed by an affiliate, which would otherwise be prohibited because the top funds might become substantial security holders of the underlying funds.

The Ontario Securities Commission granted the exemption, subject to the condition that the investments comply with the requirements of section 2.5 of National Instrument 81-102, as modified by a prior exemption.

Bioscrypt Inc. applied for a decision under the securities legislation of multiple jurisdictions to cease being a reporting issuer.

Following its acquisition by a wholly-owned subsidiary of L-1 Identity Solutions, Inc., Bioscrypt's shares were delisted from the TSX and it had fewer than 51 security holders in Canada.

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