OSC 2009

Arawak Energy Limited applied for a decision that it is no longer a reporting issuer in Ontario, British Columbia, and Alberta.

Following a formal take-over bid and subsequent compulsory acquisition, all of the issuer's outstanding securities were beneficially owned by a single entity and its affiliates.

The issuer had no publicly traded securities and no intention to seek public financing.

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

Tangarine Payment Solutions Corp. applied for a decision that it is no longer a reporting issuer in Ontario and Alberta.

The Filer was acquired by 4491157 Canada Inc. through a court-approved plan of arrangement, resulting in 4491157 owning 100% of its shares.

The Filer's shares were delisted from the TSX Venture Exchange.

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

The Applicant 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 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 deemed to no longer be a reporting issuer.

The Filer, a commodity pool, applied for exemptive relief from the daily net asset value calculation requirement under NI 81-106 and the seed capital requirement under NI 81-104.

The Filer's returns depend on a segregated portfolio that calculates its NAV weekly.

The Ontario Securities Commission granted the requested relief, permitting the Filer to calculate its NAV weekly and exempting it from the seed capital requirement, subject to certain conditions including maintaining excess working capital and reinvestment obligations if the fund's value drops.

The Manager applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating funds into a continuing fund, and for relief from the requirement to deliver the continuing fund's financial statements to unitholders of the terminating funds.

The Ontario Securities Commission granted the relief, provided that the management information circular prominently discloses how unitholders can obtain the financial statements and that the Manager provides them upon request.

The applicant, Jones Heward Investment Counsel Inc., applied for exemptive relief under the Securities Act for its exchange-traded funds.

The requested relief included exemptions from the dealer registration requirement for disseminating sales communications, the requirement for an underwriter's certificate in the prospectus, and take-over bid requirements for normal course purchases.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including compliance with Part 15 of NI 81-102 and an undertaking by unitholders not to exercise votes representing more than 20% of outstanding units.

The Applicant, Quetzal Energy Inc., applied to the Ontario Securities Commission and the Alberta Securities Commission 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 Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

Aurora Energy Resources Inc. applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Ontario Securities Commission granted the requested relief, noting that the applicant's outstanding securities are beneficially owned by fewer than 51 security holders in Canada and are not traded on a marketplace.

The Filer, a fund manager and trustee of various open-end mutual funds, applied for exemptive relief from the commingling prohibition in section 11.1(1)(b) of National Instrument 81-102.

The Filer sought to temporarily commingle mutual fund cash with other cash received for investment in deposits offered by an affiliate in the same trust accounts.

The Ontario Securities Commission granted the requested relief, noting that the Filer had systems in place to properly account for and reconcile the commingled funds daily, and that the interests of clients would not be prejudiced.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-105 Mutual Fund Sales Practices.

The Filer sought to directly invite sales representatives of participating dealers to its educational conferences, which is restricted under the Instrument.

The principal regulator granted the exemption, subject to conditions including that the Filer must obtain written consent from the participating dealer prior to directly inviting a representative.

The exemption terminates five years from the date of the decision.

The Applicant, Merge Cedara ExchangeCo Limited, applied for a decision under the securities legislation of Alberta, Manitoba, and Ontario that it is no longer a reporting issuer.

The Decision Makers were satisfied that the Applicant met the test, 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, TD Asset Management Inc., applied for exemptive relief from the self-dealing provisions of National Instrument 81-102 to permit its mutual funds to engage in inter-fund trades of debt securities with pooled funds managed by the same manager.

The Ontario Securities Commission granted the relief, subject to conditions including that the independent review committees of both the mutual funds and the pooled funds approve the trades in accordance with National Instrument 81-107.

The Applicant, TEAL Exploration & Mining Incorporated, applied for a decision under the securities legislation of multiple jurisdictions to be deemed no longer a reporting issuer.

The Ontario Securities Commission granted the requested relief upon being satisfied that the Applicant's outstanding securities were beneficially owned by fewer than 51 security holders in Canada and were not traded on any marketplace.

The Applicant, HMI Nickel Inc., 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 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 deemed to no longer be a reporting issuer.

The applicant, manager of a commodity pool, applied for exemptive relief from the margin deposit limit in paragraph 6.8(2)(c) of National Instrument 81-102.

The exemption was sought to permit the fund to invest in derivatives in the United States through its portfolio manager using U.S. futures commission merchants.

The Ontario Securities Commission granted the exemption, conditional on the margin deposited not exceeding 20% of the fund's net assets and all margin being held in segregated accounts.

The applicants, Canadian Imperial Bank of Commerce and CIBC Capital Trust, applied for exemptive relief from continuous disclosure and certification requirements under National Instrument 51-102 and National Instrument 52-109.

The Trust was established to effect offerings of trust securities to provide the Bank with a cost-effective means of raising capital.

The Ontario Securities Commission granted the exemption, finding that the meaningful information to public holders of the trust securities is information with respect to the Bank, rather than the Trust, subject to certain conditions.

The Canadian Imperial Bank of Commerce and CIBC Capital Trust applied for an order exempting the Trust from paying participation fees under OSC Rule 13-502.

The Trust did not technically qualify as a 'subsidiary entity' under Canadian GAAP, preventing it from relying on the standard exemption.

The Commission granted the exemption on the condition that the Bank includes the Trust's capitalization in its own fee calculation and continues to satisfy continuous disclosure exemption conditions.

The Toronto-Dominion Bank applied for exemptive relief from the dealer registration, underwriter registration, and prospectus requirements under the Securities Act for trades in short-term debt instruments that may not meet the 'approved credit rating' requirement.

The Ontario Securities Commission granted the exemptions, subject to conditions including that the instruments mature in not more than one year and have a prescribed minimum credit rating from an approved rating organization.

The applicants, Volkswagen Group Canada Inc. and VW Credit Canada, Inc., applied to the Ontario Securities Commission for exemptive relief from the dealer registration, underwriter registration, and prospectus requirements for trades of their short-term commercial paper.

The relief was required because the commercial paper did not meet the prescribed threshold for an 'approved credit rating' under National Instrument 81-102 from all rating agencies.

The Commission granted the requested exemptions, subject to conditions including that the commercial paper mature within one year and maintain a specified minimum rating from at least one approved credit rating organization.

The applicant, Northland Power Income Fund, applied for exemptive relief from the requirement under Multilateral Instrument 61-101 to obtain a formal valuation of non-cash assets to be issued in a related party transaction.

The exemption was technically unavailable because the exchangeable units were being issued by a holding entity rather than the reporting issuer directly.

The Ontario Securities Commission granted the relief, finding that an investment in the holding entity was akin to an investment in the reporting issuer, and a formal valuation of the units would effectively be a valuation of the reporting issuer.