OSC 2009

The applicant, Covington Capital Corporation, applied to the Ontario Securities Commission for approval of a change of control of the investment fund manager and an abridgement of the notice period to securityholders from 60 days to 50 days.

The Commission granted the requested relief, conditional on no changes being made to the management, administration, or portfolio management of the funds for at least 60 days following the notice date.

The Applicants, Pet Valu Canada Inc. and Pet Valu, Inc., applied to the Ontario Securities Commission and other jurisdictions for a decision that they are no longer reporting issuers.

The Decision Maker found that the Applicants met the requirements, as their outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada, and their securities are not traded on a marketplace.

The application was granted, and the Applicants were ordered to no longer be reporting issuers.

The Applicant applied for a decision under the securities legislation of multiple Canadian 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 Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The applicants, Manulife Financial Corporation, Elliott & Page Limited, and AIC Limited, applied to the Ontario Securities Commission for approval of a change of manager for various mutual funds from AIC Limited to Elliott & Page Limited.

The change of manager was part of a proposed transaction where Elliott & Page would acquire the Canadian retail investment fund business of AIC.

The Commission granted the approval, finding that the change would not materially affect the operation and administration of the funds and would not be prejudicial to the interests of the funds, their securityholders, or the public.

The Filer applied for exemptive relief from the requirement in section 3.1 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The Filer sought to prepare its financial statements in accordance with IFRS-IASB for financial periods ending on or after September 30, 2009, to align with its majority owner.

The Ontario Securities Commission granted the exemption, subject to conditions including specific disclosure requirements and restatement of any interim financial statements filed in the adoption year.

Sanu Resources Ltd. applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission was satisfied that the applicant met the statutory test, 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 applicants sought exemptive relief from certain provisions of National Instrument 81-102 to permit a mutual fund to invest up to 100% of its net assets in gold bullion, and to vary a previous MRRS decision.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding prospectus disclosure, physical counts of bullion, insurance, and website disclosure of holdings.

Kinross Gold Corporation applied for an exemption from the insider reporting requirements under the Securities Act for its senior executives participating in an automatic securities disposition plan (ASDP).

The ASDP facilitates the automatic sale of common shares issued under a restricted share plan.

The Ontario Securities Commission granted the exemption, permitting participating insiders to file an annual summary report of their dispositions under the ASDP rather than reporting each transaction within 10 days, provided they comply with the plan's restrictions and representations regarding material undisclosed information.

The filer, a UK public company, applied for an exemption from the prospectus requirement for the first trade of ordinary shares distributed to Canadian shareholders under a scrip dividend scheme.

The filer did not fully meet the conditions of the first trade exemption in section 2.14 of National Instrument 45-102 because Canadian residents held more than 10% of the total issued and outstanding shares.

The Ontario Securities Commission granted the requested relief, provided that the first trade is made through an exchange or market outside of Canada or to a person or company outside of Canada.

The Filer, Scotia Securities Inc., applied for exemptive relief to extend the lapse date of the simplified prospectuses and annual information forms for various mutual funds to December 14, 2009.

The extension was requested to facilitate a single renewal date for all mutual funds under common management following an internal reorganization of the Scotia Group's asset management businesses.

The principal regulator, the Ontario Securities Commission, granted the requested relief, finding it would reduce costs and create operational efficiencies without prejudicing the public interest.

CI Investments Inc. applied for exemptive relief from the conflict of interest investment restrictions in the Securities Act.

The relief sought would permit pooled mutual funds managed by the applicant to make and hold investments in the listed securities of its substantial security holder, CI Financial Corp. The Ontario Securities Commission granted the relief, subject to conditions including that the investments be consistent with the funds' objectives, made on an exchange, and approved by an independent review committee.

The Filer, an investment fund, applied for a decision under the Process for Exemptive Relief Applications in Multiple Jurisdictions that it is no longer a reporting issuer.

The Filer had redeemed all of its publicly held shares, and its only outstanding securities were held by its promoter.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, noting that the Filer had no material assets, was inactive, and had no securities traded on a marketplace in Canada.

The Applicant, Canadian Medical Discoveries Fund Inc., applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Applicant had merged with GrowthWorks Canadian Fund Ltd. and was in the process of winding up and dissolving.

The Ontario Securities Commission granted the application, finding that the Applicant met the requirements, including having fewer than 51 security holders in Canada and no securities traded on a marketplace.

The Filers applied for exemptive relief from the related issuer securities prohibitions under the Securities Act to permit pooled funds managed by the Filers to purchase debt securities of a related issuer in a primary offering and exchange-traded securities of a related issuer in the secondary market.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and pricing requirements.

The Filer, a registered investment dealer, applied for exemptive relief from the requirement under subsection 36(1) of the Securities Act to send trade confirmations to institutional customers for DAP/RAP trades in equity securities.

The Ontario Securities Commission granted the relief, subject to conditions including that the customers consent in writing, use a matching service utility, and have real-time access to trade details.

The relief expires the day after National Instrument 31-103 comes into effect.

CommunityLend Inc. applied for exemptive relief from the report of trade and offering memorandum delivery requirements under National Instrument 45-106 and OSC Rule 45-501 for its proposed peer-to-peer lending system.

The system would facilitate loans between borrowers and accredited investors.

The Ontario Securities Commission granted the requested exemptions, subject to numerous conditions including that CommunityLend file monthly reports of trade and deliver offering memoranda on a monthly basis, and maintain registration as an investment counsel/portfolio manager and limited market dealer.

The Filers applied for exemptive relief from continuous disclosure and certification obligations under National Instrument 51-102 and National Instrument 52-109 for Manulife Financial Capital Trust II.

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

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

The Toronto-Dominion Bank and TD Capital Trust IV applied for exemptive relief from the qualification requirements of Part 2 of National Instrument 44-102.

The relief was sought to allow the Trust to file a short form base shelf prospectus for the issuance of subordinated notes qualifying as Tier 1 capital.

The Ontario Securities Commission granted the requested relief subject to several conditions, including compliance with specific disclosure and filing requirements.

The Commission also granted temporary confidentiality for the application and decision.

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

The Commission granted the application, as the Applicant's outstanding securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 in total, and its securities are not traded on a marketplace.

The Filer, a special purpose trust, applied for a decision that it is no longer a reporting issuer in multiple jurisdictions.

The Filer had repaid all outstanding asset-backed notes and had no outstanding securities.

The Ontario Securities Commission, acting as principal regulator, granted the exemptive relief sought, determining that the Filer is not a reporting issuer.