OSC 2009

The applicant, CIBC Asset Management Inc., applied for exemptive relief to extend the lapse date of the simplified prospectus for the Renaissance Investments family of funds by 20 days.

The extension was requested to allow the applicant to file a single renewal prospectus that would include two new funds, thereby reducing administrative costs.

The Ontario Securities Commission granted the requested relief, finding that the extension would not affect the accuracy of the current prospectus and would not be prejudicial to the public interest.

The Filers applied for approval of a change of control of Claymore Investments, Inc., a mutual fund manager, and an abridgement of the 60-day notice requirement to 45 days under National Instrument 81-102.

The change of control resulted from a merger involving Guggenheim Partners, LLC.

The Ontario Securities Commission granted the requested relief, subject to the condition that no changes be made to the management, administration, or portfolio management of the funds for at least 60 days following the notice date.

The Applicant, Doorway Capital Corp., 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, its securities are not traded on a marketplace, and it is not in default of its obligations.

The Commission was satisfied that the test was met and ordered that the Applicant is not a reporting issuer.

The applicants, Cardinal Health, Inc. and Carefusion Corporation, applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements under the Securities Act.

The relief was sought in connection with a proposed spin-off transaction involving the distribution of shares of a newly created subsidiary to existing shareholders, as well as the distribution of certain security compensation awards to Canadian resident employees.

The Commission granted the requested relief, subject to conditions regarding the resale of the distributed securities.

The Applicant, ClubLink Corporation, 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's 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 its obligations.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Applicant, Resolve Business Outsourcing 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 15 security holders in each jurisdiction and fewer than 51 in total in Canada, its securities are not traded on a marketplace, and it is not in default of its obligations.

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

The Manager of the Precious Metals Bullion Trust applied for exemptive relief from various provisions of National Instrument 81-102 Mutual Funds.

The relief sought included exemptions from limits on purchasing gold, prohibitions on purchasing silver and platinum, and restrictions on appointing certain entities as sub-custodians for physical bullion.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding the certification, storage, and insurance of the precious metals, as well as the oversight of the sub-custodians.

The applicant, CI Investments Inc., applied for exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to merge several terminating mutual funds into continuing funds.

The mergers did not meet all criteria for pre-approved reorganizations because certain continuing funds had different investment objectives and fee structures, and some mergers were not qualifying exchanges or tax-deferred transactions.

The Ontario Securities Commission granted the requested approval, noting that investors were provided with adequate disclosure and the independent review committee had approved the mergers.

The applicant, Return On Innovation Management Ltd., applied on behalf of the ROI Canadian Top 20 Picks Fund for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The requested relief would permit the fund to engage in short selling up to 20% of its net assets, provide a security interest over its assets, and deposit assets with a borrowing agent other than its custodian.

The Ontario Securities Commission granted the requested relief, subject to several conditions including limits on the aggregate market value of short sales, cash cover requirements, and internal control mandates.

The Applicant, Intrepid NuStar Exchange Corporation, applied for a decision under the securities legislation of Alberta and Ontario 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 15 security holders in each jurisdiction and fewer than 51 in total in Canada, its securities are not traded on a marketplace, and it is not in default of its obligations as a reporting issuer.

Sprott Asset Management L.P. applied for exemptive relief from the self-dealing provisions of the Securities Act to permit it to purchase illiquid assets from Sprott Molybdenum Participation Corporation, a fund it manages.

The purchase was part of the liquidation and distribution of substantially all of the fund's assets to its investors.

The Ontario Securities Commission granted the relief, subject to conditions including Independent Review Committee approval and obtaining independent pricing for the illiquid assets.

The applicant investment fund applied for exemptive relief from the requirement under National Instrument 81-106 to calculate its net asset value on a daily basis due to its use of specified derivatives.

The fund proposed to calculate its net asset value on a weekly basis and at month-end.

The principal regulator granted the exemption, provided the fund's units are listed on the TSX and the net asset value is calculated at least weekly.

BMO Investments Inc. applied for exemptive relief to approve the merger of BMO International Equity Fund into BMO International Value Class.

Regulatory approval was required because the merger did not meet all pre-approval criteria under National Instrument 81-102, specifically because it was not structured as a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The Ontario Securities Commission granted the requested relief, noting that securityholders were provided with timely and adequate disclosure and the Independent Review Committee recommended the merger.

The applicant, on behalf of a closed-end investment trust that will convert into an exchange-traded fund, applied for exemptive relief from certain requirements under the Securities Act and National Instruments.

Specifically, the applicant sought relief from dealer registration requirements for disseminating sales communications, the requirement for an underwriter's certificate in the prospectus, and take-over bid requirements for normal course purchases of units on the TSX.

The Ontario Securities Commission granted the requested exemptions, subject to compliance with Part 15 of NI 81-102 and provided the fund remains an ETF.

The applicant applied on behalf of a silver bullion trust for exemptive relief from sections 14.2(1) and 14.2(2) of National Instrument 41-101.

The relief sought to permit unlisted entities to act as sub-custodians for the trust's physical silver bullion held in Canada, London, and New York.

The principal regulator granted the exemptive relief, subject to conditions including specific prospectus disclosure regarding the risks of direct silver purchases and limitations on the sub-custodians used.

The applicants, Scotia Securities Inc. and Scotia Mortgage Income Fund, applied for exemptive relief from certain provisions of National Instrument 81-102 and National Policy Statement 29.

Specifically, they sought relief from the 75% loan-to-value requirement and the prohibition on investing in related party mortgages.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with the independent review committee requirements and the termination of the relief if the relevant Bank Act provisions are amended.

The Filer applied for exemptive relief on behalf of several mutual funds from certain restrictions in National Instrument 81-102 regarding securities lending transactions.

The funds sought to lend up to 100% of their Canadian equity securities, which were pledged to counterparties under forward contracts.

The Ontario Securities Commission granted the requested relief, permitting the funds to exceed the 50% lending limit, use an agent other than their custodian, and not hold the collateral directly, subject to specific conditions including granting the counterparties a security interest in the collateral.

The Filer applied for exemptive relief from the self-dealing prohibitions in the Securities Act to permit in specie transfers of portfolio securities between its separately managed accounts and pooled funds.

These transfers would facilitate purchases and redemptions of fund units without incurring significant transaction costs.

The Ontario Securities Commission granted the relief, subject to conditions including prior written client consent, valuation requirements, and the absence of compensation or charges other than nominal administrative fees.

The applicant, Goodman & Company, Investment Counsel Ltd., applied for exemptive relief from the mutual fund conflict of interest reporting requirements under the Securities Act (Ontario).

The applicant sought relief from the requirement to file monthly reports for portfolio transactions involving related parties, specifically Dundee Securities Corporation.

The Ontario Securities Commission granted the requested relief, subject to the conditions that similar disclosure is made in the management reports on fund performance for each mutual fund and that specific records of related party portfolio transactions are maintained by the mutual funds.

The Filer applied for an exemption from section 3.1 of National Instrument 52-107, which requires financial statements to be prepared in accordance with Canadian GAAP.

The Filer sought to prepare its financial statements in accordance with IFRS-IASB for financial periods beginning on or after January 1, 2010.

The principal regulator granted the exemption, subject to conditions including that the Filer provide specified disclosure regarding the changeover and restate any interim financial statements filed in Canadian GAAP during the adoption year.