OSC 2010

The applicant manager and several terminating mutual funds applied for exemptive relief under National Instrument 81-102 to approve current and future mutual fund mergers.

The proposed mergers did not meet all pre-approval criteria because they were not qualifying exchanges on a tax-deferred basis and the materials sent to securityholders would not include the simplified prospectus or financial statements of the continuing funds.

The principal regulator granted the requested relief, approving the mergers subject to conditions ensuring securityholders receive adequate alternative disclosure and have access to the continuing funds' financial statements upon request.

The applicant applied for exemptive relief from the mutual fund conflict of interest investment restrictions in the Securities Act (Ontario) and the self-dealing prohibition in National Instrument 31-103.

The relief was sought to allow certain pooled funds to invest in underlying pooled funds under common management.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities are distributed on a private placement basis and that no duplicative management or incentive fees are payable.

Mackenzie Financial Corporation applied for exemptive relief on behalf of certain mutual funds to permit them to continue investing in underlying funds after the underlying funds' prospectuses lapse.

The underlying funds are only available to accredited investors and will remain reporting issuers subject to mutual fund instruments.

The Ontario Securities Commission granted the requested relief, provided the underlying funds remain reporting issuers in all jurisdictions where the top funds are reporting issuers.

The Filer, Sprott Asset Management L.P., applied for exemptive relief from the prohibitions in section 13.5(2)(a) and (b) of National Instrument 31-103.

The relief sought to permit pooled funds to purchase exchange-traded securities of related issuers in the secondary market, to invest in related pooled funds or mutual funds, and to permit inter-fund trades between various funds and managed accounts.

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

The applicant, a foreign mining corporation, applied for exemptive relief from the requirements of National Instrument 43-101 regarding disclosure in an offering memorandum for a Canadian private placement.

The principal regulator granted the exemption, subject to conditions including that the offering memorandum contains specified expert opinions reconciling foreign reporting standards with Canadian standards, that Canadian resident holdings remain under 10%, and that all Canadian purchasers are accredited investors.

The Applicant, X-Cal Resources Ltd., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission found that the Applicant met the requirements, as its outstanding securities were beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada, and its securities were not traded on a marketplace.

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

The Manager applied on behalf of the ETF for relief from subsection 2.3(1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, extending the filing deadline to December 20, 2010.

The applicant, on behalf of a mutual fund, applied for exemptive relief from the 10 percent issuer concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The mutual fund held shares in two companies that agreed to merge through a plan of arrangement.

Following the arrangement, the mutual fund's holdings in the merged entity would exceed the 10 percent threshold.

The principal regulator granted the relief, permitting the mutual fund to hold the securities, provided it makes no further purchases of the merged entity's securities and immediately disposes of an equivalent number of shares upon exercising any acquired warrants.

The Filer, Terra Industries Inc., applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Filer recently became an indirect wholly-owned subsidiary of CF Industries Holdings, Inc., its common stock was delisted from the New York Stock Exchange, and its securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction.

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

The Applicant, Brett Resources Inc., applied to the Ontario Securities Commission for a decision that it is not a reporting issuer.

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

The Applicant, Gerdau Ameristeel Corporation, applied to the Ontario Securities Commission and other jurisdictions for a decision 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 Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The applicant, a closed-end fund investing in gold bullion, applied for exemptive relief from the form requirements of Form 41-101F2 under National Instrument 41-101.

The applicant sought to file a base prep prospectus that did not strictly comply with prescribed headings and order, as the offering was primarily intended for U.S. investors.

The Ontario Securities Commission granted the requested relief, noting the prospectus would still comply with substantive disclosure requirements.

The applicants, BNS Split Corp. II and Scotia Capital Inc., applied for an exemption from the principal trading prohibitions under section 119 of the Securities Act.

The exemption was sought to allow Scotia Capital to make principal purchases of portfolio shares in connection with the public offering of Class B Preferred Shares, Series 1 of the Filer.

The Ontario Securities Commission granted the requested exemptive relief, satisfied that the decision met the test set out in the legislation.

The filer applied to the Ontario Securities Commission for exemptive relief from sections 10.3 and 10.4(1) of National Instrument 81-102.

The relief was sought to permit the filer to calculate and pay the retraction price for its Series 1 Preferred Shares on specific valuation and payment dates, rather than strictly adhering to the standard mutual fund redemption timelines.

The Commission granted the requested exemptive relief, finding it met the legislative test.

The Filer, an SEC issuer that adopted US GAAP, applied for exemptive relief from the requirement to present a reconciliation of US and Canadian GAAP differences in its interim and annual financial statements, as well as in the business acquisition report related to its acquisition of Waste Services, Inc. The Ontario Securities Commission granted the relief, noting that the acquired company also reported in US GAAP and that a consistent basis of accounting was already established, making the Canadian GAAP reconciliation of limited use to investors.

The Filer applied for approval to merge several terminating mutual funds into continuing funds under National Instrument 81-102.

The mergers did not meet all pre-approval criteria because some involved different investment objectives, different fee structures, or were not tax-deferred transactions under the Income Tax Act.

The Ontario Securities Commission granted the exemptive relief, noting that securityholders would receive timely and adequate disclosure and that the independent review committee had approved the mergers as being in the best interests of the funds.

Integra Capital Limited applied on behalf of Integra Balanced Fund for exemptive relief from the concentration restrictions in National Instrument 81-102.

The relief was sought to permit the fund to invest up to 7.5% of its net assets in the Integra Emerging Markets Equity Fund, a pooled fund.

The Ontario Securities Commission granted the exemption on the condition that the underlying fund complies with Parts 2, 4, and 6 of NI 81-102 and that the investment does not exceed 7.5% of the fund's net assets.

The applicant, Sceptre Investment Counsel Limited, applied for approval of a change in the manager of the Sceptre Funds under paragraph 5.5(1)(a) of National Instrument 81-102 Mutual Funds.

The change in manager resulted from a corporate transaction where Fiera Capital Inc. transferred substantially all of its assets to the applicant.

The unitholders of the Sceptre Funds approved the change in manager and trustee.

The principal regulator granted the requested approval, finding that the unitholders received timely and adequate disclosure and the change was not detrimental to unitholders or the public interest.

Porter Aviation Holdings Inc. applied for an order that it is not a reporting issuer under applicable securities laws.

The Filer became a reporting issuer upon the issuance of a receipt for a prospectus, but subsequently withdrew the public offering and no securities were distributed.

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

The Filer applied for exemptive relief from the self-dealing and related-party transaction provisions of National Instrument 81-102.

The relief sought to permit the Filer's mutual funds to purchase exchange-traded securities of related issuers in the secondary market, and to conduct inter-fund trades of debt securities with pooled funds and closed-end funds managed by the Filer.

The Ontario Securities Commission granted the requested relief, subject to conditions including approval by the funds' independent review committees and compliance with pricing and other requirements under National Instrument 81-107.