OSC 2010

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

Compliance with U.S. SEC rules required unrestricted access to these materials, which conflicted with Canadian requirements for password protection.

The Ontario Securities Commission granted the relief, subject to conditions including the provision of a contractual right of action for misrepresentation to Canadian purchasers.

BMO Investments Inc. applied for exemptive relief on behalf of its mutual funds to permit them to invest in certain underlying exchange-traded funds (ETFs) that do not meet the definition of index participation units (IPUs) for a limited period, and to pay brokerage fees associated with trades in those ETFs.

The Ontario Securities Commission granted the relief, provided the investments comply with section 2.5 of National Instrument 81-102, except for paragraphs 2.5(2)(a) and (e).

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

The Filer recently became a wholly-owned subsidiary of Vaaldiam Mining Inc. and its common shares were de-listed from the Toronto Stock Exchange.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, determining that the Filer met the necessary criteria to cease being a reporting issuer.

The applicants sought exemptive relief under National Instrument 81-102 to permit the merger of two terminating mutual funds into a continuing fund.

Approval was required because the fundamental investment objectives of the terminating funds were not substantially similar to those of the continuing fund, meaning the mergers did not meet the criteria for pre-approved reorganizations.

The Ontario Securities Commission granted the requested relief, noting that securityholders would receive timely and adequate disclosure and that the mergers would provide economies of scale and lower operating expenses.

Vault Minerals Inc. applied for an order under the Securities Act that it is no longer a reporting issuer in Ontario, British Columbia, and Alberta.

Following an amalgamation, the Filer became a wholly-owned subsidiary of Queenston Mining Inc., and its common shares were delisted from the TSX Venture Exchange.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, noting that the Filer has no intention to seek public financing and its securities are not traded on any marketplace.

The applicant, BlackRock Asset Management Canada Limited, applied for exemptive relief from the mutual fund conflict of interest investment restrictions in the Securities Act.

The relief was sought to allow pooled funds to invest in underlying pooled funds and public mutual funds under common management.

The Ontario Securities Commission granted the requested relief, subject to certain conditions, including that securities of the top funds are distributed solely pursuant to prospectus exemptions and that no duplicative fees are charged.

The filer, Royal Mutual Funds Inc., applied for an exemption from the commingling prohibitions in sections 11.1(1)(b) and 11.2(1)(b) of National Instrument 81-102.

The filer sought to commingle cash received for the purchase or redemption of mutual fund securities with cash received for other permitted securities, specifically a high interest savings account product.

The Ontario Securities Commission granted the exemptive relief, subject to the condition that the relief terminates if changes to the MFDA IPC rules reduce coverage relating to commingled trust monies.

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

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

The applicants sought exemptive relief under National Instrument 81-102 to approve the merger of two mutual funds into a continuing fund by way of amalgamation.

The approval was required because the merger did not meet all pre-approval criteria, specifically because the continuing funds were new and lacked their own simplified prospectus and financial statements, and the amalgamation might not technically constitute a wind-up of the existing funds.

The Ontario Securities Commission granted the requested exemptive relief, allowing the amalgamation to proceed.

The applicant real estate investment trust and its subsidiary sought exemptive relief from prospectus, dealer registration, continuous disclosure, and other requirements in connection with a proposed reorganization.

The reorganization would result in the units of the trust and the subsidiary trading together as stapled units.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the units remain stapled and that combined financial statements be filed.

The Filers applied for a decision under the securities legislation of multiple jurisdictions that the Funds are not reporting issuers.

The Funds are distributed exclusively to managed accounts of Burgundy Asset Management Ltd. and are not widely distributed.

The Funds were not eligible for the simplified process because they have more than 50 securityholders.

The Ontario Securities Commission, as principal regulator, granted the exemptive relief sought, allowing the Funds to cease being reporting issuers.

Burgundy Asset Management Ltd. applied to the Ontario Securities Commission for exemptive relief from the prohibition against a registered adviser knowingly causing an investment portfolio managed by it to purchase or sell a security from or to the investment portfolio of a responsible person or an associate.

The applicant sought permission to engage in inter-fund trades and in specie transactions between its pooled funds and managed accounts.

The Commission granted the requested relief, subject to conditions including that the transactions be consistent with the investment objectives of the funds and accounts, be approved by the independent review committee where applicable, and be executed at the last sale price or closing sale price.

The filer, a registered portfolio manager, applied for exemptive relief from the conflict of interest trading prohibition in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit in-specie transactions between pooled funds and managed accounts, and between different pooled funds managed by the filer.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written consent from clients, valuation requirements, and record-keeping obligations.

The filer applied for exemptive relief on behalf of certain mutual funds and commodity pools from various provisions of National Instrument 81-102 relating to securities lending transactions.

The funds invest in a passive portfolio of Canadian equity securities pledged to a counterparty under forward contracts.

The relief permits the funds to lend up to 100% of their equity portfolio using an agent that is not the fund's custodian, subject to specific conditions regarding collateral and security interests.

The principal regulator granted the requested exemptions.

The applicant investment fund sought an exemption from the requirement in section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value on a daily basis, as it uses specified derivatives.

The Ontario Securities Commission granted the exemption, permitting the fund to calculate its net asset value on a weekly basis, provided its equity shares are listed on the TSX and the weekly net asset value is made available to the public.

The Applicant applied for a decision under the securities legislation of Ontario and Alberta that it is not 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 Ontario Securities Commission granted the requested relief, ordering that the Applicant is not a reporting issuer.

The Manager applied on behalf of the ETFs for exemptive relief from the 90-day limit for filing a final prospectus after the receipt of a preliminary prospectus under section 2.3(1) of National Instrument 41-101.

The Director of the Ontario Securities Commission granted the requested exemption, permitting the final prospectus to be filed no later than April 30, 2010.

The filers applied for exemptive relief from certain prospectus disclosure, dealer registration, and prospectus delivery requirements under the Securities Act in connection with a proposed distribution of securities by way of an equity line of credit.

The Ontario Securities Commission granted the requested relief, subject to conditions including a 9.9% restriction on the number of securities distributed in any 12-month period and restrictions on the permitted activities of the purchaser.

The Filers applied to the Ontario Securities Commission for exemptive relief from the requirements in National Instrument 44-101 and Form 44-101F1 to provide separate guarantor disclosure in a short form prospectus and on an ongoing basis.

The Fund intended to offer debentures guaranteed by certain downstream entities, where only the Partnership had material operations.

The Commission granted the requested relief, subject to numerous continuous disclosure and prospectus conditions, including that the prospectus disclose that the credit rating assigned to the debentures was based on the guarantee of the Partnership.

Nortel Networks Limited applied for exemptive relief from certain continuous disclosure requirements under NI 52-107 and NI 51-102.

The Filer and its parent company were subject to creditor protection proceedings and the Filer had deregistered under the U.S. 1934 Act to reduce costs.

The Ontario Securities Commission granted the relief, permitting the Filer to file specified disclosure in accordance with U.S. requirements for the 2009 and 2010 financial years, subject to conditions including that its financial results continue to be consolidated with its parent company.