OSC 2011

The Manager applied for exemptive relief on behalf of the Precious Metals Funds from certain provisions of National Instrument 81-102 Mutual Funds.

The relief sought to permit the funds to invest up to 10% of their net assets in aggregate in underlying ETFs, including leveraged index ETFs, inverse ETFs, leveraged gold and silver ETFs, and metals ETFs traded on Canadian or US stock exchanges.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives and that the underlying ETFs are treated as specified derivatives.

The filer, Comverse Technology, Inc., applied to the Ontario Securities Commission for exemptive relief from the prospectus and registration requirements of the Securities Act.

The relief was sought in connection with the distribution of shares to Canadian claimants pursuant to a US class action settlement.

The Commission granted the requested relief, including an exemption from resale restrictions, allowing the settlement shares to be distributed and resold without a prospectus.

The applicant, an investment fund, applied to the Ontario Securities Commission for exemptive relief from the requirement under section 2.6 of National Instrument 81-106 to prepare its financial statements in accordance with Canadian GAAP.

The applicant sought permission to adopt International Financial Reporting Standards (IFRS-IASB) early, for financial periods beginning on or after March 1, 2011.

The Commission granted the requested exemption, allowing the applicant to prepare its financial statements in accordance with IFRS-IASB.

The Filers applied for exemptive relief from paragraphs 2.5(2)(a) and 2.5(2)(e) of National Instrument 81-102.

The relief sought would permit existing and future mutual funds managed by the Filers to invest in exchange-traded mutual funds that are not subject to National Instrument 81-101, and to pay brokerage commissions in relation to the purchase and sale of these securities on a recognized exchange.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds do not short sell securities of the underlying ETFs and that the underlying ETFs do not rely on certain other exemptive relief.

The applicant, a venture issuer transitioning to IFRS, applied for exemptive relief from certain requirements of National Instrument 52-107 regarding a business acquisition report.

Specifically, the applicant sought to audit the acquired company's statements using International Standards on Auditing, avoid reconciling those statements to Canadian GAAP, and prepare pro forma financial statements using IFRS.

The principal regulator granted the exemption, finding it appropriate in the context of the applicant's transition to IFRS and subject to specific disclosure and presentation conditions.

The Filer, an investment company, applied for exemptive relief from the requirement to adopt International Financial Reporting Standards (IFRS) for its 2011 and 2012 financial years.

The Filer sought to continue filing financial statements in accordance with old Canadian GAAP, consistent with the Canadian Accounting Standards Board's decision to defer IFRS adoption for investment companies until 2013.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Filer continues to qualify as an investment company and complies with the pre-changeover versions of the applicable National Instruments.

The applicant, Texada Software Inc., inadvertently filed draft interim financial statements and management's discussion and analysis on SEDAR that contained confidential auditor comments.

The applicant sought a decision under s. 140(2) of the Securities Act to hold the inadvertently filed documents in confidence for an indefinite period.

The Ontario Securities Commission granted the requested exemptive relief, finding that the confidential information was not material to investors and its disclosure would prejudice the applicant by breaching its engagement terms with its auditor.

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

Vanguard Investments Canada Inc. applied to the Ontario Securities Commission for exemptive relief on behalf of several proposed exchange-traded funds.

The applicant sought relief from the requirement that the funds' prospectus contain an underwriter's certificate, and from take-over bid requirements in connection with normal course purchases of units on the Toronto Stock Exchange.

The Commission granted the requested exemptions, subject to a condition that purchasers making a take-over bid provide an undertaking not to exercise votes attached to units representing more than 20% of the outstanding units.

The Filer applied for exemptive relief on behalf of certain mutual funds from various provisions of National Instrument 81-102 Mutual Funds relating to securities lending transactions.

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

The relief permits the funds to lend up to 100% of their equity portfolio, use an agent other than the fund's custodian, and not hold the collateral under the custodianship of the fund's custodian, subject to certain conditions.

The principal regulator granted the requested exemptions.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief from certain investment restrictions, consent requirements, and reporting requirements under the Securities Act and National Instrument 31-103.

The relief was sought to permit top funds to invest in underlying funds in a fund-on-fund structure, expanding upon prior relief granted to a predecessor entity.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed on a private placement basis, the investments are compatible with the top funds' objectives, and appropriate disclosure is provided to investors.

The applicant, CIBC Asset Management Inc., applied on behalf of two mutual funds for an exemption from the requirement to file an annual management report of fund performance for the fiscal year ended August 31, 2011.

The funds had only been reporting issuers for a few days, held only cash, and had issued no securities to the public.

The Ontario Securities Commission granted the exemption, provided the applicant prepares an interim report for the period ended February 29, 2012.

The applicant applied for a decision under the securities legislation of multiple jurisdictions to be deemed to cease to be a reporting issuer.

Following a plan of arrangement and amalgamation, the applicant's outstanding securities were beneficially owned by fewer than 51 security holders worldwide, and its securities were no longer traded on any marketplace.

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

The Filer applied for exemptive relief from the conflict of interest reporting requirements under subsection 117(1)(a) of the Securities Act regarding transactions in mortgages between the Fund and related entities.

The Ontario Securities Commission granted the relief, exempting the Filer from monthly reporting obligations, provided that similar disclosure is made in the management reports of fund performance and that specific records of related party portfolio transactions are maintained.

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

The Decision Maker was 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 ordered to no longer be a reporting issuer.

The Filer applied for exemptive relief to approve the mergers of several terminating mutual funds into continuing funds under subsection 5.5(1)(b) of National Instrument 81-102.

Approval was required because the fundamental investment objectives of the terminating and continuing funds were not substantially similar, meaning the mergers did not meet all criteria for pre-approval.

The Ontario Securities Commission granted the requested relief, finding that the mergers would benefit securityholders through potential economies of scale, lower costs, and increased portfolio diversification, and that securityholders were provided with adequate disclosure to make an informed decision.

The applicant, DundeeWealth Inc., applied for a decision under the securities legislation of multiple Canadian 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, its securities are not traded on any marketplace, and it is not in default of any obligations as a reporting issuer.

The Royal Canadian Mint applied for an order exempting it from the requirement to pay a participation fee under section 2.2 of Ontario Securities Commission Rule 13-502 Fees.

The Mint, a Crown corporation, proposed to issue receipts representing undivided beneficial interests in gold bullion.

The Commission granted the requested relief, ordering that the participation fee requirement shall not apply to the Mint, provided it continues to satisfy the conditions of a previously granted passport decision exempting it from various prospectus and continuous disclosure requirements.

The Royal Canadian Mint applied to the Ontario Securities Commission for exemptive relief from prospectus, continuous disclosure, and other regulatory requirements in connection with the distribution of exchange-traded receipts representing undivided beneficial interests in gold bullion.

The Commission granted the requested relief, conditional upon the Mint providing purchasers with an Information Statement and maintaining a program website with continuous disclosure of net asset value, fees, and material changes.

The filer applied for exemptive relief on behalf of two mutual funds to permit them to engage in short selling of securities up to 20% of their total net assets, notwithstanding certain provisions of National Instrument 81-102.

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