OSC 2011

The applicants, acting as investment fund managers for various scholarship plans, applied for exemptive relief from the requirement under subsection 4.1(2) of National Instrument 41-101 to include financial statements and management reports of fund performance in their prospectuses.

The applicants argued that including these documents added significant volume and complexity to the prospectuses, potentially overwhelming retail investors, and noted that other types of investment funds are permitted to incorporate such documents by reference.

The Ontario Securities Commission granted the requested relief, allowing the documents to be incorporated by reference, subject to conditions requiring enhanced plain-language disclosure about the documents and their availability upon request at no charge.

The Applicant, maxill inc., applied to the Ontario Securities Commission and the Alberta Securities Commission for a decision that it is no longer a reporting issuer.

The 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.

The filer applied to the Ontario Securities Commission for exemptive relief from prohibitions against mutual funds investing in related shareholders, related parties, and related issuers.

The relief was sought to permit the pooled funds to purchase non-exchange-traded debt securities of related persons in the secondary market.

The Commission granted the requested relief, subject to conditions including that the purchases be consistent with the funds' investment objectives, be approved by an independent review committee, and comply with pricing and reporting requirements.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief on behalf of several mutual funds to permit the inclusion of financial highlights and past performance data from periods before the funds became reporting issuers in their annual and interim management reports of fund performance.

The funds had previously distributed securities under prospectus exemptions and complied with relevant investment restrictions.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure that the funds were not reporting issuers during those periods and that expenses would have been higher had they been subject to reporting issuer requirements.

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 that its securities are not traded on a marketplace.

The decision maker was satisfied that the statutory test was met and ordered that the applicant is not a reporting issuer.

The Filer, RBC Global Asset Management Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds to permit the Funds to include past performance data in sales communications for periods before the Funds offered securities under a simplified prospectus.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure that the Funds were not reporting issuers during the prior period and that expenses would have been higher had they been subject to reporting issuer requirements.

The Northwest Healthcare Properties Real Estate Investment Trust applied for exemptive relief from the requirement to file a business acquisition report under Part 8 of National Instrument 51-102 in connection with its acquisition of a medical office complex.

Although the acquisition was significant under the income test, it was not significant under the asset and investment tests.

The applicant demonstrated that the income test produced anomalous results and that the acquisition was not significant from a practical, commercial, or financial perspective.

The principal regulator granted the requested relief.

The Filer applied for exemptive relief on behalf of the AGF Precious Metals Fund to permit the Fund to invest in precious metals indirectly through ETFs and derivatives, including leveraged and inverse ETFs.

The Filer also sought relief to permit the Fund to hold physical bullion outside of Canada and to use Brinks and Via Mat as sub-custodians.

The Ontario Securities Commission granted the requested exemptions, subject to various conditions regarding investment limits, concentration restrictions, and sub-custodian oversight.

The Filer applied on behalf of the Fund for an exemption from the requirement in Section 5.1(a) of NI 81-102 to obtain prior unitholder approval to replace the benchmark index used for calculating the Fund's performance fee.

The original index ceased to be calculated, and the Filer proposed a new index that is substantially similar and will not result in a material increase to the fee.

The Principal Regulator granted the requested exemption, finding that the costs of convening a unitholder meeting would significantly outweigh any benefits.

The filer, a registered portfolio manager and investment fund manager, applied for exemptive relief from the prohibition against purchasing or selling securities from or to the investment portfolio of a related person.

The relief was sought to allow the funds managed by the filer to engage in principal trading of debt securities with a related principal dealer in the secondary market.

The Ontario Securities Commission granted the exemption, subject to conditions including approval by the Independent Review Committee and compliance with specific pricing and market integrity requirements.

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

The Decision Makers were satisfied that the Applicant met the requisite criteria, 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 applicant, an investment company, sought exemptive relief to continue filing its financial statements in accordance with old Canadian GAAP rather than IFRS for its 2011 and 2012 financial years.

The Canadian Accounting Standards Board had deferred the mandatory adoption of IFRS for investment companies until 2013, but the relevant National Instruments did not reflect this deferral.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the applicant continue to qualify as an investment company and restate its 2010 financial statements to measure investments at fair value.

The Filer applied for exemptive relief from the pre-approval criteria in subsection 5.6(1) of National Instrument 81-102 to permit the amalgamation of two mutual fund corporations.

The relief was required because the continuing fund did not have a current simplified prospectus and the funds were not continuously distributed.

The Ontario Securities Commission granted the requested relief, noting that shareholders received prospectus-level disclosure in the management information circular and the amalgamation would provide benefits such as enhanced trading liquidity and lower management fees.

The filer, a full-service investment firm, applied for exemptive relief from insider reporting requirements under the Securities Act and National Instrument 55-104.

The filer acts as an administrator to certain investment funds and also manages discretionary accounts that may hold securities of those funds.

The Ontario Securities Commission granted the relief, subject to conditions including the maintenance of information barriers and physical separation between the individuals administering the funds and the advisers managing the discretionary accounts.

The Applicant 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 51 security holders in Canada, its securities are not traded on a marketplace, and it is not in default of its obligations as a reporting issuer.

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

The Applicant, Brookfield Homes Corporation, 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, 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, a portfolio manager and manager of a mutual fund, applied for an exemption from section 2.1(1) of National Instrument 81-102 to allow the fund to invest more than 10% of its net asset value in debt securities issued by foreign governments or supranational agencies.

The principal regulator granted the exemption, subject to conditions including credit rating requirements, market liquidity, consistency with the fund's investment objectives, and prospectus disclosure of the exemption and associated risks.

The applicant, an investment fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102 to allow the mutual funds it manages to engage in short selling up to 20% of their net assets.

The Ontario Securities Commission granted the relief, subject to numerous conditions including limits on the aggregate market value of securities sold short, cash cover requirements, and disclosure obligations to securityholders.

The applicant, First Asset Investment Management Inc., applied for exemptive relief on behalf of several exchange-traded funds.

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

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with Part 15 of NI 81-102 for sales communications and an undertaking by unitholders not to exercise votes representing more than 20% of outstanding units.

The applicant, First Asset Investment Management Inc., applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The relief sought to permit the applicant's exchange-traded funds to process purchases and redemptions on the TSX, accept a combination of cash and securities for subscriptions, redeem units at a discount to market price, and establish record dates for distributions in accordance with TSX rules.

The Commission granted the requested exemptions, subject to the condition that the relief terminates upon the coming into force of any new legislation or rule dealing with these matters.