OSC 2012

The applicant, GCIC Ltd., applied on behalf of several mutual funds for exemptive relief from the investment prohibition in subsection 4.1(1) of National Instrument 81-102.

The relief was sought to permit the funds to purchase securities of a non-reporting issuer under a private placement, despite an affiliate of the applicant acting as an underwriter.

The Ontario Securities Commission granted the requested relief, subject to conditions including approval by the funds' independent review committee.

The Applicant, RuggedCom Inc., applied to the securities regulatory authorities in multiple 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 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, acting as the principal regulator, granted the requested relief, ordering that the Applicant is not a reporting issuer.

The applicants applied for exemptive relief from the investment prohibition in subsection 4.1(1) of NI 81-102 to permit certain mutual funds to purchase securities under a private placement where the issuer is not a reporting issuer in any of the jurisdictions.

The principal regulator granted the relief, conditional on the funds complying with subsection 4.1(4)(a), (c)(ii) and (d), which includes approval by the mutual funds' independent review committee.

Fidelity Investments Canada ULC, the Federation of Mutual Fund Dealers, and the Association of Canadian Compliance Professionals applied for exemptive relief from the prohibition in subsection 5.4(1) of National Instrument 81-105.

The applicants sought permission for mutual fund organizations to pay a portion of the direct costs incurred by the Federation and the ACCP in organizing educational events.

The Ontario Securities Commission granted the exemption, subject to conditions including that the primary purpose of the events be educational, no single organization pays more than 10% of the total direct costs, and advance written notice is filed with the Commission.

The applicant 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 15 security holders in each jurisdiction and fewer than 51 in total in Canada, and its securities 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 filer applied for a temporary exemption from the independence requirements of National Instrument 52-110 Audit Committees.

The filer sought to hire the adult child of an audit committee member for a 16-week summer intern position, which would otherwise deem the member non-independent.

The Ontario Securities Commission granted the exemption, finding that the temporary employment and remuneration would not reasonably be expected to interfere with the audit committee member's independent judgment.

The Applicant, Semtech Canada Inc., 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 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 statutory test was met and ordered that the Applicant is not a reporting issuer.

The filer, SXC Health Solutions Corp., applied for exemptive relief from provisions of National Instrument 51-102 and National Instrument 54-101 that require the sending of printed information circulars to registered shareholders and Canadian beneficial owners.

The filer meets all criteria to be an 'SEC foreign issuer' under National Instrument 71-102, except for its jurisdiction of incorporation.

The Ontario Securities Commission granted the requested relief, subject to the condition that the procedures provided for under the SEC Notice-and-Access Rules are used to send the proxy materials to registered shareholders and Canadian beneficial owners.

The Filer, an investment dealer and member of IIROC, applied for exemptive relief from the prospectus requirement under the Securities Act in connection with the distribution of contracts for difference and over-the-counter foreign exchange contracts to investors.

The Filer proposed to distribute these products on the basis of a clear and plain language risk disclosure document rather than a prospectus.

The Ontario Securities Commission granted the requested relief, subject to terms and conditions, including compliance with IIROC rules and a four-year sunset clause.

The Applicant, NB Split Corp., 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 application, finding 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.

Furthermore, the Applicant's securities are not traded on a marketplace, and it is not in default of any obligations as a reporting issuer.

The applicant, a mutual fund manager, applied for exemptive relief from the multi-layering prohibition in section 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit certain top funds to invest up to 100% of their assets in reference funds, which in turn may invest more than 10% of their assets in other mutual funds and ETFs.

The Ontario Securities Commission granted the relief, finding that the proposed three-tier fund structure is analogous to the current multi-layering exception in NI 81-102 and provides transparent investment portfolio and accountability for portfolio management.

The applicant applied for exemptive relief on behalf of several pooled funds to permit them to purchase and hold exchange-traded and debt securities of a related entity.

The Ontario Securities Commission granted the relief, subject to conditions including approval by the funds' independent review committee, pricing requirements, and limits on the amount of primary offerings the funds can purchase.

The Applicant, Futuremed Healthcare Products 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 Decision Maker was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

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

The Decision Makers were 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 applicant applied to the Ontario Securities Commission for an order under section 1(10) of the Securities Act 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 in Canada and fewer than 51 in total, and that its securities are not traded on a marketplace.

The Commission was satisfied that the statutory test was met and granted the order.

The Filer, a French corporation, applied for exemptive relief from the prospectus and dealer registration requirements of the Securities Act in connection with a global employee share offering.

The offering involved the use of collective employee shareholding vehicles (FCPEs) under French law.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the first trade of the acquired units or shares.

The Filer, Global X Development Corp., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Filer had filed a prospectus but never completed its initial public offering, has no active business, and its securities are beneficially owned by fewer than 51 security holders in Canada.

The Commission granted the requested exemptive relief, ordering that the Filer is not a reporting issuer.

The Applicant, St. Eugene Mining Corporation Limited, applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission granted the application, noting 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 any obligations under securities legislation.

The applicant, Claymore Investments, Inc., applied to the Ontario Securities Commission for exemptive relief under section 5.5(1)(a) of National Instrument 81-102 to permit a change of manager for the Claymore Funds.

The change of manager was triggered by BlackRock's indirect acquisition of the applicant.

The Commission granted the requested approval, noting that securityholders had received adequate disclosure and approved the acquisition, and that the change of manager was not detrimental to securityholders or the public interest.

The applicant sought exemptive relief from the self-dealing prohibition in s. 13.5(2)(b)(iii) of National Instrument 31-103 to permit the transfer of the investment portfolio of a terminating non-redeemable investment fund to a continuing mutual fund.

The transfer was a step in a merger of the two funds, both advised by the same portfolio manager.

The Ontario Securities Commission granted the relief, noting the merger would be completed on a tax-deferred rollover basis and the costs would be borne by the manager.