OSC 2012

The Applicant, Newmont Canada FN Holdings Limited, applied for a decision under the securities legislation of multiple jurisdictions 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, its securities are not traded on a marketplace, and it is not in default of its obligations.

The Ontario Securities Commission granted the application and ordered that the Applicant is not a reporting issuer.

Centamin Egypt Limited 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 securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 in total in Canada, and its securities are not traded on a marketplace.

The Commission granted the application and ordered that the Applicant is not a reporting issuer.

The Filer, Cub Energy Inc., applied for exemptive relief from the requirement in subsection 4.3(a) of National Instrument 52-107 that an auditor's report filed in connection with financial statements must express an unmodified opinion.

The Filer sought to file audited financial statements of Gastek LLC accompanied by an auditor's report containing a limitation of scope reservation, in connection with a proposed reverse takeover.

The scope limitation arose from insufficient audit evidence regarding certain revenue and expense items of Gastek's indirect subsidiary, KUB-Gas Ltd., for the years 2008 and 2009.

The principal regulator granted the requested exemption, noting that the scope limitation did not prevent the auditor from forming an opinion on the financial statements as a whole.

The Filer, a closed-end investment fund, applied for a decision that it is no longer a reporting issuer under the securities legislation of multiple jurisdictions.

Following a plan of arrangement, the Filer's common shares were acquired by a holding company and delisted from the TSX.

The Filer had less than 51 security holders in Canada and no securities traded on a marketplace.

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

The applicant, Sprott Asset Management LP, applied for exemptive relief under National Instrument 81-102 Mutual Funds on behalf of several mutual funds.

The requested relief sought to permit the funds to invest up to 100% of their net assets in gold and silver bullion, and to allow the physical bullion to be held outside of Canada by specific sub-custodians not otherwise permitted under the instrument.

The Ontario Securities Commission granted the exemption, subject to conditions regarding investment objectives, prospectus disclosure, and sub-custodian monitoring.

The applicant sought exemptive relief from section 4.1 of National Instrument 81-102 to permit dealer-managed mutual funds to invest in private placements of equity securities of reporting issuers, and distributions of debt securities lacking an approved rating, where a related dealer acts as an underwriter.

The Ontario Securities Commission granted the relief, subject to conditions including independent review committee approval, independent underwriter participation, and pricing restrictions.

The applicant, a reporting issuer with activities subject to rate regulation, applied for exemptive relief from the requirement under section 3.2 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The applicant sought permission to prepare its financial statements in accordance with U.S. GAAP for financial years beginning between January 1, 2012, and January 1, 2015.

The principal regulator granted the exemption, noting that if the applicant were an SEC issuer, it would be permitted to file U.S. GAAP financial statements, which accord similar treatment to rate-regulated activities as Canadian GAAP Part V.

The applicants, ING Direct Asset Management Limited and ING Direct Funds Limited, applied to the Ontario Securities Commission for exemptive relief from the prospectus delivery requirements under the Securities Act.

They sought permission to send or deliver the most recently filed Fund Facts document instead of the simplified prospectus to satisfy the requirement to deliver a prospectus within two days of a mutual fund purchase.

The Commission granted the exemptive relief, subject to conditions including that investors be granted equivalent rights of withdrawal and rescission upon the delivery of the Fund Facts, and that the relief terminates upon the coming into force of any legislation or rule relating to the delivery of the Fund Facts.

The applicant sought exemptive relief from the prohibitions in subsections 15.6(a) and (d) of National Instrument 81-102 to permit a closed-end fund converting into a mutual fund to show its pre-conversion past performance in sales communications.

The principal regulator granted the requested relief, noting that the fund had complied with the investment restrictions of NI 81-102 except with respect to short selling and a temporary non-material investment in ETFs, and that the fund currently has relief to short sell securities.

The applicant, a mutual fund manager, applied for exemptive relief from the investment restrictions in paragraphs 2.3(f) and 2.3(h) of National Instrument 81-102 Mutual Funds.

The relief sought would permit the mutual funds to invest up to 10% of their net assets in silver, permitted silver certificates, and specified derivatives with silver as the underlying interest.

The principal regulator granted the requested exemption, subject to the condition that the funds' aggregate direct and indirect exposure to gold and silver does not exceed 10% of their net assets at the time of the transaction.

The applicant applied for exemptive relief from the requirement under subsection 4.11(4) of National Instrument 52-107 to reconcile the annual financial statements of an acquired business to IFRS in its business acquisition report.

The Principal Regulator granted the exemption, provided the pro forma statements are prepared as set out in section 8.7(9) of Companion Policy 51-102CP and the BAR otherwise complies with Form 51-102F4.

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

The Ontario Securities Commission granted the application, 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, and that no securities are traded on a marketplace.

The Filer applied to the Ontario Securities Commission to vary an earlier decision granting exemptive relief from certain financial statement requirements under National Instrument 52-107.

The Filer requested an extension of the deadlines to deliver its information circular and complete its proposed business combination with the Target Company due to delays in the TSX Venture Exchange review process.

The Commission granted the requested variation, extending the deadlines as requested.

The Applicant, Auryx Gold Corp., applied for a decision under the securities legislation of multiple jurisdictions 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, its securities are not traded on a marketplace, and it is not in default of its obligations.

The Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Filers applied to the Ontario Securities Commission for exemptive relief on behalf of several flow-through limited partnerships.

The requested relief sought exemptions from the requirements under National Instrument 81-106 to file an annual information form and to maintain, prepare, and post an annual proxy voting record.

The Commission granted the requested exemptive relief, noting the short lifespan of the partnerships and the lack of a readily available secondary market for their units.

The applicant manager applied for exemptive relief on behalf of several mutual funds to permit them to invest in units of related underlying funds after the underlying funds ceased to offer their securities under a simplified prospectus.

The underlying funds will remain reporting issuers and continue to be subject to the requirements of NI 81-102, NI 81-106, and NI 81-107.

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

The applicants, flow-through limited partnerships and their manager, applied for exemptive relief from certain continuous disclosure requirements under National Instrument 81-106, specifically the requirements to file an annual information form and to maintain and post a proxy voting record.

The applicants submitted that the limited partnerships have a short lifespan of approximately two years, are not operating businesses, and their units are not traded on any market.

The principal regulator granted the requested exemptions, finding that the relief met the test set out in the legislation and would avoid imposing a material financial burden on the limited partnerships.

The Filers applied for exemptive relief from certain continuous disclosure, certification, and insider reporting requirements under Ontario securities legislation.

The principal regulator granted the requested exemptions, subject to various conditions, including that the parent company continues to provide a preferred share guarantee and files consolidating summary financial information.

The relief allows the Filers to rely on the continuous disclosure filings of their parent company, Manulife Financial Corporation.

The filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit a mutual fund to engage in short selling of fixed income exchange-traded funds up to 20% of its net assets.

The Ontario Securities Commission granted the requested relief, subject to several conditions including maintaining cash cover, limiting short sales to cash transactions, and implementing appropriate internal controls and risk management procedures.

The applicants, Sun Life Assurance Company of Canada and Sun Life Capital Trust, applied to the Ontario Securities Commission for an order exempting them from certain continuous disclosure and certification requirements under National Instrument 51-102 and National Instrument 52-109.

The applicants sought to replace a previous exemption order expiring in 2012.

The Commission granted the requested relief, subject to various conditions, including that Sun Life Financial Inc. continue to provide a preferred share guarantee and comply with public disclosure requirements.