OSC 2012

BMO Asset Management Inc. applied for exemptive relief on behalf of the BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The ETF sought to invest more than 10 percent of its net asset value in a single issuer included in the Dow Jones Industrial Average to replicate the index's performance while employing a covered call option writing strategy.

The Ontario Securities Commission granted the relief, subject to conditions including that the ETF's investment in any issuer not exceed its weight in the index and that appropriate prospectus disclosure be made.

Vanguard Investments Canada Inc. applied to the Ontario Securities Commission for exemptive relief for its exchange-traded funds.

The applicant sought relief from the take-over bid requirements and the requirement that the funds' prospectus contain an underwriter's certificate.

The Commission granted the requested relief, subject to the condition that purchasers of units provide an undertaking not to exercise voting rights for units representing more than 20% of the outstanding units.

The underwriter certificate exemption was granted subject to a sunset clause.

The Filer applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act (Ontario) and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to allow pooled funds managed by the Filer to invest in securities of underlying funds under common management.

The Ontario Securities Commission granted the requested relief, subject to certain conditions including disclosure requirements and prohibitions on duplicative fees.

The filer, BlackRock Investments Canada Inc., applied for exemptive relief under National Instrument 81-102 to permit the merger of the iShares Natural Gas Commodity Index Fund into the iShares Broad Commodity Index Fund (CAD-Hedged).

Approval was required because the merger did not meet the pre-approval criteria, specifically because the investment objectives of the terminating fund were not substantially similar to those of the continuing fund.

The principal regulator granted the requested approval, noting that unitholders would be provided with all necessary information and the opportunity to vote on the merger, and that the independent review committee had provided a positive recommendation.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief from the mutual fund conflict of interest investment restrictions, management reporting requirements, and self-dealing prohibitions under the Securities Act and National Instrument 31-103.

The relief was sought to permit pooled funds to invest using a fund-of-fund structure and to revoke and replace prior relief to remove a multi-tier restriction for certain top pooled funds.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding disclosure, fee duplication, and voting rights.

The Applicant, Score Media Inc., 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 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Filers applied for exemptive relief from the prohibition in s. 13.5(2)(a) of National Instrument 31-103 against a registered adviser knowingly causing an investment portfolio to purchase securities of a related issuer.

The relief was sought to allow Faircourt Gold Income Corp. to acquire securities of Metals Plus Income Corp., another fund managed by the same manager, pursuant to an exchange offering.

The Ontario Securities Commission granted the relief, subject to conditions including approval by the fund's independent review committee and pricing based on the weighted average trading price.

The applicant sought approval for an indirect change of control of the mutual fund manager following the sale of ING Bank of Canada to Scotiabank.

The applicant also sought an abridgement of the 60-day notice period to securityholders to 57 days, and the revocation of a prior decision due to a changed closing date.

The Ontario Securities Commission granted the requested relief, conditional on at least 57 days' notice being provided and no material changes being made to the funds' management for at least 60 days.

The Filer applied for an exemption under section 13.1 of National Instrument 51-102 from the financial statement requirements of subsection 8.4(1) for a business acquisition report.

The Filer acquired properties that had been owned by multiple owners over the previous two years, making the preparation of comparative period financial statements impractical.

The Ontario Securities Commission granted the exemption, permitting the Filer to include alternative financial disclosure in the business acquisition report.

The filer applied to vary a prior decision that granted exemptive relief from the self-dealing prohibition in section 4.2 of National Instrument 81-102.

The prior decision permitted a fund to engage in forward contracts with a related counterparty, subject to a condition requiring the fund's independent review committee to review the policy quarterly.

The principal regulator granted the requested variation, amending the condition to require an annual review instead, finding no unique characteristics necessitating a different review standard than typically required for other conflict of interest policies.

Avion Gold Corporation, a wholly-owned subsidiary of Endeavour Mining Corporation, applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions substantially similar to those in section 13.3 of National Instrument 51-102, as the Filer's outstanding options did not qualify as designated exchangeable securities.

The Applicant, Paragon Minerals 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 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

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

The Filers, Allied Gold Mining PLC and St Barbara Limited, applied for a decision that they are no longer reporting issuers in the Jurisdictions following a scheme of arrangement under the laws of England and Wales.

St Barbara acquired all issued and outstanding shares of Allied Gold, making it a wholly-owned subsidiary.

The Commission granted the requested exemptive relief, noting that the Filers have a de minimis market presence in Canada, their securities are not traded on any Canadian marketplace, and Canadian securityholders will continue to receive continuous disclosure under Australian law.

The Royal Canadian Mint applied for exemptive relief from the prospectus requirements under the Securities Act in connection with the distribution of exchange-traded receipts representing undivided interests in silver bullion.

The Ontario Securities Commission granted the relief, subject to conditions requiring the Mint to provide purchasers with an Information Statement, maintain a program website with continuous disclosure, and file prescribed documents on SEDAR.

Excel Funds Management Inc. applied for exemptive relief to merge the Excel Income and Growth Fund into the Excel EM High Income Fund.

The merger did not meet all criteria for pre-approved reorganizations under NI 81-102 because the investment objectives and fee structures were not substantially similar, and the merger would be effected on a taxable basis to utilize loss carry-forwards.

The Ontario Securities Commission granted the requested exemption, finding it achieved a fair and reasonable result for the funds.

The Filer applied on behalf of the GLG Income Opportunities Fund for exemptive relief from certain provisions of National Instrument 81-102.

The requested relief would permit the Fund to invest indirectly in GLG Prospect Mountain Ltd., a commodity pool that engages in short selling, and to pay for its own organizational costs.

The Ontario Securities Commission granted the relief, subject to conditions including that the underlying fund comply with NI 81-102 investment restrictions (except as permitted by NI 81-104) and adhere to specific controls regarding short selling.

The applicant, Man Investments Canada Corp., applied on behalf of the GLG Income Opportunities Fund for exemptive relief from section 10.3 of National Instrument 81-102.

The relief sought to permit the commodity pool to process redemptions of its units at their net asset value per unit determined on a weekly redemption date, despite the fund calculating net asset value on each business day.

The Ontario Securities Commission granted the requested relief, provided that units may be redeemed on a weekly basis on each redemption date.

The manager of a commodity pool applied for exemptive relief from the seed capital requirements under paragraph 3.2(2)(a) of National Instrument 81-104.

The manager sought permission to redeem its seed investment in the pool.

The Ontario Securities Commission granted the relief, subject to conditions including that the pool must have received at least $5 million in subscriptions from other investors and the manager must maintain the required working capital.

The Filer applied for exemptive relief under National Instrument 81-102 to permit the merger of two terminating mutual funds into two continuing mutual funds.

The relief was required because the investment objectives of the terminating funds were not substantially similar to those of the continuing funds, thus failing the criteria for pre-approved reorganizations.

The Principal Regulator granted the requested exemption, provided that the information circular sent to securityholders contained sufficient information to permit an informed decision.

The Filers, U.S. Silver Corporation and U.S. Silver & Gold Inc., applied for exemptive relief from continuous disclosure, certification, and insider reporting requirements for U.S. Silver, a wholly-owned subsidiary.

U.S. Silver had outstanding warrants exercisable for shares of the parent company, U.S. Silver & Gold.

The Ontario Securities Commission granted the requested exemptions, subject to conditions substantially similar to those in section 13.3 of National Instrument 51-102, as the subsidiary's standalone disclosure would not be meaningful to warrantholders.