OSC 2012

Mackenzie Financial Corporation applied for exemptive relief under multiple National Instruments to facilitate the reorganization of several mutual funds.

The reorganization involved splitting existing funds into separate hedged and unhedged classes.

The applicant sought relief from seed capital requirements, prospectus delivery requirements, and permission to use the terminating funds' past performance data for the continuing funds.

The Ontario Securities Commission granted the requested exemptions, finding that the reorganizations would not prejudice securityholders and that the continuing funds would be managed identically to the terminating funds.

The applicant, Mackenzie Financial Corporation, applied for exemptive relief on behalf of several mutual funds undergoing reorganizations.

The reorganizations involved splitting existing funds into separate hedged and unhedged funds.

The applicant sought relief from continuous disclosure requirements to permit the new continuing funds to use the historical financial data and performance history of the terminating funds in their management reports of fund performance.

The Ontario Securities Commission granted the requested exemptive relief, subject to conditions regarding the preparation of financial statements and disclosure of the reorganizations.

The applicant, Integra Capital Limited, applied to the Ontario Securities Commission on behalf of several funds for relief from the mutual fund conflict of interest investment restrictions under paragraphs 111(2)(b) and 111(3) of the Securities Act.

The applicant sought to permit the funds to employ a fund-on-fund structure and invest in underlying funds under common management.

The Commission granted the requested relief, subject to conditions including that the funds are distributed solely pursuant to prospectus exemptions and that no duplicative management or sales fees are payable.

The manager of several mutual funds applied for exemptive relief under the Securities Act to extend the lapse date of the funds' prospectuses.

The extension was requested to accommodate a system conversion and subsequent fund mergers following a change of control.

The Commission granted the relief, finding that the extension would not affect the accuracy of the information in the prospectuses and would not be prejudicial to the public interest.

The Applicant, Pitchstone Exploration Ltd., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission was satisfied that the Applicant met the requirements, including having fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 in total, and not having its securities traded on a marketplace.

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

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

The Applicant, Manulife Financial Capital Trust, 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 granted the requested relief and ordered that the Applicant is not a reporting issuer.

The Filer applied for exemptive relief from certain financial statement and MD&A disclosure requirements in connection with a take-over bid and subsequent plan of arrangement to acquire TMX Group Inc. The requested relief included exemptions from providing certain historical interim financial statements, pro forma financial statements, and MD&A for Alpha Group and CDS.

The Ontario Securities Commission granted the relief, noting that the circulars would contain significant financial and qualitative information, and that the transactions involving Alpha Group and CDS were not material in comparison to the TMX Group transaction.

Liquidnet Canada Inc. applied for exemptive relief from the pre-trade transparency requirements in subsection 7.1(1) of National Instrument 21-101 for orders resulting from its manual negotiation system.

The applicant also sought an exemption from the requirement to pay activity fees under OSC Rule 13-502.

The Ontario Securities Commission granted the requested exemptions, finding that the manual negotiation system met the criteria for relief and that it would be unfair to require the payment of fees in these circumstances.

The Filers applied to the Ontario Securities Commission for an exemption from the requirement in section 5.1(c) of National Instrument 81-102 to obtain unitholder approval before changing the fundamental investment objectives of two mutual funds.

All but one unitholder of the funds were discretionary clients of the portfolio manager, relying entirely on the manager for investment decisions.

The Commission granted the requested exemptive relief, permitting the funds to change their investment objectives without a unitholder meeting.

The Filer, a non-redeemable investment fund investing in a portfolio of mortgage loans, applied for exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value (NAV) daily.

The Filer argued that daily calculation is impractical and costly because its mortgage assets do not trade in actively quoted markets and require individual assessment.

The Ontario Securities Commission granted the exemption, permitting the Filer to calculate its NAV twice a month, provided the NAV is made available to the public upon request and posted on its website.

The applicant sought exemptive relief from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit a mutual fund to invest up to 10% of its net assets in securities of mutual funds governed by the laws of Luxembourg or the Republic of Ireland.

The principal regulator granted the relief, subject to conditions including that the foreign funds remain subject to investment restrictions substantially similar to those governing the applicant fund, and that the applicant fund divest if the foreign laws change to become materially inconsistent with Part 2 of NI 81-102.

The applicant, a French issuer, applied for 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 including that the first trade of the securities be made through an exchange or market outside of Canada.

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

The Decision Maker found that the Applicant met the statutory test, as its 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.

The Filers applied for exemptive relief from the cover requirements in sections 2.8(1)(d) and 2.8(1)(f)(i) of National Instrument 81-102.

The relief sought to permit the Frontiers Canadian Fixed Income Pool to use put options or short future positions to cover long future, forward, or swap positions.

The principal regulator granted the requested relief, subject to conditions ensuring adequate cash cover and risk management oversight.

The applicant, a rate-regulated entity, applied to the Ontario Securities Commission for exemptive relief from the requirement to adopt International Financial Reporting Standards (IFRS) for its financial year beginning September 1, 2012.

The applicant sought to continue filing financial statements in accordance with pre-changeover Canadian GAAP.

The Commission granted the requested relief, subject to conditions, aligning with the Canadian Accounting Standards Board's decision to extend the IFRS deferral for rate-regulated entities.

The Filers applied for an exemption from the prospectus requirement for trades of their commercial paper, which matures in not more than one year.

The exemption was sought because the commercial paper might not always meet the 'approved credit rating' requirement under section 2.35 of National Instrument 45-106.

The Ontario Securities Commission granted the exemptive relief, subject to conditions including that the commercial paper must have a prescribed rating from at least one approved credit rating organization.

The applicant, First Asset Investment Management Inc., applied for exemptive relief to extend the lapse date of the prospectuses for several of its exchange-traded funds.

Due to inadvertence, the final renewal prospectuses were filed late, causing the original prospectuses to lapse.

The Ontario Securities Commission granted the requested relief, noting that no distributions had occurred since the lapse dates, no material changes had occurred, and the extension would not be prejudicial to the public interest.

The Filer, a telecommunications company organized under the laws of Mexico, applied for a decision that it is no longer a reporting issuer in the Jurisdictions.

The Filer demonstrated that its Canadian securityholdings are de minimis, its securities do not trade on any Canadian marketplace, and it has no intention of seeking public financing in Canada.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief, noting that the Filer remains subject to reporting requirements under Mexican law and the rules of the Bolsa Mexicana de Valores.

The filers, AlphaPro Management Inc. and Horizons ETFs Management (Canada) Inc., applied for exemptive relief from the margin deposit limits in paragraphs 6.8(1) and 6.8(2)(c) of National Instrument 81-102 on behalf of current and future exchange-traded mutual funds.

The funds, which operate as commodity pools, sought to deposit more than 10 percent of their net assets with dealers as margin for specified derivative transactions in Canada and the United States.

The Ontario Securities Commission granted the exemption, conditional on the amount of margin deposited not exceeding 30 percent of the net assets of the funds and all margin being held in segregated accounts.