OSC 2013

The applicants, registered dealers, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501 when offering foreign securities to permitted clients in Canada on a private placement basis.

The requested relief included exemptions from providing Canadian-specific disclosure on conflicts of interest, connected issuer relationships, and statutory rights of action in the foreign offering document.

The Ontario Securities Commission granted the relief, subject to conditions including that the offering document complies with U.S. registered offering disclosure requirements for conflicts of interest and that purchasers provide written consent.

The applicants, a group of investment dealers, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and provincial securities legislation.

Specifically, they sought relief from the requirement to include Connected Issuer Disclosure, Related Issuer Disclosure, and Right of Action Disclosure in offering memorandums provided to Canadian permitted clients for private placements of foreign securities.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief subject to conditions, including that the offering documents comply with U.S. disclosure requirements for underwriter conflicts of interest and that purchasers receive a specific notice and provide written consent.

The Applicants, who are dealers participating in private placements of foreign securities to permitted clients in Canada, applied for exemptive relief from certain disclosure requirements under National Instrument 33-105 and OSC Rule 45-501.

The Ontario Securities Commission granted the relief, allowing the Applicants to provide U.S. registered offering disclosure regarding underwriter conflicts of interest instead of the Canadian-specific connected and related issuer disclosure, and exempting them from including a description of statutory rights of action in the offering memorandum, subject to certain conditions including providing a notice to purchasers.

The applicant sought exemptive relief from the seed capital requirements and the prohibition against a fund bearing the costs of its first simplified prospectus under National Instrument 81-102.

The relief was sought in connection with the conversion of a closed-end investment fund to an open-ended mutual fund.

The Ontario Securities Commission granted the requested relief, noting that the fund had an operating history, sufficient assets exceeding $500,000, and that the conversion would not prejudice investors.

The applicant, Fidelity Investments Canada ULC, applied for exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 Mutual Funds.

The relief was sought to permit its mutual funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The applicant, Franklin Templeton Investments Corp., applied for exemptive relief from certain specified derivatives and custodial requirements under National Instrument 81-102 Mutual Funds.

The relief was sought to permit its mutual funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The applicant, BlackRock Asset Management Canada Limited, applied for exemptive relief under National Instrument 81-102 to permit several closed-end funds that had converted into exchange-traded mutual funds to show pre-conversion past performance data in their sales communications.

The principal regulator granted the requested relief, noting that the funds had complied with the investment restrictions of NI 81-102 prior to conversion, subject to certain exemptions.

The Filer applied for exemptive relief on behalf of existing and future PIMCO mutual funds from certain derivatives and custodial requirements under National Instrument 81-102.

The relief was sought to permit the funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The principal regulator granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the prospectus for a commodity pool fund.

The extension was requested to provide additional time to respond to the Commission's comments on the pro forma prospectus and to address the impact of the 2013 federal budget without interrupting the distribution of units.

The Commission granted the requested relief, extending the lapse date to June 28, 2013.

The applicant, MD Physician Services Inc., applied for exemptive relief under section 19.1 of National Instrument 81-102 to permit its mutual funds to invest up to 10 percent of their net assets in exchange-traded funds that have exposure to gold, silver, and other physical commodities.

The Ontario Securities Commission granted the relief, subject to conditions including a 10 percent aggregate limit on physical commodity exposure and a 2.5 percent limit on any single commodity sector other than gold and silver.

The Manager applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing funds under National Instrument 81-102.

Regulatory approval was required because the mergers did not meet all pre-approval criteria, specifically regarding differing investment objectives, fee structures, and the taxable nature of certain mergers.

The Commission found that adequate disclosure was provided to securityholders, who approved the mergers, and that the independent review committee recommended the mergers.

The application for exemptive relief was granted.

The Applicant applied to the Ontario Securities Commission 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 Applicant, Artaflex Inc., applied for a decision under the securities legislation of Ontario, Alberta, and Québec 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 Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

The Filer, C.T.C. Dealer Holdings Limited, applied to the Ontario Securities Commission for relief from the prospectus requirements under the Securities Act.

The relief was sought in connection with the deemed distribution on resale of beneficial ownership interests in common shares of the Filer by CTC Dealers to other CTC Dealers during an Annual Share Changeover.

The Commission granted the requested exemptive relief, subject to several conditions including the provision of a summary document containing prospectus-level risk disclosure to purchasing dealers.

The Applicant, Angoss Software Corporation, applied to the Ontario Securities Commission and the Alberta Securities Commission 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 granted the application, ordering that the Applicant is not a reporting issuer.

The applicant, C.S.T. Consultants Inc., applied for exemptive relief to extend the lapse date of the prospectus for its scholarship plans to July 15, 2013.

The extension was requested to allow sufficient time to prepare the prospectus in accordance with new requirements under National Instrument 41-101 and for staff review.

The Ontario Securities Commission granted the requested relief, noting that the extension would not impact the currency of the disclosure.

The applicant applied to the Ontario Securities Commission 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 applicant sought an exemption from section 2.3(h) of National Instrument 81-102 to permit the Equity Income Fund to invest in standardized futures with underlying interests in sweet crude oil or natural gas for hedging purposes.

The principal regulator granted the exemption, subject to conditions including that the purchases are made in accordance with hedging provisions, traded only for cash or offsetting contracts, effected through ICE Europe or NYMEX, and do not exceed 20% of the fund's net asset value.

The applicant, Sun Life Global Investments (Canada) Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, silver certificates, and specified derivatives underlying silver.

The applicant also sought relief to invest up to 10% of net asset value in leveraged, inverse, gold, and silver exchange-traded funds (ETFs).

The Ontario Securities Commission granted the requested exemptions, subject to conditions including concentration limits and prospectus disclosure requirements.

The Filer applied for exemptive relief from the requirement under section 8.4 of National Instrument 51-102 to include certain historical financial statements in its business acquisition report relating to the acquisition of three multi-family real estate properties.

The Filer had made every reasonable effort to obtain the historical accounting records for two of the properties for the period prior to their acquisition by the vendors, but was unsuccessful.

The Ontario Securities Commission granted the requested relief, subject to the condition that the Filer include specified alternative financial statements and pro forma financial statements in the business acquisition report.