OSC 2014

The Filer applied for exemptive relief from the multi-layering prohibition in clause 2.5(2)(b) of National Instrument 81-102 to permit certain top funds to invest in reference funds that, in turn, invest more than 10% of their net asset value in third-tier funds.

The Ontario Securities Commission granted the relief, finding that the proposed three-tier structure is analogous to existing permitted structures, provides transparent portfolio management accountability, and avoids duplication of fees.

The exemption was granted subject to conditions regarding prospectus disclosure and compliance with other requirements of section 2.5.

The applicant, AGF Investments Inc., applied for exemptive relief to permit the merger of several mutual funds where the mergers did not meet all pre-approval criteria under National Instrument 81-102.

The Ontario Securities Commission granted the requested Merger Approval, finding that the mergers would reduce duplication, create operational efficiencies, and provide increased portfolio diversification opportunities for the continuing funds.

The Filer applied on behalf of two mutual funds for an exemption from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The exemption would permit the funds to invest up to 20% or 35% of their net assets in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, depending on their credit rating.

The Ontario Securities Commission granted the requested relief, subject to conditions including prospectus disclosure and the securities being traded on a mature and liquid market.

The Filer, Timbercreek Asset Management Ltd., applied for exemptive relief from the self-dealing prohibition in section 13.5(2)(a) of National Instrument 31-103.

The relief allows non-redeemable investment funds managed by the Filer to invest in securities of underlying sub-funds under common management, domiciled in Luxembourg.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investment is compatible with the top funds' objectives, avoids duplication of management fees, and is subject to specific disclosure requirements.

The Filer applied for exemptive relief from the restrictions on providing non-monetary benefits under National Instrument 81-105 Mutual Fund Sales Practices.

The exemption was sought to permit the Filer to directly invite sales representatives of participating dealers to its education conferences, and to bypass the requirement that the selection of representatives be made exclusively by the dealer.

The Ontario Securities Commission granted the exemption, subject to conditions including that the Filer must obtain the written consent of the representative's participating dealer prior to directly inviting them to a conference.

The Filers applied to the Ontario Securities Commission for approval of a change of manager of the Redwood Fund from Redwood to Aston Hill, and the subsequent merger of the Redwood Fund into the Aston Hill Growth & Income Fund.

The Commission granted the requested exemptive relief under National Instrument 81-102, finding that the change of manager and merger were not detrimental to unitholders or contrary to the public interest, provided that prior securityholder approval is obtained.

Element Financial Corporation applied for an exemption from the requirement to file a business acquisition report (BAR) under Part 8 of National Instrument 51-102 in connection with its acquisition of a portfolio of helicopter lease and loan arrangements.

The applicant argued that while the acquisition triggered the 'profit or loss test' for a significant acquisition, it did not trigger the 'asset test' or 'investment test', and the profit or loss test produced an anomalous result that exaggerated the acquisition's significance.

The Ontario Securities Commission granted the requested exemptive relief.

The Filer, an Australian-based mining company, applied for a decision under the securities legislation of multiple Canadian jurisdictions that it is no longer a reporting issuer.

The Filer voluntarily delisted its ordinary shares from the Toronto Stock Exchange and demonstrated that Canadian residents beneficially own less than 2% of its outstanding securities worldwide.

The Filer is subject to Australian securities laws and the rules of the Australian Securities Exchange.

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

The applicant applied for a decision under the securities legislation of multiple Canadian jurisdictions that it is not 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 that its securities are not traded on any marketplace.

The Ontario Securities Commission granted the order, finding the statutory test was met.

The Filer, Ontario Power Generation Inc., 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 applicable to publicly accountable enterprises.

The Filer sought permission to prepare its financial statements in accordance with U.S. GAAP due to its rate-regulated activities.

The Ontario Securities Commission revoked the existing relief and granted the requested exemption, permitting the Filer to use U.S. GAAP until the earlier of January 1, 2019, the cessation of its rate-regulated activities, or the mandatory application of an IFRS standard specific to rate-regulated activities.

The Filer, a registered portfolio manager, applied for exemptive relief from the conflict of interest provisions in section 13.5(2)(b) of NI 31-103.

The relief was sought to permit two new investment funds managed by the Filer to purchase and sell mortgages and private fixed income securities from and to the investment portfolio of an affiliated insurance company, which is a 'responsible person'.

The Ontario Securities Commission granted the exemption, subject to conditions including that the funds are only sold to permitted clients, transactions are approved by the funds' independent review committee, and the securities are valued using an independent valuation methodology.

PMI Gold Corporation applied for an order under the Securities Act declaring that it has ceased to be a reporting issuer in multiple jurisdictions.

Following a statutory plan of arrangement, the applicant became a wholly owned subsidiary of Asanko Gold Inc., its shares were delisted, and it has fewer than 51 securityholders worldwide.

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

The Filer applied for exemptive relief from the requirement to include separate financial statements for an immaterial related business acquisition in its business acquisition report.

The Filer had made three acquisitions, one of which was immaterial relative to the other two, and it was impractical to prepare the relevant financial statement disclosure for the immaterial acquisition.

The Ontario Securities Commission granted the relief, permitting the Filer to include alternative financial information regarding the least significant related business.

The applicant applied for a decision under the securities legislation of Ontario and Alberta that it is not 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 that 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 Applicant, American Resource Corporation Limited, applied to the Ontario Securities Commission for a decision that it is not 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, its securities are not traded on any marketplace, and it is not in default of any obligations under securities legislation.

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

The Filer applied for exemptive relief from various continuous disclosure, certification, insider reporting, audit committee, corporate governance, and short form prospectus requirements to accommodate a credit support issuer structure.

The Filer was unable to rely on existing exemptions because it only owned 70.5% of an intermediate holding entity and the proposed preferred shares were convertible into other preferred shares.

The Ontario Securities Commission granted the requested relief, subject to several conditions regarding the ownership and control of the holding entities and compliance with alternative disclosure requirements.

The applicant, Forge First Asset Management Inc., applied on behalf of several mutual funds for exemptive relief from the self-dealing restrictions in the Securities Act.

The relief was sought to allow the top funds to invest in underlying funds that are under common management, creating a fund-on-fund structure.

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

The Applicant applied for a decision under the securities legislation of multiple Canadian jurisdictions that it is not 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 Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

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

Channel Resources Ltd. applied to the Ontario Securities Commission for a decision that it has ceased to be a reporting issuer in Ontario, Alberta, and Saskatchewan.

The applicant was recently acquired by West African Resources Limited and became a wholly owned subsidiary.

The Commission granted the requested relief, noting that the applicant's outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.