OSC 2015

The Empire Life Insurance Company applied to the Ontario Securities Commission for exemptive relief from the qualification requirements under National Instrument 44-101 to file a short form prospectus for the distribution of Series 1 Shares.

The applicant also requested that the application materials be kept confidential for a specified period.

The Commission granted both the exemptive relief, subject to certain conditions including that the securities receive a designated rating, and the confidentiality relief.

The applicant investment fund manager applied on behalf of two mutual funds for exemptive relief from certain continuous disclosure requirements under National Instrument 81-106 and National Instrument 81-102.

The relief sought to permit the funds to include past performance data in their management reports of fund performance for periods before they became reporting issuers.

The principal regulator granted the requested relief, subject to conditions including disclosure that the funds were not reporting issuers during those periods and that their financial statements are available online.

The applicant applied for exemptive relief on behalf of two mutual funds to permit the inclusion of past performance data in sales communications and fund facts documents, despite the data relating to a period before the funds became reporting issuers.

The principal regulator granted the requested relief, subject to conditions requiring disclosure that the funds were not reporting issuers during the relevant period and that expenses would have been higher had they been subject to reporting issuer requirements.

The filer applied for exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds from February 26, 2016, to May 15, 2016.

The extension was sought to consolidate the renewal of the funds' prospectus with that of other mutual funds managed by the filer, thereby reducing costs and administrative burden.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest.

The applicant, Bloom Investment Counsel, Inc., applied to the Ontario Securities Commission for approval of the merger of Bloom Income & Growth Canadian Fund into Bloom Select Income Fund pursuant to paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because it was not a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The Commission granted the requested exemptive relief, finding that the merger would achieve a fair and reasonable result for the funds and that securityholders were provided with adequate disclosure.

The Filer, PC Gold Inc., applied for a decision under the securities legislation of Alberta and Ontario to cease being a reporting issuer.

Following a plan of arrangement, the Filer became a wholly-owned subsidiary of First Mining Finance Corp., and its common shares were delisted from the TSX Venture Exchange.

The Filer's outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptive relief, determining that the Filer met the necessary criteria despite a minor default in filing its most recent interim financial statements.

The applicant applied for exemptive relief to merge the Terminating Fund into the Continuing Fund.

The merger required regulatory approval under paragraph 5.5(1)(b) of National Instrument 81-102 because the funds did not have substantially similar investment objectives.

The Ontario Securities Commission granted the requested relief, provided that prior unitholder approval is obtained.

The Filer applied for exemptive relief from the dealer registration and prospectus requirements in respect of trades in mutual fund securities to capital accumulation plans (CAPs) and non-tax assisted CAPs.

The Ontario Securities Commission granted the relief, subject to conditions including disclosure requirements, investment decision-making tools, and contribution limits for non-tax assisted CAPs.

The Filer applied to the Ontario Securities Commission for exemptive relief under subsection 5.5(1)(b) of National Instrument 81-102 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger did not meet all criteria for preapproved reorganizations because the fundamental investment objectives and fee structures were not substantially similar.

The Commission granted the requested relief, noting the merger would provide a tax-deferred transaction, lower management fees, and daily redemption rights for shareholders.

The Applicant, Gold Canyon Resources Inc., applied for a decision that it is no longer a reporting issuer under the securities legislation of several Canadian jurisdictions.

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.

The Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

BioTime, Inc. applied to the Ontario Securities Commission for an exemption from the prospectus requirement under section 53 of the Securities Act.

The exemption was sought in connection with the proposed distribution of common shares of its majority-owned subsidiary, OncoCyte Corporation, by way of a pro rata dividend in specie to BioTime shareholders resident in Canada.

The Commission granted the exemption, provided that the first trade in the OncoCyte shares acquired pursuant to the distribution is deemed to be a distribution unless the conditions in section 2.6 or 2.14(1) of National Instrument 45-102 are satisfied.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain custody requirements under National Instrument 81-102.

The relief sought to permit the physical bullion of the Funds to be held by the Royal Canadian Mint and its appointed sub-custodians, both in and outside of Canada, despite these entities not meeting the standard definition of a qualified custodian.

The Commission granted the exemption, subject to conditions including minimum shareholder equity thresholds, insurance requirements, and regular monitoring and reporting.

The applicant, a mutual fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its existing and future mutual funds to invest indirectly in physical commodities through Commodity ETFs, and to invest in certain leveraged, inverse, and commodity ETFs that do not qualify as index participation units.

The principal regulator granted the requested relief, subject to specific concentration limits and disclosure requirements in the funds' simplified prospectuses.

The Filer, HCN-Revera Joint Venture ULC, applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

Following a plan of arrangement, the Filer became a wholly-owned subsidiary and no longer has any outstanding securities held by the public.

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

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

The Fund, an open-ended mutual fund trust, ceased offering units under a prospectus and is only owned by managed account clients or accredited investors.

The Ontario Securities Commission, as principal regulator, granted the exemptive relief, noting that ceasing to be a reporting issuer would reduce regulatory and financial burdens for the Fund and its unitholders.

The applicants, First Asset Investment Management Inc. and CI Financial Corp., sought regulatory approval for a change of control of the manager under NI 81-102, resulting from CI's acquisition of First Asset Capital Corp. They also sought an abridgement of the 60-day notice period to securityholders to 32 days.

The Ontario Securities Commission granted the approval for the change of control and the abridgement relief, provided that no material changes are made to the management or operations of the funds for at least 60 days following the delivery of the notice.

The Filers applied to the Ontario Securities Commission for approval of a change of manager for the BNP Paribas Global Equity Exposure Fund from BNP Paribas Investment Partners Canada Ltd. to IA Clarington Investments Inc. under section 5.5(1)(a) of National Instrument 81-102.

The Commission found that the proposed change of manager met the test set out in the legislation and granted the requested approval.

The Filer applied for exemptive relief on behalf of its Class Portfolios to permit them to invest in corresponding Trust Portfolios, which in turn invest in Underlying Trust Funds.

This three-tier fund structure is normally prohibited under paragraph 2.5(2)(b) of National Instrument 81-102.

The Ontario Securities Commission granted the exemption, finding that the structure would reduce tracking error and implementation costs, provided the Class Portfolios disclose their investment objectives and comply with other requirements of section 2.5.

The Filer applied for exemptive relief from the inter-fund trading prohibitions in NI 31-103 to permit inter-fund trades between its mutual funds, pooled funds, and managed accounts at the last sale price for exchange-traded securities.

The Filer also sought relief to permit in specie subscriptions and redemptions by managed accounts and pooled funds in the mutual funds and pooled funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and compliance with the pricing and valuation requirements of NI 81-107 and NI 81-102.

The applicant filed for exemptive relief on behalf of several mutual funds to permit them to invest in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs) that would otherwise be prohibited under National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including limits on the percentage of net asset value invested in such assets and specific prospectus disclosure requirements.