OSC 2015

The Filer, Counsel Portfolio Services Inc., applied on behalf of the Brigata Diversified Portfolio for exemptive relief to extend the lapse date of the Fund's simplified prospectus and annual information form.

The extension was requested because the Filer proposed to merge the Fund into another mutual fund, which would eliminate the need for a renewal prospectus.

The Ontario Securities Commission granted the requested relief, extending the lapse date to September 4, 2015, to avoid unnecessary expenses in preparing renewal documents while the merger approval process was underway.

The Applicant, Wheels Group Inc., applied for a decision that it is no longer a reporting issuer under the securities legislation of Alberta and Ontario.

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 Filer, Royal Gold, Inc., applied for an exemption from the prospectus requirement under paragraph 74(1)2 of the Securities Act for certain marketing activities not expressly permitted by National Instrument 71-101.

The Ontario Securities Commission granted the exemption, permitting investment dealers to use Standard Term Sheets, Marketing Materials, and conduct Road Shows in connection with future offerings under a Final Canadian MJDS Shelf Prospectus, provided they comply with Part 9A of National Instrument 44-102.

The Filer applied for exemptive relief on behalf of several investment funds to permit a master-feeder fund-on-fund structure.

The relief sought included exemptions from restrictions on investing in related issuers and from consent requirements for purchasing securities of an issuer in which a responsible person is a partner, officer, or director.

The Filer also sought relief to permit an in specie transfer of portfolio securities to effect a reorganization.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure requirements and compliance with investment restrictions.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102 to permit their mutual funds to enter into cleared swaps.

The relief sought exemptions from counterparty rating requirements, mark-to-market exposure limits, and custodianship requirements to allow depositing cash and portfolio assets as margin with a Futures Commission Merchant.

The Commission granted the requested relief, subject to specific conditions regarding the deposit of margin in and outside of Canada.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future mutual funds (the Top Funds) to permit them to invest in securities of exchange-traded mutual funds (the Underlying ETFs) managed by the Filer.

The requested relief sought exemptions from the concentration restriction, control restriction, and restrictions on investing in other mutual funds and paying brokerage commissions under National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the Top Funds' objectives, no short selling of the Underlying ETFs occurs, and the Underlying ETFs do not use leverage or rely on certain other exemptive relief.

The Filer applied to the Ontario Securities Commission for an exemption from the prohibitions in sections 13.5(2)(b)(ii) and (iii) of National Instrument 31-103.

The exemption was sought to permit in specie subscriptions and redemptions by managed accounts in pooled and mutual funds, and by pooled funds in pooled and mutual funds.

The Commission granted the requested relief, subject to several conditions including independent review committee approval and prior written consent from managed account clients.

The Filer, Heritage Education Funds Inc., applied to the Director of the Ontario Securities Commission for an extension of the 90-day period to file a final prospectus under subsection 2.3(1.1) of National Instrument 41-101.

The Director granted the requested exemption, permitting the final prospectus to be filed no later than May 29, 2015.

The Filers, Mandeville Private Client Inc. and Mandeville Wealth Services Inc., applied to the Ontario Securities Commission for exemptive relief under section 9.1 of National Instrument 81-105 (Mutual Fund Sales Practices).

They sought an exemption from subsection 7.1(3) to allow their representatives to pay commission rebates to clients who redeem mutual fund securities to purchase securities of affiliated Portland Mutual Funds.

The Commission granted the exemption, subject to conditions ensuring that commission rebates are not conditional on purchasing affiliated funds and that clients receive proper disclosure.

The Applicant, Qwest Energy Financial Corp., applied to the securities regulatory authorities in multiple jurisdictions 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 its obligations.

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

The applicant sought exemptive relief from the requirement to file technical reports under National Instrument 43-101 in connection with its acquisition of a mineral exploration corporation.

The applicant submitted that its mineral extraction operations at the Dead Sea do not constitute a mineral deposit under SEC Industry Guide 7, and that it intended to seek relief to cease being a reporting issuer in Canada shortly after the transaction.

The Ontario Securities Commission granted the requested relief, provided the arrangement is completed and the applicant obtains reporting issuer exemptive relief within 45 days.

The Filer, Brookfield Infrastructure Partners L.P., applied to the Ontario Securities Commission for exemptive relief from the requirement to incorporate by reference the financial statements of its equity method investee, Myria Holdings Inc., into its short form base shelf prospectus.

The Filer argued that the financial statements were only required under U.S. rules due to a one-time impairment charge and would not provide meaningful incremental information to investors.

The Commission granted the requested exemption and also granted a confidentiality request regarding the application and decision.

The Filer, U.S. Silver & Gold Inc., applied for a decision under the securities legislation of Ontario, Alberta, and British Columbia that it is not a reporting issuer.

Following an amalgamation and plan of arrangement, all outstanding common shares of the Filer were held by Scorpio Mining Corporation.

The Filer had no intention to seek public financing and its securities were not traded on any marketplace.

The Ontario Securities Commission, as principal regulator, granted the exemptive relief sought, allowing the Filer to cease being a reporting issuer.

The Applicant, Probe Mines Limited, applied to the securities regulatory authorities in Ontario, Alberta, and Quebec 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 that its securities are not traded on any marketplace.

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

The Applicant applied to the securities regulatory authorities in Ontario, Alberta, and Québec 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, 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 Filer applied to the Ontario Securities Commission for exemptive relief from subsection 2.3(1) of National Instrument 41-101, which prohibits filing a first amendment to a preliminary prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, subject to the condition that the first amendment be filed by April 30, 2015.

The applicant investment fund applied to the Ontario Securities Commission and other provincial regulators 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 Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission granted the requested relief, ordering that the applicant is not a reporting issuer.

The manager of Smart Investments Ltd. and Smart Fund Family applied to the Director of the Ontario Securities Commission for an extension of the 90-day period under subsection 2.1(2) of National Instrument 81-101 to file a mutual fund prospectus.

The Director granted the requested exemption, subject to the condition that the simplified prospectus be filed no later than March 4, 2015.

The Applicant, a registered broker-dealer in the U.S., applied to the Ontario Securities Commission for exemptive relief from certain disclosure requirements under National Instrument 33-105 and statutory right of action disclosure requirements.

The relief was sought in connection with the distribution of securities of foreign issuers or foreign governments to permitted clients in Canada.

The Commission granted the requested exemptions, subject to conditions including the delivery of a specific notice to prospective purchasers and compliance with U.S. disclosure requirements for underwriter conflicts of interest.

The exemptions are valid for three years or until relevant legislative amendments come into effect.

The Filer applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements in connection with a global employee share offering.

The offering involved the issuance of units in a French collective shareholding vehicle to Canadian employees.

The Commission granted the requested relief, subject to the condition that the first trade in any units or shares acquired by Canadian participants be made through an exchange or market outside of Canada or to a person outside of Canada, provided the issuer is not a reporting issuer in Canada.