OSC 2015

The Rubicon Project, Inc. applied to the Ontario Securities Commission for an exemption from the prospectus requirement for the first trade of its common shares issued to former shareholders of Chango Inc. in connection with a plan of arrangement.

The Commission granted the requested relief, provided that the first trade is executed through the facilities of the NYSE or another exchange outside of Canada, and that Canadian residents do not own more than 10 percent of the outstanding shares after the distribution.

Masco Corporation applied for an exemption from the prospectus requirement under section 53 of the Securities Act in connection with the distribution of shares of its wholly-owned subsidiary, TopBuild Corp., to Masco shareholders resident in Canada.

The distribution is part of a spin-off transaction.

The Ontario Securities Commission granted the requested relief, provided that the first trade in TopBuild Shares issued in connection with the spin-off is deemed a distribution unless certain resale conditions are met.

The Applicant, CGL Buritica Limited, 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 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 the legislation.

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

The applicant applied for exemptive relief under subsection 5.5(1)(b) of National Instrument 81-102 to permit the reorganization of a terminating mutual fund into a continuing mutual fund.

The reorganization did not meet all pre-approval criteria because the fundamental investment objectives of the funds were not substantially similar.

The Principal Regulator granted the requested relief, conditional upon the applicant obtaining prior approval from the unitholders of the terminating fund at a special meeting.

The Applicant, Ainsworth Lumber Co. Ltd., 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 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is no longer a reporting issuer.

The applicant applied for exemptive relief on behalf of the Intactive Funds from the mutual fund investment restrictions in National Instrument 81-102.

The relief sought to permit the Intactive Funds to invest up to 10% of their net assets in the Invesco Select Emerging Markets Pool, which is not subject to NI 81-102 and not qualified for distribution in the local jurisdiction.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the EM Pool complies with certain parts of NI 81-102 and NI 81-106, and that the Intactive Funds disclose the investment in their prospectuses.

The applicant, Russell Investments Canada Limited, applied for exemptive relief from certain provisions of National Instrument 81-102 regarding derivative transactions.

The relief sought to permit the applicant's mutual funds to enter into Cleared Swaps and deposit cash and portfolio assets as margin with Futures Commission Merchants and Clearing Corporations.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the regulatory status and financial requirements of the Futures Commission Merchants.

Cangold Limited applied to the Ontario Securities Commission and the Alberta Securities Commission for an order declaring that it has ceased to be a reporting issuer.

Following a statutory plan of arrangement, Cangold became a wholly owned subsidiary of Great Panther Silver Limited, and its shares were delisted from the TSX Venture Exchange.

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

AGF Investments Inc. applied to the Ontario Securities Commission for exemptive relief to permit the merger of certain mutual funds where the investment objectives of the merging funds were not substantially similar to the continuing funds.

The Commission granted the requested merger approvals, subject to AGF obtaining prior approval from the securityholders of each of the merging funds.

The Filer, a reporting issuer listed on the TSX Venture Exchange, applied for exemptive relief from the requirements applicable to non-venture issuers.

The Filer recently obtained a secondary listing on the Santiago Venture Market, which technically disqualified it from the 'venture issuer' definition.

The Ontario Securities Commission granted the relief, allowing the Filer to continue complying with venture issuer obligations, provided it maintains its TSXV listing and the filing obligations of both exchanges remain identical.

The Applicant applied to the Ontario Securities Commission and other jurisdictions for a decision that it is no longer a reporting issuer.

The Commission found that the Applicant's securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and are not traded on any marketplace.

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

The Filers applied to the Ontario Securities Commission for approval of the proposed mergers of several terminating mutual funds into continuing mutual funds under clause 5.5(1)(b) of National Instrument 81-102.

The mergers did not meet all criteria for pre-approved reorganizations because the investment objectives of the terminating and continuing funds were not substantially similar, and some mergers would be effected on a taxable basis.

The Commission found that the mergers would not result in a material change, would provide economies of scale, and were approved by the Independent Review Committee.

The requested approval was granted.

The applicant investment fund manager applied for approval to merge a terminating mutual fund into a continuing mutual fund pursuant to subsection 5.5(1)(b) of National Instrument 81-102.

The principal regulator determined that the proposed merger met the legislative test and granted the requested approval.

The Filer, Slate U.S. Opportunity (No. 3) Realty Trust, applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

Following the acquisition of its assets by Slate Retail REIT, the Filer's outstanding securities were 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.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to enter into cleared swaps and deposit cash and portfolio assets as margin with a Futures Commission Merchant.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest and would allow the funds to benefit from reduced trading costs and mitigated risks associated with central clearing of over-the-counter derivatives.

The Applicant, AgriMarine Holdings Inc., applied for a decision that it is not 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 its securities are not traded on any marketplace.

The Ontario Securities Commission granted the application, ordering that the Applicant is no longer a reporting issuer.

The applicant sought exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 to permit its mutual funds to enter into swap transactions cleared through a clearing corporation.

The relief was required due to new U.S. and European requirements to clear over-the-counter derivatives.

The Ontario Securities Commission granted the relief, treating cleared swaps similarly to other cleared derivatives, subject to specific margin and clearing corporation conditions.

The applicant, Purpose Investments Inc., applied to the Ontario Securities Commission for exemptive relief from the Take-over Bid Requirements on behalf of purchasers of units in the Limited Duration Investment Grade Preferred Securities Fund.

The Commission granted the exemption, provided that any purchaser making an offer to acquire units does not beneficially own or control 20% or more of the total outstanding units of all classes of the Fund as a result of the purchase.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to enter into cleared swap transactions and deposit cash and portfolio assets as margin with a Futures Commission Merchant.

The principal regulator granted the relief, noting that new U.S. and European regulations require clearing of certain over-the-counter derivatives, and the relief treats cleared swaps similarly to other cleared derivatives.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future commodity pools to permit them to invest in other exchange-traded commodity pools under common management.

The relief sought exemptions from the concentration, control, and fund-of-funds restrictions in National Instrument 81-102, as well as the prohibition on paying brokerage commissions for such investments.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the top funds cannot indirectly bypass investment restrictions.