OSC 2016

The Filer applied for exemptive relief from the inter-fund trading prohibition in subparagraph 13.5(2)(b)(iii) of National Instrument 31-103 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger was proposed to streamline product offerings and allow the Continuing Fund to qualify as a mutual fund trust under the Income Tax Act.

The Ontario Securities Commission granted the requested exemption, finding that the merger was in the best interests of the unitholders and that potential conflicts of interest had been adequately addressed.

The applicant, the CEO and Chair of Shopify Inc., applied for exemptive relief from the prospectus requirement under s. 53(1) of the Securities Act to permit the sale of Class A Shares under an automatic securities disposition plan (ASDP).

The applicant sought relief from the waiting period, reporting requirements, and expiry provisions of NI 45-102.

The Ontario Securities Commission granted the exemption, subject to conditions including that the ASDP contains meaningful restrictions on variation or termination, sales are conducted by a broker without the applicant's participation, and the applicant does not possess material undisclosed information when entering the plan.

The applicant, Entertainment One Ltd., applied to the Ontario Securities Commission for an exemption from the prospectus requirement for the first trades of common shares issued to certain Canadian residents.

The applicant is not a reporting issuer in Canada and its shares are listed on the London Stock Exchange.

The exemption was sought because Canadian residents, primarily due to acquisitions by the Canada Pension Plan Investment Board, owned more than 10% of the outstanding shares, making the standard exemption under section 2.14 of NI 45-102 unavailable.

The Commission granted the requested relief, provided the applicant remains a non-reporting issuer in Canada, trades are executed through a foreign exchange or to a person outside Canada, and Canadian resident shareholdings (excluding CPPIB and the CEO) remain below 10%.

The Filer, U.S. Tactical Allocation Fund, applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The Filer 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 principal regulator was satisfied that the test under the legislation was met and granted the requested order.

The Filer applied for exemptive relief from the requirement in subsection 3.2.01(1) of National Instrument 81-101 to deliver Fund Facts documents to purchasers before accepting instructions for the purchase of mutual fund securities.

The relief was sought for automatic switches of retail series investors to high net worth series securities when they meet minimum investment thresholds.

The Ontario Securities Commission granted the exemption, subject to conditions including notification plans, prospectus disclosure, and annual reminder notices.

The applicant, BMO Nesbitt Burns Inc., applied on behalf of existing and future investment funds for an exemption from the requirement under NI 81-106 to send an information circular to each registered holder of securities whose proxy is solicited.

The applicant sought to use the Notice-and-Access Procedure instead.

The Ontario Securities Commission granted the exemption, subject to conditions, noting that the procedure is already permitted for corporate finance issuers and would not be detrimental to investor protection.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of existing and future investment funds it manages.

The requested relief sought an exemption from the requirement under NI 81-106 to send an information circular to each registered securityholder whose proxy is solicited, allowing the funds to use a Notice-and-Access Document instead.

The Commission granted the exemption, subject to numerous conditions regarding the content, timing, and procedure for sending the Notice-and-Access Document, ensuring securityholders maintain access to the same quality of disclosure material.

The Filer, Next Edge Capital Corp., applied for exemptive relief from the requirement under NI 81-106 to send an information circular to each registered holder of securities whose proxy is solicited.

The Filer sought to use a Notice-and-Access Procedure similar to that permitted for corporate finance issuers under NI 51-102 and NI 54-101.

The Ontario Securities Commission granted the exemption, subject to conditions ensuring securityholders receive a Notice-and-Access Document and retain the ability to request printed copies of the information circular.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 to approve the proposed reorganization of several terminating mutual funds into continuing funds.

The reorganization required regulatory approval because the investment objectives of certain continuing funds were not substantially similar to the terminating funds, and certain mergers would be effected on a taxable basis.

The Ontario Securities Commission granted the requested relief, permitting the reorganizations to proceed subject to the prior approval of the securityholders of the terminating funds at a special meeting.

The applicant, an investment fund manager, applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the applicant's mutual funds to reference FundGrade A+ Awards and FundGrade Ratings in their sales communications.

The principal regulator granted the requested relief, subject to specific disclosure conditions and time limitations on the use of the awards.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief on behalf of certain pooled funds (Top Funds).

The relief sought to permit the Top Funds to invest in other mutual funds (Underlying Funds) directly or indirectly through derivative instruments, despite statutory restrictions on investing in substantial securityholders or related funds.

The Commission granted the requested relief, subject to conditions ensuring that the fund-on-fund structure does not result in duplicative fees and that appropriate disclosure is provided to investors.

The applicant applied for exemptive relief from paragraphs 2.5(2)(a.1) and (c.1) of National Instrument 81-102 to permit a new investment fund to purchase securities of certain investment funds in the United States.

The Ontario Securities Commission granted the exemption, subject to conditions including that the underlying funds are public investment funds subject to the 1940 Act and that investments in any one underlying fund do not exceed 10% of the fund's net asset value.

Goldeye Explorations Limited applied for an order to cease to be a reporting issuer in Alberta, British Columbia, and Ontario following a plan of arrangement where it became a wholly owned subsidiary of Treasury Metals Inc. The Ontario Securities Commission, acting as principal regulator, granted the order, noting that the Filer's outstanding securities were beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide.

Mawson West Limited applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The Filer 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 principal regulator was satisfied that the test under the legislation was met and granted the requested order.

The Filer applied for exemptive relief from the trading prohibition in section 13.5(2)(b) of National Instrument 31-103 to permit certain investment funds and managed accounts to engage in inter-fund trades and in specie transactions.

The principal regulator granted the relief, subject to conditions including independent review committee approval and compliance with pricing and valuation requirements.

The decision also revoked and replaced a prior exemptive relief decision.

Alignvest Acquisition Corporation applied for exemptive relief from various prospectus and continuous disclosure requirements relating to restricted securities under NI 41-101, NI 51-102, and OSC Rule 56-501.

The relief was sought in connection with a proposed qualifying transaction involving Trilogy International Partners LLC, which would result in the creation of a special voting share and the re-designation of existing shares as common shares.

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions including the completion of the arrangement and the granting of related relief by the TSX.

The Filer applied for exemptive relief under subsection 5.5(1)(b) of National Instrument 81-102 to approve the proposed reorganization of several terminating mutual funds into continuing mutual funds.

The Principal Regulator granted the requested relief, provided that the Filer obtains the prior approval of the securityholders of the terminating funds at a special meeting.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to enter into cleared swaps and to deposit cash and other portfolio assets as margin directly with a Futures Commission Merchant and indirectly with a Clearing Corporation.

The principal regulator granted the requested relief, subject to conditions regarding the regulatory status and financial requirements of the Futures Commission Merchant and limits on the amount of margin deposited.

The applicant, as manager of an investment fund, applied to the Director of the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

The applicant sought relief from subsection 2.3(1.1), which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the exemption, subject to the condition that the final prospectus be filed by February 12, 2017.

The applicant, Russell Investments Canada Limited, applied for exemptive relief on behalf of its mutual funds from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102.

The relief sought to permit the funds to invest in exchange-traded funds that hold or obtain exposure to physical commodities on an unlevered basis.

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