OSC 2016

The applicant applied for exemptive relief from the requirement under NI 81-102 to obtain prior securityholder approval for a proposed reorganization of certain mutual funds.

The reorganization was prompted by changes to the Income Tax Act that eliminated the favourable tax treatment of forward contracts used by the Capital Yield Class.

The Ontario Securities Commission granted the requested relief and approved the transaction, subject to conditions including independent review committee approval and the provision of detailed notice to securityholders at least 60 days prior to the transaction date.

The applicant, a special purpose acquisition corporation, applied to the Ontario Securities Commission for exemptive relief from the requirement in Item 14.2 of Form 51-102F5 to include prospectus-level disclosure in its management information circular.

The applicant sought to incorporate by reference a recently filed non-offering prospectus into the circular for a shareholder meeting to approve a qualifying acquisition.

The Commission granted the requested exemption, provided the prospectus is incorporated by reference in the information circular.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the prospectus for the First Asset Short Term Government Bond Index Class ETF.

The Filer sought to align the Fund's prospectus renewal with three affiliated ETFs to reduce costs and streamline disclosure.

The Commission found that the extension would not prejudice the public interest, as there were no material changes to the Fund and the current prospectus remained accurate.

The requested relief was granted.

The applicant sought approval under paragraph 5.5(1)(a) of National Instrument 81-102 for a proposed change of manager of several mutual funds from the applicant to a new manager following an acquisition.

The Principal Regulator granted the approval, subject to the applicant obtaining prior approval from the securityholders of the funds and providing them with a management information circular containing sufficient information to make an informed decision.

Several investment fund managers applied to the Ontario Securities Commission for exemptive relief from the requirement under paragraph 12.2(2)(a) of National Instrument 81-106 to send an information circular to each registered holder of securities whose proxy is solicited.

The applicants sought to use a Notice-and-Access Document instead, similar to the procedure available to corporate finance issuers under National Instruments 51-102 and 54-101.

The Commission granted the exemption, subject to conditions ensuring that securityholders receive adequate notice, instructions on how to access the information circular electronically, and the ability to request a printed copy without charge.

The Filer, Opko Health, Inc., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada.

The Filer demonstrated that Canadian residents beneficially own less than 2% of its outstanding securities and comprise less than 2% of its total securityholders worldwide.

The Commission granted the order, deeming the Filer to cease to be a reporting issuer.

Telesta Therapeutics Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada.

The Filer had recently been acquired by ProMetic Life Sciences Inc. through a plan of arrangement and its common shares were delisted from the Toronto Stock Exchange.

The Commission granted the order, finding that the Filer met the necessary criteria despite a minor default in filing recent interim financial statements.

The Manager applied to the Ontario Securities Commission for approval to merge two terminating mutual funds into two continuing mutual funds.

Regulatory approval was required because the mergers did not meet all pre-approval criteria under NI 81-102, specifically regarding substantially similar investment objectives and the taxable nature of one merger.

The Commission granted the requested exemptive relief, finding the mergers beneficial to securityholders due to streamlined product offerings, reduced costs, and greater portfolio diversification.

The Manager applied for exemptive relief to approve the mergers of several terminating mutual funds into continuing funds under paragraph 5.5(1)(b) of NI 81-102.

The mergers did not meet all pre-approval criteria because the investment objectives were not substantially similar and one merger was not a qualifying exchange under the Income Tax Act.

The principal regulator granted the requested approval, finding the mergers beneficial to securityholders due to reduced costs and increased portfolio size.

Campar Capital Corporation applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Commission, acting as the principal regulator, found that the applicant met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not being in default of securities legislation.

The order was granted.

The Filer applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator determined that the Filer met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities were not traded on any marketplace.

The application was granted.

The Filer, Starlight U.S. Multi-Family Core Fund, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer demonstrated 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 granted the order, satisfied that the statutory test was met.

The filer, Starlight U.S. Multi-Family (No. 2) Core 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 currently holds that status.

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 in Canada or elsewhere.

The principal regulator, satisfied that the statutory test was met, granted the requested order.

The Filer, Starlight U.S. Multi-Family (No. 3) Core Fund, applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada.

The Filer represented that its outstanding securities are beneficially owned by fewer than 51 securityholders worldwide and are not traded on any marketplace.

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

HeartWare International, Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all Canadian jurisdictions where it held that status.

Following its acquisition by Medtronic, Inc., the applicant's outstanding securities were beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

The principal regulator granted the requested order, determining that the applicant met the statutory requirements to cease being a reporting issuer.

The Filer, Isoore Ltd., applied for an order to cease being a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The principal regulator, the Ontario Securities Commission, found that the Filer met the requirements, including having fewer than 51 securityholders worldwide and no securities traded on a marketplace.

The order was granted.

The applicant, ECN Capital Corp., applied for exemptive relief from the requirement under National Instrument 44-101 to have current annual financial statements and a current AIF to be eligible to file a short form prospectus.

The applicant was recently formed to acquire the commercial finance business of Element Financial Corporation via a plan of arrangement.

The Ontario Securities Commission granted the exemption, subject to conditions requiring the inclusion of alternative financial and business disclosure in any short form prospectus filed before the applicant's first annual filings are due.

The Commission also granted the requested confidentiality order.

The Filer, Ford Floorplan Auto Securitization Trust, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

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 granted the order, finding that the Filer met the test under the securities legislation.

The Filer applied for exemptive relief on behalf of its mutual funds from paragraphs 2.5(2)(a) and (c) of National Instrument 81-102.

The relief sought to permit the funds to invest up to 10% of their net asset value in closed-end funds that are not mutual funds subject to NI 81-102 and foreign closed-end funds that are not reporting issuers in the local jurisdiction.

The Ontario Securities Commission granted the exemption, subject to conditions including leverage limits and pre-trade compliance controls.

Aralez Pharmaceuticals Inc. applied for exemptive relief from the requirement to include certain historical financial statements in a business acquisition report and any short form prospectus following its acquisition of the U.S. rights to Toprol-XL.

The Filer argued that it was impracticable to prepare full carve-out financial statements because the acquired assets were not treated as a separate business by the seller and were integrated into the seller's other businesses.

The Ontario Securities Commission granted the requested relief, permitting the Filer to include abbreviated financial statements instead.