OSC 2016

The applicant, Lake Shore Gold Corp., applied for a decision that it is no longer a reporting issuer in the applicable jurisdictions following its acquisition by Tahoe Resources Inc. via a statutory plan of arrangement.

The Ontario Securities Commission, acting as principal regulator, granted the exemptive relief sought, noting that all outstanding securities of the applicant are beneficially owned by Tahoe and the applicant has no intention to seek public financing.

The Applicant, True Gold Mining Inc., 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, 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 not a reporting issuer.

The Applicant, Magellan Minerals Ltd., 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, 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 not a reporting issuer.

The applicant applied on behalf of a mutual fund for an exemption from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The exemption sought to permit the fund to invest up to 20% or 35% of its net asset value in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, depending on their credit rating.

The principal regulator granted the exemption, subject to conditions including that the securities are traded on a mature and liquid market and that the acquisition is consistent with the fund's fundamental investment objectives.

The Applicant, Northern Sun Mining Corp., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission was satisfied that the Applicant met the statutory test, as 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 application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The applicant, Aston Hill Asset Management Inc., applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds to merge certain terminating funds and classes into continuing funds and classes.

The approval was required because the continuing funds did not have substantially similar fundamental investment objectives as the terminating funds.

The Commission granted the requested approval, noting that the mergers had been approved by the Independent Review Committee and the securityholders, and would result in lower or equal management fees and economies of scale.

The applicant, an investment fund manager, applied to the principal regulator for approval of a change of control under subsection 5.5(1)(a.1) of National Instrument 81-102.

The change of control arose from a stock and asset purchase agreement where a newly formed special purpose entity acquired the applicant's parent company's global asset management business.

The regulator granted the approval, noting that the transaction would not result in material changes to the business, operations, or affairs of the investment funds, their securityholders, or the manager.

The Applicant, Opta Minerals Inc., applied for a decision that it is no longer a reporting issuer in several Canadian jurisdictions.

The Decision Maker found that the Applicant met the statutory test, as 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 application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Applicant, Wedge Acquisition Holdings Inc., 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 not a reporting issuer.

The applicant, an investment fund manager, applied for exemptive relief from the prohibition in NI 31-103 against selling portfolio securities to an associate of a responsible person.

The applicant sought to sell illiquid securities held by two liquidating funds to an affiliate in order to maximize the capital distributed to securityholders.

The Ontario Securities Commission granted the exemption, subject to conditions including independent valuation and independent review committee oversight.

The Filer, a mutual fund corporation, applied for exemptive relief from sections 2.6(a) and 10.4(3) of National Instrument 81-102.

The relief sought to permit the Filer to borrow money for working capital purposes up to 5% of its net assets and to pay the retraction price for its Preferred Shares in the form of unsecured debentures if a purchaser cannot be found.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including prominent prospectus disclosure regarding the potential receipt of debentures upon retraction.

Fidelity Investments Canada ULC applied for an extension of the 90-day period under subsection 2.1(2) of National Instrument 81-101 to file a mutual fund prospectus for three of its funds.

The Director of the Ontario Securities Commission granted the requested exemption, subject to the condition that the prospectus be filed no later than April 30, 2016.

The filer applied for exemptive relief under National Instrument 81-102 to permit its mutual funds to invest in silver, silver derivatives, and commodity exchange-traded funds (ETFs).

The principal regulator granted the requested relief, subject to conditions including that such investments are permitted by the funds' fundamental investment objectives, the funds do not short sell commodity ETFs, and the funds' aggregate exposure to gold and silver products does not exceed 10% of their net asset value.

The applicant, Excel Funds Management Inc., applied for exemptive relief on behalf of two mutual funds to permit them to invest in underlying funds managed by the applicant.

The applicant also sought relief to permit the underlying funds to file a long-form non-offering prospectus instead of a simplified prospectus, annual information form, and fund facts.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions ensuring the underlying funds comply with applicable investment restrictions and continuous disclosure requirements.

The Filer applied to the Ontario Securities Commission for an exemption from the prospectus requirement to distribute contracts for difference (CFDs) and over-the-counter foreign exchange contracts to investors in Canada.

The Commission granted the requested relief, subject to conditions including that the Filer remain registered as an investment dealer, comply with IIROC rules, and provide clients with a clear risk disclosure document prior to their first transaction.

The Applicant, EFT Canada Inc., applied to the Ontario Securities Commission and the Alberta Securities Commission 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 not a reporting issuer.

The Applicant, 1948565 Ontario Inc., 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 securities legislation.

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

AGF Investments Inc. applied for exemptive relief under s. 5.5(1)(b) of National Instrument 81-102 to permit the merger of certain mutual funds.

The approval was required because the proposed mergers would not be implemented on a tax-deferred basis, thus failing to satisfy all criteria for pre-approved reorganizations under s. 5.6.

The principal regulator granted the merger approval, noting that the mergers had been approved by unitholders and the independent review committees, and that effecting the mergers on a taxable basis would preserve net losses and loss carry-forwards in the continuing funds.

Chevrier Metals Corp. applied to the securities regulatory authorities in Alberta, Ontario, and Manitoba 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 its obligations under securities legislation.

The Ontario Securities Commission, satisfied that the statutory test was met, ordered that the applicant is not a reporting issuer.

The filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its investment funds to invest in securities of specific exchange-traded funds listed in Ireland and the UK.

The principal regulator granted the exemption, subject to conditions including that the investments align with the funds' fundamental objectives and that the ETFs are not synthetic.