OSC 2017

Invesco Canada Ltd. applied for exemptive relief from the requirement to deliver a Fund Facts document when automatically switching investors from a retail series to a lower-fee private investor series of the same mutual fund.

The Ontario Securities Commission granted the relief, subject to conditions requiring Invesco to provide advance notification to investors, update its prospectus and Fund Facts disclosure, and send annual reminder notices regarding the automatic switches and investors' rights.

The Filer, Timbercreek U.S. Multi-Residential Opportunity Fund #1, applied for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Filer has disposed of all portfolio assets, paid out a special distribution, and is in the process of winding up.

The Ontario Securities Commission granted the order, satisfied that the test under the legislation was met.

The Filer applied for exemptive relief on behalf of proposed exchange-traded funds (ETFs) from the underwriter's certificate requirement, the prospectus form requirement, and the take-over bid requirements.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a Summary Document or ETF Facts, and specific prospectus disclosure.

The relief facilitates the continuous distribution and secondary market trading of the ETFs' listed securities.

Mackenzie Financial Corporation applied for exemptive relief on behalf of the Mackenzie Global Sustainability and Impact Balanced Fund from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief sought to permit the Fund to invest up to 20% or 35% of its net asset value in certain highly-rated foreign government securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the Fund's simplified prospectus discloses the additional risks associated with concentration.

The Filer applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the Filer, despite the investment restrictions in the legislation prohibiting an investment fund from knowingly making an investment in a person or company in which it is a substantial security holder.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments are consistent with the top funds' objectives, effected at an objective price, and that there is no duplication of management or sales fees.

The Filers applied to the Ontario Securities Commission for an exemption from the prospectus requirement in respect of the distribution of contracts for difference and other over-the-counter foreign exchange contracts to investors in Canada.

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

The Manager applied for exemptive relief on behalf of several terminating mutual funds to merge them into continuing funds.

Regulatory approval was required because the mergers did not satisfy all criteria for pre-approved reorganizations under section 5.6 of NI 81-102, specifically regarding fundamental investment objectives and tax-deferred transaction status.

The Ontario Securities Commission granted the requested relief, finding that the mergers would achieve a fair and reasonable result for the funds and provide benefits such as a streamlined product line-up and increased portfolio diversification.

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

The mergers were proposed because the terminating funds risked losing their 'mutual fund trust' status under the Income Tax Act due to declining unitholder numbers.

The Commission granted the requested relief, provided the Manager obtains prior approval from the unitholders of the terminating funds.

The applicant applied to the Ontario Securities Commission for exemptive relief on behalf of an exchange-traded mutual fund.

The applicant sought an exemption from the borrowing restrictions in section 2.6(a)(i) of National Instrument 81-102 to permit the fund to borrow cash to fund distributions.

The applicant also sought an exemption to treat the fund's exchange-traded securities and mutual fund securities as separate funds for the purpose of compliance with the sales and redemptions requirements in Parts 9, 10, and 14 of NI 81-102.

The Commission granted the requested exemptions subject to specified conditions.

The Filer applied for exemptive relief on behalf of an exchange-traded series of a mutual fund from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-over Bid Requirements.

The principal regulator granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and annual information form, and the provision of ETF Facts to dealers.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the time limits for filing the renewal prospectus of certain mutual funds.

The extension was requested to provide adequate time to address and resolve issues raised in a pre-filing application with the principal regulator.

The Commission granted the requested relief, finding that it would not affect the general accuracy of the current offering documents and would not be prejudicial to the public interest.

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

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

The order was granted.

The filers applied to the Ontario Securities Commission for exemptive relief from the Prospectus Delivery Requirement and certain Prospectus Form Requirements in connection with an at-the-market distribution of debentures.

The Commission granted the relief, subject to conditions including maximum distribution limits and modified disclosure requirements, finding that delivery of a prospectus is not practicable in an at-the-market distribution where the identity of purchasers is unknown.

The Filer, Franco-Nevada GLW Holdings Corp., 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 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 found that the test under the securities legislation was met and granted the requested order.

The Filer applied to the Ontario Securities Commission for an order under the securities legislation that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The principal regulator found that the Filer met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and no securities traded on a marketplace.

The order was granted.

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

The exemption would permit the funds to invest up to 20% or 35% of their net asset value in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, subject to specific credit rating requirements.

The principal regulator granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the funds' prospectuses disclose the associated risks and the nature of the relief.

The Filer, Avnel Gold Mining Limited, applied to the Ontario Securities Commission as the principal regulator for an order that it has ceased to be 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 Commission was satisfied that the test under the legislation was met and granted the order.

Sandvine Corporation applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada.

The Commission found that the outstanding securities of the Filer are beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide, and no securities are traded on a marketplace.

The order was granted.

The Filer applied for exemptive relief from Section 2.2 of National Instrument 43-101 to permit the disclosure of prior mineral resource and reserve estimates in its prospectus and technical reports.

The prior estimates did not meet the definition of 'historical estimate' because the Filer owned the relevant properties at the time they were prepared.

The Ontario Securities Commission granted the exemption, provided the disclosure complies with Section 2.4(a) through (g) of NI 43-101.

The Commission also granted the requested confidentiality for the application and decision.

The applicant, a Delaware corporation and reporting issuer in Canada, applied for an exemption from the prospectus requirement under the Securities Act.

The applicant sought to permit 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.

The Ontario Securities Commission granted the exemption, provided the conditions in Part 9A of NI 44-102 are met.