OSC 2017

Sentry Investments Inc. and CI Financial Corp. applied to the Ontario Securities Commission for approval of a change of control of Sentry, the manager of the Sentry Funds, and for an abridgement of the 60-day notice period required to be given to securityholders.

The Commission granted the requested relief, approving the change of control and abridging the notice period to not less than 38 days, provided no material changes are made to the management or operations of the funds for at least 60 days following the delivery of the notice.

The Filers applied for exemptive relief from the dealer and adviser registration requirements and the prospectus requirement in connection with their Note Program, which funds mortgage loans for charitable purposes within the Pentecostal community.

The Ontario Securities Commission granted interim registration and prospectus exemptions to allow the Filers to transition to the modernized regulatory regime, as well as an ongoing prospectus exemption similar to the offering memorandum exemption, subject to specific terms and conditions including investment limits and investor protection measures.

The European Stability Mechanism and the European Financial Stability Facility applied for an exemption from the prospectus requirement for trades in certain debt securities.

The applicants could not rely on the existing exemption for foreign government debt because their debt is guaranteed severally by multiple foreign governments rather than a single government with a designated rating, or relies on capital calls.

The Ontario Securities Commission granted the exemption, provided the securities have a designated rating and are distributed only to permitted clients by registered or exempt international dealers.

CI Investments Inc. and Assante Capital Management Ltd. applied for exemptive relief from the Pre-Sale Fund Facts Delivery Requirement for mutual fund purchases made pursuant to an Automatic Switching Program.

They also sought relief to permit the preparation of a Multiple Fund Facts Document that deviates from certain Form 81-101F3 requirements.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure and investor notification plans.

Novadaq Technologies Inc. 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 its securities are not traded on any marketplace.

The Principal Regulator, satisfied that the statutory tests were met, granted the order.

The applicant, Thales, applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements in connection with a global employee share offering.

The offering involved the issuance of units of a temporary French mutual fund to Canadian employees, which would later merge into a principal fund.

The Commission granted the requested relief, subject to conditions regarding the first trade of the securities and the applicant's non-reporting issuer status in Canada.

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 requested relief would 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 Ontario Securities Commission 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 investment fund manager applied to the Ontario Securities Commission for exemptive relief on behalf of several mutual funds.

The applicant sought exemptions from National Instrument 81-102 and National Instrument 81-101 to permit the funds to include past performance data in their sales communications and fund facts, despite the data relating to a period before the funds became reporting issuers.

The Commission granted the requested relief, subject to conditions requiring specific disclosure about the funds' prior non-reporting status and the potential impact on expenses.

The applicant, East Coast Fund Management Inc., applied for exemptive relief from certain investment restrictions under the Securities Act and National Instrument 31-103 to permit its top funds to invest in underlying funds managed by the same manager.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely pursuant to prospectus exemptions, investments are made at an objective price, and appropriate disclosure is provided to investors.

The Filer, a Maryland corporation, applied to the Ontario Securities Commission for an exemption from the prospectus requirement to distribute shares of its majority-owned subsidiary, Granite Point Mortgage Trust Inc., to its Canadian shareholders by way of a pro rata dividend in specie.

The Filer and its subsidiary are not reporting issuers in Canada, and the number of Canadian shareholders is de minimis.

The Commission granted the exemption, subject to the condition that the first trade in the distributed shares will be deemed a distribution unless specific resale conditions are met.

The Filer applied for exemptive relief on behalf of existing and future mutual funds to permit the funds to show the performance data of the corresponding Main Class for the time period prior to the Commencement Date of the applicable Fee Tier Class in sales communications.

The principal regulator granted the exemption, provided that the sales communications include specific disclosure regarding the past performance data and the differences in fees between the classes.

The Filer applied for exemptive relief under National Instrument 81-102 to permit the Capital Fund to invest up to 10 percent of its net assets in a Luxembourg-based UCITS fund.

The Filer also sought relief from certain derivatives and custodian requirements to allow its mutual funds to enter into cleared swaps and deposit margin with futures commission merchants.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the underlying fund remains subject to UCITS rules and the clearing corporations meet specified regulatory standards.

The applicants, CI Investments Inc. and Assante Capital Management Ltd., applied to the Ontario Securities Commission for exemptive relief from the Pre-Sale Fund Facts Delivery Requirement and the requirement to prepare a Fund Facts in the form of Form 81-101F3.

The applicants sought to implement an Automatic Switching Program that would automatically switch investors into classes of securities with progressively lower combined management and administration fees based on their asset levels.

The Commission granted the requested relief, permitting the applicants to prepare a Multiple Fund Facts Document containing program disclosure and exempting dealers from delivering a Fund Facts document for purchases made pursuant to the automatic switches, subject to certain notification and disclosure conditions.

The Filers applied to the Ontario Securities Commission for exemptive relief from the insider reporting requirements under subsection 107(2) of the Securities Act.

The relief was sought in connection with the disposition of common shares by the Insider pursuant to an automatic securities disposition plan (ASDP) designed to maintain the Insider's proportionate ownership during the Company's normal course issuer bid.

The Commission granted the exemption, subject to the condition that the Insider file an annual summary report of all dispositions under the ASDP.

The Manager applied on behalf of the Terminating Fund for approval to merge the Terminating Fund into the Continuing Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because the investment objectives were not substantially similar and it would not be a tax-deferred transaction.

The principal regulator granted the requested approval, finding that the merger would be beneficial to securityholders.

The filer applied for exemptive relief on behalf of an investment fund to permit the fund to include past performance data in its annual and interim management reports of fund performance, despite the data relating to a period before the fund offered its securities under a simplified prospectus.

The principal regulator granted the relief, subject to conditions including disclosure that the fund was not a reporting issuer during that period and that expenses would have been higher had it been subject to reporting issuer requirements.

The Filer, R Split III Corp., applied to the Ontario Securities Commission for an order declaring 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 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 test set out in the legislation was met.

The Filer applied to the Ontario Securities Commission for exemptive relief from the investment fund self-dealing restrictions in the Securities Act.

The relief was sought to allow the Top Funds to invest all or substantially all of their assets in the Underlying Funds, which would result in the Top Funds becoming substantial securityholders of the Underlying Funds.

The Commission granted the requested relief, subject to several conditions, including that each Top Fund must be the sole limited partner of its corresponding Underlying Fund and that no duplicative management or incentive fees are payable.

The Filer, Brookfield Canada Office Properties, applied to the Ontario Securities Commission as principal regulator for an order declaring that it has ceased to be a reporting issuer in all 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 was satisfied that the test under the securities legislation was met and granted the order.

Silver Bear Resources Inc. applied for an order to cease being a reporting issuer in all Canadian jurisdictions following a statutory plan of arrangement where all its common shares were exchanged for ordinary shares of Silver Bear Resources Plc.

The Filer's shares were delisted from the TSX.

Although the Filer was in default of filing a compliant technical report under NI 43-101, the Parent company became a reporting issuer and would file a compliant report for the same underlying property.

The Ontario Securities Commission granted the order, determining that the Filer met the test to cease being a reporting issuer.