OSC 2017

The Filer applied for exemptive relief on behalf of several mutual funds to permit them to file a simplified prospectus that combines Part B disclosure for Top Corporate Funds and their corresponding Underlying Trust Funds.

The principal regulator granted the exemption, noting that the funds share substantially similar investment objectives, strategies, and portfolios, and that the relief extends a previously granted exemption.

The applicant applied for exemptive relief under section 19.1 of National Instrument 81-102 to permit certain mutual funds to invest up to 10% of their net assets in units of specific underlying pooled funds that are not reporting issuers.

The principal regulator granted the requested relief, subject to conditions including that the underlying pooled funds comply with Parts 2, 4, and 6 of NI 81-102 and Part 14 of NI 81-106, and that the mutual funds disclose the potential investments in their prospectuses.

The applicants applied to the Ontario Securities Commission for approval of a change of manager for several investment funds from Sprott Asset Management LP to SPR & CO LP.

The proposed transaction involved the sale of the right to manage the funds.

The Commission granted the requested approval under section 5.5(1)(a) of National Instrument 81-102, finding that the change of manager met the applicable regulatory requirements.

The applicant applied for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The applicant is an Australian company listed on the ASX and qualifies as a designated foreign issuer.

The Commission found that Canadian residents beneficially own less than 2% of the applicant's outstanding securities and comprise less than 2% of its total securityholders worldwide.

The application was granted.

The applicant, Excel Funds Management Inc., applied to the Ontario Securities Commission to vary a prior decision granting exemptive relief from paragraph 2.5(2)(a) of National Instrument 81-102.

The requested variation sought to eliminate a condition that prohibited units of the Funds from being sold to any mutual fund subject to NI 81-102.

The principal regulator granted the requested exemption, permitting mutual funds subject to NI 81-102 to invest in the Funds.

The Filer applied to the Ontario Securities Commission for approval of a proposed merger of the Terminating Fund into the Continuing Fund under subsection 5.5(1)(b) of National Instrument 81-102.

Regulatory approval was required because the merger did not satisfy all criteria for pre-approved reorganizations, as the funds' investment objectives were not substantially similar and the transaction was not tax-deferred.

The Commission granted the requested approval, conditional upon the Filer obtaining prior approval from the shareholders of the Terminating Fund.

Buffalo Coal Corp. applied for exemptive relief to be treated as a venture issuer under various National Instruments and Multilateral Instrument 61-101, despite having its common shares listed on the AltX in South Africa.

The Ontario Securities Commission granted the relief, allowing the Filer to comply with venture issuer obligations, provided it maintains its primary listing on the TSX Venture Exchange and the AltX remains a junior market.

Mood Media Corporation applied for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The application followed a comprehensive transaction, including a plan of arrangement, which resulted in the acquisition and redemption of all issued and outstanding common shares, the exchange of notes, and the redomiciliation of the corporation to Delaware.

Following the transaction, the corporation had no outstanding securities other than new company shares held by former noteholders, with only one resident in Canada.

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

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

The principal regulator granted the order, as the Filer's outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction of Canada and fewer than 51 worldwide, and no securities are traded on a marketplace.

The Filer applied for exemptive relief on behalf of existing and future investment funds it manages, seeking an exemption from the requirement under NI 81-106 to send an information circular to each registered securityholder whose proxy is solicited.

The Filer requested permission to use a Notice-and-Access Procedure similar to that available to corporate finance issuers under NI 51-102 and NI 54-101.

The Ontario Securities Commission granted the exemption, subject to numerous conditions regarding the content, timing, and delivery of the Notice-and-Access Document and related materials.

The Filer applied for exemptive relief under section 19.1 of National Instrument 81-102 to permit the Moneda Latam Corporate Bond Fund to invest directly in securities of the Moneda Fund, a Chilean listed investment fund.

The relief was required because the Moneda Fund is not subject to NI 81-102 and is not a reporting issuer in any Canadian jurisdiction, which would otherwise prohibit the investment under paragraphs 2.5(2)(a.1) and 2.5(2)(c.1).

The principal regulator granted the requested relief, provided that the Filer continues to meet specific continuous disclosure and monitoring requirements regarding the Moneda Fund.

Era Resources Inc. 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 requested order.

Sanofi 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 in a temporary French collective shareholding vehicle (FCPE) to Canadian employees, which would later merge with a principal FCPE.

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

The Province of Ontario and Hydro One Limited applied for exemptive relief from various securities law requirements, including insider reporting, early warning, and control person distribution rules, for certain non-aggregated holders of Hydro One securities.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring that investment decisions by non-aggregated holders remain independent of the Minister of Energy and that appropriate disclosures are made.

The applicant, Stillwater Mining Company, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is 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 principal regulator granted the order, finding that the applicant met the test set out in the legislation.

The applicant, Sionna Investment Managers Inc., applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager.

The relief was sought from investment restrictions that prohibit an investment fund from knowingly making an investment in a person or company in which it is a substantial security holder, or in an issuer in which an officer, director, or substantial security holder has a significant interest.

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

The applicant, Brandes Investment Partners & Co., applied for exemptive relief on behalf of several mutual funds (the Top Funds) from the prohibitions in paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102.

The relief sought to permit the Top Funds to invest up to 10% of their net assets in units of two underlying pooled funds that are not subject to NI 81-102 and whose securities are not qualified for distribution.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the underlying pooled funds comply with relevant parts of NI 81-102 and NI 81-106, and that appropriate disclosure is made in the Top Funds' prospectuses.

CI Investments Inc. applied for exemptive relief on behalf of its mutual funds to permit them to invest in exchange-traded funds (ETFs) that are not index participation units.

The requested relief included exemptions from the concentration restriction, control restriction, and brokerage fee restrictions under National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the investments align with the funds' objectives and that U.S. ETF investments do not exceed 10% of a fund's net asset value.

The Filer, European Commercial Real Estate Limited, applied 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 it has fewer than 15 securityholders in each Canadian jurisdiction, fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Ontario Securities Commission, acting as the principal regulator, granted the order.

The filers applied to the Ontario Securities Commission for exemptive relief from certain requirements under National Instrument 44-102 and National Instrument 44-101.

The relief sought would allow the filers to file a short form prospectus to renew the CARS and PARS Programme and offer strip securities without including a certificate of the underlying issuer or incorporating by reference the underlying issuer's documents.

The Commission granted the requested exemptions, subject to conditions including that the underlying obligations were qualified for distribution under a prospectus and that the filers comply with continuous disclosure and reporting requirements.