OSC 2018

The Filer applied for exemptive relief from various restricted security rules under NI 41-101, OSC Rule 56-501, and NI 51-102 in connection with its common shares.

Following a business combination, the Filer will issue proportionate voting shares carrying 500 votes per share, which would technically render the common shares 'restricted securities'.

The Ontario Securities Commission granted the requested exemptions, permitting the Filer to refer to its common shares as 'common shares' and exempting it from specific restricted security disclosure and eligibility requirements, provided certain conditions are met.

Enercare Inc. 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 found that the Filer met the necessary criteria, 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.

Beaufield Resources Inc. applied for an order to cease being a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The Ontario Securities Commission, acting as the principal regulator, granted the order after finding that the Filer met the necessary conditions, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and having no securities traded on a marketplace.

The Filer applied for exemptive relief on behalf of the 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 highly rated foreign government securities.

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 Fund's simplified prospectus discloses the additional risks and the nature of the relief.

Brompton Funds Limited applied for exemptive relief on behalf of its mutual funds to permit them to invest in exchange-traded funds that are not index participation units.

The relief sought exemptions from the concentration restriction, control restriction, simplified prospectus requirement, 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 the underlying ETFs are listed on a recognized Canadian exchange.

Tangelo Games Corp. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all Canadian jurisdictions where it is currently a reporting issuer.

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 found that the Filer met the test set out in the legislation and granted the order.

The Filer applied on behalf of three alternative mutual funds for exemptive relief from various provisions of National Instrument 81-102 Investment Funds.

The requested relief included exemptions from concentration restrictions, specified derivatives rules, cash borrowing limits, short selling restrictions, custodian requirements, and performance fee calculations.

The Ontario Securities Commission granted the requested relief, subject to extensive conditions regarding disclosure, leverage limits, and distribution restrictions, pending the coming-into-force of the proposed alternative fund rule amendments to NI 81-102.

Just Energy Group Inc. applied to the Ontario Securities Commission for exemptive relief from the issuer bid requirements under Part 2 of NI 62-104 in connection with an offer to repurchase USD$150 million of its Eurobonds.

The relief was required because Canadian bondholders beneficially owned more than 10% of the Eurobonds, precluding reliance on the foreign issuer bid exemption.

The Commission granted the requested relief, provided that the filer receives an executed confirmation and consent from each participating Canadian bondholder acknowledging the waiver of issuer bid protections.

The Filer, PHH Corporation, applied to the Ontario Securities Commission for an order under subparagraph 1(10)(a)(ii) of the Securities Act declaring that it is no longer a reporting issuer.

Following a merger, the Filer became a wholly-owned subsidiary of Ocwen Financial Corporation, and its common stock was delisted from the New York Stock Exchange.

The Filer's only outstanding securities are two classes of senior notes, which are held by a small number of investors in Canada and are not traded on any Canadian marketplace.

The Commission was satisfied that the statutory test was met and granted the requested order.

The Filers applied to the Ontario Securities Commission for an exemption from the requirement to file an insider report within 5 days of a disposition of common shares pursuant to automatic securities disposition plans (ASDPs).

The Commission granted the exemption, subject to conditions including that the insiders file an annual report of all acquisitions and dispositions under the ASDPs by March 31 of each calendar year.

The applicants sought exemptive relief from various continuous disclosure, prospectus eligibility, and restricted share requirements under National Instruments 51-102, 41-101, 44-101, and OSC Rule 56-501 in connection with the issuance of Common Shares and Compressed Shares following a business combination.

The Ontario Securities Commission granted the requested exemptions, provided the Resulting Issuer has no other restricted securities outstanding and complies with specific disclosure conditions.

The Filer applied to the Ontario Securities Commission for approval to merge two terminating non-redeemable investment funds into a continuing exchange-traded mutual fund.

The approval was required because the terminating funds did not have substantially similar fundamental investment objectives as the continuing fund, thereby not satisfying all criteria for pre-approved reorganizations under NI 81-102.

The Commission granted the merger approval, subject to the Filer obtaining prior approval from the unitholders of each terminating fund.

The applicant, Desjardins Global Asset Management Inc., applied on behalf of the Desjardins Funds for exemptive relief from the related issuer and reporting requirements under Ontario securities legislation.

The relief sought to permit the funds to purchase non-exchange-traded debt securities of related issuers, specifically those within the Fédération des Caisses Desjardins du Québec group, in primary offerings and the secondary market.

The Ontario Securities Commission granted the requested exemption, subject to conditions including independent review committee approval, designated rating requirements, and pricing safeguards to ensure the transactions are in the best interests of the funds.

The Filer applied for exemptive relief from various restricted security rules under National Instrument 41-101, OSC Rule 56-501, and National Instrument 51-102 in connection with its Common Shares.

The relief was sought because the Filer planned to issue proportionate voting shares that would carry multiple votes per share, which would otherwise cause the Common Shares to be classified as restricted securities.

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions regarding the Filer's capital structure and disclosure.

CIBC Asset Management Inc. applied for an exemption from paragraph 2.5(2)(a) of National Instrument 81-102 to permit mutual funds it manages to invest up to 10% of their net asset value in units of the CIBC Multi-Asset Absolute Return Strategy, an alternative fund.

The Ontario Securities Commission granted the exemption, subject to conditions including that the underlying fund complies with the investment restrictions in the Alternative Funds Rule and that the combined exposure to the underlying fund and certain ETFs does not exceed 10% of the top fund's net asset value.

The applicant, Purpose Investments Inc., applied on behalf of the Purpose Gold Bullion Fund for exemptive relief from various provisions of National Instrument 81-102.

The requested relief sought to permit the Fund to invest up to 100% of its net assets in physical gold bullion, accept a combination of cash and bullion as subscription proceeds, extend the time for paying redemption proceeds beyond two business days, and appoint the Royal Canadian Mint as the custodian of the Fund's bullion.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure and the Mint maintaining sufficient minimum capitalization.

The Filer, Frontenac Mortgage Investment Corporation, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of its current prospectus from September 29, 2018, to November 29, 2018.

The extension was requested to allow sufficient time to conclude discussions with OSC Staff regarding the Filer's transition from oversight as an investment fund issuer to a corporate issuer.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of two mutual funds from various provisions of National Instrument 81-102.

The requested relief sought to permit the funds to operate as alternative funds, including exemptions from concentration restrictions, commodity investment limits, specified derivatives rules, cash borrowing limits, short selling restrictions, and performance fee requirements.

The Commission granted the requested relief, subject to conditions including specific disclosure requirements, leverage limits, and distribution restrictions, until the coming into force of the proposed alternative fund rules.

Ninepoint Partners LP applied for exemptive relief on behalf of several investment funds to permit them to invest indirectly in physical commodities through Commodity ETFs and to invest in certain leveraged, inverse, and commodity ETFs that do not qualify as index participation units under National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions limiting the funds' exposure to physical commodities and the proportion of their net asset value that may be invested in such ETFs.

The applicants, Mackenzie Financial Corporation and Quadrus Investment Services Ltd., applied for an exemption from the requirement to deliver Fund Facts documents for purchases of High Net Worth Series securities made pursuant to automatic lower-fee switches.

The Ontario Securities Commission granted the exemption, subject to conditions including notification plans, prospectus disclosure, and annual reminder notices, finding that investors would not be prejudiced as they would pay lower fees and had already received disclosure for the initial retail series.