OSC 2019

The applicant, a Nevada corporation listed on the TSX Venture Exchange, applied for an extension of previously granted exemptive relief from certain Canadian accounting and continuous disclosure requirements.

The applicant required additional time to become an SEC Issuer due to delays in making its common shares eligible with the Depository Trust Company.

The Ontario Securities Commission granted the requested relief, extending the deadline to August 29, 2019, provided that if the applicant does not become an SEC Issuer by that date, it must immediately file the required Canadian financial statements and MD&A.

The applicant applied for exemptive relief on behalf of several mutual funds to be exempted from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-Over Bid Requirements.

The Ontario Securities Commission granted the requested exemptions, allowing the funds to file a simplified prospectus and annual information form in respect of the ETF Securities, and exempting purchasers of ETF Securities from the Take-Over Bid Requirements.

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

The relief was sought to allow the Filers to file a short form base shelf prospectus to renew the CARS and PARS Programme and offer Strip Securities derived from underlying corporate debt obligations purchased on the secondary market.

The Commission granted the requested exemptions, subject to conditions including that the underlying obligations must have been qualified under a prospectus and the underlying issuers must be eligible to file a short form prospectus.

The Filer applied for exemptive relief to permit its existing and future mutual funds that offer both exchange-traded fund (ETF) securities and mutual fund securities to treat them as separate funds for the purpose of complying with the sales and redemptions requirements of Parts 9, 10, and 14 of National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, provided the funds comply with the respective provisions applicable to exchange-traded and non-exchange-traded mutual funds.

The Filer applied for exemptive relief on behalf of the Fund to revoke a previous decision and permit the Fund to adopt investment restrictions contained in NI 81-102 prior to the January 2019 amendments.

The relief also sought to permit the Fund to acquire securities of a Sub-Fund, which in turn invests in a Bottom Fund.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds comply with applicable restrictions and provide adequate disclosure to shareholders.

The Filer, Soundvest Capital Management Ltd., applied to the Ontario Securities Commission for approval of a change of manager for Soundvest Split Trust to Bristol Gate Capital Partners Inc. under subsection 5.5(1)(a) of National Instrument 81-102.

The proposed transaction involves redeeming capital units, accelerating the maturity of preferred securities, and restructuring the fund as a non-public investment fund.

The Commission granted the requested approval, provided that the Filer obtains prior approval from the fund's securityholders.

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

The principal regulator was satisfied that the Filer met the test set out in the legislation, noting that the Filer's outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction of Canada and fewer than 51 worldwide, and are not traded on any marketplace.

The order was granted.

The applicant, an investment fund manager, applied for exemptive relief to extend the time limits for the renewal of the simplified prospectuses of several of its mutual funds.

The applicant sought to combine the prospectuses into a single document to reduce costs and streamline disclosure, which required additional time for translation and updating.

The Ontario Securities Commission granted the requested exemption, finding that it would not affect the accuracy of the information provided to investors and was not prejudicial to the public interest.

Global Resource Champions Split Corp. applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The applicant represented that it has 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 granted the requested order, finding that the applicant met the statutory test to cease being a reporting issuer.

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

Regulatory approval was required because the fundamental investment objectives were not substantially similar and the mergers would not be completed on a tax-deferred basis.

The principal regulator granted the requested relief, provided that the Manager obtains prior approval from the securityholders of the funds at a special meeting.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The requested relief included exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and from the take-over bid requirements for persons purchasing listed securities in the normal course on a marketplace.

The Ontario Securities Commission granted the requested exemptions, noting that the authorized dealers and designated brokers do not perform conventional underwriting services and that applying take-over bid requirements would adversely impact the liquidity of the ETFs' listed securities.

The Filer applied for an exemption from the requirement under section 3.2.01(1) of National Instrument 81-101 to deliver the most recently filed Fund Facts document for purchases of mutual fund securities made pursuant to Automatic Rebalancing Trades and Additional Investments within its target asset allocation program.

The Ontario Securities Commission granted the exemption, subject to conditions including providing investors with notice of the exemption, instructions on how to request the Fund Facts, and annual reminders.

The Filer 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 principal regulator found 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 order was granted.

BMO Asset Management Inc. applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager or its affiliates.

The relief sought exemptions from the related issuer investment restrictions and the consent requirement for investments in issuers where a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions including objective pricing, fee duplication prohibitions, and specific disclosure requirements.

Mackenzie Financial Corporation applied for exemptive relief to merge certain terminating mutual funds into continuing funds.

The proposed mergers did not meet all pre-approval criteria under NI 81-102 because the investment objectives were not substantially similar and certain unitholders did not receive current simplified prospectuses.

The Ontario Securities Commission granted the requested approval, subject to the condition that the filer obtains prior approval from the unitholders of the terminating funds at a special meeting.

The Filer applied on behalf of existing and future alternative mutual funds for an exemption from the short selling limits in National Instrument 81-102.

The exemption would permit the funds to short sell government securities up to a maximum of 300% of their net asset value, rather than the standard 50% limit.

The principal regulator granted the requested relief, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of the funds' net asset value.

The filer applied for exemptive relief from the requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 Investment Funds.

The relief was sought to permit the filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The principal regulator granted the exemption, subject to specific disclosure conditions and time limits on the use of the awards.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief from subsection 5.1(a) of National Instrument 81-105.

The applicant sought permission to pay participating dealers for direct costs related to cooperative marketing initiatives where the primary purpose is to provide educational information concerning financial planning matters.

The Commission granted the requested exemption, subject to several conditions, including that the applicant does not require dealers to sell its funds and that the educational materials contain only general information.

The Filer 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 Filer met the legislative test and granted the order.

The applicant, an investment fund manager, applied for exemptive relief on behalf of an alternative mutual fund to permit it to continue purchasing and holding securities of an underlying fund.

The relief was required because recent amendments to National Instrument 81-102 imposed new aggregate exposure limits on leverage obtained through specified derivatives, which would otherwise restrict the fund's established investment strategy.

The Ontario Securities Commission granted the requested relief, subject to conditions, noting that the fund would not engage in any new borrowing or short selling and that the underlying fund complies with applicable investment restrictions.