OSC 2020

The applicants, Chemtrade Logistics Income Fund and BMO Nesbitt Burns Inc., applied to the Ontario Securities Commission for exemptive relief in connection with an at-the-market (ATM) distribution of trust units.

The applicants sought exemptions from the prospectus delivery requirement, certain prospectus form requirements, and the 10% aggregate cap on ATM distributions under National Instrument 44-102.

The Commission granted the requested exemptions, subject to conditions including minimum trading volume and value requirements, and specific disclosure obligations.

The applicant, Fidelity Investments Canada ULC, applied for exemptive relief from the multi-layering restriction in paragraph 2.5(2)(b) of National Instrument 81-102 Investment Funds.

The relief sought to permit certain mutual funds and exchange-traded funds to invest in three-tier or four-tier fund-of-funds structures.

The Ontario Securities Commission granted the requested relief, subject to conditions including that there be no duplication of management or administrative fees, and that the funds comply with specific portfolio holdings disclosure requirements.

Covington Venture Fund Inc. 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 Commission granted the order, noting that the Filer's outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 securityholders worldwide, and that its securities are not traded on any marketplace.

The filer applied for exemptive relief on behalf of several mutual funds and alternative mutual funds.

The requested relief sought exemptions from the borrowing restriction in National Instrument 81-102 to allow the funds to borrow cash to fund distributions, and from the sales and redemptions requirements to permit the funds to treat exchange-traded fund securities and mutual fund securities as separate funds.

The principal regulator granted the requested exemptions, subject to specific conditions regarding borrowing limits, duration, and compliance with applicable provisions for each type of security.

The Manager applied to the Ontario Securities Commission for approval of a change of control pursuant to subsection 5.5(1)(a.1) of National Instrument 81-102.

The change of control resulted from a reorganization of the Timbercreek Group, transferring voting shares to a holding company owned by a co-founder.

The Commission granted the requested exemptive relief, noting that the Manager would continue to operate the Fund without substantive changes to its management, fees, or operations.

The Filer applied for exemptive relief to extend the lapse date of the Next Edge Bio-Tech Plus Fund's simplified prospectus from October 25, 2020, to December 31, 2020.

The extension was requested because the Filer is considering merging the Fund into another mutual fund by the end of the year, making the filing of pro forma renewal documents unduly costly.

The Ontario Securities Commission granted the requested exemption.

The applicant, on behalf of an investment fund, applied for exemptive relief from paragraph 2.2(d) of National Instrument 44-101 to permit the fund to file a shelf prospectus pursuant to National Instrument 44-102, even though the fund had not yet completed a financial year end.

The principal regulator granted the relief, subject to conditions including the filing of initial financial statements and a management report of fund performance.

The Filer applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to permit the merger of several terminating mutual funds into continuing funds.

The proposed mergers did not meet all pre-approval criteria because the fundamental investment objectives were not substantially similar and the mergers would be completed on a taxable basis.

The principal regulator granted the requested relief, provided that prior securityholder approval is obtained for each terminating fund.

Fortive Corporation applied for an exemption from the prospectus requirement under section 53 of the Securities Act in connection with the proposed spin-off distribution of shares of its wholly-owned subsidiary, Vontier Corporation, to its Canadian shareholders.

The Ontario Securities Commission granted the exemption, noting that the number of Canadian shareholders was de minimis and that they would receive the same disclosure materials as US shareholders.

The first trade of the distributed shares will be subject to the resale restrictions in National Instrument 45-102.

The Filer, a special purpose acquisition company, applied for exemptive relief from certain prospectus and continuous disclosure requirements relating to the use of restricted security terms.

The relief was sought in connection with a potential qualifying transaction where restricted voting units would be renamed as limited partnership units.

The Principal Regulator granted the requested disclosure exemptions, subject to conditions regarding the Filer's capital structure prior to and following the qualifying transaction.

The applicant applied for exemptive relief on behalf of its alternative mutual funds from certain short selling and concentration restrictions under National Instrument 81-102.

The requested relief would permit the funds to short sell securities up to 100% of NAV, short sell government securities up to 300% of NAV, and invest up to 35% of net assets in foreign government securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including aggregate exposure limits and prospectus disclosure requirements.

The Filer applied for exemptive relief on behalf of the Fund from the concentration restriction in subsection 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit the alternative mutual fund to replicate a 1.25 times multiple of the performance of a rules-based, variable-weight Canadian bank index.

The principal regulator granted the exemption, subject to conditions including that the investment is made in accordance with the Fund's investment objectives and strategies, and that the Fund's prospectus discloses the exemption and associated concentration risks.

The applicant applied for exemptive relief on behalf of its mutual funds and alternative mutual funds from the requirement under s. 6.1(1) of NI 81-102 that all portfolio assets be held by a single custodian.

The relief sought to permit the funds to deposit portfolio assets with a borrowing agent (Prime Broker) that is not the fund's custodian in connection with short sales, up to certain limits.

The Ontario Securities Commission granted the exemption, finding it not prejudicial to the public interest, provided the funds otherwise comply with subsections 6.8.1(2) and (3) of NI 81-102.

The applicants, Summit Industrial Income REIT and its agents, applied to the Ontario Securities Commission for exemptive relief from the Prospectus Delivery Requirement and Prospectus Form Requirements in connection with an at-the-market distribution of trust units.

The Commission granted the requested relief, subject to conditions including minimum trading volume and value requirements, and specific disclosure obligations.

The Commission also granted confidentiality relief, keeping the application and decision confidential until the earliest of several specified events.

The applicant applied to the Ontario Securities Commission for exemptive relief to extend the time limits for the renewal of the simplified prospectus of the Purpose Structured Equity Yield Portfolio.

The extension was requested to allow the applicant to file a combined preliminary and pro forma simplified prospectus for both the existing fund and a newly created fund, thereby reducing renewal costs and streamlining disclosure.

The Commission granted the requested relief, extending the lapse date to October 23, 2020.

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

The relief sought to permit the funds to borrow up to 100% of their net asset value for a cash currency hedging strategy, and to borrow cash or short sell securities up to 100% of their net asset value for leverage strategies.

The principal regulator granted the exemption, finding that the strategies were consistent with the funds' investment objectives and that the physical shorting and borrowing strategies were more efficient and less costly than using specified derivatives, subject to conditions including aggregate leverage limits and prospectus disclosure.

The Filer, Boyuan Construction Group, Inc., applied for an order under the securities legislation of Ontario to cease 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 applicant, Guyana Goldfields Inc., 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 Commission granted the order, noting that the applicant's outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are no longer traded on any marketplace.

CIBC Asset Management Inc. applied for exemptive relief on behalf of several mutual funds to permit the funds to file a simplified prospectus for their ETF series instead of a long form prospectus, and to treat the ETF series and mutual fund series as separate funds for the purposes of the sales and redemptions requirements under NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to certain disclosure and compliance conditions.

The Filer, Kinaxis Inc., applied to the Ontario Securities Commission for exemptive relief from the requirement under section 8.2 of NI 51-102 to file a business acquisition report following its acquisition of Rubikloud Technologies Inc. Although the acquisition triggered the profit or loss significance test, it did not meet the asset or investment tests, and the Filer demonstrated that the profit or loss test produced an anomalous result that exaggerated the significance of the acquisition.

The Principal Regulator granted the requested exemption.