OSC 2020

The Filer, BMO Asset Management Inc., applied for exemptive relief from the self-dealing restriction in National Instrument 31-103.

The relief sought would permit the Filer, on behalf of its private funds and managed accounts, to purchase or sell debt securities from or to a responsible person or associate that is a principal dealer in the secondary market.

The Ontario Securities Commission granted the requested relief, finding it was not prejudicial to the public interest, subject to conditions including independent review committee approval, compliance with conflict of interest requirements, and execution at available bid/ask prices.

The Filer applied for exemptive relief under National Instrument 81-102 to permit the merger of the Manulife Floating Rate Income Fund into the Manulife U.S. Unconstrained Bond Fund.

The relief was required because the funds' investment objectives were not substantially similar and the merger would not be completed on a tax-deferred basis.

The Ontario Securities Commission granted the requested relief, subject to the Filer obtaining prior approval from the securityholders of the terminating fund.

The applicant, CI Investments Inc., applied on behalf of the CI First Asset U.S. Trendleaders Index ETF for exemptive relief from certain provisions of National Instrument 81-102.

The relief sought to permit the ETF to invest indirectly in gold through the SPDR Gold Trust up to 33 1/3 percent of its net asset value, and to invest in the SPDR Gold Trust despite it not qualifying as an index participation unit or an investment fund subject to NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investment is solely to track the index and that appropriate prospectus disclosure is made.

The applicant, a registered investment fund manager and portfolio manager, applied for exemptive relief from the trading prohibition in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit in specie transactions between managed accounts and pooled funds, and between different pooled funds managed by the applicant.

The Ontario Securities Commission granted the exemption, revoking a previous decision and replacing it with the current relief, subject to conditions including prior written consent from clients, valuation requirements, and record-keeping obligations.

The applicant, Seven Aces Limited, 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 applicant demonstrated that its outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

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

The applicant, Franklin Templeton Investments Corp., applied for exemptive relief on behalf of Templeton Growth Fund (the Continuing Fund) from section 4.4 of National Instrument 81-106.

The relief sought to permit the Continuing Fund to include the financial data and past performance of Templeton Growth Fund, Ltd. (the Terminating Fund) in its management reports of fund performance following a tax-deferred merger.

The Ontario Securities Commission granted the exemption, finding that treating the Continuing Fund as fungible with the Terminating Fund for financial data purposes would benefit investors and avoid confusion.

The applicants, managers of various mutual funds, applied for exemptive relief from the requirement in National Instrument 81-102 that a money market fund must hold only securities with a designated rating.

Due to the economic slowdown related to COVID-19, certain high-quality securities were downgraded below the designated rating threshold.

The principal regulator granted the exemption, allowing the funds to continue describing themselves as money market funds and to hold the downgraded securities, provided the securities had a designated rating at the time of purchase and continue to hold a Temporary Acceptable Rating.

The applicant, CI Investments Inc., applied on behalf of its managed investment funds for exemptive relief from subsection 6.1(1) of National Instrument 81-102.

The relief sought would permit the funds to appoint more than one custodian, specifically allowing the appointment of prime brokers as additional custodians to increase operational efficiency and reduce execution risk.

The Ontario Securities Commission granted the exemption, subject to conditions requiring proper reconciliation of portfolio assets and limiting the additional custodians' roles to the assets transferred to them.

The applicant, Horizons ETFs Management (Canada) Inc., applied on behalf of the Horizons Global Risk Parity ETF for an order that the fund has ceased to be a reporting issuer in all jurisdictions of Canada.

The principal regulator, the Ontario Securities Commission, found that the fund met the requirements, including having fewer than 51 securityholders worldwide and no securities traded on a marketplace.

The order was granted.

The Filer applied for exemptive relief on behalf of certain alternative mutual funds to extend the lapse date of their simplified prospectus and to permit the consolidation of their simplified prospectus with that of conventional mutual funds managed by the Filer.

The principal regulator granted the requested relief, finding that consolidating the prospectuses would reduce costs and facilitate comparison for investors, and that the lapse date extension would not prejudice the public interest.

The applicant issuer applied for a partial revocation of a failure-to-file cease trade order issued by the Ontario Securities Commission.

The issuer sought the partial revocation to complete a private placement to raise funds necessary to prepare and file outstanding continuous disclosure documents and pay related fees.

The Commission granted the partial revocation order, permitting trades necessary for the private placement, subject to conditions including providing subscribers with copies of the order and obtaining written acknowledgements.

The Filer, Picton Mahoney Asset Management, applied for exemptive relief on behalf of several alternative mutual funds from certain short selling and cash borrowing restrictions under National Instrument 81-102.

The requested relief would permit the funds to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, and to deposit portfolio assets with a borrowing agent that is not the funds' custodian up to certain limits.

The principal regulator granted the requested relief, subject to conditions including that the funds' aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed the leverage limit.

The Filer, an Australian mining company listed on the ASX, applied for an order to cease to be a reporting issuer in Ontario, British Columbia, Alberta, Saskatchewan, and Manitoba.

The Filer demonstrated that Canadian residents beneficially own less than 2% of its outstanding securities and comprise less than 2% of its total securityholders worldwide.

The Ontario Securities Commission, acting as principal regulator, granted the order, noting the Filer's undertaking to concurrently deliver continuous disclosure to its Canadian registered securityholders.

TD Asset Management Inc. applied for exemptive relief on behalf of its investment funds to permit investments in related underlying infrastructure and real estate pools.

The Ontario Securities Commission granted relief from related issuer, consent requirement, reporting, and self-dealing restrictions, subject to conditions including independent valuation of underlying assets, independent review committee approval, and compliance with illiquid asset restrictions.

Starlight Investments Capital LP applied for exemptive relief on behalf of certain mutual funds from the annual filing and delivery requirements for audited financial statements under National Instrument 81-106.

The funds invest primarily in underlying private investment entities and cannot obtain the necessary financial information to complete their own audits within the standard 90-day deadline.

The Ontario Securities Commission granted the requested relief, extending the deadline to 180 days, subject to certain conditions.

The Filer applied on behalf of the Terminating Fund for approval of a proposed merger into the Continuing Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all pre-approval criteria under section 5.6 because the investment objectives and fee structures were not substantially similar, and the merger would not be a qualifying exchange under the Income Tax Act.

The principal regulator granted the requested approval, provided that the Filer obtains prior approval from the securityholders of the Terminating Fund.

SEI Investments Canada Company and Richardson GMP Limited applied for exemptive relief from the bundling restrictions in National Instrument 81-101.

The applicants sought to deliver a single document containing the Fund Facts for all mutual funds forming part of an SEI Portfolio, along with a cover page, rather than delivering separate documents.

The Ontario Securities Commission granted the exemption, finding that combining the documents would facilitate investor review and understanding without compromising accessibility.

The applicant, Guardian Capital LP, applied on behalf of several proposed exchange-traded funds (ETFs) for exemptive relief from the underwriter's certificate requirement and the take-over bid requirements.

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

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse dates for the renewal of the simplified prospectuses, fund facts, and annual information forms of certain mutual funds to November 1, 2020.

The extension was sought to align the renewal dates of these funds with other Fidelity funds, allowing them to be combined in the same simplified prospectus for administrative efficiency and easier investor comparison.

The Ontario Securities Commission granted the requested exemption.

The Filers applied to the Ontario Securities Commission for approval to merge the Return on Innovation Fund Inc. into the Stone Growth Fund under subsection 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all pre-approval criteria under section 5.6 because the managers were not affiliates, the investment objectives and fee structures were not substantially similar, and the merger would be completed on a taxable basis.

The Commission granted the requested exemptive relief, provided that the Filers obtain prior approval from the shareholders of the terminating funds.