OSC 2020

The applicant applied for exemptive relief on behalf of an alternative mutual fund from certain provisions of National Instrument 81-102.

The requested relief sought to permit the fund to short sell securities up to 100% of its net asset value, and to process purchase and redemption orders on a monthly basis rather than daily.

The Ontario Securities Commission granted the requested relief, subject to conditions including aggregate exposure limits and specific disclosure requirements in the fund's offering documents.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in Dublin iShares ETFs, which are not subject to NI 81-102 and are not reporting issuers in Canada, and to permit the funds to invest in other funds that hold more than 10% of their net asset value in Dublin iShares ETFs.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives and that the Dublin iShares ETFs qualify as index participation units but for being traded on a UK stock exchange.

The Filer applied on behalf of several Horizons Corporate Class ETFs for exemptive relief from the control and fund of fund restrictions in National Instrument 81-102.

The relief permits the ETFs to continue holding 100% of the voting securities of their corresponding Horizons Private Trusts after the trusts cease to be reporting issuers.

The Ontario Securities Commission granted the requested exemption, subject to conditions including that the trusts will not issue new securities or make new investments.

The Filer, Temple Hotels Inc., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer represented that it had fewer than 15 securityholders in each Canadian jurisdiction, fewer than 51 worldwide, and no securities traded on any marketplace.

The principal regulator found that the application met the legislative test and granted the order.

Posera Ltd. 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 Filer represented that its outstanding securities are beneficially owned by 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 was satisfied that the test under the legislation was met and granted the order.

VersaPay Corporation applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The Filer represented that following an arrangement, its outstanding securities would be beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities would no longer be traded on any marketplace.

The principal regulator found the statutory tests were met and granted the requested order.

The Filer, Horizons ETFs Management (Canada) Inc., applied on behalf of numerous Horizons Funds for an order that each fund has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator, the Ontario Securities Commission, found that the funds met the requirements, including having fewer than 15 securityholders in each jurisdiction and no securities traded on a marketplace.

The order was granted.

The applicant applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing mutual funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The approval was required because the fundamental investment objectives of the continuing funds were not substantially similar to those of the terminating funds, and some mergers would not be completed as qualifying exchanges under the Income Tax Act.

The Commission granted the requested exemptive relief, subject to the applicant obtaining prior approval from the securityholders of the terminating funds.

The applicant, Andlauer Healthcare Group Inc., applied for exemptive relief from the requirement to include pro forma financial statements in a business acquisition report under National Instrument 51-102.

The applicant argued that the proposed financial statements already provided a complete picture of the impact of the acquisition and that pro forma statements would not differ materially.

The Ontario Securities Commission granted the requested relief.

The Filer applied for exemptive relief from the performance rating and ranking requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

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

The principal regulator granted the exemption, subject to specific disclosure conditions regarding the awards and ratings.

The applicant sought exemptive relief from certain prospectus and continuous disclosure requirements relating to the use of restricted security terms and disclosure for its multiple voting shares following a business combination.

The Ontario Securities Commission granted the requested relief, provided the multiple voting shares continue to be restricted securities and are referred to as subordinate multiple voting shares.

The applicant, an investment fund manager, applied for an exemption from paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit its mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leaders Ratings in sales communications.

The principal regulator granted the exemption, finding that the ratings provide objective and transparent measures of performance, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer, AGF Investments Inc., applied to the Ontario Securities Commission for exemptive relief from subsection 5.1(a) of National Instrument 81-105 Mutual Fund Sales Practices.

The relief sought would permit the Filer to pay participating dealers for direct costs incurred relating 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 Filer does not require participating dealers to sell its funds and that the materials presented contain only general educational information.

The Filer, Detour Gold Corporation, 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 principal regulator found that the Filer met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and no securities traded on a marketplace.

The application was granted, and the Filer was ordered to have ceased to be a reporting issuer.

The Filer applied for exemptive relief from the custodianship requirements of National Instrument 81-102 to permit its mutual funds and alternative mutual funds to deposit portfolio assets with a borrowing agent that is not the fund's custodian or sub-custodian in connection with short sales of securities.

The Ontario Securities Commission granted the exemption, provided the funds otherwise comply with subsections 6.8.1(2) and (3) of NI 81-102.

The Intertain Group Limited 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 found that the Filer met the necessary criteria, 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.

Blackrock Asset Management Canada Limited applied for exemptive relief on behalf of its mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to invest up to 100% of their net asset value in Dublin iShares Funds, and to permit investments in other funds that hold more than 10% of their net asset value in Dublin iShares Funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Dublin iShares Funds qualify as index participation units but for being traded on a UK stock exchange.

The Filer 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 principal regulator 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.

Fortrade Canada Limited applied to the Ontario Securities Commission for an exemption from the prospectus requirement for the distribution of contracts for difference (CFDs) and over-the-counter foreign exchange contracts to investors in Ontario and British Columbia.

The Filer is registered as an investment dealer and is a member of IIROC.

The Commission granted the requested relief, subject to conditions including that the Filer remains registered, complies with IIROC rules, provides a risk disclosure document to clients, and reports material changes.

The exemption expires after four years or upon the coming into force of relevant legislation.

The Filer applied to the Ontario Securities Commission for approval to merge the Horizons Emerging Marijuana Growers Index ETF into the Horizons US Marijuana Index ETF under paragraph 5.5(1)(b) of NI 81-102.

Regulatory approval was required because the funds did not have substantially similar fundamental investment objectives and the merger was not a qualifying exchange under the Income Tax Act.

The Commission granted the requested exemptive relief, subject to the Filer obtaining prior approval from the unitholders of the terminating fund.