OSC 2021

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 Investment Funds.

The applicant sought approval for the reorganization of certain series of the Mackenzie Global Resource Fund with the Canada Life Global Resources Fund.

The applicant also sought an exemption from the fund of funds investment restrictions to permit its top funds to invest in the reorganizing funds despite those funds holding more than 10% of their net asset value in other investment funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including unitholder approval and specific portfolio disclosure requirements.

CI Investments Inc. applied for exemptive relief on behalf of its managed investment funds from the related securityholder and related issuer requirements under securities legislation.

The relief sought to permit the funds to invest in non-exchange-traded debt securities of related issuers in primary offerings and the secondary market, and to permit pooled funds to invest in exchange-traded securities of related issuers in the secondary market.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval, pricing requirements, and designated rating requirements, and revoked prior related decisions.

The Filer, Nepra Foods Inc., applied to the Ontario Securities Commission for exemptive relief from various restricted security rules under National Instrument 41-101, National Instrument 51-102, and OSC Rule 56-501.

The relief was sought in connection with the Filer's initial public offering and the creation of Proportionate Voting Shares, which technically rendered the Common Shares as restricted securities.

The Commission granted the requested exemptions, subject to conditions including that the Filer has no other restricted securities outstanding and provides consistent disclosure.

The issuer applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued on June 9, 2020.

The issuer had failed to file its interim financial statements and other continuous disclosure documents due to business disruptions related to the COVID-19 pandemic.

The issuer subsequently filed all outstanding documents, paid all required fees, and brought its continuous disclosure obligations up to date.

The Principal Regulator was satisfied that the test for revocation was met and ordered the revocation of the cease trade order.

RBC Global Asset Management Inc. applied for exemptive relief from the principal trading prohibitions in NI 31-103 and NI 81-102.

The relief was sought to permit the Filer's public funds, private funds, and managed accounts to purchase and sell commercial mortgages from or to an affiliate, Royal Bank of Canada.

The Ontario Securities Commission granted the requested relief, subject to several conditions including independent valuation, independent review committee approval, and concentration limits.

The Filer, BlackRock Asset Management Canada Limited, applied for exemptive relief from paragraph 2.5(2)(b) of National Instrument 81-102.

The relief sought to permit four new exchange-traded funds to purchase and hold shares of U.S. iShares ETFs that may hold more than 10% of their net asset value in U.S. Money Market Funds.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investment aligns with the funds' fundamental objectives and that the U.S. iShares ETFs are in good standing with the SEC.

Atlantic Power Corporation applied for an order to cease being a reporting issuer in all jurisdictions of Canada following a going-private transaction.

The Filer's common shares and debentures were delisted from the TSX and NYSE, and all outstanding common shares were acquired by BidCo.

The Ontario Securities Commission granted the requested order, finding that the Filer met the requirements under the applicable securities legislation.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of the Fund to permit the use of past performance data from the period before the Fund became a reporting issuer.

The relief was sought for use in sales communications, fund facts documents, ETF facts documents, and management reports of fund performance.

The Commission granted the requested relief, subject to conditions requiring disclosure that the Fund was not a reporting issuer during the relevant period and that expenses might have been higher had it been subject to reporting issuer requirements.

Roxgold Inc. applied to the Ontario Securities Commission for an order to cease to be 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 requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not having its securities traded on any marketplace.

The order was granted.

The applicant, an investment fund manager, applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying investments managed by the same manager.

The relief sought included exemptions from the related issuer investment restrictions, the reporting requirements for related party transactions, and the requirement to obtain client consent before investing in securities of an issuer in which a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions, including that the investments are compatible with the top funds' objectives, effected at an objective price, and that no duplicative fees are charged.

The Filer, a mining company, applied to the Ontario Securities Commission for exemptive relief from the requirement under Part 8 of National Instrument 51-102 to file a business acquisition report in connection with its acquisition of Osgood Mining Company, LLC.

The Filer argued that applying the significance tests on a standalone basis produced an anomalous result because the Filer was newly incorporated, and that on a combined basis with its wholly-owned subsidiary, the acquisition was not significant.

The Commission granted the requested exemptive relief.

The applicant applied for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The principal regulator found that the applicant met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, with no securities traded on a marketplace.

The order was granted.

The applicant, Gold X Mining Corp., applied to the Ontario Securities Commission for an order to cease to be a reporting issuer following its acquisition by Gran Colombia Gold Corp. through a statutory plan of arrangement.

The Commission granted the order, noting that the applicant's outstanding warrants did not preclude the relief sought and that the applicant had no intention to seek public financing.

The Filer, Metamaterial 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 where it currently holds that status.

The Filer represented that its outstanding securities are beneficially owned by fewer than 51 securityholders worldwide and are not traded on any marketplace in Canada or elsewhere.

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

CIBC Asset Management Inc. applied for exemptive relief to extend the lapse date for the renewal of the simplified prospectus, annual information form, and fund facts documents of various funds.

The extension was requested to provide sufficient time to reflect the applicable fees based on the voting results of special meetings regarding a proposed fixed administration fee.

The Ontario Securities Commission granted the requested exemption, extending the lapse date to August 27, 2021.

The Canadian Imperial Bank of Commerce applied to the Ontario Securities Commission for exemptive relief from various prospectus delivery, pricing, form, and underwriter certificate requirements under securities legislation.

The relief was sought to facilitate the continuous distribution of Canadian Depositary Receipts (CDRs), which provide Canadian investors with direct access to ownership of equity securities of foreign issuers.

The Commission granted the requested relief, subject to several conditions, including that the underlying issuers meet specific capitalization and liquidity standards and that the Filer maintain a dedicated website providing continuous disclosure regarding the CDRs.

The Filer, as manager of the Sprott Physical Uranium Trust, applied for exemptive relief from certain investment restrictions under National Instrument 81-102 and the Securities Act (Ontario) in connection with a proposed plan of arrangement involving Uranium Participation Corporation.

The requested relief included exemptions from concentration, control, illiquid assets, and custodian restrictions to permit the Trust to acquire and hold securities of UPC Subsidiaries and store physical uranium at specialized facilities.

The Ontario Securities Commission granted the requested exemptions, subject to various conditions ensuring the Trust operates in accordance with its investment objectives and maintains adequate safeguards for its physical uranium holdings.

The applicant, Strathbridge Asset Management Inc., applied to the Ontario Securities Commission for approval of the proposed merger of four terminating closed-end investment funds into an open-ended mutual fund, the Mulvihill Premium Yield Fund.

The approval was required under subsection 5.5(1)(b) of National Instrument 81-102 because the merger did not meet all criteria for pre-approved reorganizations, specifically regarding tax-deferred status, fundamental investment objectives, and fee structures.

The Commission granted the requested exemptive relief, permitting the merger to proceed.

The applicant investment fund manager applied for exemptive relief on behalf of several mutual funds to extend the lapse dates of their prospectuses to align with other funds managed by the applicant.

The applicant also sought relief from the requirement in NI 81-101 prohibiting the consolidation of a simplified prospectus for an alternative mutual fund with that of a conventional mutual fund.

The principal regulator granted the requested exemptions, finding that consolidation would reduce costs and facilitate comparison, and that the lapse date extension would avoid duplicative renewals without prejudicing the public interest.

The Filer, Atlantic Power Limited Partnership, 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 Filer represented that its outstanding securities are beneficially owned by fewer than 51 securityholders worldwide and are not traded on any marketplace.

The principal regulator found that the statutory test was met and granted the requested order.