OSC 2021

The applicant applied for exemptive relief on behalf of its mutual funds from the cover requirements in paragraph 2.8(1)(d) and subparagraph 2.8(1)(f)(i) of National Instrument 81-102.

The relief sought to permit the funds to use a right or obligation to sell an equivalent quantity of the underlying interest to cover long positions in forward contracts, standardized futures, or swaps.

The principal regulator granted the exemption, subject to conditions regarding cash cover and limits on the percentage of net asset value made up of such options.

Norbord Inc. applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all jurisdictions of Canada.

Following a plan of arrangement, Norbord became a wholly-owned subsidiary of West Fraser Timber Co. and its common shares were delisted.

Although Norbord still had outstanding debt securities and incentive plans, the Commission was satisfied that the test under the legislation was met and granted the requested order.

The Filers applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same or affiliated managers.

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

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the investments are compatible with the top funds' objectives, effected at an objective price, and subject to appropriate disclosure and fee duplication prohibitions.

Canada Life Investment Management Ltd. applied for exemptive relief to extend the lapse date of the simplified prospectus for several of its funds from May 15, 2021, to August 14, 2021.

The extension was requested to align the renewal of these funds' prospectuses with those of other funds managed by the applicant, thereby reducing costs and streamlining disclosure.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest.

The Filer applied for exemptive relief on behalf of itself, its affiliates, and certain top funds to permit the top funds to invest in underlying funds managed by the Filer.

The relief sought exemptions from restrictions prohibiting an investment fund from knowingly making an investment in a person or company in which it is a substantial securityholder, and from restrictions prohibiting a registered adviser from knowingly causing an investment portfolio to purchase securities of an issuer in which a responsible person is a partner, officer, or director without prior client consent.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely pursuant to prospectus exemptions and that investments are effected at an objective price.

The Filer applied on behalf of the Mackenzie Greenchip Global Balanced Fund for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief sought to permit the Fund to invest up to 20% or 35% of its net assets in certain highly-rated Foreign Government Securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the Fund's simplified prospectus discloses the additional risks and the nature of the relief.

The applicant, CI Investments Inc., applied on behalf of the CI MSCI World ESG Impact Fund for exemptive relief to extend the lapse date of the Fund's prospectus from May 27, 2021, to July 29, 2021.

The extension was requested to align the Fund's prospectus renewal with the renewal of approximately 142 other affiliated mutual funds managed by the applicant, thereby reducing costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest.

The applicant, Gage Growth Corp., applied to the Ontario Securities Commission for exemptive relief from certain prospectus and continuous disclosure requirements relating to restricted securities under National Instrument 41-101, National Instrument 51-102, and OSC Rule 56-501.

The applicant sought relief to allow its Subordinate Voting Shares and Proportionate Voting Shares to be exempt from restricted security disclosure and eligibility requirements, given its capital structure involving Super Voting Shares and Exchangeable Units.

The Commission granted the requested exemptions, subject to conditions including that the applicant has no other restricted securities outstanding and includes specific disclosure in its prospectuses and continuous disclosure documents.

Trichome Financial Corp. applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer.

The Commission found that the Filer met the requirements, including having fewer than 15 securityholders in each jurisdiction of Canada and fewer than 51 worldwide, and granted the order.

The Filer applied for an exemption from the requirement in subsection 6.1(1) of National Instrument 81-102 that all portfolio assets of an investment fund be held under the custodianship of one custodian.

The exemption was sought to permit the Funds to appoint more than one custodian, specifically to allow the physical bullion ETFs to use a specialized bullion custodian while maintaining their existing custodian for other assets.

The Ontario Securities Commission granted the exemption, subject to conditions including that a single entity reconciles all portfolio assets and provides valuation services.

The Filer applied for exemptive relief on behalf of existing and future alternative mutual funds to permit them to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, exceeding the 50% limits set out in National Instrument 81-102.

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 300% leverage limit.

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

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 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and are not traded on any marketplace.

The order was granted.

The applicant applied for exemptive relief on behalf of an investment fund from the annual filing and delivery deadlines for audited financial statements under National Instrument 81-106.

The fund required additional time because its auditors needed the audited financial statements of underlying European funds, which had a later reporting deadline.

The Ontario Securities Commission granted the relief, extending the deadline to 180 days after the financial year-end, subject to conditions including notification to the sole securityholder.

RBC Global Asset Management Inc. applied for exemptive relief from section 5.1(4) of National Instrument 81-101 to permit the simplified prospectus of one or more alternative mutual funds to be consolidated with the simplified prospectus of conventional mutual funds.

The Ontario Securities Commission granted the requested relief, noting that combining the documents would reduce costs, facilitate comparison for investors, and align the treatment of mutual funds under NI 81-101 with exchange-traded funds under NI 41-101.

The Manager applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the merger of several terminating exchange-traded funds into continuing exchange-traded funds.

Regulatory approval was required because the mergers did not satisfy all criteria for pre-approved reorganizations under section 5.6 of NI 81-102, specifically regarding substantially similar fundamental investment objectives and tax-deferred transaction status.

The principal regulator granted the merger approval, provided the Manager obtains prior approval from the securityholders of the terminating ETFs.

The Filer applied for exemptive relief from the requirement in subsection 5.1(4) of National Instrument 81-101 that prohibits consolidating a simplified prospectus for an alternative mutual fund with one for a conventional mutual fund.

The Filer sought to consolidate the prospectuses to reduce costs and streamline disclosure, noting that ETFs are permitted to do so under National Instrument 41-101.

The Ontario Securities Commission granted the requested relief.

The Filer, RP Investment Advisors LP, applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101, which prohibits consolidating a simplified prospectus for an alternative mutual fund with one for a conventional mutual fund.

The Filer sought to combine the simplified prospectuses of its alternative and conventional mutual funds to reduce costs and streamline disclosure.

The Ontario Securities Commission granted the requested relief, noting that National Instrument 41-101 permits such consolidation for exchange-traded funds and there is no reason to treat mutual funds differently.

The Manager applied for exemptive relief to merge two terminating mutual funds into two continuing mutual funds.

The mergers did not meet all criteria for pre-approved reorganizations under NI 81-102 because the fundamental investment objectives were not substantially similar.

The principal regulator granted the requested merger approval, subject to the Manager obtaining prior securityholder approval at a special meeting.

The Filer, Purpose Investments Inc., applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Purpose Structured Equity Yield Portfolio II.

The Filer inadvertently missed the pro forma filing deadline.

The Commission granted the requested relief, extending the lapse date to April 22, 2021, to allow sufficient time for review and filing.

Emerge Canada Inc. applied for exemptive relief on behalf of several exchange-traded mutual funds.

The applicant sought an exemption from the requirement to file a long form prospectus for ETF Securities, provided a simplified prospectus and annual information form are filed.

The applicant also sought an exemption from the sales and redemptions requirements of National Instrument 81-102 to permit the funds to treat ETF Securities and Mutual Fund Securities as separate funds for compliance purposes.

The Ontario Securities Commission granted the requested exemptions, subject to specified conditions.