OSC 2021

The applicants, acting as investment fund managers, applied to the Ontario Securities Commission for exemptive relief from the management company reporting requirements under securities legislation.

The requirements mandated monthly reporting of transactions between the funds and related parties.

The Commission granted the relief, revoking and replacing previous relief, on the condition that the funds' management reports of fund performance and portfolio transaction records disclose the required information regarding related party transactions and fees.

The Filer, 3iQ Corp., applied on behalf of the 3iQ Bitcoin ETF and future 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.

The applicant, an investment fund manager, applied for exemptive relief from National Instrument 81-102 to permit the Royal Canadian Mint to act as custodian, and International Depository Services of Canada Inc. to act as sub-custodian, for the bullion held by its precious metals funds.

The principal regulator granted the requested relief, subject to conditions regarding shareholder equity thresholds, guarantees, and monitoring of the sub-custodian.

The Filer, an SEC issuer, applied for exemptive relief to send proxy-related materials to registered and beneficial holders of its securities using the notice-and-access delivery method permitted under U.S. federal securities law.

The Filer met all requirements for the automatic exemptions under NI 51-102 and NI 54-101, except that more than 50% of its consolidated assets are located in Canada and its business is administered principally in Canada.

The Ontario Securities Commission granted the requested relief, permitting the Filer to rely on the U.S. notice-and-access rules, provided it continues to meet the other requirements of the automatic exemptions.

The applicant, Royal Gold, Inc., applied for an exemption from the prospectus requirement under paragraph 74(1)2 of the Securities Act (Ontario).

The exemption sought to permit investment dealers to use standard term sheets, marketing materials, and conduct road shows in connection with future offerings under a Final Canadian MJDS Shelf Prospectus.

The Ontario Securities Commission granted the exemptive relief, provided the conditions and requirements set out in Part 9A of National Instrument 44-102 are complied with.

Australis Capital Inc. applied for exemptive relief under section 140(2) of the Securities Act to keep an erroneously filed management information circular confidential.

The incorrect circular contained misleading information regarding dissident nominee directors.

The Filer subsequently filed the correct circular.

The Ontario Securities Commission granted the application, finding that the desirability of avoiding further disclosure of the incorrect circular outweighed the principle of public availability, and that keeping it private would not prejudice the public interest.

Vanguard Investments Canada Inc. 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 conditions requiring specific disclosure about the ratings, their methodology, and the timeframes to which they apply.

The Filer applied for exemptive relief to extend the lapse dates of the long form prospectuses for several of its exchange-traded funds.

The extension was sought to align the renewal dates of these prospectuses with those of other funds managed by the Filer, thereby reducing renewal, printing, and related costs.

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

The applicant, a newly formed real estate investment trust, applied for exemptive relief from the requirement to file a business acquisition report under Part 8 of NI 51-102 and from significant acquisition disclosure requirements under Item 10 of Form 44-101F1 for two recent acquisitions.

The applicant submitted that the acquisitions were not significant from a practical or financial perspective, representing only a small percentage of its actual assets, despite technically triggering the significance tests due to the applicant's recent formation and lack of full-year financial statements.

The Ontario Securities Commission granted the requested exemptive relief.

The applicant, Monarch 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.

Following a plan of arrangement under the Canada Business Corporations Act, Yamana Gold Inc. acquired all outstanding shares of the applicant, and the applicant's shares were delisted from the TSX.

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

The Filer 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 principal regulator found that the Filer met the statutory test, as 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 requested order was granted.

The applicant applied on behalf of an investment fund for an exemption from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The exemption sought to permit the fund to invest up to 20% or 35% of its net assets in certain highly-rated foreign government securities.

The principal regulator 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 associated risks and the nature of the relief.

The Filer applied for exemptive relief from the requirement under NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The Filer sought to include the target company's financial statements in an information circular with a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the requested relief, provided the target includes subsequent audited and reviewed financial statements with unmodified opinions.

The applicant, an investment fund manager, applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectus of its alternative mutual funds with the simplified prospectus of its conventional mutual funds.

The applicant argued that consolidation would reduce costs and allow investors to more easily compare the features of the funds, noting that similar consolidation is permitted for exchange-traded funds under National Instrument 41-101.

The Ontario Securities Commission granted the requested exemption, finding it met the test set out in the legislation.

The Filer applied for a decision under the securities legislation of Ontario for an exemption from the requirement under section 8.4 of National Instrument 51-102 to include certain financial statement disclosures for significant acquisitions in its business acquisition report.

The Filer proposed to include alternative acquisition financial disclosures instead.

The Ontario Securities Commission granted the requested exemptive relief, provided the Filer includes the alternative disclosures in its business acquisition report.

The Filer applied to the Ontario Securities Commission for approval to merge the Ninepoint Concentrated Canadian Equity Fund into the Ninepoint Convertible Securities 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 Commission granted the requested exemptive relief, subject to the Filer obtaining prior approval from the unitholders of the terminating fund at a special meeting.

The applicant applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for a mutual fund.

The extension was requested to align the fund's prospectus renewal timeline with that of other mutual funds managed by the applicant, thereby reducing costs and streamlining operations.

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

The Filer, BlackRock Asset Management Canada Limited, applied for exemptive relief to extend the lapse date of the prospectus for certain exchange-traded mutual funds from March 26, 2021, to June 26, 2021.

The extension was requested to align the renewal timeframe of these ETFs with other funds managed by the Filer, thereby reducing costs and streamlining operations.

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

Invesco Canada Ltd. applied for exemptive relief on behalf of its mutual funds to permit them to invest in U.S. exchange-traded funds that are not index participation units.

The relief sought exemptions from the control restriction and the prohibitions against investing in funds not subject to NI 81-102 or not reporting issuers in Canada.

The Ontario Securities Commission granted the requested relief, subject to conditions including a 10% net asset value limit on such investments and prospectus disclosure requirements.

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 where it is currently a reporting issuer.

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 granted the requested order.