OSC 2022

The Filer, Merrill Lynch Financial Assets Inc., 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 that its securities are not traded on any marketplace in Canada or elsewhere.

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

The applicant, Canada Life Investment Management Ltd., applied for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 Investment Funds on behalf of several mutual funds.

The relief sought to permit the funds to invest up to 20% or 35% of their net assets in highly rated evidences of indebtedness issued or guaranteed by foreign governments or supranational agencies.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the purchases are consistent with the funds' fundamental investment objectives and that the funds' prospectuses disclose the associated risks and the nature of the relief.

The Filer, Starlight Capital Corporation, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer demonstrated 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 granted the requested order.

The Filer applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all Canadian jurisdictions where it is a reporting issuer.

The application followed the acquisition of the Filer by Bally's Corporation through a scheme of arrangement, after which the Filer's securities ceased trading and were held by fewer than 15 securityholders in each Canadian jurisdiction.

The Principal Regulator granted the order, finding that the Filer met the necessary criteria despite being in default of certain continuous disclosure filings that arose after the arrangement.

The Filer applied for exemptive relief on behalf of its mutual funds from the illiquid asset restrictions in National Instrument 81-102.

The relief sought to allow the funds, as Qualified Institutional Buyers, to purchase 144A Securities without them being classified as illiquid assets.

The Ontario Securities Commission granted the relief, subject to conditions including that the funds remain Qualified Institutional Buyers at the time of purchase and that the securities are traded on a mature and liquid market.

The Filer applied for exemptive relief from subsection 9.4(2) of National Instrument 81-102 to permit its existing and future exchange-traded funds to accept digital assets (bitcoin or ether) as payment for in-kind subscriptions of Creation Units.

The Ontario Securities Commission granted the exemption, subject to conditions requiring that the digital assets be acquired from regulated entities and delivered directly to the ETF's digital wallet.

The Filer, Points.com Inc., 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 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 any marketplace.

The order was granted.

The applicant, SLGI Asset Management Inc., applied on behalf of its investment funds for exemptive relief from the illiquid asset restrictions in National Instrument 81-102.

The applicant sought to allow the funds to purchase fixed income securities under Rule 144A of the US Securities Act without those securities being classified as illiquid assets.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the funds must be Qualified Institutional Buyers at the time of purchase and the securities must be traded on a mature and liquid market.

Novamind 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 its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any public marketplace.

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

The applicants, SLGI Asset Management Inc. and Sun Life Capital Management (Canada) Inc., applied for exemptive relief on behalf of certain investment funds.

The requested relief included exemptions from related issuer investment restrictions, consent requirements for investments in related issuers, reporting requirements for related party transactions, and restrictions on public funds investing in private funds.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions designed to protect investors and ensure adequate disclosure and independent review.

Mackenzie Financial Corporation applied to the Director of the Ontario Securities Commission for exemptive relief under section 6.1 of National Instrument 81-101.

The applicant sought relief from subsection 2.1(2), which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, subject to the condition that the prospectus be filed no later than June 23, 2022.

The Filer, a foreign issuer, applied for exemptive relief from the prospectus and dealer registration requirements under Ontario securities legislation.

The relief was sought to permit trades in units of a French collective shareholding vehicle (FCPE) and underlying ordinary shares to Canadian employees pursuant to a global employee share offering.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the first trade of the securities be made through an exchange or market outside of Canada or to a person outside of Canada.

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

The Filer sought to include the financial statements of an acquired business, Trutina Pharmacy Inc., in its Filing Statement for a Qualifying Transaction.

The auditor's report for Trutina contained a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the relief, noting that there was a subsequent audited period of at least six months with an unmodified opinion and the business was not seasonal.

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse date of the simplified prospectus and fund facts for the Fidelity Inflation-Focused Fund.

The extension was sought to align the Fund's renewal timeline with other Fidelity funds, allowing them to be consolidated into a single simplified prospectus to reduce costs and streamline disclosure.

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

The Filer, a real estate investment trust, applied for exemptive relief from the requirement to include certain historical financial statements for two properties in its business acquisition report following a significant acquisition.

The Filer demonstrated that it was impracticable to obtain the audited financial statements for the periods prior to the properties' acquisition by the previous owner.

The Principal Regulator granted the relief, permitting the Filer to include alternative financial statements and information that would provide sufficient historical information for investors.

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

The relief was sought in connection with the Filer's reclassification of its share capital to create a new class of proportionate voting shares, which would technically render its common shares 'restricted securities'.

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

TD Asset Management Inc. applied for exemptive relief under section 19.2 of National Instrument 41-101 to extend the 90-day deadline for filing a final prospectus for the TD Global Carbon Credit Index ETF.

The Director of the Ontario Securities Commission granted the exemption, permitting the final prospectus to be filed no later than August 31, 2022.

The applicant applied for exemptive relief on behalf of existing and future mutual funds to permit short selling of government securities up to 20% of the net asset value of the applicable fund, and to be exempted from the cash cover requirements for such short sales.

The principal regulator granted the requested relief, revoking a prior decision and replacing it with the new exemptions, subject to conditions including that the relief only applies to government securities and that appropriate internal controls and risk management procedures are maintained.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for its mutual funds.

Due to an inadvertent miscalculation, the pro forma simplified prospectus was filed one day late.

The Filer required additional time to address comments from the principal regulator regarding ESG-related disclosure.

The Commission granted the requested exemption, extending the lapse date to July 30, 2022, finding it would not be prejudicial to the public interest.

The applicant, CI Investments Inc., applied to the Ontario Securities Commission for exemptive relief from the prohibitions in sections 13.5(2)(b)(ii) and (iii) of National Instrument 31-103.

The relief sought was to permit in specie subscriptions and redemptions between managed accounts and investment funds, and between pooled funds and other investment funds.

The Commission granted the exemption, subject to several conditions including independent review committee approval, client consent, and valuation requirements.