OSC 2023

The Filer applied to the Ontario Securities Commission for exemptive relief from the requirement to obtain prior unitholder approval for the reorganization of the High Interest Savings Account Fund (HISA) into two separate mutual fund trusts.

The reorganization was proposed in response to changes in liquidity treatment by the Office of the Superintendent of Financial Institutions.

The Commission granted the requested relief, subject to conditions including approval by the independent review committee and the provision of a written notice to unitholders at least 60 days prior to the effective date.

The issuer applied for a partial revocation of a failure-to-file cease trade order (FFCTO) issued by the Ontario Securities Commission.

The issuer was undergoing CCAA proceedings and sought to complete a restructuring transaction involving the issuance of shares to a purchaser in exchange for the assumption of secured debt.

The Commission granted the partial revocation order solely to permit trades necessary for and in connection with the transaction, subject to conditions including providing notice to the purchaser that the securities remain subject to the FFCTO.

The Filer applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 to permit it to pay participating dealers for direct costs related to Cooperative Marketing Initiatives whose primary purpose is to provide educational information concerning financial planning matters.

The principal regulator granted the relief, subject to conditions including that the Filer complies with other requirements of NI 81-105, does not require dealers to sell specific funds, and ensures the educational materials are general and contain appropriate disclaimers.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain custody requirements in National Instrument 81-102.

Specifically, they sought permission to appoint The Royal Canadian Mint, Brink's, and Loomis as sub-custodians to hold the Funds' physical bullion in Canada, despite these entities not meeting the standard regulatory requirements for sub-custodians.

The Commission granted the requested relief, subject to conditions including that the sub-custodians maintain a specified shareholder equity threshold and that their use is limited strictly to holding bullion.

The Filer applied for exemptive relief on behalf of alternative mutual funds from certain short selling and cash borrowing restrictions in National Instrument 81-102.

The relief sought to permit the funds to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, and to exceed the single issuer short restriction for index participation units.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds' aggregate exposure does not exceed the overall 300% limit and that appropriate risk management controls are maintained.

Hut 8 Mining Corp. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

Following a business combination and amalgamation, the applicant's common shares were exchanged for shares of a new entity and delisted from the TSX and Nasdaq.

The principal regulator found that the applicant met the necessary criteria and granted the order.

The Filer, on behalf of the BMO Gold Bullion ETF, applied for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the Filer sought an exemption from subsection 6.1(1) to permit the Bank of Montreal to act as a second custodian to hold the Fund's physical gold bullion, as the primary custodian lacked a suitable vault facility.

The Filer also sought an exemption from subsection 9.4(2) to permit the Fund to accept a combination of cash and physical gold bullion as subscription proceeds for units.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding asset reconciliation and compliance with paragraph 9.4(2)(b).

BMO Investments Inc. applied for exemptive relief from subsection 2.15(3) of National Instrument 81-102, which prohibits an investment fund manager from appointing an agent that is not a custodian or sub-custodian to administer securities lending transactions.

The applicant sought to appoint eSecLending, an independent securities lending agent, to administer transactions for its funds.

The Ontario Securities Commission granted the requested exemption, noting that eSecLending is qualified and that the appointment could improve revenue generated from securities lending activities without increasing operational risk.

The Filer applied for exemptive relief on behalf of its investment funds from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief sought to permit the funds to invest more than 10% (for mutual funds) or 20% (for alternative mutual funds and non-redeemable investment funds) of their net asset value in debt obligations issued or guaranteed by Fannie Mae or Freddie Mac.

The Ontario Securities Commission granted the exemption, subject to conditions including minimum credit rating requirements and specific prospectus disclosures.

The Filers applied to the Ontario Securities Commission for exemptive relief from various continuous disclosure, insider reporting, and early warning requirements under Ontario securities legislation.

Better Collective A/S, a Danish company, agreed to acquire Playmaker Capital Inc. through a plan of arrangement.

Following the arrangement, Better Collective would become a foreign reporting issuer in Canada.

The Commission granted the requested relief, subject to conditions including that Better Collective comply with Danish disclosure requirements and file equivalent documents on SEDAR+.

The issuer, subject to a failure-to-file cease trade order for unfiled continuous disclosure documents, applied for a partial revocation order.

The partial revocation was sought to permit a private placement financing of up to $200,000 to raise funds to pay outstanding fees, prepare audited financial statements, and apply for a full revocation.

The Ontario Securities Commission granted the partial revocation order, subject to conditions including providing subscribers with copies of the order and obtaining written acknowledgements.

CIBC Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief from the multi-tier fund-of-fund restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit a three-tier structure where a fund purchases securities of a reference fund, which in turn holds more than 10% of its net asset value in a third-tier fund.

The Commission granted the requested relief, subject to conditions including no duplication of management fees and compliance with continuous disclosure requirements.

RBC Global Asset Management Inc. applied for exemptive relief on behalf of certain mutual funds (the Top Funds) from the control restriction in subsection 2.2(1) of National Instrument 81-102.

The relief was sought to permit the Top Funds to purchase securities of RBC Private Funds even if the purchase would result in holding more than 10% of the voting or equity securities of the private fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Top Funds not actively participate in the business of the private funds and that investments in the private funds not exceed 10% of the Top Fund's net asset value.

The Filer, Small Pharma 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 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator, satisfied that the statutory test was met, granted the requested order.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the long form prospectus for two of its exchange-traded mutual funds.

The extension was sought to align the lapse date with that of eight other funds managed by the Filer, thereby reducing renewal costs and streamlining disclosure.

The Commission granted the requested relief, finding that it would not be prejudicial to the public interest as there had been no material changes to the funds.

The applicant, CI Financial Corp., applied for an exemption from subsection 2.32(4) of National Instrument 62-104 in connection with a modified 'Dutch auction' issuer bid.

The exemption would allow the applicant to extend the offer without first taking up all deposited shares, as the final purchase price cannot be determined until all tenders, including those during any extension period, are known.

The Ontario Securities Commission granted the requested exemptive relief, subject to conditions including reliance on the liquid market exemption.

The Filer applied for exemptive relief from various restricted security rules under National Instruments 41-101, 44-101, 51-102, and OSC Rule 56-501.

The Filer sought to issue compressed shares with 1,000 votes per share to maintain its foreign private issuer status, which would technically render its common shares 'restricted securities'.

The Ontario Securities Commission granted the requested relief, exempting the Filer from the restricted security disclosure and eligibility requirements, provided the Filer complies with specified conditions and maintains no other restricted securities.

The Issuer, Predictiv AI Inc., applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued on June 6, 2022.

The Issuer had failed to file its annual audited financial statements and related documents.

Having subsequently filed all outstanding continuous disclosure documents and paid all required fees, the Principal Regulator was satisfied that the test for revocation was met.

The failure-to-file cease trade order was revoked.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain custody requirements under National Instrument 81-102.

The relief sought to permit Fidelity Clearing Canada ULC to act as custodian, and Fidelity Digital Asset Services, LLC to act as sub-custodian, for the crypto assets of the Fidelity Advantage Bitcoin ETF and other future funds.

The Commission granted the requested relief, subject to conditions including insurance, SOC reporting, and equity requirements, finding it appropriate given the specialized nature of crypto asset custody.

The Filer, a special purpose acquisition corporation, applied for an order to cease being a reporting issuer in all jurisdictions of Canada where it held that status.

The Filer was unable to complete a qualifying transaction within its permitted timeline and was subsequently wound up, with its Class A Restricted Voting Shares redeemed and delisted from the TSX.

The Filer's only remaining outstanding securities were Class B Shares held by its sponsor and founders.

The Ontario Securities Commission, acting as the principal regulator, granted the requested order, determining that the Filer met the necessary criteria under the applicable securities legislation.