OSC 2023

The Filer applied for exemptive relief on behalf of several mutual funds from the requirement in NI 81-102 to provide securityholders with 60 days' prior notice before engaging in securities lending, repurchase, and reverse repurchase transactions.

The Filer argued that the notice requirement was included in the funds' prospectuses due to an oversight and that the cost of mailing notices outweighed the benefits.

The Ontario Securities Commission granted the relief, provided the Filer issues a press release and posts it on the funds' designated website at least 60 days before commencing the transactions.

The applicant applied to the Ontario Securities Commission for an order under subsection 1(6) of the Business Corporations Act to be deemed to have ceased offering its securities to the public.

The Commission noted that the applicant had previously been granted an order declaring it is not a reporting issuer in Ontario or any other Canadian jurisdiction.

Finding that granting the order would not be prejudicial to the public interest, the Commission granted the application.

The Filer applied on behalf of the Top Fund for an exemption from the multi-tiering restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The exemption would permit the Top Fund to invest up to 20% of its net asset value in the Underlying Fund, which itself holds more than 10% of its net asset value in other investment funds.

The principal regulator granted the exemption, subject to conditions including no duplication of management fees and compliance with other requirements of section 2.5.

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse date of the simplified prospectus for two of its funds to November 10, 2023.

This extension was requested to align the prospectus renewal of these funds with other Fidelity funds, thereby reducing costs and allowing for a combined offering document.

The Ontario Securities Commission granted the requested relief, finding that it would not be prejudicial to the public interest as there were no material changes to the funds and current information remained available to investors.

The applicant, Paycore Minerals 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 applicant met the necessary requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities were not traded on any marketplace.

The order was granted.

Manitou Gold 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 its securities are not traded on any marketplace.

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

The Filer, Metalcorp Limited, applied to the Ontario Securities Commission as the principal regulator for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada where it is 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 its securities are not traded on any marketplace.

The principal regulator was satisfied that the test under the securities legislation was met and granted the order.

The Filer applied for exemptive relief on behalf of existing and future alternative mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions from short selling limits, cash borrowing limits, and the requirement to hold all portfolio assets with a single qualified custodian.

The principal regulator granted the requested exemptions, subject to specific conditions regarding aggregate exposure limits, leverage limits, and reconciliation processes among multiple custodians.

Fidelity Investments Canada ULC applied for exemptive relief on behalf of its mutual funds offering both ETF and mutual fund securities.

The applicant sought relief from the requirement to file a long-form prospectus for ETF securities, provided it files a simplified prospectus and ETF Facts document.

The applicant also sought relief to treat ETF and mutual fund securities as separate funds for compliance with sales and redemption requirements under National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to specified conditions regarding prospectus disclosure and compliance with applicable provisions for each security type.

Yamana Gold Inc. applied for an order to cease being a reporting issuer in Canada following its acquisition by Pan American Silver Corp. through a statutory plan of arrangement.

All common shares were transferred to Pan American, and the Filer's shares were delisted from all exchanges.

The Filer has no active operations in Canada and its outstanding senior notes are primarily held by non-Canadians.

The principal regulator granted the order, finding it met the statutory test.

The applicant, Maxar Technologies 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.

The Commission noted that the applicant's 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 Commission was satisfied that the statutory test was met and granted the order.

Rapid Dose Therapeutics Corp. applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued on August 26, 2022.

The Issuer had failed to file its annual audited financial statements and other continuous disclosure documents.

Having subsequently filed all outstanding documents, paid all fees, and provided an undertaking to hold an annual meeting, the Principal Regulator was satisfied that the test for revocation was met.

The cease trade order was revoked.

The Filer applied for exemptive relief on behalf of several mutual funds to be exempt from filing a long form prospectus for ETF Securities, provided they file a simplified prospectus and an ETF facts document.

The Filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to specified conditions regarding prospectus filing and compliance with applicable provisions of NI 81-102.

Buffalo Coal Corp. 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 was satisfied that the test under the legislation was met and granted the order.

The Filer, a special purpose entity that issues asset-backed notes, applied for an order to cease to be a reporting issuer in all jurisdictions of Canada.

The Filer has no outstanding securities other than the notes, which are held by a limited number of investors who do not require continuous disclosure filings.

The principal regulator granted the order, finding it met the statutory test.

The Filer applied to the Ontario Securities Commission for an order that it has ceased 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 requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, with no securities traded on any marketplace.

The order was granted.

VIVO Cannabis Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator found that the Filer 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.

BMO Asset Management Inc. applied for exemptive relief on behalf of certain top funds from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The top funds invest primarily in underlying funds, which causes delays in obtaining the necessary financial information to complete their own audits and financial statements.

The Ontario Securities Commission granted the requested relief, extending the annual filing and delivery deadline to 180 days and the interim deadline to 120 days, subject to certain conditions.

The Filer applied for exemptive relief on behalf of itself and the Chou Associates Fund from the self-dealing and inter-fund trade restrictions in NI 81-102 and NI 31-103.

The relief was sought to permit the Fund to sell illiquid shares of a private issuer to affiliated companies in order to comply with the 15% limit on illiquid assets.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including independent valuation, independent review committee approval, and a top-up provision if the shares increase in value within six months.

The Filer applied for exemptive relief from the prospectus requirement for the distribution of contracts for difference (CFDs) and over-the-counter foreign exchange contracts to investors in Ontario and other applicable jurisdictions.

The Principal Regulator granted the relief, subject to conditions including that the Filer remains registered as an investment dealer, complies with New SRO rules, and provides clients with a clear risk disclosure document prior to their first transaction.