OSC 2023

The Filer applied for an order under securities legislation to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator, the Ontario Securities Commission, noted 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.

Finding that the Filer met the necessary conditions and was not in default of securities legislation, the principal regulator granted the requested order.

The Filer, Ceres Acquisition Corp., applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada.

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

The applicant sought exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102, which prohibits a mutual fund from investing more than 10% of its net asset value in the securities of any one issuer.

The applicant proposed an exchange-traded fund that would invest in the top ten Canadian financial services companies by market capitalization, which would result in investments exceeding the 10% threshold for certain issuers.

The principal regulator granted the requested relief, subject to conditions including specific prospectus disclosure regarding the concentration risk and the semi-annual rebalancing strategy.