OSC 2024

Argonaut Gold Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer following a statutory plan of arrangement with Alamos Gold Inc. Under the arrangement, Alamos acquired all issued and outstanding shares of the applicant, and certain assets were spun out to a newly-created entity.

The applicant's outstanding debentures were either tendered to a debenture offer or redeemed.

As the applicant's securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and are no longer traded on any marketplace, the Commission granted the order.

BMO Investments Inc. applied for exemptive relief from the requirement under subsection 3.2.01 of National Instrument 81-101 to deliver a Fund Facts document before accepting instructions for purchases of F-Series and A-Series mutual fund securities made pursuant to a fee-based program.

The program automatically switches investors between series based on asset thresholds to lower total fees.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written disclosure to investors and the provision of Fund Facts upon request.

The Filer, Granite Real Estate Investment Trust, applied for exemptive relief from various continuous disclosure, certification, and short form prospectus requirements under NI 51-102, NI 52-109, NI 44-101, and NI 44-102.

The relief was sought in connection with a reorganization that would unstaple the Filer's units from the common shares of its general partner.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing of combined financial statements for periods prior to the reorganization.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future mutual funds offering ETF Securities.

The relief sought to revoke a previous decision, exempt the funds from filing a long form prospectus for ETF Securities, and permit the funds to treat ETF and Mutual Fund Securities as separate funds for compliance with sales and redemption rules under NI 81-102.

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

UGE International Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer following a statutory plan of arrangement.

Under the arrangement, the applicant was acquired by a purchaser and its shares were delisted from the TSX Venture Exchange.

The applicant had fewer than 15 securityholders in each Canadian jurisdiction and no securities traded on any marketplace.

The Commission granted the order, noting that although the applicant was in default of certain continuous disclosure obligations due after the arrangement, it otherwise met the requirements for the simplified procedure.

The Filer, AGF Investments Inc., applied to the Ontario Securities Commission for exemptive relief under section 6.1 of National Instrument 81-101.

The Filer sought an exemption from subsection 2.1(2) of NI 81-101, which prohibits filing a prospectus more than 90 days after the receipt of a preliminary prospectus.

The Director granted the requested exemption, permitting the prospectus to be filed no later than October 15, 2024.

The applicant applied for exemptive relief from the prohibitions in National Instrument 31-103 to permit in specie transfers between managed accounts and funds, as well as between private funds and other funds.

The principal regulator granted the requested exemption, subject to several conditions including obtaining prior written consent from clients, ensuring the portfolio securities are acceptable and consistent with investment objectives, and valuing the securities appropriately.

The applicant sought exemptive relief on behalf of two exchange-traded alternative mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions from the 300% limit on aggregate exposure to cash borrowing, short selling, and specified derivatives transactions, as well as relief to permit a three-tier and four-tier fund-of-funds structure involving a U.S. underlying ETF.

The Ontario Securities Commission granted the requested leverage, three-tier, and four-tier relief, subject to conditions including compliance with the SEC's value-at-risk (VaR) rules and specific disclosure requirements.

The applicant, FT Portfolios Canada Co., applied for exemptive relief on behalf of an exchange-traded mutual fund from certain provisions of National Instrument 81-102.

The requested relief would permit the fund to invest more than 10% of its net asset value in a U.S. exchange-traded fund that is not subject to NI 81-102 and is not a reporting issuer in Canada.

The Ontario Securities Commission granted the exemption, subject to conditions including that the U.S. fund remains subject to the U.S. Investment Company Act and does not use leverage.

The Filer applied for exemptive relief from the cash cover requirement in section 2.8(1)(d) of National Instrument 81-102.

The relief sought would permit the Filer's mutual funds to hold receivables arising from distributions or dividends on portfolio securities as cover for long positions in standardized futures during the period between entitlement and receipt.

The principal regulator granted the exemption, provided the funds hold a combination of the receivable, cash cover, and margin that equals the underlying market exposure of the standardized future on a daily mark-to-market basis.

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

The relief was sought to permit the offering of units in a French collective shareholding vehicle (FCPE) and underlying ordinary shares to Canadian employees of the applicant and its related entities.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding the first trade of the securities and the applicant's status as a foreign issuer.

The Filer applied for exemptive relief from the requirement under subsection 3.2.01 of National Instrument 81-101 to deliver the most recently filed fund facts documents to purchasers before accepting instructions for purchases made pursuant to an Automatic Series Switch.

The Filer proposed to automatically switch clients holding Series A securities to Series P securities, which have lower management fees, without delivering new fund facts documents, provided certain notice and disclosure conditions were met.

The principal regulator granted the exemption, subject to conditions including that the combined fees for Series P securities remain lower and that clients receive prior notice of the switch and their rights.

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 ETF Facts.

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 relief, subject to conditions.

The Filer applied for exemptive relief from the margin deposit restrictions in sections 6.8(1) and 6.8(2)(c) of National Instrument 81-102 on behalf of existing and future investment funds.

The relief sought to permit the funds to deposit up to 35% of their net asset value as margin with a single dealer, and up to 70% in aggregate across all dealers, for transactions involving exchange-traded specified derivatives.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest, subject to conditions limiting the funds to exchange-traded specified derivatives and capping the margin amounts as requested.

The Filer applied for exemptive relief on behalf of a new mutual fund and future mutual funds to be exempted from filing a simplified prospectus for Mutual Fund Securities, provided a long form prospectus is filed.

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 certain conditions regarding prospectus disclosure and compliance with applicable provisions of NI 81-102.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Picton Mahoney Fortified Core Bond Fund, and to permit the consolidation of the simplified prospectuses for its alternative mutual funds with those of its conventional mutual funds.

The Commission granted the requested relief, finding that the lapse date extension would not prejudice investors and that consolidating the prospectuses would reduce costs and facilitate comparison between the funds.

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for certain exchange-traded mutual funds from February 9, 2025, to May 16, 2025.

The extension was sought to align the renewal timeframe with other funds managed by the Filer, thereby reducing costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, noting that there had been no material changes to the funds and that the extension would not be prejudicial to the public interest.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in U.S. exchange-traded funds, foreign index participation units listed on the London Stock Exchange, and European UCITS.

The Ontario Securities Commission granted the relief, subject to conditions including concentration limits, disclosure requirements, and compliance with equivalent foreign regulatory frameworks, finding that the investments would provide cost-effective diversification and exposure to broader asset classes.

The Filers applied to the Ontario Securities Commission for exemptive relief from the borrowing limit in National Instrument 81-102.

The relief was sought to allow their mutual funds to borrow cash up to 10% of their net asset value on a temporary basis.

This borrowing is intended to accommodate fund redemptions and purchases that experience settlement mismatches due to the transition to a T+1 settlement cycle in North American markets, while some portfolio securities continue to settle on a T+2 basis.

The Commission granted the requested exemption, subject to conditions including the implementation of liquidity risk management policies and specific prospectus disclosures.

The applicant applied for exemptive relief on behalf of several exchange-traded funds and mutual funds.

The applicant sought relief from the requirement to file a long form prospectus for ETF securities, proposing instead to file a simplified prospectus and ETF Facts.

The applicant also sought an extension of the lapse dates for the prospectuses of certain funds to align them with the lapse date of other funds managed by the applicant, thereby reducing renewal and printing costs.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the filing of the simplified prospectus and required disclosures.