OSC 2024

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

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 with all dealers, for transactions involving Exchange Traded Specified Derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions limiting the funds to Exchange Traded Specified Derivatives and capping the margin deposits at the requested percentages.

The Filer applied for exemptive relief on behalf of the Fund from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The Fund invests primarily in underlying funds that are not reporting issuers and have financial reporting deadlines that do not align with the Fund's deadlines, making it impractical for the Fund to obtain audited financial statements from the underlying funds in time.

The Ontario Securities Commission granted the requested relief, extending the annual filing and delivery deadline to 120 days and the interim deadline to 90 days, subject to certain conditions.

BMO Investments Inc. applied for exemptive relief on behalf of its investment funds to permit them to invest in foreign underlying funds (UCITS and SICAV Funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.

The Ontario Securities Commission granted the exemption, finding that the foreign funds are subject to substantially similar regulatory oversight and investment restrictions as Canadian mutual funds, provided that the investments comply with specified conditions including a 10% net asset limit.

The Filer applied on behalf of the Fund for an exemption from paragraph 2.2(d) of National Instrument 44-101 to permit the Fund to file a short form or shelf prospectus despite not having current annual financial statements or a current AIF.

The Fund had recently completed its initial public offering and had not yet completed its first financial year.

The principal regulator granted the exemption, subject to conditions requiring the filing of initial financial statements and a management report of fund performance prior to filing a preliminary prospectus.

The Filer, Orford Mining Corporation, applied for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is a reporting issuer.

The principal regulator, the Ontario Securities Commission, found that the Filer met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not being in default of securities legislation.

The order was granted.

AGF Investments Inc. applied for exemptive relief on behalf of alternative mutual funds to permit them to short sell government securities up to 300% of their net asset value, exceeding the 50% limit in National Instrument 81-102.

The principal regulator granted the exemption, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed 300% of the funds' net asset value.

Toronto Cleantech Capital Inc. applied for exemptive relief from the requirement under NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The relief was sought for the audited consolidated financial statements of THS L.P. for the year ended November 30, 2022, which contained a modified opinion due to an inventory qualification.

The Ontario Securities Commission granted the requested relief, noting that a subsequent audited period contained an unmodified opinion and the business was not seasonal.

The Filer, Fortrade Canada Limited, applied to the Ontario Securities Commission for an exemption from the prospectus requirement for the distribution of contracts for difference (CFDs) and over-the-counter foreign exchange contracts to investors in applicable jurisdictions.

The Principal Regulator granted the requested relief, subject to conditions including that the Filer remains registered as an investment dealer, complies with CIRO rules, and provides clients with a risk disclosure document.

The relief is granted for an interim period of up to four years.

The Filer, General Electric Company, applied for exemptive relief from the prospectus requirement under section 53 of the Securities Act in connection with the proposed spin-off of its subsidiary, GE Vernova LLC.

The Filer sought to distribute shares of the subsidiary to its Canadian shareholders without filing a prospectus.

The Ontario Securities Commission granted the requested relief, noting that the number of Canadian shareholders was de minimis and that they would receive the same disclosure materials as United States shareholders.

The Filer applied for exemptive relief from the requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The principal regulator granted the exemption, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer, a registered investment fund manager and portfolio manager, applied for exemptive relief from the prohibitions in NI 31-103 to permit in specie transfers between managed accounts and pooled funds.

The Ontario Securities Commission granted the exemption, subject to conditions including client consent, valuation requirements, and record-keeping obligations.

The applicant, YTM Capital Asset Management Ltd., applied for exemptive relief on behalf of its funds from the requirement in subsection 6.1(1) of National Instrument 81-102 that all portfolio assets be held by a single qualified custodian.

The relief sought to permit the funds to deposit portfolio assets with a borrowing agent in connection with short sales up to 25% of the fund's NAV, and to appoint more than one qualified custodian.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding reconciliation and operational systems.

The filer, EURO Ressources S.A., 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 demonstrated 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 granted the order, finding that the filer met the statutory test.

Brookfield Reinsurance Ltd. applied to the Ontario Securities Commission for exemptive relief from the requirement under National Instrument 44-102 that at-the-market distributions using shelf procedures be limited to equity securities.

The Filer sought to distribute Class A-1 Exchangeable Shares, which do not carry a residual right to participate in assets upon liquidation and thus are not equity securities, but are economically equivalent to Brookfield Class A Shares.

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

The Filer applied for exemptive relief under the Securities Act to extend the lapse date of the current prospectus for two terminating scholarship plans.

The plans were scheduled to be wound up and their assets transferred to other plans by July 1, 2024.

The principal regulator granted the exemption, finding that it would avoid unnecessary costs and confusion, and that there were no undisclosed material changes in the plans' affairs.

Latitude Uranium 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 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 applicant, EHP Funds Inc., applied on behalf of EHP Global Multi-Strategy Alternative Fund for exemptive relief from the multi-tier fund prohibition in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit the top fund to invest in underlying funds that in turn invest more than 10% of their net asset value in third-tier funds.

The Ontario Securities Commission granted the exemption, subject to conditions including no duplication of fees, fair treatment in transaction costs, and compliance with continuous disclosure requirements.

The Filer, BMO Investments Inc., applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101, which prohibits consolidating a simplified prospectus for an alternative mutual fund with one for a conventional mutual fund.

The Filer sought to combine the prospectuses to reduce costs and streamline disclosure, noting that exchange-traded funds are permitted to do so under National Instrument 41-101.

The Ontario Securities Commission granted the requested exemption, allowing the Filer to consolidate the simplified prospectuses for its alternative and conventional mutual funds.

The Filer 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 in underlying funds with varying financial year-ends, causing delays in obtaining the necessary financial information to prepare their own statements.

The Ontario Securities Commission granted the requested relief, extending the annual deadline to 183 days and the interim deadline to 90 days, subject to certain conditions.

The applicant, Marathon Gold Corporation, applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

Following a court-approved plan of arrangement, Calibre Mining Corp. acquired all issued and outstanding shares of the applicant, and the applicant's shares were delisted from the TSX.

The principal regulator granted the order, finding that the applicant met the requirements to cease being a reporting issuer.