OSC 2025

The Filer, International Royalty Corporation, applied for an order to cease to be a reporting issuer in all jurisdictions of Canada where it is currently 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 that its securities are not traded on any marketplace.

The Ontario Securities Commission, acting as the principal regulator, granted the order.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Wavefront All-Weather Alternative Fund.

The extension was sought to align the Fund's prospectus renewal timeline with that of other mutual funds managed by the Filer, following recent amendments to prospectus renewal rules.

The Commission granted the relief, permitting the lapse date to be extended to June 16, 2027, provided the Fund complies with the updated prospectus renewal requirements.

The Filer, Andlauer Healthcare Group Inc., 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 Canadian jurisdiction and fewer than 51 worldwide, and granted the order.

RF Capital Group 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 applicant 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, finding that the applicant met the test under the securities legislation.

The Filer applied for exemptive relief from paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit the reference of LSEG Lipper Awards and LSEG Lipper Leader Ratings in sales communications for its mutual funds.

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

The applicant investment fund manager sought exemptive relief from the sub-custodian requirements of National Instrument 81-102 to appoint Anchorage Digital Bank (ADB) as a sub-custodian for its funds' crypto assets outside of Canada.

ADB did not meet the $100 million equity requirement under s. 6.3(2).

The Ontario Securities Commission granted the relief, subject to conditions including that ADB's parent company maintain a $100 million guarantee and sufficient cash equivalents to satisfy it until ADB meets the equity requirement.

The applicant, a closed-end investment trust, applied for exemptive relief from the requirement to include certain historical financial statements in a Business Acquisition Report following its acquisition of self-storage properties.

The applicant was unable to obtain historical accounting records for one of the properties from the previous owner despite reasonable efforts.

The Ontario Securities Commission granted the exemption, permitting the applicant to include alternative financial disclosures that were previously included in its prospectus, finding that the missing information was not material.

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 requested relief, subject to several conditions including that the Filer does not require dealers to sell its funds and that the materials contain only general educational information.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain requirements of National Instrument 33-109 to allow the bulk transfer of registered individuals and business locations from Jarislowsky, Fraser Limited to 1832 Asset Management L.P. The transfer was part of an internal reorganization within The Bank of Nova Scotia.

The Commission granted the requested exemption, finding that the bulk transfer would facilitate seamless service for clients without detrimental impact.

The Filer, Lorne Park Capital Partners 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 was satisfied that the statutory test was met and granted the requested order.

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

The relief 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 securities of a third-tier fund.

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

The applicant, True Exposure Investments, Inc., applied for exemptive relief on behalf of an existing fund and future funds offering ETF securities.

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the prospectus and from the take-over bid requirements for purchasers of ETF securities in the normal course on a marketplace.

The principal regulator granted the requested exemptions, finding that the decision met the test set out in the legislation.

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% (or 20% for alternative mutual 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 requiring the securities to maintain a U.S. Government Equivalent Rating and a minimum credit rating, as well as specific prospectus disclosure and risk factors.

The Filer applied for exemptive relief on behalf of its investment funds to allow them to purchase certain privately issued fixed income securities (144A Securities and Regulation S Securities) without those securities being considered 'illiquid assets' under National Instrument 81-102.

The principal regulator granted the relief, finding that the securities trade in an active institutional market and can be liquid relative to a fund's need to satisfy redemptions, provided certain conditions regarding resale and market quotations are met.

The applicant applied for exemptive relief on behalf of its mutual funds offering both ETF and mutual fund securities.

The requested relief sought an exemption from filing a long form prospectus for ETF securities, provided a simplified prospectus and ETF facts document are filed, and permission to treat ETF 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 exemptive relief subject to specified conditions.

The Filer applied for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The principal regulator, the Ontario Securities Commission, found that the Filer met the necessary criteria, 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.

The applicant applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its investment funds to invest in securities of exchange-traded funds listed on a stock exchange in the United States that are not index participation units.

The principal regulator granted the exemption, subject to conditions including that the investment is in accordance with the fund's investment objective, the fund does not hold more than 10% of its net asset value in such ETFs, and the ETFs are subject to the US Investment Company Act.

The Filers applied to the Ontario Securities Commission for an exemption from the dual registration restrictions in National Instrument 31-103.

The exemption was sought to permit an advising representative to be registered with both Venable Park Investment Counsel Inc. and R.N.Croft Financial Group Inc. for a limited period following the acquisition of VPIC by CFG.

The Commission granted the exemption, subject to conditions including adequate supervision, conflict of interest policies, and disclosure to clients, until VPIC's registration is revoked.

The applicant, Franklin Templeton Investments Corp., applied on behalf of the Franklin BSP Real Estate Debt Fund for exemptive relief from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The fund invests substantially all its assets in a Luxembourg-based underlying fund, which has longer financial reporting deadlines under local laws.

The Ontario Securities Commission granted the requested relief, extending the annual deadline to 182 days and the interim deadline to 92 days, subject to conditions including disclosure to investors.

RBC Global Asset Management Inc. applied for exemptive relief on behalf of its mutual funds (the Top Funds) to permit them to invest in Phillips, Hager & North Private Placement Corporate Debt Fund and future similar funds (the Underlying Funds).

The Underlying Funds are not reporting issuers and are not subject to National Instrument 81-102.

The Ontario Securities Commission granted the requested exemption from the fund-of-fund investment restrictions in subsections 2.5(2)(a) and 2.5(2)(c) of NI 81-102, subject to several conditions including independent review committee approval, valuation requirements, and prohibitions on fee duplication.