OSC 2025

The Filer applied for exemptive relief from the requirement in NI 52-107 that audited financial statements be accompanied by an auditor's report expressing an unmodified opinion.

The relief was sought in connection with a qualifying transaction involving the acquisition of a business whose prior year financial statements could not be audited without a modified opinion regarding opening inventory.

The Ontario Securities Commission granted the exemption, provided the only modification in the auditor's report relates to the inventory qualification and subsequent audited financial statements are included.

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for its mutual funds.

The Filer inadvertently failed to file a pro forma prospectus 30 days prior to the current lapse date and wished to make changes to add new series of units.

The principal regulator granted the extension, finding that it would not prejudice investors and that the current prospectus remained accurate.

Sierra Metals Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Commission found that the applicant 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.

Ceres Global Ag Corp. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The applicant 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 requested order.

The Filer applied for exemptive relief on behalf of several mutual funds to permit them to file a simplified prospectus for ETF securities, omit an underwriter's certificate, exempt purchasers from take-over bid requirements, borrow cash to fund distributions, and treat ETF and mutual fund securities as separate funds for certain compliance purposes.

The Ontario Securities Commission granted the requested relief, subject to conditions.

The Filer, Mandalay Resources Corporation, 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 Filer applied on behalf of the Current Fund and Future Funds for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief sought would permit the Funds to invest up to 20% or 35% of their net asset value in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, provided they meet specific credit rating requirements.

The Principal Regulator granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the Funds' simplified prospectuses disclose the additional risks associated with concentration.

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

The applicant demonstrated 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 order.

The Filer applied for exemptive relief on behalf of itself and certain investment funds (Top Funds) to permit the Top Funds to invest in underlying investment vehicles managed by the Filer or its affiliates.

The relief sought an exemption from conflict of interest investment restrictions and reporting requirements under securities legislation.

The principal regulator granted the exemption, subject to conditions including that the investments are compatible with the Top Funds' objectives, no duplicative fees are charged, and specific valuation models are used for private debt securities.

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

The Fund invests primarily in an underlying fund that has obtained similar relief, making it impossible for the Fund to meet the standard deadlines.

The Ontario Securities Commission granted the requested relief, permitting the Fund to deliver its annual financial statements within 180 days of its financial year-end and its interim financial statements within 120 days of its interim period-end, subject to certain conditions.

The Filer, a Delaware statutory trust, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in Canada following a merger transaction.

The Filer demonstrated that Canadian residents beneficially own less than 2% of its outstanding securities and comprise less than 2% of its total securityholders worldwide.

The principal regulator granted the order, noting the Filer's securities are not traded on any Canadian market and the Filer is subject to U.S. reporting obligations.

The applicant, 1832 Asset Management L.P., applied for exemptive relief to extend the lapse dates for the renewal of various funds' prospectuses.

The extension was sought to align the renewal dates of certain funds to reduce costs and to allow sufficient time for the completion of annual financial statement audits.

The Ontario Securities Commission granted the requested relief, finding that the extension would not be prejudicial to the public interest.

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

The requested relief included exemptions from the control restriction and the requirements that underlying funds be subject to NI 81-102 and be reporting issuers in Canada.

The principal regulator granted the requested relief, subject to conditions including that the investments align with the funds' objectives and that aggregate investments in such underlying ETFs do not exceed 10% of a fund's net asset value.

The applicant, CIBC Asset Management Inc., applied on behalf of the CIBC Canadian Banks Covered Call ETF for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief was sought to permit the Fund to invest more than 10% of its net asset value in the equity securities of Canadian banks in order to achieve its investment objective of an equal-weighted portfolio of such securities.

The Ontario Securities Commission granted the requested exemption, subject to conditions including a 20% maximum investment per issuer and specific prospectus disclosure.

The applicant sought exemptive relief from s. 6.1(1) of National Instrument 81-102 to permit several mutual funds to appoint two custodians on a temporary basis.

Following a series of fund mergers, the continuing funds acquired sanctioned Russian and Belarusian securities that the previous custodian could not transfer without regulatory permits.

The Commission granted the relief, allowing the sanctioned securities to remain with the previous custodian while the remaining assets are held by the current custodian, subject to conditions regarding reconciliation and valuation.

The Filer, Angus Gold Inc., 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 required test under the securities legislation, noting that its 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.

The order was granted.

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of Dynamic Retirement Income Fund to permit its new ETF Series to use the past performance data, financial information, and start date of the terminating Dynamic Active Retirement Income ETF following a merger.

The Ontario Securities Commission granted the requested relief, finding that treating the ETF Series as fungible with the terminating ETF for performance and financial disclosure purposes would be beneficial to investors and prevent unnecessary confusion.

The applicants applied to the Ontario Securities Commission for exemptive relief from the requirement under subsection 6.1(2) of National Instrument 45-106 to file a Form 45-106F1 Report of Exempt Distribution within 10 days of distributing Series OH units.

The applicants argued that the Series OH units are automatically switched to Series O units once the net asset value is calculated, making the initial filing and subsequent amendment administratively burdensome.

The Commission granted the requested relief, provided the applicants file the required form within 10 days of the automatic switch.

The applicant, Forge First Asset Management Inc., applied to the Ontario Securities Commission for exemptive relief on behalf of its alternative mutual funds.

The requested relief sought exemptions from certain provisions of National Instrument 81-102 to permit the funds to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, and to exceed the single issuer short restriction to short sell index participation units up to 100% of their net asset value.

The Commission granted the requested exemptive relief, subject to specified conditions regarding aggregate exposure limits and compliance with other regulatory requirements.

TD Asset Management Inc. applied for exemptive relief on behalf of its existing and future mutual funds offering ETF securities.

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

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