Ontario Securities Commission
March 31, 2026
In the Matter of the Securities Legislation of Ontario (the Jurisdiction)
and
In the Matter of the Process for Cease to be a Reporting Issuer Applications
and
In the Matter of Guardian Capital Group Limited (Guardian) and Desjardins Global Asset Management Inc. (Desjardins and together with Guardian, the Filers)
Order
Background
The principal regulator in the Jurisdiction has received an application from the Filers for an order under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that each of the Filers has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought).
Under the Process for Cease to be a Reporting Issuer Applications (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for this application; and
(b) the Filers have provided notice that subsection 4C.5(1) of Multilateral Instrument 11‑102 Passport System (MI 11‑102) is intended to be relied upon in Alberta, British Columbia, Québec and Manitoba.
Interpretation
Terms defined in National Instrument 14‑101 Definitions and MI 11‑102 have the same meaning if used in this order, unless otherwise defined.
Representations
This order is based on the following facts represented by each Filer:
such Filer is not an OTC reporting issuer under Multilateral Instrument 51‑105 Issuers Quoted in the U.S. Over-the-Counter Markets;
the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide;
no securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21‑101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported;
each such Filer is applying for an order that the Filer has ceased to be a reporting issuer in all of the jurisdictions of Canada in which it is a reporting issuer; and
each such Filer is not in default of securities legislation in any jurisdiction.
Order
The principal regulator is satisfied that the order meets the test set out in the Legislation for the principal regulator to make the order.
The decision of the principal regulator under the Legislation is that the Order Sought is granted.
“Lina Creta”
Associate Vice President, Corporate Finance
Ontario Securities Commission OSC File#: 2026-131