Ontario Securities Commission

The Applicant applied to the securities regulatory authorities in Alberta and Ontario for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of its obligations.

The Decision Makers were satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The filer, Toron Capital Markets Inc., applied for exemptive relief from the prohibition in Section 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit in specie transactions between fully managed accounts and pooled funds managed by the filer or its affiliates.

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

The Filer, Cott Corporation, applied for exemptive relief from certain requirements under NI 51-102 and NI 52-107 regarding the financial statements included in a business acquisition report for its acquisition of Aimia Foods Holdings Limited.

The Filer sought to file alternative financial statements, including a revised version with an unaudited reconciliation from UK GAAP to US GAAP, as permitted by the SEC.

The principal regulator granted the requested relief, provided the Filer re-files the business acquisition report containing the alternative financial statements and the unaudited reconciliation.

Mackenzie Financial Corporation applied on behalf of three mutual funds for exemptive relief from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The relief sought to permit the funds to invest up to 20% or 35% of their net asset value in certain highly-rated foreign government securities.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief subject to conditions, including that the securities be traded on a mature and liquid market and that the funds' simplified prospectuses disclose the additional risks associated with concentration.

The Applicant, Wheels Group Inc., applied for a decision that it is no longer a reporting issuer under the securities legislation of Alberta and Ontario.

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 that its securities are not traded on any marketplace.

The Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

The Filer, Glacier Credit Card Trust, applied for exemptive relief from the prospectus requirements under National Instrument 45-106 for distributions of its short-term securitized product.

The Filer currently holds only one credit rating from DBRS and requires time to obtain a second rating as mandated by recent amendments to NI 45-106.

The Ontario Securities Commission granted the exemption for up to one year, provided the Filer maintains its current high credit rating and complies with other specified conditions.

Foto Source Canada Inc. applied to the Ontario Securities Commission for exemptive relief from the prospectus requirements under securities legislation.

The applicant operates a centralized buying service for photographic products and sought to issue shares to its members in connection with a share reorganization and ongoing membership.

The Commission granted the requested relief, subject to conditions including the delivery of constating documents, financial statements, and a statement regarding the unavailability of certain statutory protections.

The filers applied for exemptive relief from the insider reporting requirements under subsection 107(2) of the Securities Act and section 3.3 of National Instrument 55-104.

The relief was sought in connection with the disposition of common shares pursuant to an automatic securities disposition plan, which was established to allow the insider to maintain its proportionate ownership during the company's normal course issuer bid.

The Ontario Securities Commission granted the exemption, subject to the condition that the insider file an annual summary report of all dispositions under the plan.

The Filer, Counsel Portfolio Services Inc., applied on behalf of the Brigata Diversified Portfolio for exemptive relief to extend the lapse date of the Fund's simplified prospectus and annual information form.

The extension was requested because the Filer proposed to merge the Fund into another mutual fund, which would eliminate the need for a renewal prospectus.

The Ontario Securities Commission granted the requested relief, extending the lapse date to September 4, 2015, to avoid unnecessary expenses in preparing renewal documents while the merger approval process was underway.

The Filer, Royal Gold, Inc., applied for an exemption from the prospectus requirement under paragraph 74(1)2 of the Securities Act for certain marketing activities not expressly permitted by National Instrument 71-101.

The Ontario Securities Commission granted the exemption, permitting investment dealers to use Standard Term Sheets, Marketing Materials, and conduct Road Shows in connection with future offerings under a Final Canadian MJDS Shelf Prospectus, provided they comply with Part 9A of National Instrument 44-102.

The Applicant applied to the Ontario Securities Commission and the Nova Scotia Securities Commission for a decision that it is no longer a reporting issuer.

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 that its securities are not traded on any marketplace.

The Decision Maker found the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Filers applied to the Ontario Securities Commission for exemptive relief from the requirement under section 8.2(4) of National Instrument 81-105 to obtain written consent from existing clients prior to completing trades in related mutual funds.

The requirement was triggered by Manulife Financial Corporation's acquisition of Standard Life Financial Inc., which made the Filers related to Standard Life Mutual Funds.

The Commission granted the exemption under section 9.1 of NI 81-105, noting the administrative burden of obtaining consent from all existing clients and the disclosure already provided to clients regarding the acquisition.

The applicants, H&R Real Estate Investment Trust and H&R Finance Trust, applied for exemptive relief from subparagraph 2.2(3)(b)(i) of National Instrument 44-102 Shelf Distributions.

The applicants previously obtained relief from certain financial disclosure requirements due to their stapled unit structure.

The principal regulator granted the requested exemption, allowing the applicants to proceed with their base shelf prospectus without filing stand-alone annual financial statements, provided they continue to satisfy the conditions of their prior exemptive relief decisions.

The Filer applied for exemptive relief on behalf of several investment funds to permit a master-feeder fund-on-fund structure.

The relief sought included exemptions from restrictions on investing in related issuers and from consent requirements for purchasing securities of an issuer in which a responsible person is a partner, officer, or director.

The Filer also sought relief to permit an in specie transfer of portfolio securities to effect a reorganization.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure requirements and compliance with investment restrictions.

The Filer, Heritage Education Funds Inc., applied to the Director of the Ontario Securities Commission for an extension of the 90-day period to file a final prospectus under subsection 2.3(1.1) of National Instrument 41-101.

The Director granted the requested exemption, permitting the final prospectus to be filed no later than May 29, 2015.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future mutual funds (the Top Funds) to permit them to invest in securities of exchange-traded mutual funds (the Underlying ETFs) managed by the Filer.

The requested relief sought exemptions from the concentration restriction, control restriction, and restrictions on investing in other mutual funds and paying brokerage commissions under National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the Top Funds' objectives, no short selling of the Underlying ETFs occurs, and the Underlying ETFs do not use leverage or rely on certain other exemptive relief.

The Applicant, Qwest Energy Financial Corp., applied to the securities regulatory authorities in multiple jurisdictions for a decision that it is not a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of its obligations.

The Decision Makers were satisfied that the test was met and ordered that the Applicant is not a reporting issuer.

The Filer applied to the Ontario Securities Commission for an exemption from the prohibitions in sections 13.5(2)(b)(ii) and (iii) of National Instrument 31-103.

The exemption was sought to permit in specie subscriptions and redemptions by managed accounts in pooled and mutual funds, and by pooled funds in pooled and mutual funds.

The Commission granted the requested relief, subject to several conditions including independent review committee approval and prior written consent from managed account clients.

The applicant sought exemptive relief from the requirement to file technical reports under National Instrument 43-101 in connection with its acquisition of a mineral exploration corporation.

The applicant submitted that its mineral extraction operations at the Dead Sea do not constitute a mineral deposit under SEC Industry Guide 7, and that it intended to seek relief to cease being a reporting issuer in Canada shortly after the transaction.

The Ontario Securities Commission granted the requested relief, provided the arrangement is completed and the applicant obtains reporting issuer exemptive relief within 45 days.

The Filers, Mandeville Private Client Inc. and Mandeville Wealth Services Inc., applied to the Ontario Securities Commission for exemptive relief under section 9.1 of National Instrument 81-105 (Mutual Fund Sales Practices).

They sought an exemption from subsection 7.1(3) to allow their representatives to pay commission rebates to clients who redeem mutual fund securities to purchase securities of affiliated Portland Mutual Funds.

The Commission granted the exemption, subject to conditions ensuring that commission rebates are not conditional on purchasing affiliated funds and that clients receive proper disclosure.