Ontario Securities Commission

The applicant, an investment fund manager, applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into continuing mutual funds.

The mergers did not meet all criteria for pre-approved reorganizations because the investment objectives were not substantially similar, the portfolio assets were not acceptable to the continuing funds' advisor, and certain tax and disclosure requirements were not met.

The principal regulator granted the requested exemption, finding that the mergers would benefit securityholders through improved economies of scale and lower operating expenses.

Element Financial Corporation applied for an exemption from the financial statement requirements in Section 8.4 of National Instrument 51-102 for a business acquisition report regarding its acquisition of railcars and leases.

The Ontario Securities Commission granted the exemption, permitting the filer to provide alternative financial information instead of historical financial statements, as the historical statements were unavailable and would not be relevant to investors.

The Applicant, Vitran Corporation Inc., applied for a decision that it is no longer a reporting issuer under the securities legislation of multiple Canadian jurisdictions.

The Decision Maker found that the Applicant met the statutory test, as 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 application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Applicant, a foreign issuer with a de minimis market presence in Canada, applied for a decision that it is no longer a reporting issuer in the jurisdictions.

The Applicant's securities are not listed on any Canadian exchange, and Canadian residents beneficially own less than 2% of its outstanding securities.

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

The Filer, a special purpose trust with no outstanding securities, applied for a decision that it is no longer a reporting issuer in multiple Canadian jurisdictions.

The Filer had not filed its 2013 annual continuous disclosure documents pending this application.

The Ontario Securities Commission, as principal regulator, granted the requested exemptive relief, determining that the Filer met the test to cease being a reporting issuer.

The Filers applied to the Ontario Securities Commission to vary a prior exemptive relief decision.

The prior decision restricted Granite GP from issuing securities other than common shares and certain other specified securities.

The Filers sought to vary the decision to permit Granite GP to issue subscription receipts, warrants, rights, or other securities convertible into common shares that will form stapled units, in accordance with their support agreement.

The Commission granted the requested relief, varying the prior decision.

The Filer applied on behalf of the Fund for exemptive relief under Part 19 of National Instrument 41-101.

The application sought relief from subsection 2.3(1), which prohibits filing a first amendment to a preliminary prospectus more than 90 days after the receipt date.

The Director granted the exemption, permitting the amendment to be filed by May 23, 2014.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of itself and certain investment funds it manages.

The requested relief sought exemptions from the related issuer investment restrictions under the Securities Act and the consent requirements under National Instrument 31-103 to permit a fund-on-fund structure.

The Commission granted the requested relief, subject to conditions including prospectus exemption compliance, fee duplication avoidance, and specific disclosure requirements.

The applicant, Counsel Portfolio Services Inc., applied on behalf of 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 to align the fund's offering documents with those of 37 other mutual funds managed by the applicant.

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

The Filers applied for exemptive relief to extend the lapse date of the simplified prospectus and annual information form for two mutual funds from June 28, 2014, to August 1, 2014.

The extension was requested to align the renewal of the Funds' prospectus with approximately 100 affiliated mutual funds managed by the same manager, allowing for a combined prospectus booklet and consistent operational features.

The principal regulator granted the requested relief, finding it would not affect the accuracy of the information provided to investors and was not prejudicial to the public interest.

The filers, Canadian Tire Corporation and members of its Deferred Profit Sharing Plan Capital Accumulation Plan Committee, applied to the Ontario Securities Commission for exemptive relief from insider reporting requirements.

The relief was sought in respect of certain automatic acquisitions and dispositions of Class A Non-Voting Shares forming part of the CTC Share Fund under a group annuity policy.

The Commission granted the exemption, finding that the trades constituted discrete investment decisions that did not reflect independent investment judgment by the committee members, subject to conditions including annual reporting and disclosure in the corporation's management information circular.

The Applicant applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Decision Maker was satisfied that the Applicant met the test, as its 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 application was granted, and the Applicant was ordered not to be a reporting issuer.

The Filers applied to the Ontario Securities Commission for approval of a change of control of the Manager under subsection 5.5(2) of National Instrument 81-102 Mutual Funds.

U.S. Global Investors (Canada) Ltd. proposed to acquire additional voting shares of the Manager, increasing its ownership from 50% to 65%.

The Commission was satisfied that the change of control would not negatively impact the management and administration of the Funds or the Manager's ability to fulfill its regulatory obligations.

The application for approval was granted.

The applicant, FT Portfolio Canada Co., applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds (the Top Funds) to invest in exchange-traded funds (the Underlying ETFs) managed by the applicant or its affiliates.

The requested relief included exemptions from the concentration restriction, the control restriction, and prohibitions on paying brokerage commissions for trades in the Underlying ETFs.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the Top Funds not short sell the Underlying ETFs and that indirect holdings be limited to 10% of net asset value.

The Filer applied for exemptive relief under National Instrument 81-102 to permit its asset allocation mutual funds to invest indirectly in physical commodities (other than gold and silver) through investments in Commodity ETFs.

The Principal Regulator granted the relief, subject to conditions including a 10 percent limit on exposure to physical commodities and specific prospectus disclosure requirements.

The Filer, MD Physician Services Inc., applied for exemptive relief from the fund of funds restrictions in clauses 2.5(2)(a) and (c) of National Instrument 81-102.

The relief was sought to permit four mutual funds managed by the Filer to invest up to 10 percent of their net assets in three specific U.S. exchange traded funds that employ absolute return strategies.

The Ontario Securities Commission granted the exemption, subject to conditions including that the U.S. ETFs remain subject to the U.S. Investment Company Act of 1940 and are not commodity pools.

The Filer applied for exemptive relief from the requirements under National Instrument 51-102 and National Instrument 44-101 to provide certain historical financial statements for a significant acquisition in a business acquisition report and short form prospectus.

The Filer acquired the EASTON baseball/softball product line, which was not operated as a stand-alone entity, making the preparation of carve-out financial statements impracticable.

The Ontario Securities Commission granted the relief, permitting the Filer to provide alternative financial statements, including statements of assets acquired and liabilities assumed, and statements of direct revenues and expenses.

The Filers applied to the Ontario Securities Commission for an extension of the time limits pertaining to filing a renewal prospectus.

The Filers inadvertently failed to file a pro forma prospectus 30 days before the lapse date as required by the Securities Act.

The Commission granted the exemptive relief, extending the lapse date as requested, finding it would not be prejudicial to the public interest.

The applicant applied on behalf of a newly established mutual fund for an exemption from the requirement to file an interim management report of fund performance under section 4.2 of National Instrument 81-106.

As the fund had not yet issued securities to the public and held only cash, the interim report would contain minimal information.

The Ontario Securities Commission granted the exemption, finding that the cost of preparing the report would outweigh any benefit.

The applicant applied to the Ontario Securities Commission and the Alberta regulator 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 a marketplace, and it is not in default of its obligations.

The Commission granted the order, finding the statutory test was met.