Ontario Securities Commission

The Filer, RP Investment Advisors LP, applied on behalf of existing and future alternative mutual funds for exemptive relief from the short selling and cash borrowing limits in National Instrument 81-102.

The Filer sought to permit the funds to borrow cash and sell securities short up to an aggregate limit of 100% of the funds' net asset value, arguing this would provide cost savings and flexibility compared to using specified derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds' aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed the 300% leverage limit.

The Filers applied to the Ontario Securities Commission for exemptive relief on behalf of two mutual funds transitioning from private to public offerings.

The requested relief sought to permit the Funds to include past performance data and financial highlights from the period before they became reporting issuers in their sales communications, simplified prospectuses, fund facts documents, and management reports of fund performance.

The Commission granted the requested relief, subject to conditions requiring specific disclosures about the Funds' prior non-reporting status and the availability of historical financial statements.

The Filer applied for exemptive relief to extend the suspension of redemptions and weekly net asset value calculations for the Goodwood Capital Fund until December 31, 2025, and to permit the Fund to hold illiquid assets exceeding 15% of its net asset value.

The Fund is in the process of being terminated and liquidated, but currently holds illiquid positions that cannot be immediately monetized.

The principal regulator granted the requested relief, subject to conditions including the distribution of proceeds from liquid assets by April 30, 2025, and the waiver of management fees during the suspension period.

Vanguard Investments Canada Inc. applied for exemptive relief on behalf of its current and future investment funds to allow them to purchase 144A Securities without those securities being classified as 'illiquid assets' under National Instrument 81-102.

The Filer argued that 144A Securities trade in a deep, liquid institutional market and that the restriction would prevent the funds from pursuing attractive investment opportunities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the purchasing fund must be a Qualified Institutional Buyer and the securities must be traded on a mature and liquid market.

The Filer applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The Filer was previously subject to a failure-to-file cease trade order and underwent receivership proceedings resulting in a reverse vesting order and the sale of its shares to a purchaser.

As the Filer now has fewer than 15 security holders in any Canadian jurisdiction and its securities are no longer traded on a marketplace, the Commission granted the order.

Prospect Park Capital Corp. applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued on February 3, 2023.

The Issuer had failed to file its audited annual financial statements and related documents for the year ended September 30, 2022.

The Issuer subsequently filed all required continuous disclosure documents, except for certain historical executive compensation, audit committee, and corporate governance disclosures, for which it requested discretionary relief.

The Commission was satisfied that the test for revocation was met and ordered the cease trade order revoked.

The Filer, an SEC issuer, applied for exemptive relief from the notice-and-access requirements under NI 51-102 and NI 54-101.

The Filer sought to send proxy-related materials to registered and beneficial holders using a delivery method permitted under U.S. federal securities laws.

The Filer could not rely on the automatic exemptions because the majority of its executive officers or directors are residents of Canada.

The Ontario Securities Commission granted the requested relief, provided the Filer meets all other applicable requirements of the automatic exemptions.

The Filer applied for exemptive relief on behalf of the Fund to permit it to invest in securities of US-listed exchange-traded products (ETPs), specifically the iShares Bitcoin Trust, that are not index participation units and are not reporting issuers in Canada.

The Ontario Securities Commission granted the exemption from paragraphs 2.5(2)(a), (a.1), and (c) of NI 81-102, subject to conditions including a 10% net asset value limit on such investments.

The applicant, a French corporation, applied to the Ontario Securities Commission for exemptive relief from the prospectus and dealer registration requirements in connection with a global employee share offering.

The offering involves the use of a French collective shareholding vehicle (FCPE) and a leveraged plan structure.

The Commission granted the requested relief, subject to conditions including that the first trade of the securities must be made through an exchange or market outside of Canada or to a person outside of Canada.

The Filer, Hamilton Capital Partners Inc., applied for exemptive relief to extend the lapse date of the long form prospectus for several of its exchange-traded funds from June 5, 2025, to August 16, 2025.

The extension was sought to align the renewal timeframe with other funds managed by the Filer, thereby reducing costs and streamlining operations.

The principal regulator granted the requested exemption, finding it would not be prejudicial to the public interest.

The Filer, a Capital Pool Company, applied for exemptive relief from the requirement under 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 proposed Qualifying Transaction involving the acquisition of Coil Solutions Inc. The auditor's report for Coil's 2023 financial statements contained a modified opinion relating to opening inventory.

The Ontario Securities Commission granted the requested relief, noting that the subsequent 2024 financial statements had an unmodified opinion and the business was not seasonal.

Ackroo 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 where it is currently 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 principal regulator found that the application met the legislative test and granted the order.

Mackenzie Financial Corporation applied for exemptive relief from the conflict of interest investment restrictions in paragraph 13.5(2)(a) of National Instrument 31-103.

The Filer sought permission for its investment funds (Top Funds) to invest in collective investment vehicles (Underlying Investments) managed by its affiliates, Northleaf Capital Group Ltd. and Sagard Holdings Inc. The Ontario Securities Commission granted the exemption, subject to several conditions, including that the investments be compatible with the Top Funds' objectives, comply with illiquid asset restrictions, and receive prior approval from the independent review committee.

The applicant, Agnico Eagle Abitibi Acquisition Corp., 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 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 was satisfied that the statutory test was met and granted the requested order.

The Filer applied for exemptive relief to extend the lapse date of the long form prospectus for several exchange-traded mutual funds from April 24, 2025, to August 9, 2025.

The extension was sought to align the lapse date with that of other funds managed by the Filer, thereby reducing renewal and printing costs and allowing investors to compare fund features more easily.

The Ontario Securities Commission granted the requested relief, noting that there had been no material changes in the affairs of the funds and that the extension would not be prejudicial to the public interest.

The applicant, Franklin Templeton Investments Corp., applied on behalf of the Franklin Lexington PE Secondaries Fund for exemptive relief from the annual and interim financial statement filing and delivery requirements under National Instrument 81-106.

The top fund invests substantially all its assets in an underlying Luxembourg fund, which has longer financial reporting deadlines.

The Ontario Securities Commission granted the requested relief, extending the top fund's annual and interim filing and delivery deadlines to 183 days and 92 days, respectively, subject to conditions.

The Filer applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectus for its alternative mutual funds with the simplified prospectus for its conventional mutual funds.

The principal regulator granted the requested relief, noting that consolidating the prospectuses would reduce costs, facilitate comparison for investors, and align the treatment of mutual funds under NI 81-101 with exchange-traded funds under NI 41-101.

The Filer, Quisitive Technology Solutions, ULC, applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada.

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 principal regulator was satisfied that the test under the securities legislation was met and granted the requested order.

The Filer, acting as the investment fund manager for the Northfront Alternative Asset Fund, applied for exemptive relief from the annual financial statement filing and delivery deadlines under National Instrument 81-106.

The Top Fund invests predominantly in underlying funds and cannot obtain their audited financial statements in time to meet the standard 90-day deadline.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadlines to 180 days after the Top Fund's financial year end, subject to certain conditions.

The Filer applied for exemptive relief from the performance rating and ranking requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, LSEG Lipper Awards, and LSEG Lipper Leader Ratings in their sales communications.

The Ontario Securities Commission granted the exemption, subject to conditions requiring specific disclosure in the sales communications and limiting the use of awards to those granted within the preceding 365 days.