Ontario Securities Commission

CIBC Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief under the Securities Act to extend the lapse date of a simplified prospectus for several mutual funds.

The extension was sought to align the lapse date with that of other funds managed by the applicant, allowing for the consolidation of their prospectuses to reduce renewal and printing costs.

The Commission found that the extension would not prejudice the public interest and granted the requested relief, extending the lapse date by 57 days.

AGF Investments Inc. applied for exemptive relief on behalf of its managed investment funds (Top Funds) to permit them to invest in the Kensington Private Equity Fund, a related issuer.

The Ontario Securities Commission granted the requested relief from the related issuer, consent, and reporting requirements, subject to conditions including compliance with illiquid asset restrictions, independent valuation reviews, and disclosure to investors.

The Filer, an Illinois-chartered bank, applied for exemptive relief from the dealer registration and prospectus requirements to allow its London Branch to distribute fixed and variable term deposits to Canadian institutional accredited investors.

The Filer also sought relief from the dealer registration requirement for its Canada Branch to conduct related marketing and administrative activities.

The Ontario Securities Commission granted the requested exemptions, noting that the Filer and its branches are subject to comprehensive regulatory oversight in the United States and the United Kingdom, and that the deposits would be protected by the UK Financial Services Compensation Scheme.

The Filer, Radio Fuels Energy Corp., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer represented that it is not an OTC reporting issuer, its outstanding securities are beneficially owned by fewer than 51 securityholders worldwide, its securities are not traded on any marketplace, and it is not in default of securities legislation.

The principal regulator was satisfied that the statutory test was met and granted the requested order.

Molecule Holdings Inc. applied to the Ontario Securities Commission for a partial revocation of a failure-to-file cease trade order (FFCTO) issued on March 5, 2024.

The issuer sought the partial revocation to complete a proposed financing of up to $300,000 and an additional amendment transaction to settle outstanding unsecured debentures.

The Commission granted the partial revocation order, conditional upon the issuer obtaining signed acknowledgements from all participants that the securities will remain subject to the FFCTO until a full revocation order is granted.

The Filer, RediShred Capital Corp., 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 Filer represented 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 granted the order, finding that the Filer met the test set out in the legislation.

The Filer applied for exemptive relief from continuous disclosure, certificate form, audit committee, corporate governance, and insider reporting requirements under various National Instruments and the Securities Act.

The Filer, a limited partnership, recently underwent a reorganization terminating its stapled unit structure.

The principal regulator granted the requested relief, subject to conditions, allowing the Filer to rely on the credit support issuer exemptions by treating its parent and general partner as parent and subsidiary credit supporters.

Plateau Energy Metals Inc. applied to the Ontario Securities Commission for an order to cease being a reporting issuer.

The Filer had become a wholly-owned subsidiary of American Lithium Corp. following a court-approved plan of arrangement and its shares were delisted.

Although subject to a failure-to-file cease trade order for unfiled continuous disclosure documents, the Filer met the criteria for the requested relief as its outstanding securities were beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

The principal regulator granted the order.

The applicant issuer applied to the Ontario Securities Commission for an order revoking a failure-to-file cease trade order issued in 2022.

Following a plan of arrangement, the applicant became a wholly-owned subsidiary of another corporation and applied to cease being a reporting issuer in all jurisdictions.

The Commission granted the application, ordering that the cease trade order be revoked effective on the date the applicant ceases to be a reporting issuer.

The Filers applied for exemptive relief from the Underwriting Conflict Restriction in subsection 4.1(1) of National Instrument 81-102 to permit their dealer managed investment funds to invest in debt securities of non-reporting issuers during a distribution underwritten by an affiliate, or within 60 days thereafter.

The Ontario Securities Commission granted the exemption, subject to conditions requiring independent review committee oversight and specific conflict mitigation policies, and revoked prior relief.

The applicant investment fund manager applied for exemptive relief on behalf of its mutual funds from certain short selling, cash cover, and custodial requirements under National Instrument 81-102.

The relief was sought to facilitate an interest rate risk hedging strategy involving the short selling of government securities, including those of the United Kingdom and Germany.

The principal regulator granted the requested exemptions, revoking and replacing previous decisions to expand the definition of government securities and maintain custodial relief, subject to specified conditions including aggregate exposure limits and internal controls.

The Filer, Polar Asset Management Partners Inc., applied for exemptive relief from the prohibition in paragraph 13.18(2)(b) of National Instrument 31-103, which prevents registered individuals from using corporate officer titles unless appointed pursuant to corporate law.

The Filer sought to allow its registered individuals to use titles such as 'Vice President' and 'Managing Director' when interacting exclusively with institutional clients.

The Ontario Securities Commission granted the exemption, finding that the use of such titles would not deceive or mislead sophisticated institutional clients and that compliance would cause significant operational challenges.

Centamin Limited 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 principal regulator found that the Filer met the necessary requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and granted the requested order.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the simplified prospectuses and fund facts for several mutual funds (the Winter Funds) to May 31, 2025.

The extension was sought to align the renewal of the Winter Funds' prospectuses with those of 115 other mutual funds managed by the Filer, thereby reducing renewal, printing, and related costs.

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

Fidelity Investments Canada ULC applied for exemptive relief on behalf of two top funds from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The top funds invest in underlying funds with varying financial reporting deadlines, making it impossible to meet the standard deadlines.

The Ontario Securities Commission granted the requested relief, extending the annual deadline to 120 days and the interim deadline to 90 days, subject to certain conditions.

The filer applied on behalf of a newly established alternative mutual fund for exemptive relief from certain requirements under National Instrument 81-102 and related rules.

The fund was established to succeed the operations of an existing limited partnership.

The principal regulator granted relief from seed capital requirements, aggregate exposure limits (permitting a value-at-risk approach instead), and restrictions on using the predecessor limited partnership's past performance data in sales communications and continuous disclosure documents.

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

The relief sought was to permit in specie subscriptions and redemptions by a managed account in relation to a fund, and by a fund in relation to another fund.

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

The applicant issuer applied for a full revocation of a failure-to-file cease trade order and an order declaring it has ceased to be a reporting issuer.

The issuer had undergone restructuring under the Companies' Creditors Arrangement Act, resulting in a single beneficial securityholder and no public market for its securities.

The Ontario Securities Commission granted both orders, finding the statutory tests were met.

The applicant issuer applied for a full revocation of a failure-to-file cease trade order and an order that it has ceased to be a reporting issuer.

The issuer had undergone a sale and investment solicitation process under the Companies' Creditors Arrangement Act, resulting in a reverse vesting order and the cancellation of all old equity interests.

The Ontario Securities Commission granted the requested orders, noting that the issuer's 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 Filer applied for exemptive relief to extend the lapse date of the current prospectus for two ETFs from January 8, 2025, to January 24, 2025.

The extension was requested to align the renewal timeline with 36 other ETFs managed by the Filer, reducing costs and streamlining operations.

The Ontario Securities Commission granted the requested relief, noting no material changes in the ETFs' affairs and no prejudice to the public interest.