Ontario Securities Commission

The applicant, a foreign issuer, applied for exemptive relief from the prospectus and dealer registration requirements under Ontario securities legislation.

The relief was sought to permit the offering of units in a French collective shareholding vehicle (FCPE) and underlying ordinary shares to Canadian employees of the applicant and its related entities.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding the first trade of the securities and the applicant's status as a foreign issuer.

The Filer applied for exemptive relief from the requirement under subsection 3.2.01 of National Instrument 81-101 to deliver the most recently filed fund facts documents to purchasers before accepting instructions for purchases made pursuant to an Automatic Series Switch.

The Filer proposed to automatically switch clients holding Series A securities to Series P securities, which have lower management fees, without delivering new fund facts documents, provided certain notice and disclosure conditions were met.

The principal regulator granted the exemption, subject to conditions including that the combined fees for Series P securities remain lower and that clients receive prior notice of the switch and their rights.

The Filer applied for exemptive relief from the margin deposit restrictions in sections 6.8(1) and 6.8(2)(c) of National Instrument 81-102 on behalf of existing and future investment funds.

The relief sought to permit the funds to deposit up to 35% of their net asset value as margin with a single dealer, and up to 70% in aggregate across all dealers, for transactions involving exchange-traded specified derivatives.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest, subject to conditions limiting the funds to exchange-traded specified derivatives and capping the margin amounts as requested.

The Filer applied for exemptive relief on behalf of several mutual funds to be exempt from filing a long form prospectus for ETF Securities, provided they file a simplified prospectus and ETF Facts.

The Filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Picton Mahoney Fortified Core Bond Fund, and to permit the consolidation of the simplified prospectuses for its alternative mutual funds with those of its conventional mutual funds.

The Commission granted the requested relief, finding that the lapse date extension would not prejudice investors and that consolidating the prospectuses would reduce costs and facilitate comparison between the funds.

The Filer applied for exemptive relief on behalf of a new mutual fund and future mutual funds to be exempted from filing a simplified prospectus for Mutual Fund Securities, provided a long form prospectus is filed.

The Filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions regarding prospectus disclosure and compliance with applicable provisions of NI 81-102.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in U.S. exchange-traded funds, foreign index participation units listed on the London Stock Exchange, and European UCITS.

The Ontario Securities Commission granted the relief, subject to conditions including concentration limits, disclosure requirements, and compliance with equivalent foreign regulatory frameworks, finding that the investments would provide cost-effective diversification and exposure to broader asset classes.

The applicant applied for exemptive relief on behalf of several exchange-traded funds and mutual funds.

The applicant sought relief from the requirement to file a long form prospectus for ETF securities, proposing instead to file a simplified prospectus and ETF Facts.

The applicant also sought an extension of the lapse dates for the prospectuses of certain funds to align them with the lapse date of other funds managed by the applicant, thereby reducing renewal and printing costs.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the filing of the simplified prospectus and required disclosures.

The Filers applied to the Ontario Securities Commission for exemptive relief from the borrowing limit in National Instrument 81-102.

The relief was sought to allow their mutual funds to borrow cash up to 10% of their net asset value on a temporary basis.

This borrowing is intended to accommodate fund redemptions and purchases that experience settlement mismatches due to the transition to a T+1 settlement cycle in North American markets, while some portfolio securities continue to settle on a T+2 basis.

The Commission granted the requested exemption, subject to conditions including the implementation of liquidity risk management policies and specific prospectus disclosures.

Corton Capital Inc. applied for exemptive relief on behalf of the Corton Enhanced Income Fund and future funds offering ETF Securities.

The requested relief included exemptions from the long form prospectus requirement, certain sales and redemptions requirements, the underwriter's certificate requirement, and take-over bid requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including compliance with simplified prospectus and ETF Facts document requirements.

Heritage Cannabis Holdings Corp. applied for a partial revocation of a failure-to-file cease trade order (FFCTO) issued by the Ontario Securities Commission.

The issuer is undergoing CCAA proceedings and sought the partial revocation to permit trades necessary to complete a reverse vesting transaction approved by the Superior Court of Justice.

The Commission granted the partial revocation order, subject to conditions including providing notice to the purchaser that the securities remain subject to the FFCTO.

The Filer, Padlock Partners UK Fund II, applied to the Ontario Securities Commission for an order to cease 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 that its securities are not traded on any marketplace.

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

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for certain exchange-traded mutual funds from February 9, 2025, to May 16, 2025.

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

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

The Filer, Padlock Partners UK Fund III, applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

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 not having its securities traded on any marketplace.

The order was granted.

The applicant investment fund manager sought exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds from October 5, 2024, to December 6, 2024.

The extension was requested to align the renewal of the funds' prospectus with the renewal of the prospectus for 119 other mutual funds managed by the applicant, thereby reducing costs and streamlining disclosure.

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

The applicant applied on behalf of several existing investment funds for approval of a proposed reorganization where the existing funds will become underlying funds of a new continuing fund.

The applicant also sought exemptive relief to permit the continuing fund to hold units of the existing funds after they cease to be reporting issuers.

The Ontario Securities Commission granted the requested approval and relief, subject to conditions including unitholder approval and continued compliance with applicable investment fund rules.

Karora Resources Inc. 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 a reporting issuer.

The principal regulator found that the Filer met the requirements, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and having no securities traded on a marketplace.

The order was granted.

Park Lawn Corporation 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 Commission found that the outstanding securities of the Filer are beneficially owned by fewer than 15 securityholders in each jurisdiction of Canada and fewer than 51 worldwide, and no securities are traded on a marketplace in Canada or elsewhere.

The principal regulator granted the order.

The Filer applied for an order under the securities legislation of Ontario to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The principal regulator found that the Filer met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and not being in default of securities legislation.

The order was granted.

Arkema S.A. 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 allows Canadian employees to subscribe for units of a temporary fonds commun de placement d'entreprise (FCPE), which will purchase ordinary shares of the filer.

The principal regulator granted the requested relief, subject to conditions regarding the first trade of the units or shares acquired by Canadian participants.