Ontario Securities Commission

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of certain alternative mutual funds to permit them to short sell government securities up to a maximum of 300% of their net asset value.

The relief sought exemptions from the short selling restrictions in sections 2.6.1(1)(c)(v) and 2.6.2 of National Instrument 81-102.

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

The Filer applied for exemptive relief on behalf of the Fund to revoke a previous decision and permit the Fund to adopt investment restrictions contained in NI 81-102 prior to the January 2019 amendments.

The relief also sought to permit the Fund to acquire securities of a Sub-Fund, which in turn invests in a Bottom Fund.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds comply with applicable restrictions and provide adequate disclosure to shareholders.

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

The principal regulator was satisfied that the Filer met the test set out in the legislation, noting that the Filer's outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction of Canada and fewer than 51 worldwide, and are not traded on any marketplace.

The order was granted.

Global Resource Champions Split Corp. applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The applicant represented that it has 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 requested order, finding that the applicant met the statutory test to cease being a reporting issuer.

The Filer, Soundvest Capital Management Ltd., applied to the Ontario Securities Commission for approval of a change of manager for Soundvest Split Trust to Bristol Gate Capital Partners Inc. under subsection 5.5(1)(a) of National Instrument 81-102.

The proposed transaction involves redeeming capital units, accelerating the maturity of preferred securities, and restructuring the fund as a non-public investment fund.

The Commission granted the requested approval, provided that the Filer obtains prior approval from the fund's securityholders.

The Filer applied for an exemption from the requirement under section 3.2.01(1) of National Instrument 81-101 to deliver the most recently filed Fund Facts document for purchases of mutual fund securities made pursuant to Automatic Rebalancing Trades and Additional Investments within its target asset allocation program.

The Ontario Securities Commission granted the exemption, subject to conditions including providing investors with notice of the exemption, instructions on how to request the Fund Facts, and annual reminders.

The Filer 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 conditions, 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.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The requested relief included exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and from the take-over bid requirements for persons purchasing listed securities in the normal course on a marketplace.

The Ontario Securities Commission granted the requested exemptions, noting that the authorized dealers and designated brokers do not perform conventional underwriting services and that applying take-over bid requirements would adversely impact the liquidity of the ETFs' listed securities.

Mackenzie Financial Corporation applied for exemptive relief to merge certain terminating mutual funds into continuing funds.

The proposed mergers did not meet all pre-approval criteria under NI 81-102 because the investment objectives were not substantially similar and certain unitholders did not receive current simplified prospectuses.

The Ontario Securities Commission granted the requested approval, subject to the condition that the filer obtains prior approval from the unitholders of the terminating funds at a special meeting.

The Filer, Hudson's Bay Company, applied for exemptive relief from Sections 3.2 and 3.3 of National Instrument 52-107 to permit it to prepare its financial statements in accordance with U.S. GAAP instead of IFRS.

The Filer had commenced preparations to become an SEC Issuer but paused the process due to a privatization proposal.

The Ontario Securities Commission granted the exemption, allowing the Filer to file U.S. GAAP financial statements for a limited time, subject to conditions including re-filing under IFRS if it does not become an SEC Issuer within the specified timeframe.

BMO Asset Management Inc. applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager or its affiliates.

The relief sought exemptions from the related issuer investment restrictions and the consent requirement for investments in issuers where a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions including objective pricing, fee duplication prohibitions, and specific disclosure requirements.

The Filer applied on behalf of existing and future alternative mutual funds for an exemption from the short selling limits in National Instrument 81-102.

The exemption would permit the funds to short sell government securities up to a maximum of 300% of their net asset value, rather than the standard 50% limit.

The principal regulator granted the requested relief, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of the funds' net asset value.

The applicants, Granite Real Estate Investment Trust and Granite REIT Inc., applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 44-102 regarding shelf distributions.

The applicants sought relief from the requirement to have current annual financial statements and an annual information form to file a short form base shelf prospectus, relying instead on combined financial statements and a single annual information form due to their stapled unit structure.

The Commission granted the requested relief, subject to conditions including that the stapled structure remains in place and that the applicants continue to comply with previously granted continuous disclosure exemptions.

The applicant, Algonquin Capital Corporation, applied on behalf of Algonquin Fixed Income 2.0 Fund for exemptive relief from the short selling restrictions in National Instrument 81-102.

The applicant sought to permit the fund to short sell government securities up to a maximum of 300% of its net asset value to hedge against interest rate risk.

The Ontario Securities Commission granted the exemption, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of the fund's net asset value.

The applicants sought exemptive relief from continuous disclosure, certification, and insider reporting requirements for a subsidiary following its acquisition via a plan of arrangement.

As the subsidiary became wholly-owned and its only outstanding public securities were warrants exercisable for the parent company's shares, the Ontario Securities Commission granted the requested exemptions.

The relief was made subject to conditions, including that the parent company continues to meet its reporting obligations and the subsidiary files notices relying on the parent's disclosures.

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

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 found that the Filer met the legislative test and granted the order.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief from subsection 5.1(a) of National Instrument 81-105.

The applicant sought permission to pay participating dealers for direct costs related to cooperative marketing initiatives where the primary purpose is to provide educational information concerning financial planning matters.

The Commission granted the requested exemption, subject to several conditions, including that the applicant does not require dealers to sell its funds and that the educational materials contain only general information.

The applicant, an investment fund manager, applied for exemptive relief on behalf of an alternative mutual fund to permit it to continue purchasing and holding securities of an underlying fund.

The relief was required because recent amendments to National Instrument 81-102 imposed new aggregate exposure limits on leverage obtained through specified derivatives, which would otherwise restrict the fund's established investment strategy.

The Ontario Securities Commission granted the requested relief, subject to conditions, noting that the fund would not engage in any new borrowing or short selling and that the underlying fund complies with applicable investment restrictions.

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse date of the simplified prospectus for its August Funds from August 31, 2019, to November 1, 2019.

The extension was sought to align the renewal of the August Funds Prospectus with the Fidelity Funds Prospectus, allowing them to be consolidated into a single document.

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

The Filer, SEMAFO (Holding) Limited, applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada in which it is 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 granted the order.