Ontario Securities Commission

Invesco Canada Ltd. applied to the Ontario Securities Commission for exemptive relief from the requirement under section 117(2) of the Securities Act to file monthly reports for its investment funds regarding trades executed through a related party broker.

The applicant argued that filing segregated monthly reports would be costly and time-consuming, and that similar information is already provided in the funds' annual and interim management reports of fund performance.

The Commission granted the requested exemption, subject to conditions requiring the funds to disclose the related party fees in their management reports and to maintain detailed records of such transactions.

The applicant applied to the Director of the Ontario Securities Commission for an exemption from the requirement to include audited financial statements and an auditor's report in the prospectus of certain exchange-traded funds.

The Director granted the requested relief based on the information and representations made in the application.

The applicant, TD Asset Management Inc., applied for exemptive relief on behalf of the TD Corporate Bond Capital Yield Fund from the requirement under s. 5.1(1)(c) of National Instrument 81-102 to obtain securityholder approval before changing the fundamental investment objectives of the Fund.

The change was prompted by amendments to the Income Tax Act that eliminated the tax benefits associated with Character Conversion Transactions.

The Ontario Securities Commission granted the exemption, provided that securityholders are sent a written notice at least 60 days before the effective date of the change.

The Applicant applied to the Ontario Securities Commission 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 any marketplace, and it is not in default of any obligations as a reporting issuer.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Applicant, St Andrew Goldfields Ltd., applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer 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 Decision Maker was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Applicant, Central GoldTrust, applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

The Decision Maker found that the Applicant met the requirements, including having fewer than 51 securityholders worldwide and no securities traded on a marketplace.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The Filer applied to the Ontario Securities Commission for approval of the merger of certain terminating funds into continuing funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The mergers did not satisfy the criteria for pre-approved reorganizations because the investment objectives were not substantially similar and the trust fund merger was not a qualifying exchange under the Income Tax Act.

The Commission granted the requested approval, subject to the Filer obtaining prior securityholder approval at a special meeting.

The Filer applied on behalf of the Fund for exemptive relief from the requirement to obtain prior securityholder approval before changing the fundamental investment objectives of the Fund under subsection 5.1(1)(c) of National Instrument 81-102.

The change was necessitated by amendments to the Income Tax Act that eliminated the favourable tax treatment of character conversion transactions.

The principal regulator granted the requested relief, provided that the Filer sends a written notice to each securityholder at least 30 days before the effective date of the change.

The Filer applied for exemptive relief from the requirement to obtain prior securityholder approval before changing the fundamental investment objective of the Fund under subsection 5.1(1)(c) of National Instrument 81-102.

The change was necessitated by amendments to the Income Tax Act that eliminated the favourable tax treatment of character conversion transactions, rendering the Fund's forward purchase and sale agreement inefficient.

The principal regulator granted the requested relief, provided the Filer sends a written notice to securityholders at least 30 days before the effective date of the change.

Genterra Capital Inc. applied for a decision that it is no longer a reporting issuer in Alberta, Ontario, and Quebec.

Following a plan of arrangement, the Filer became wholly-owned by its control group and its common shares were delisted.

The Filer has fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide.

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

The Filer, Front Street Capital 2004, applied to the Ontario Securities Commission for approval of a change of control under section 5.5(1)(a.1) of National Instrument 81-102.

The proposed transaction involved an investor group acquiring approximately 79% of the partnership interests of the Filer.

The Commission granted the requested exemptive relief, finding that the transaction would not negatively impact the business, operations, or affairs of the Filer or the investment funds it manages.

The applicant, Aon Hewitt Investment Management Inc., applied on behalf of several mutual funds for exemptive relief from the investment restrictions in the securities legislation that prohibit an investment fund from knowingly making an investment in a person or company in which the investment fund is a substantial securityholder.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities of the Top Funds are distributed solely pursuant to prospectus exemptions, the investments are compatible with the Top Funds' objectives, and there is no duplication of management or incentive fees.

The Filers applied for exemptive relief from certain provisions of National Instrument 81-102 to permit their mutual funds and exchange-traded funds to enter into cleared swaps.

The requested relief included exemptions from counterparty rating requirements, mark-to-market exposure limits, and custodianship requirements to allow the deposit of margin with Futures Commission Merchants.

The Ontario Securities Commission granted the relief, subject to conditions regarding the regulatory status and financial position of the Futures Commission Merchants, noting that central clearing mitigates risks and aligns with global commitments to improve transparency in derivatives markets.

The applicant, Aston Hill Capital Markets Inc., applied on behalf of several terminating closed-end investment funds for approval to merge into the North American Financials Capital Securities Trust under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger required approval because the continuing fund did not have substantially similar fundamental investment objectives or fee structures as the terminating funds.

The Ontario Securities Commission granted the requested exemptive relief, finding that the merger would achieve a fair and reasonable result for the funds and their unitholders.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to enter into cleared swaps.

The relief sought exemptions from counterparty designated rating requirements, mark-to-market exposure limits, and the requirement to hold all portfolio assets under one custodian, in order to deposit margin with Futures Commission Merchants.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the regulatory status and financial position of the Futures Commission Merchants, until such time as revisions to NI 81-102 addressing the clearing of OTC derivatives come into force.

The Applicant, Carlisle Goldfields Limited, applied for a decision under the securities legislation of Alberta, Manitoba, Ontario, and Saskatchewan that it is no longer a reporting issuer.

The Ontario Securities Commission granted the application, noting that the Applicant's 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 Filer applied to the Ontario Securities Commission for exemptive relief under National Instrument 81-102 to permit the merger of the Excel BRIC Fund into the Excel Emerging Markets Fund.

The merger did not meet all criteria for pre-approved reorganizations because the investment objectives and fee structures were not substantially similar, and the merger would not be a tax-deferred transaction.

The Commission granted the requested exemption, allowing the merger to proceed subject to unitholder approval.

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

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Ontario Securities Commission, satisfied that the statutory test was met, ordered that the Applicant is not a reporting issuer.

The Filer applied for exemptive relief on behalf of itself and certain top funds to permit the top funds to invest in underlying funds managed by the Filer or its affiliates.

The relief sought included exemptions from related issuer restrictions and consent requirements under securities legislation.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds' securities are distributed solely pursuant to prospectus exemptions and that no duplicative fees are payable.

The Applicant, Adanac Molybdenum Corporation, applied to the Ontario Securities Commission and the Alberta Securities Commission for a decision that it is no longer 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 Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.