Ontario Securities Commission Bulletin
Issue 44/44 - November 04, 2021
Ont. Sec. Bull. Issue 44/44
• First Global Data Ltd. et al.
• Buffalo Grand Hotel Inc. et al.
• First Global Data Ltd. et al.
• Temporary, Permanent & Rescinding Issuer Cease Trading Orders
• Temporary, Permanent & Rescinding Management Cease Trading Orders
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CSA Multilateral Staff Notice 58-313 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions
CSA Multilateral Staff Notice 58-313 Review of Disclosure Regarding Women on Boards and in Executive Officer Positions is reproduced on the following separately numbered pages. Bulletin pagination resumes at the end of the Notice.
November 4, 2021
Purpose of report
This report outlines key findings from a recent review of public disclosure regarding women on boards and in executive officer positions as required by Form 58-101F1 Corporate Governance Disclosure of National Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101). This is the seventh consecutive annual review of this disclosure that we have conducted.{1} The review was completed primarily for the purposes of identifying key trends. A qualitative assessment of compliance with the disclosure requirements was not conducted.
Disclosure requirements
Subject to certain exceptions{2}, issuers listed on the Toronto Stock Exchange (TSX) and other non-venture issuers are required to provide disclosure on an annual basis in the following five areas:
The objective of the disclosure requirements is to increase transparency for investors and other stakeholders regarding the representation of women on boards and in executive officer positions, and the approach that issuers take in respect of such representation.
Review sample
As of May 31, 2021, approximately 1,692 issuers were listed on the TSX, of which approximately 776 were subject to the disclosure requirements. The data summarized in this report is based on a review sample of 599 issuers that had year-ends between December 31, 2020 and March 31, 2021 (Year 7) and filed information circulars or annual information forms by July 31, 2021. A breakdown of the issuers in the review sample by market capitalization and industry is set out in Annex A.
The following is a snapshot of the year-over-year comparison of the key trends identified in our reviews{3}:
Trends{4}
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Board representation
Total board seats occupied by women
11%
12%
14%
15%
17%
20%
22%
Chairs of the board who are women
--
--
--
--
5%
6%
6%
Board vacancies filled by women
--
--
26%
29%
33%
30%
35%
Issuers with at least one woman on their board
49%
55%
61%
66%
73%
79%
82%
Issuers with three or more women on their board
8%
10%
11%
13%
15%
20%
24%
Board seats occupied by women for issuers with < $1 billion market capitalization
8%
9%
10%
11%
13%
15%
16%
Board seats occupied by women for issuers with $1-2 billion market capitalization
11%
13%
17%
19%
20%
24%
24%
Board seats occupied by women for issuers with $2-10 billion market capitalization
17%
18%
18%
21%
23%
26%
28%
Board seats occupied by women for issuers with over $10 billion market capitalization
21%
23%
24%
25%
27%
31%
30%
{4} Where a percentage is not identified in this table for a particular trend in a specific year, it is generally because that trend was not included in our reporting during that year's review process.
Trends{5} |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Year 6 |
Year 7 |
|
|||||||
Executive officers |
|||||||
|
|||||||
Issuers with at least one woman in an executive officer position{6} |
60% |
59% |
62% |
66% |
64% |
65% |
67% |
|
|||||||
Issuers with a woman CEO |
-- |
-- |
-- |
4% |
4% |
5% |
5% |
|
|||||||
Issuers with a woman CFO |
-- |
-- |
-- |
14% |
15% |
15% |
17% |
|
|||||||
Policies |
|||||||
|
|||||||
Issuers that adopted a policy relating to the representation of women on their board |
15% |
21% |
35% |
42% |
50% |
54% |
60% |
|
|||||||
Targets |
|||||||
|
|||||||
Issuers that adopted targets for the representation of women on their board |
7% |
9% |
11% |
16% |
22% |
26% |
32% |
|
|||||||
Issuers that adopted targets for the representation of women in executive officer positions{5} |
2% |
2% |
3% |
4% |
3% |
4% |
6% |
|
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Term limits |
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|
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Issuers that adopted director term limits |
19% |
20% |
21% |
21% |
21% |
23% |
23% |
{5} Where a percentage is not identified in this table for a particular trend in a specific year, it is generally because that trend was not included in our reporting during that year's review process.
{6} The decrease in year 5 is driven in part by a change in methodology used to capture executive officer data. Issuers may have included in their disclosure, positions and/or targets for a group other than executive officers, as that term is defined in NI 58-101. In year 5, we focused more closely on disclosure regarding "executive officers" as defined.
The percentage of board seats held by women increased from 11% in year 1 to 22% in year 7.
This year, 665 board seats were vacated during the year and 555 of those seats were filled. Of those filled seats, approximately 35% (197 seats) were filled by women which represents a 5% increase over year 6.
Variation among industries
The number of women on boards varied by industry. The manufacturing, retail and utilities industries had the highest percentage of issuers with one or more women on their boards.{7} The biotechnology, technology and mining industries had the lowest percentage of issuers with one or more women on their boards.
Refer to Annex B for a year-over-year comparison of the percentage of issuers with one or more women on their boards by industry.
The number of women in executive officer positions also varied by industry. The retail, biotechnology, real estate and utilities industries had the highest percentage of issuers with one or more women in executive officer positions. The technology, mining and oil & gas industries had the lowest percentage of issuers with one or more women in executive officer positions.
Refer to Annex C for a year-over-year comparison of the percentage of issuers with one or more women in executive officer positions by industry.
Diversity measures and board seats held by women
There was a correlation between issuers adopting certain diversity measures and the proportion of board seats held by women.
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Issuers who set targets for the representation of women on their boards had a greater proportion of board seats held by women. Issuers that adopted board targets had an average of 28% of their board seats held by women, compared to 18% for issuers without targets.
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Issuers that adopted a written policy relating to the representation of women on their board also tended to have a greater proportion of board seats held by women. Issuers that adopted a policy relating to the representation of women on their boards had an average of 25% of women on their boards, compared to 16% for issuers with no such policy.
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Term limits
Of the 23% of issuers we reviewed that had adopted director term limits, 41% adopted age limits alone, 29% adopted tenure limits alone, and 30% adopted both age and tenure limits.
Issuers that adopted term limits had an average of 28% of women on their boards, compared to 19% for issuers with no term limits.
During our review, we noted that issuers generally provide disclosure addressing the disclosure requirements in different ways. As a result of this, the format and content of disclosure may vary from issuer to issuer. It may also be difficult to locate the relevant disclosure within an information circular and it may be difficult to interpret some of the disclosure.
In order to address this, issuers should consider presenting data related to the disclosure requirements in a common format. This would improve consistency and comparability and help investors identify and evaluate the relevant disclosure in an efficient manner.
The following is an illustrative example of a format that issuers could use in their information circulars (or other applicable disclosure documents) to provide certain data responsive to the disclosure requirements. We have inserted data (or responses) as illustrations only.
Data regarding women on boards and in executive officer positions
Item 15 of Form 58-101F1 requires an issuer to disclose: the number and proportion (in percentage terms) of directors on the issuer's board who are women. the number and proportion (in percentage terms) of executive officers of the issuer, including all major subsidiaries of the issuer, who are women.
This information could be presented as follows (with data included below as an illustration).
[insert year] |
||
|
||
Number |
% |
|
|
||
Women on board of directors |
3 |
30% |
|
||
Women in executive officer positions |
3 |
37.5% |
Information regarding targets
Item 14 of Form 58-101F1 requires an issuer to disclose:
• whether the issuer has adopted a target regarding women on the issuer's board,
• whether the issuer has adopted a target regarding women in executive officer positions of the issuer.
A "target" means a number or percentage, or a range of numbers or percentages, adopted by the issuer of women on the issuer's board or in executive officer positions of the issuer by a specific date.
If the issuer has not adopted these targets, it must disclose why it has not done so. If the issuer has adopted a target, it must disclose:
• the target, and
• the annual and cumulative progress of the issuer in achieving the target.
This information could be presented as follows (with data and information included below as an illustration).
Target |
Specific date for achievement of target |
Progress in achieving target |
||
|
||||
Number |
% |
|||
|
||||
Board of directors |
N/A |
30% |
2023 |
The target has not yet been achieved. Women represent 20% of the directors as of the date of the circular. |
|
||||
Executive officer positions |
N/A |
N/A |
N/A |
N/A |
If the issuer has not adopted a target, it must include an explanation for why it has not done so.
Information regarding terms limits and other mechanisms of board renewal
Item 10 of Form 58-101F1 requires an issuer to disclose whether or not the issuer has adopted term limits for the directors on its board or other mechanisms of board renewal and if so, include a description of those director term limits or other mechanisms of board renewal.
If the issuer has not adopted director term limits or other mechanisms of board renewal, disclose why it has not done so.
This information could be presented as follows (with data and information included below as an illustration).
Director Term Limits |
Other Mechanisms for Board Renewal |
|
|
||
Age Limit |
Tenure Limit |
|
|
||
No |
Yes -- 12 years |
No other mechanisms for board renewal adopted. |
If you have any questions regarding this report, please contact:
{1} The trends from our first six annual reviews are set out in CSA Multilateral Staff Notices 58-307 (year 1), 58-308 (year 2), 58-309 (year 3), 58-310 (year 4), 58-311 (year 5) and 58-312 (year 6).
{2} Certain TSX listed issuers, such as exchange traded funds, closed-end funds, designated foreign issuers and SEC foreign issuers are not subject to the disclosure requirements.
{3} Due to the scope of our sample, our findings, and the comparisons between the current year and the prior six years provide only a partial picture. The issuers in the current year and the prior year samples vary for several reasons including:
• issuers being delisted from the TSX,
• issuers' listings of securities being moved to the TSX-V,
• corporate reorganizations resulting in issuers no longer being listed on the TSX,
• issuers filing information circulars after November 30, 2020 (Year 6) or July 31, 2021 (Year 7),
• issuers completing initial public offerings and becoming listed on the TSX, and
• issuers ceasing to be reporting issuers.
{7} The larger Canadian banks, which are part of an industry that has generally been an early adopter of diversity initiatives, are not captured in the data sample for this review.
The following is a year-over-year comparison of the percentage of issuers with at least one woman on their board by industry:
Industry |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Year 6 |
Year 7 |
|
|||||||
Biotechnology |
65% |
57% |
56% |
56% |
67% |
59% |
64% |
|
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Financial Services |
59% |
67% |
60% |
61% |
73% |
77% |
85% |
|
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Manufacturing |
60% |
68% |
84% |
89% |
93% |
93% |
95% |
|
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Mining |
35% |
38% |
54% |
59% |
62% |
72% |
78% |
|
|||||||
Oil & Gas |
40% |
40% |
45% |
56% |
70% |
73% |
81% |
|
|||||||
Real Estate |
64% |
66% |
59% |
73% |
80% |
90% |
89% |
|
|||||||
Retail |
78% |
79% |
89% |
84% |
86% |
91% |
94% |
|
|||||||
Technology |
39% |
52% |
52% |
68% |
73% |
84% |
74% |
|
|||||||
Utilities |
86% |
82% |
86% |
81% |
85% |
87% |
90% |
The following is a year-over-year comparison of the percentage of issuers with at least one woman in an executive officer position by industry:
Industry |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
Year 6 |
Year 7 |
|
|||||||
Biotechnology |
48% |
66% |
71% |
64% |
61% |
73% |
82% |
|
|||||||
Financial Services |
64% |
63% |
66% |
71% |
76% |
71% |
74% |
|
|||||||
Manufacturing |
61% |
81% |
79% |
80% |
70% |
74% |
76% |
|
|||||||
Mining |
52% |
49% |
52% |
56% |
52% |
52% |
57% |
|
|||||||
Oil & Gas |
49% |
46% |
48% |
53% |
54% |
58% |
58% |
|
|||||||
Real Estate |
76% |
76% |
80% |
80% |
83% |
79% |
79% |
|
|||||||
Retail |
82% |
71% |
68% |
76% |
80% |
78% |
88% |
|
|||||||
Technology |
45% |
44% |
59% |
52% |
55% |
68% |
55% |
|
|||||||
Utilities |
65% |
73% |
67% |
75% |
70% |
75% |
79% |
FOR IMMEDIATE RELEASE
October 27, 2021
TORONTO -- The Commission issued an Order in the above named matter.
A copy of the Order dated October 27, 2021 is available at www.osc.ca.
For Media Inquiries:
For General Inquiries:
FOR IMMEDIATE RELEASE
October 29, 2021
TORONTO -- The Commission issued an Order in the above named matter.
A copy of the Order dated October 29, 2021 is available at www.osc.ca.
For Media Inquiries:
For General Inquiries:
Buffalo Grand Hotel Inc. et al.
FOR IMMEDIATE RELEASE
October 29, 2021
TORONTO -- The Commission issued an Order in the above named matter.
A copy of the Order dated October 29, 2021 is available at www.osc.ca.
For Media Inquiries:
For General Inquiries:
FOR IMMEDIATE RELEASE
November 1, 2021
TORONTO -- Take notice that an attendance in the above named matter is scheduled to be heard on November 3, 2021 at 3:00 p.m.
For Media Inquiries:
For General Inquiries:
FOR IMMEDIATE RELEASE
November 1, 2021
TORONTO -- Take notice that an attendance in the above named matter is scheduled to be heard on November 3, 2021 at 3:00 p.m.
For Media Inquiries:
For General Inquiries:
Franklin Templeton Investments Corp.
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Existing and future investment funds granted exemption to invest up to 10% of net assets, in aggregate, in securities of Irish mutual funds subject to UCITS rules governed by the Central Bank of Ireland and Luxembourg mutual funds authorized by the Commission de Surveillance du Secteur Financier -- subject to conditions.
National Instrument 81-102 Investment Funds, ss. 2.5(2)(a), (c), and 19.1.
October 26, 2021
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of each investment fund subject to the provisions of National Instrument 81-102 Investment Funds (NI 81-102) of which the Filer is, or in the future will be, the manager (collectively, the Funds), for a decision under the securities legislation of the jurisdiction of the principal regulator (the Legislation) providing an exemption from paragraphs 2.5(2)(a)(i) and (c) of NI 81-102 to permit each Fund to invest up to 10 percent of its net asset value in securities of investment funds formed under Franklin Templeton Investment Funds, a Luxembourg collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds and authorized by the Commission de Surveillance du Secteur Financier (Belgium) pursuant to the UCITS Regulations and investment funds formed under either Legg Mason Global Funds Plc or Legg Mason Global Solutions Plc, each an Irish collective asset-management vehicle constituted as an umbrella fund with segregated liability between sub-funds and authorized by the Central Bank of Ireland pursuant to the UCITS Regulations (as defined below), (the Exemption Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) The Ontario Securities Commission is the principal regulator for the application; and
(b) The Filer has provided notice that Sub-section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Jurisdictions),
Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this Application, unless otherwise defined.
Companies Act means the Companies Act 2014 (Ireland) as amended, all enactments which are to be read as one with, or construed or read together with, or as one with, the Companies Act 2014 (Ireland) and every statutory modification and re-enactment thereof for the time being in force.
CSSF means Commission de Surveillance du Secteur Financier.
EU Directives means EU Council Directive 2009/65/EC of 13 July 2009 on the Coordination of Laws, Regulations and Administrative Provisions relating to UCITS, as amended, including but not limited to, Commission Directive 2010/43/EC, Commission Directive 2010/44/EC, and Commission Directive 2014/91/EC.
FTIF means Franklin Templeton Investment Funds, an umbrella SICAV with UCITS status under the laws of Luxembourg.
KIID means a Key Investor Information Document prepared by the UCITS Corporations and FTIF for each of the Underlying Funds which contains disclosure similar to that required to be included in a fund facts document prepared under NI 81-101.
LM Funds means Legg Mason Global Funds Plc, an investment company with variable capital, incorporated in Ireland pursuant to the Companies Act and the UCITS Regulation.
LM Solutions means Legg Mason Global Solutions Plc, an investment company with variable capital, incorporated in Ireland pursuant to the Companies Act and the UCITS Regulation.
SICAV means Société d'Investissement à Capital Variable, an open-end company, governed by the laws of Luxembourg.
SICAV Funds means each of the existing sub-funds of FTIF and other FTIF sub-funds established in the future under FTIF.
UCITS means Undertaking for Collective Investments in Transferable Securities and refers to the investment funds authorized by the European Union as investment funds suitable to be distributed in more than one country in Europe.
UCITS Corporations means LM Funds and LM Solutions.
UCITS Funds means each of the existing sub-funds of the UCITS Corporations and other sub-funds of the UCITS Corporations established in the future under one of the UCITS Corporations.
UCITS Notices means the series of UCITS notices, memorandums, guidelines and letters issued by the Central Bank of Ireland or the CSSF, as the case may be.
UCITS Regulations means the regulations issued by European Union member states that implement the EU Directives.
Underlying Fund means a SICAV Fund or a UCITS Fund.
Underlying Fund Manager means Franklin Templeton International Services S.à.r.l, which serves as the promoter, investment manager and distributor to each sub-fund of the UCITS Corporations and FTIF. The Underlying Fund Manager is an affiliate of the Filer.
The Filer and the Funds
1. The Filer is a corporation amalgamated under the laws of Ontario, having its head office in Toronto, Ontario.
2. The Filer is a wholly-owned subsidiary of Templeton International, Inc., a Delaware corporation, which is an indirect wholly-owned subsidiary of Franklin Resources, Inc. (FRI). FRI is a global investment management organization operating as Franklin Templeton. In addition to Canada, FRI and its subsidiaries maintain offices in 33 other countries.
3. The Filer is registered as an investment fund manager in British Columbia, Alberta, Manitoba, Ontario, Québec, Nova Scotia and Newfoundland & Labrador. The Filer is registered as a portfolio manager, mutual fund dealer and exempt market dealer in each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland & Labrador and Yukon. The Filer is also registered as a Commodity Trading Manager in Ontario.
4. The Filer is, or will be, the manager of each of the Funds.
5. Each Fund is, or will be, an investment fund established under the laws of a Jurisdiction of Canada and a reporting issuer under the laws of some or all of the Jurisdictions.
6. Each Fund is, or will be, governed by NI 81-102, subject to any relief therefrom granted by the securities regulatory authorities.
7. The securities of each Fund are, or will be, qualified for distribution in some or all of the Jurisdictions under a simplified prospectus prepared in accordance with National Instrument 81-101 -- Mutual Fund Prospectus Disclosure (NI 81-101) or a prospectus prepared in accordance with National Instrument 41-101 -- General Prospectus Requirements (NI 41-101).
8. Neither the Filer nor any of the Funds are, or will be, in default of securities legislation in any of the Jurisdictions.
The Underlying Funds
9. A Fund may, from time to time, invest up to 10% of its net asset value in securities of an Underlying Fund.
10. The UCITS Funds are sub-funds of a UCITS Corporation and are subject to the UCITS Regulations. LM Solutions was incorporated on January 29, 2014 under registration number 538674. LM Funds was incorporated on January 13, 1998 under registration number 278601. The objective of each UCITS Corporation is the collective investment in transferable securities and other liquid financial assets of capital raised from the public and which operates on the basis of risk spreading.
11. The SICAV Funds are sub-funds of FTIF and are subject to UCITS Regulations. FTIF is a wholly-owned subsidiary of Franklin Templeton Management Luxembourg S.A., a Luxembourg corporation, which is an indirect wholly owned subsidiary of FRI.
12. The Underlying Funds are conventional mutual funds subject to investment restrictions and practices that are substantially similar to those applicable to the Funds. The Underlying Funds are available for purchase by the public and are generally not considered hedge funds. Each of the Underlying Funds is considered to be an "investment fund" and a "mutual fund" within the meaning of applicable Canadian securities legislation.
13. The Underlying Funds qualify as UCITS and the securities of the Underlying Funds are distributed in accordance with the UCITS Regulations. Each of the UCITS Funds is regulated by the Central Bank of Ireland and each SICAV Fund is regulated by the CSSF.
14. The Underlying Funds are qualified for purchase by way of a prospectus, relating to the UCITS Corporations and FTIF, and an individual prospectus supplement pertaining to each sub-fund of the UCITS Corporations and FTIF, including each of the Underlying Funds. In addition to the prospectus and prospectus supplement, the UCITS Corporations and FTIF prepare a KIID for each of the Underlying Funds.
15. The Underlying Fund Manager serves as the promoter, investment manager and distributor to each sub-fund of the UCITS Corporations and FTIF, including the Underlying Funds. The Underlying Fund Manager, subject to the supervision of the directors of the UCITS Corporations or FTIF, as the case may be, is responsible for the investment management, distribution and marketing of the Underlying Funds. The Underlying Fund Manager provides an investment program for the Underlying Funds and manages the investment of the Underlying Funds' assets.
16. The Underlying Fund Manager, being subject to regulatory oversight by the CSSF, is subject to substantially equivalent regulatory oversight as the Filer, which is principally regulated by the OSC. In discharging its duties, the Underlying Fund Manager must conduct its business with due skill, care and diligence.
17. The Filer, the Underlying Fund Manager, and other affiliates of the Filer, make up the asset management business of Franklin Templeton. The Underlying Fund Manager is an indirect wholly-owned subsidiary of FRI. The Underlying Fund Manager is authorized by the CSSF and its investment management business includes management of other Irish and Luxembourg, authorized collective investment schemes, as well as collective investment schemes in the United Kingdom, Delaware (U.S.), Cayman Islands and Romania.
18. The following third parties are involved in providing services in respect of the UCITS Corporations:
(a) BNY Mellon Fund Services (Ireland) Designated Activity Company (the Administrator) acts as its administrator, registrar and transfer agent, pursuant to an administration agreement. The Administrator is a designated activity company limited by shares incorporated in Ireland. The Administrator's main business activity is the provision of administrative services to collective investment schemes and other portfolios. The Administrator is a wholly-owned indirect subsidiary of The Bank of New York Mellon Corporation (BNY Mellon).
(b) The Bank of New York Mellon SA/NV, Dublin Branch acts as depositary of the UCITS Corporations. The Bank of New York Mellon SA/NV is a limited liability company established in Belgium. The principal activity of The Bank of New York Mellon SA/NV is asset servicing, which is provided to both third-party and internal clients within The Bank of New York Mellon group. The Bank of New York Mellon SA/NV is regulated and supervised as a significant credit institution by the European Central Bank and the National Bank of Belgium for prudential matters and under the supervision of the Belgian Financial Services and Markets Authority for conduct of business rules. The Depositary is also regulated by certain Irish regulators including the Central Bank for conduct of business rules as well as the Belgian supervision discussed above. The Bank of New York Mellon SA/NV is a wholly-owned subsidiary of BNY Mellon.
(c) PricewaterhouseCoopers LLP (PwC) serves as auditor.
19. The following third parties are involved in providing services in respect of the SICAV Funds:
(a) J.P. Morgan Bank Luxembourg S.A. is the administrative agent of FTIF. J.P. Morgan Bank Luxembourg S.A. provides administration services to FTIF and the Underlying Funds. The administrative agent is a limited liability company incorporated in Luxembourg and is an indirect wholly-owned subsidiary of J.P. Morgan Bank. The administrative agent is regulated by the CSSF.
(b) J.P. Morgan Bank Luxembourg S.A. is the depositary of all of FTIF's assets. The principal activity of the depositary is to act as trustee/depositary of the assets of collective investment schemes. Some of the depositary's main functions are to ensure that the sale, issue, repurchase, redemption and cancellation of shares of FTIF's sub-funds are carried out in accordance with applicable law.
(c) PwC serves as the auditor of FTIF.
20. The Underlying Funds are subject to the following regulatory requirements and restrictions pursuant to, and among others, the EU Directives, which are substantially similar to the requirements and restrictions set forth in NI 81-102:
(a) Each Underlying Fund is subject to a robust risk management framework through prescribed rules on governance, risk, regulation of service providers and safekeeping of assets.
(b) Each Underlying Fund is restricted to investing a maximum of 10% of its net assets in a single issuer.
(c) Each Underlying Fund is subject to investment restrictions designed to limit its holdings of illiquid securities to 10% or less of its net asset value.
(d) Each Underlying Fund holds no more than 10% of its net asset value in securities of other investment funds, including other collective investment undertakings.
(e) Each Underlying Fund is subject to investment restrictions designed to limit holdings of transferrable securities which are not listed on a stock exchange or regulated market to 10% or less of the Underlying Fund's net asset value.
(f) The rules governing the use of derivatives by the Underlying Funds are comparable to the rules regarding the use of derivatives under NI 81-102 with respect to the types of derivatives allowed to be used, issuer concentration, risk exposure in connection with mark to market value, the disclosure required in offering documents and the monitoring requirements, and with only a slight difference between the two regimes in connection with counterparty credit ratings (A-1 under NI 81-102 versus an effective rating requirement of A-2 for counterparties which are not regulated as credit institutions under the UCITS Regulations).
(g) The rules governing securities lending by the Underlying Funds are comparable to the rules regarding securities lending under NI 81-102 including an overall securities lending limit of 50% of the net assets of the Underlying Fund, the requirement to receive collateral of at least 102%, the inability to sell, reinvest or pledge non-cash collateral, and the right to immediately recall the securities loaned. While collateral received by the Underlying Funds is limited to cash or sovereign debt, the minimum credit rating of the latter is AA-, which is slightly slower than the designated rating under NI 81-102. Furthermore, the borrower under a securities lending transaction involving the Underlying Funds must be subject to prudential supervision rules equivalent to those prescribed under EU law.
(h) Each Underlying Fund makes its net asset value available to the public at the close of business each day.
(i) Each Underlying Fund is required to prepare a prospectus and prospectus supplement that discloses material facts pertaining to each Underlying Fund. The prospectus, together with the corresponding prospectus supplement, provide disclosure that is similar to the disclosure required to be included in a simplified prospectus under NI 81-101 or in a prospectus under NI 41-101.
(j) Each Underlying Fund publishes a KIID which contains disclosure similar to that required to be included in a fund facts document prepared under NI 81-101 or an ETF facts document under NI 41-101 .
(k) Each Underlying Fund is subject to continuous disclosure obligations which are similar to the disclosure obligations of the Funds under National Instrument 81-106 Investment Funds Continuous Disclosure.
(l) Any change in the investment objective or material change to the investment policy of an Underlying Fund will only be effected following the written approval of all shareholders of the Underlying Fund or a resolution of a majority of the voting shareholders of that Underlying Fund at a general meeting.
(m) The Underlying Fund Manager is subject to approval by the CSSF to permit it to manage and provide portfolio management advice to each Underlying Fund and is subject to an investment management agreement which sets out a duty of care and a standard of care requiring the Underlying Fund Manager to act in the best interest of each Underlying Fund and the shareholders of each Underlying Fund.
(n) All activities of the Underlying Fund Manager must be conducted at all times in accordance with the UCITS Regulations, the UCITS Notices and the investment policy of each Underlying Fund and are at all times subject to the supervision of the board of directors of the UCITS Corporations and FTIF.
(o) PwC, as auditor of each Underlying Fund is required to prepare an audited set of accounts for each Underlying Fund at least annually.
Investment by Funds in the Underlying Funds
21. The investment objective and strategies of each Fund are, or will be, disclosed in each Fund's prospectus or simplified prospectus and any Fund that invests in an Underlying Fund will be permitted to do so in accordance with its investment objectives and strategies.
22. In particular, the investment strategies of each Fund stipulate, or will stipulate, that the Fund may invest a portion of its assets in other investment funds, domestic and foreign, which will permit each Fund to invest in an Underlying Fund.
23. The prospectus or simplified prospectus of each Fund provides, or will provide, all disclosure mandated for investment funds investing in other investment funds.
24. There will be no duplication of management fees or incentive fees as a result of an investment by a Fund in an Underlying Fund.
25. The amount of loss that could result from an investment by a Fund in an Underlying Fund will be limited to the amount invested by the Fund in such Underlying Fund.
26. No sales charges or redemption fees will be paid by a Fund relating to a subscription for, or redemption of, securities of an Underlying Fund.
27. On February 13, 2009, the Filer was issued the First Decision and on February 21, 2012, the Filer was issued the Second Decision pursuant to which the list of funds permitted to invest in SICAV Funds was expanded to include all Funds that invest in global/international equities or in foreign fixed income securities and the eligible SICAV Funds were extended to include all equity and fixed income SICAV Funds.
28. On July 31, 2020, FRI announced the acquisition of Legg Mason, Inc. and the Underlying Fund Manager subsequently became the manager of the UCITS Funds on February 1, 2021. Accordingly, the Second Decision is no longer sufficient to cover the universe of Underlying Funds in which the Funds may wish to invest.
Rationale for Investment in the Underlying Fund
29. The Filer believes that it is in the best interests of the Funds that they be permitted to invest in the Underlying Funds, because such investment would provide an efficient and cost-effective way for the Funds to achieve diversification and obtain unique exposures to the markets in which the Underlying Funds invest.
30. The investment objectives and strategies of the Funds, which contemplate or will contemplate investment in global or international securities, permit or will permit the allocation of assets to global or international securities. As economic conditions change, the Funds may reallocate assets, including on the basis of asset class or geographic region. A Fund will invest in an Underlying Fund to gain exposure to certain unique strategies in global or international markets in circumstances where it would be in the best interests of the Fund to do so through an investment in an investment fund offered elsewhere rather than through investments in individual securities. For example, a Fund will invest in the Underlying Funds in circumstances where certain investment strategies preferred by the Funds are either not available or not cost effective to be implemented through investments in individual securities.
31. By investing in the Underlying Funds, the Funds will obtain the benefits of diversification, which would be more expensive and difficult to replicate using individual securities. This will reduce single issuer risk.
32. Investment by a Fund in an Underlying Fund meets, or will meet, the investment objectives of such Fund.
33. An investment by a Fund in securities of each Underlying Fund will represent the business judgement of responsible persons uninfluenced by considerations other than the best interests of the Fund.
34. Absent the Requested Relief, the investment restriction in paragraph 2.5(2)(a) of NI 81-102 would prohibit a Fund that is a mutual fund from purchasing or holding securities of an Underlying Fund because the Underlying Fund is not subject to NI 81-102.
35. Absent the Requested Relief, the investment restriction in paragraph 2.5(2)(c) of NI 81-102 would prohibit a Fund that is a mutual fund from purchasing or holding securities of an Underlying Fund because the Underlying Fund is not a reporting issuer in the local jurisdiction.
The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.
The decision of the principal regulator under the Legislation is that:
(a) The Second Decision is hereby revoked and replaced with this Decision; and
(b) the Exemption Sought is granted provided that:
a. the Underlying Funds qualify as UCITS and are distributed in accordance with the UCITS Regulations, which subject the Underlying Funds to investment restrictions and practices that are substantially similar to those that govern the Funds;
b. the investment of the Funds in the Underlying Funds otherwise complies with section 2.5 of NI 81-102 when investing in the Underlying Funds, and the simplified prospectus will provide all applicable disclosure mandated for investment funds investing in other investment funds;
c. a Fund does not invest in an Underlying Fund if, immediately after the investment, more than 10% of its net assets, taken at market value at the time of the investment, would consist of investments in Underlying Funds; and
d. a Fund shall not acquire any additional securities of an Underlying Fund and shall dispose of any securities of an Underlying Fund then held in the event the regulatory regime applicable to the Underlying Funds is changed in any material way.
National Policy 11-206 Process for Cease to be a Reporting Issuer Applications -- the issuer ceases to be a reporting issuer under securities legislation -- more than 15 securityholders in a jurisdiction.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii).
[TRANSLATION]
DECISION No 2021-IC-0021
File No: 17678
October 27, 2021
The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for an order under the securities legislation of the Jurisdictions (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought).
Under the Process for Cease to be a Reporting Issuer Applications (for a dual application):
(a) the Autorité des marches financiers (Québec) is the principal regulator for this application,
(b) the Filer has provided notice that subsection 4C.5(1) of Regulation 11-102 Passport System (Regulation 11-102) is intended to be relied upon in each of British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland, and
(c) this order is the order of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.
Terms defined in Regulation 14-101 respecting Definitions, Regulation 11-102 and, in Québec, in Regulation 14-501Q on definitions have the same meaning if used in this order, unless otherwise defined.
This order is based on the following facts represented by the Filer:
1. The Filer is a corporation existing under the CBCA. Its head office is located at 400, Godin Avenue, Québec City (Québec) G1M 2K2.
2. On June 7, 2021, EXFO Inc. (EXFO), 11172239 Canada Inc. (the Purchaser) and G. Lamonde Investissements Financiers Inc. (GLIF) entered into an arrangement agreement providing for, among other things, the acquisition by the Purchaser of all of the issued and outstanding subordinate voting shares (the SVS) of EXFO, other than SVS held directly or indirectly by Germain Lamonde and Philippe Morin, by way of a plan of arrangement under the Canada Business Corporations Act (the CBCA), which was completed on August 27, 2021 (the Arrangement). Following the completion of the Arrangement, EXFO and the Purchaser effected a statutory vertical short-form amalgamation (the Amalgamation) on September 1, 2021, with the Purchaser and EXFO continuing as one corporation under the name "EXFO Inc.", being the Filer.
3. The Arrangement was approved by the shareholders of EXFO at a special meeting of the shareholders held on August 13, 2021 and by the Superior Court of Québec on August 20, 2021.
4. On August 25, 2021, the Purchaser issued unsecured convertible debentures (the Debentures) in the aggregate amount of US$17,250,000 in favour of, respectively, GLIF and Investissement Québec. The Debentures are convertible into Filer Common Shares at any time after 30 months of the date of issuance of the Debentures or upon the occurrence of certain liquidity events in accordance with the terms set forth in the Debentures.
5. On August 24, 2021, the Purchaser acquired the SVS held by Germain Lamonde, GLIF, 9356-8988 Québec Inc. (9356) and Philippe Morin (collectively, the Rollover Shareholders) and all of the issued and outstanding multiple voting shares of EXFO from GLIF and 9356 in consideration for common shares of the Purchaser (the Filer Common Shares).
6. Pursuant to the Arrangement:
(a) on August 27, 2021, the Purchaser has acquired all of the issued and outstanding SVS at a price of $6.25 in cash per SVS (the Consideration), except the SVS held by it that were previously acquired from the Rollover Shareholders in exchange for Filer Common Shares, as noted in paragraph 4 above; and
(i) the holders of such acquired SVS have ceased to have any rights as holders of SVS;
(ii) the names of such holders have been removed from the register of holders of SVS maintained by or on behalf of EXFO; and
(iii) the Purchaser has been recorded as the holder of the SVS so transferred and the legal and beneficial owner thereof.
(b) each deferred stock unit (the DSU) issued pursuant to the deferred stock units plan of EXFO effective as of January 12, 2005, as amended as of January 10, 2018 (the DSU Plan) outstanding immediately prior to the effective time of the Arrangement (the Effective Time) (whether vested or unvested), notwithstanding the terms of the DSU Plan, has been, without any further action by or on behalf of the holders of DSUs, assigned and transferred by such holders to EXFO in exchange for a cash payment from EXFO equal to the Consideration, less applicable withholdings, and each such DSU has been immediately cancelled and all obligations in respect of the DSUs have been deemed to be fully satisfied;
(c) each stock appreciation right (the SAR) issued pursuant to the stock appreciation rights plan of EXFO established on August 4, 2001, as amended on January 12, 2010 (the SAR Plan) outstanding immediately prior to the Effective Time (whether vested or unvested), notwithstanding the terms of the SAR Plan, has been, without any further action by or on behalf of the holders of SARs, assigned and transferred by such holders to EXFO in exchange for a cash payment from EXFO equal to the amount (if any) by which the Consideration exceeded the exercise price of such SAR determined on the date of grant, less applicable withholdings, and each such SAR has been immediately cancelled and all obligations in respect of the SARs have been deemed to be fully satisfied; and
(d) the long-term incentive plan of EXFO dated as of May 25, 2000 and amended as of January 9, 2004, January 12, 2005, January 6, 2016, January 10, 2018 and January 9, 2019 relating to restricted stock units (each, a RSU) and performance share units (each, a PSU) has been amended and restated (the Amended LTIP) to take into account the privatization of EXFO, and the RSUs and PSUs outstanding immediately prior to the Effective Time have been, without any further action by or on behalf of the holders thereof, confirmed as outstanding and governed by the terms of the Amended LTIP and any RSU agreement and PSU agreement, as applicable, in each case as amended, restated or supplemented.
7. The SVS, which were the only securities of EXFO previously listed on an exchange, ceased trading on the NASDAQ Stock Market (the Nasdaq) as at the close of business on August 27, 2021 and were delisted from the Toronto Stock Exchange as at the close of business on August 30, 2021.
8. Following the completion of the Arrangement, EXFO and the Purchaser effected the Amalgamation on September 1, 2021, with the Purchaser and EXFO continuing as one corporation under the name "EXFO Inc.", being the Filer.
9. Pursuant to the Amalgamation, the SVS were cancelled under the Amalgamation without any repayment of capital in respect thereof.
10. The intention of EXFO to make an application to cease to be a reporting issuer is expressed in the management proxy circular of EXFO dated July 15, 2021, a copy of which (a) was provided to the holders of SVS; and (b) has been filed under EXFO's profile on SEDAR at www.sedar.com.
11. The Amended LTIP is the long-term incentive plan of the Filer and pursuant to the Amalgamation, RSUs and PSUs of EXFO became RSUs and PSUs of the Filer.
12. The Filer has no current intention to conduct a financing by way of distribution of its securities.
13. At the time of the Arrangement, EXFO was a reporting issuer in all of the provinces of Canada. As a result of the issuance of Filer Common Shares in exchange for SVS held by the Rollover Shareholders, the Purchaser became a reporting issuer in all of the provinces of Canada pursuant to subsection 68(4) of the Securities Act (Québec). Similarly, the Filer became a reporting issuer in all of the provinces of Canada as a result of the Amalgamation.
14. The authorized capital of the Filer consists of an unlimited number of Filer Common Shares. As at the date hereof, there are 36,032,304 Filer Common Shares issued and outstanding.
15. The Filer Common Shares are held by four (4) shareholders, namely, the Rollover Shareholders, all of whom (a) were shareholders of EXFO prior to the Arrangement; and (b) are residing in the jurisdiction of Québec.
16. On September 1, 2021, all of the shareholders of the Filer entered into a unanimous shareholders agreement governing, among other things, their relationship and their rights and obligations arising out of the ownership of Filer Common Shares (the USA). Both the USA and the articles of amalgamation of the Filer contain restrictions on the transfer of Filer Common Shares.
17. As at the date hereof, there are 1,679,309 RSUs (the Filers RSUs) and 304,227 PSUs (the Filer PSUs) issued and outstanding. The Filer RSUs and the Filer PSUs are governed by the Amended LTIP, the main amendments of which have all been communicated to the holders of Filer RSUs (the RSU Holders) and Filer PSUs (the PSU Holders and collectively with the RSU holders, the Incentive Holders) prior to the completion of the Arrangement. Under the Amended LTIP, any Incentive Holder who exercises Filer RSUs or Filer PSUs, as applicable, for Filer Common Shares will be required to become a party to the USA.
18. As at the date hereof, there are one hundred and ninety-one (191) RSU Holders and sixteen (16) PSU Holders. Each such Incentive Holder is an employee of the Filer or of a subsidiary of the Filer.
19. As at the date hereof, the Filer has no securities issued and outstanding other than the Filer Common Shares, the Filer RSUs, the Filer PSUs and the Debentures.
20. The sixteen (16) PSU Holders are residing in the following jurisdictions:
(a) thirteen (13) in Canada, all of which are located in Québec;
(b) one (1) in the United States;
(c) one (1) in the Netherlands; and
(d) one (1) in Singapore.
21. The one hundred and ninety-one (191) RSU Holders are residing in the following jurisdictions:
(a) ninety-three (93) in Canada, of which two (2) are located in Ontario and ninety-one (91) in Québec;
(b) sixteen (16) in the United States;
(c) twenty-three (23) in France;
(d) eight (8) in Spain;
(e) nineteen (19) in the UK;
(f) two (2) in Malaysia;
(g) four (4) in Finland;
(h) two (2) in Singapore;
(i) one (1) in South Africa;
(j) three (3) in Netherlands;
(k) fourteen (14) in India;
(l) one (1) in Australia;
(m) three (3) in Germany;
(n) one (1) in the Czech Republic; and
(o) one (1) in Argentina.
22. There are two (2) Debenture holders and they are both residing in the jurisdiction of Québec.
23. The Filer is not an OTC reporting issuer under Multilateral Instrument 51-105 respecting Issuers Quoted in the U.S. Over-the-Counter Markets.
24. As at the date hereof, the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by one hundred and ninety-four (194) securityholders in total worldwide, of whom ninety-six (96) securityholders are located in Canada with fewer than fifteen (15) securityholders in each of the jurisdictions of Canada (except in the Province of Québec where ninety-four (94) securityholders are located).
25. No securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in Regulation 21-101 respecting Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.
26. The Filer is not in default of securities legislation in any jurisdiction.
27. At the time of granting the Order Sought, the Filer will no longer be a reporting issuer in any of the provinces of Canada.
Each of the Decision Makers is satisfied that the order meets the test set out in the Legislation for the Decision Maker to make the order.
The decision of the Decision Makers under the Legislation is that the Order Sought is granted.
File No. 2019-22
October 27, 2021
WHEREAS the Ontario Securities Commission held a hearing in writing to set a schedule for the exchange of materials with respect to a motion filed by Nayeem Alli on August 9, 2021, for, among other things, a stay of this proceeding against him (Stay Motion) and a motion filed by Staff of the Commission (Staff) to dismiss Alli's Stay Motion (Dismissal Motion);
ON READING the Stay Motion and Dismissal Motion Record and the correspondence from Staff and Alli, no one participating on behalf of First Global Data Ltd., Global Bioenergy Resources Inc., Maurice Aziz, Harish Bajaj or Andre Itwaru, and on considering that Staff and Alli consent to the making of this order;
IT IS ORDERED THAT:
1. pursuant to section 5.1 of the Statutory Powers Procedure Act, RSO 1990 c S.22, and Rule 23 of the Commission's Rules of Procedure and Forms, (2019) 42 OSCB 9714, the Dismissal Motion shall be heard in writing; and
2. the parties shall adhere to the following timeline for the delivery of materials for the Dismissal Motion:
a. by 4:30 p.m. on November 5, 2021, Alli shall serve and file responding affidavit evidence, if any;
b. by 4:30 p.m. on November 16, 2021, Staff shall serve and file written submissions, and reply affidavit evidence, if any;
c. by 4:30 p.m. on November 26, 2021, Alli shall serve and file responding written submissions, if any; and
d. by 4:30 p.m. on December 2, 2021, Staff shall serve and file reply written submissions, if any.
October 28, 2021
The principal regulator in the Jurisdiction has received an application from the Filer for an order under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that the Filer has ceased to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer (the Order Sought).
Under the Process for Cease to be a Reporting Issuer Applications (for a passport application):
1. the Ontario Securities Commission is the principal regulator for this application, and
2. the Filer has provided notice that subsection 4C.5(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Prince Edward Island, Quebec, and Saskatchewan.
Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this order, unless otherwise defined.
This order is based on the following facts represented by the Filer:
1. the Filer is not an OTC reporting issuer under Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets;
2. the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total worldwide;
3. no securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21-101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported;
4. the Filer is applying for an order that the Filer has ceased to be a reporting issuer in all of the jurisdictions of Canada in which it is a reporting issuer; and
5. the Filer is not in default of securities legislation in any jurisdiction.
The principal regulator is satisfied that the order meets the test set out in the Legislation for the principal regulator to make the order.
The decision of the principal regulator under the Legislation is that the Order Sought is granted.
Sean Daley et al. -- ss. 127(8), 127(1)
File No. 2019-28
October 29, 2021
WHEREAS on October 29, 2021, the Ontario Securities Commission held a hearing by videoconference to consider Staff of the Commission's motion to extend a temporary order dated August 6, 2019 against Sean Daley, Sean Daley carrying on business as Ascension Foundation, OTO.Money, SilentVault and CryptoWealth, Wealth Distributed Corp., Cybervision MMX Inc., Kevin Wilkerson and Aug Enterprises Inc. (together, the Respondents);
ON READING the materials filed by Staff, and on hearing the submissions of Staff and Sean Daley appearing on his own behalf, and no one appearing on behalf of the remaining Respondents, although properly served;
IT IS ORDERED, with reasons to follow, that until the public release of the sanctions and costs decision in File No. 2019-39 with respect to Sean Daley and Kevin Wilkerson:
1. pursuant to subsection 127(8) and paragraph 2 of subsection 127(1) of the Securities Act, RSO 1990, c S.5 (the Act), all trading in any securities by the Respondents shall cease;
2. pursuant to subsection 127(8) and paragraph 2 of subsection 127(1) of the Act, all trading in 'overcome the odds' vouchers, also known as OTO Vouchers, and Lyra shall cease; and
3. pursuant to subsection 127(8) and paragraph 3 of subsection 127(1) of the Act, any exemptions contained in Ontario securities law do not apply to the Respondents.
Buffalo Grand Hotel Inc. et al. -- ss. 127(8), 127(1)
File No. 2020-11
October 29, 2021
WHEREAS the Ontario Securities Commission held a hearing in writing to consider a motion (the Motion) by Staff of the Commission (Staff) to extend a temporary order dated April 28, 2021 (the Temporary Order), against Buffalo Grand Hotel Inc., Stinson Hospitality Management Inc., Stinson Hospitality Corp., Restoration Funding Corporation and Harry Stinson (together, the Respondents);
ON READING the materials filed by Staff and on considering that the Respondents consent to an extension of the Temporary Order;
IT IS ORDERED:
1. the Motion is adjourned to be heard in writing;
2. the Temporary Order is extended to the earlier of 4:30 p.m. on November 26, 2021 or the disposition of the Motion;
3. Staff of the Commission shall serve and file additional motion materials, if any, by 4:30 p.m. on November 12, 2021.
Temporary, Permanent & Rescinding Issuer Cease Trading Orders
Company Name |
Date of Temporary Order |
Date of Hearing |
Date of Permanent Order |
Date of Lapse/Revoke |
|
||||
THERE IS NOTHING TO REPORT THIS WEEK. |
||||
Company Name |
Date of Order |
Date of Revocation |
|
||
iMining Technologies Inc. |
October 5, 2021 |
October 26, 2021 |
|
||
New Wave Holdings Corp. |
October 5, 2021 |
October 29, 2021 |
Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name |
Date of Order |
Date of Lapse |
|
||
New Wave Holdings Corp. |
August 3, 2021 |
November 1, 2021 |
|
||
Helix BioPharma Corp. |
November 1, 2021 |
__________ |
Outstanding Management & Insider Cease Trading Orders
Company Name |
Date of Order or Temporary Order |
Date of Hearing |
Date of Permanent Order |
Date of Lapse/ Expire |
Date of Issuer Temporary Order |
|
|||||
Performance Sports Group Ltd. |
19 October 2016 |
31 October 2016 |
31 October 2016 |
__________ |
__________ |
Company Name |
Date of Order |
Date of Lapse |
|
||
Akumin Inc. |
August 20, 2021 |
__________ |
|
||
Agrios Global Holdings Ltd. |
September 17, 2020 |
__________ |
|
||
New Wave Holdings Corp. |
August 3, 2021 |
November 1, 2021 |
|
||
Reservoir Capital Corp. |
May 5, 2021 |
__________ |
|
||
AION THERAPEUTIC INC. |
September 1, 2021 |
__________ |
|
||
DGTL Holdings Inc. |
September 30, 2021 |
__________ |
|
||
Helix BioPharma Corp. |
November 1, 2021 |
__________ |
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Project #3242585
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Project #3184651
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Project #3171587
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Project #3171187
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Project #3190459
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Project #3173089
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Project #3291813
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Project #3291813
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Project #3293485
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Project #3293288
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Project #3291769
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Project #3291854
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Project #3291882
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Project #3291373
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Project #3292935
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Project #3291786
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Project #3292854
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Project #3291874
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Project #3286824
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Project #3292431
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Project #3288263
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Project #3287345
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Project #3246507
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Project #3291163
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Project #3278497
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Project #3248384
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Project #3285267
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Project #3284900
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Project #3256739
Type |
Company |
Category of Registration |
Effective Date |
|
|||
Change in Registration Category |
Palos Wealth Management Inc. |
From: Portfolio Manager |
October 28, 2021 |
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|||
To: Portfolio Manager and Exempt Market Dealer |
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|||
Change in Registration Category |
Insight Investment International Limited |
From: Portfolio Manager |
November 1, 2021 |
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To: Portfolio Manager and Commodity Trading Manager |
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Canadian Derivatives Clearing Corporation (CDCC) -- Amendments to Rule C-18 to Modify the Delivery Standards of the 30-Year Government of Canada Bond Future Contracts -- Notice of Commission Approval
In accordance with the Rule Protocol between the Ontario Securities Commission (Commission) and The Canadian Derivatives Clearing Corporation (CDCC), the Commission approved on October 29, 2021 amendments to CDCC Rule C-18 to modify the delivery standards of the 30-year Government of Canada Bond Future contracts.
A copy of the CDCC notice was published for comment on August 12, 2021 on the Commission's website at www.osc.ca. No comments were received.
