The Ontario Securities Commission
OSC Bulletin
February 25, 2016
Volume 39, Issue 8
(2016), 39 OSCB
The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the
Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20)
The Ontario Securities Commission Published under the authority of the Commission by: Cadillac Fairview Tower Carswell, a Thomson Reuters business 22nd Floor, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4 416-593-8314 or Toll Free 1-877-785-1555 416-609-3800 or 1-800-387-5164 Contact Centre – Inquiries, Complaints: Fax: 416-593-8122 TTY: 1-866-827-1295 Office of the Secretary: Fax: 416-593-2318
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February 25, 2016 (2016), 39 OSCB
Table of Contents
Chapter 1 Notices / News Releases ...................... 1667 1.1 Notices ........................................................... (nil) 1.2 Notices of Hearing ......................................... (nil) 1.3 Notices of Hearing with Related Statements of Allegations ........................... 1667 1.3.1 Liahona Mortgage Investment Corp. et al. – s. 127, 127.1 ....................................... 1667 1.4 News Releases .............................................. (nil) 1.5 Notices from the Office of the Secretary ............................................ 1671 1.5.1 Liahona Mortgage Investment Corp. et al....... 1671 1.5.2 Sharon Downing ............................................. 1671 1.5.3 Liahona Mortgage Investment Corp. et al....... 1672 1.5.4 AMTE Services Inc. et al. ............................... 1672 1.5.5 Future Solar Developments Inc. et al. ............ 1673 1.5.6 CI Investments Inc. ......................................... 1673 1.5.7 Glenn Francis Dunbar .................................... 1674 1.6 Notices from the Office of the Secretary with Related Statements of Allegations ............................ (nil)
Chapter 2 Decisions, Orders and Rulings ............ 1675 2.1 Decisions ...................................................... 1675 2.1.1 Perimeter Markets Inc. ................................... 1675 2.1.2 Canamax Energy Ltd. – s. 1(10)(a)(ii) ............ 1677 2.1.3 Scotia Managed Companies Administration Inc. and Advantaged Canadian High Yield Bond Fund ...................................................... 1678 2.1.4 Killam Properties Inc. – s. 1(10)(a)(ii) ............. 1680 2.1.5 Central GoldTrust – s. 1(10)(a)(ii) ................... 1681 2.1.6 Petrus Resources Inc. – s. 1(10)(a)(ii) ............ 1682 2.1.7 Aon Hewitt Investment Management Inc. ...... 1684 2.1.8 Petroamerica Oil Corp. – s. 1(10)(a)(ii)........... 1693 2.1.9 Invesco Canada Ltd. ...................................... 1694 2.2 Orders............................................................ 1697 2.2.1 Perimeter Markets Inc. – s. 6.1 of OSC Rule 13-502 Fees ........................................... 1697 2.2.2 Sharon Downing – ss. 127(1), 127(10) ........... 1698 2.2.3 CNSX Markets Inc. – s. 144 ........................... 1700 2.2.4 TD Split Inc. – s. 1(6) of the OBCA ................. 1719 2.2.5 AMTE Services Inc. et al. – s. 127(8) ............. 1720 2.2.6 Future Solar Developments Inc. et al. – ss. 127, 127.1 ............................................. 1722 2.2.7 Canadian National Railway Company – s. 104(2)(c) ................................................. 1723 2.2.8 Glenn Francis Dunbar .................................... 1729 2.3 Orders with Related Settlement Agreements ................................................... 1730 2.3.1 Liahona Mortgage Investment Corp. et al. – ss. 127, 127.1 ..................................... 1730 2.4 Rulings ........................................................... (nil)
Chapter 3 Reasons: Decisions, Orders and Rulings ................................................... 1739 3.1 OSC Decisions .............................................. 1739 3.1.1 CI Investments Inc. ......................................... 1739 3.2 Director’s Decisions ...................................... (nil) 3.3 Court Decisions ............................................. (nil)
Chapter 4 Cease Trading Orders .......................... 1743 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 1743 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ............. 1743 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................... 1743 Chapter 5 Rules and Policies ................................ 1745 5.1.1 CSA Notice of Amendments to Early Warning System – Amendments to MI 62-104 Take-Over Bids and Issuer Bids, NI 62-103 Early Warning System and Related Take-Over Bid and Insider Reporting Issues, and Changes to NP 62-203 Take-Over Bids and Issuer Bids ........ 1745 5.1.2 CSA Notice of Changes to Companion Policy 43-101CP Standards of Disclosure for Mineral Projects ........................................ 1791 Chapter 6 Request for Comments ........................ 1797 6.1.1 Proposed NI 94-101 Mandatory Central Counterparty Clearing of Derivatives and Proposed Companion Policy 94-101CP Mandatory Central Counterparty Clearing of Derivatives ................................................. 1797 Chapter 7 Insider Reporting .................................. 1825 Chapter 9 Legislation ............................................... (nil) Chapter 11 IPOs, New Issues and Secondary Financings ............................................. 1923 Chapter 12 Registrations ......................................... 1927 12.1.1 Registrants ..................................................... 1927 Chapter 13 SROs, Marketplaces,
Clearing Agencies and Trade Repositories ............................... 1929
13.1 SROs ............................................................. 1929 13.1.1 IIROC – Proposed Amendments Respecting the Audit Requirement to Send Second Positive Confirmation Requests – Request for Comment .................................................. 1929 13.2 Marketplaces ................................................ 1930 13.2.1 Canadian Securities Exchange – Variation of Recognition Order – Notice ........................ 1930 13.2.2 CNSX Markets Inc. – Proposed Amendments to Policy 2 Qualifications for Listing – OSC Staff Notice of Proposed Changes and Request for Comment .................................... 1932 13.2.3 CNSX Markets Inc. – Proposed Amendments to Policy 8 Fundamental Changes – OSC Staff Notice of Proposed Changes and Request for Comment .................................... 1933 13.3 Clearing Agencies ......................................... (nil)
Table of Contents
February 25, 2016 (2016), 39 OSCB
13.4 Trade Repositories ........................................ (nil) Chapter 25 Other Information ................................... (nil) Index ............................................................................ 1935
February 25, 2016
(2016), 39 OSCB 1667
Chapter 1
Notices / News Releases 1.3 Notices of Hearing with Related Statements of Allegations 1.3.1 Liahona Mortgage Investment Corp. et al. – s. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF LIAHONA MORTGAGE INVESTMENT CORP.,
LIAHONA ADMINISTRATION INC., AARON RUMLEY, ROBERT RUMLEY AND
ROBERT CHAGGARES
NOTICE OF HEARING (Sections 127 and 127.1 of the Securities Act)
TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act (the “Act”), at the offices of the Commission at 20 Queen Street West, 17th Floor, in the City of Toronto, commencing on the 18th day of February, 2016 at 9:00 a.m. or as soon thereafter as the hearing can be held; AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the public interest to approve the Settlement Agreement dated February 12, 2016, between Staff of the Commission (“Staff”) and Liahona Mortgage Investment Corp., Liahona Administration Inc., Aaron Rumley, Robert Rumley and Robert Chaggares pursuant to sections 127 and 127.1 of the Act; BY REASON OF the allegations set out in the Statement of Allegations of Staff, dated February 16, 2016, and such additional allegations as counsel may advise and the Commission may permit; AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing; AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party, and such party is not entitled to any further notice of the proceedings; AND TAKE FURTHER NOTICE that the Notice of Hearing is also available in French, participation may be in either French or English and participants must notify the Secretary’s Office in writing as soon as possible if the participant is requesting a proceeding to be conducted wholly or partly in French; ET AVIS EST ÉGALEMENT DONNÉ PAR LA PRÉSENTE que l’avis d’audience est disponible en français, que la participation à l’audience peut se faire en français ou en anglais et que les participants doivent aviser le Bureau du secrétaire par écrit le plus tôt possible avant l’audience si le participant demande qu’une instance soit tenue entièrement ou partiellement en français. DATED at Toronto, this 16th day of February, 2016. “Josée Turcotte” Secretary to the Commission
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1668
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF LIAHONA MORTGAGE INVESTMENT CORP.,
LIAHONA ADMINISTRATION INC., AARON RUMLEY, ROBERT RUMLEY AND
ROBERT CHAGGARES
STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION
Staff (“Staff”) of the Ontario Securities Commission (the “Commission”) make the following allegations: A. OVERVIEW 1. Between December 30, 2007 and February 23, 2015 (the “Material Time”), Liahona Mortgage Investment Corp.
(“LMIC”), Liahona Administration Inc. (“LAI”), Aaron Rumley, Robert Rumley and Robert Chaggares (collectively, the “Respondents”) sold approximately $20 million worth of shares in LMIC, a mortgage investment entity, to 95 investors. The Respondents did so without registering with the Commission, without filing a prospectus with the Commission, and without obtaining a prospectus receipt to qualify the sales of their securities.
2. Through these actions, the Respondents breached the registration and prospectus requirements of the Securities Act
(the “Act”), as they engaged in the business of trading in LMIC securities when no registration exemption applied, and distributed LMIC shares to investors who did not qualify for prospectus-exempt distributions.
B. THE RESPONDENTS 3. LMIC was incorporated in Ontario on December 22, 2006 with a registered office in Barrie, Ontario. It is a mortgage
investment entity, as such term is defined in the CSA Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities, and lends capital for first and second residential mortgages and commercial mortgages. All of these mortgages have underlying properties in Ontario.
4. LAI is a non-reporting issuer that was incorporated in Ontario on March 31, 2005 with a registered office in Barrie,
Ontario. LAI conducts certain management and administration functions for LMIC, as specified below. 5. Robert Chaggares is the President of LMIC and LAI and a director of these entities. He is a Chartered Accountant, and
is a partner at Chaggares & Bonhomme, Chartered Professional Accountants, an accounting practice. He is a resident of Queensville, Ontario.
6. Aaron Rumley is the Secretary of LMIC and LAI and a director of these entities. He is a Chartered Accountant, and is a
partner at Rumley, Holmes LLP, an accounting practice. He is a resident of Barrie, Ontario. 7. Robert Rumley is a director of LMIC, and assists in the management of LMIC’s mortgage investments and the
distribution of the company’s shares. He is a resident of Barrie, Ontario, and was formerly a partner at Rumley & Associates.
8. None of the Respondents has ever been registered to trade in securities in Ontario and none was registered with the
Commission in any capacity during the Material Time. C. CONDUCT AT ISSUE 9. Robert Chaggares, Aaron Rumley and Robert Rumley (collectively, the “Principals”) began operating LMIC as a
mortgage investment entity in December 2006. They received mortgage proposals from licensed brokers and evaluated the proposals based on the location and marketability of the underlying properties, as well as the creditworthiness of the underlying borrowers. After completing their due diligence process, the Principals selected certain mortgages for funding, using LMIC as their investment vehicle.
10. In December 2007, the Principals began offering preferred shares in LMIC to a number of friends, family and clients of
their accounting practices. They offered the shares at a price of $1 per share. In order to raise interest in LMIC, they
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1669
actively solicited a number of prospective investors, discussing the benefits of LMIC during meetings with the prospects.
11. The Respondents also provided marketing materials to prospective investors that reviewed the characteristics of
mortgage investment entities. These marketing materials included a pamphlet titled “An Introduction to Mortgage Investment Corporations” that disclosed the terms for purchase and redemption of LMIC shares, and the nature of the underlying assets of LMIC. Beginning in 2012, the Respondents executed formal subscription agreements with investors who purchased shares in LMIC.
12. The Principals used LAI to manage and administer LMIC. Through LAI, the Principals conducted underwriting and
accounting functions for LMIC, including the due diligence review of mortgages for LMIC and the payment of dividends to LMIC’s preferred shareholders. LAI also maintaining the shareholder register and maintained shareholder files. LAI received a fee of 2.25% per annum from LMIC based upon the amount of mortgages under its administration.
13. Through this conduct, the Respondents engaged in the business of trading in LMIC securities, but they failed to register
with the Commission and failed to evaluate their investors’ needs in the manner required of registrants. Although the Respondents were aware of certain investors’ financial holdings, they did not adequately collect or consider “know-your-client” information from investors and did not examine investors’ portfolios to ensure that investments in LMIC were suitable for them.
14. The Respondents never filed a preliminary prospectus or a prospectus with the Commission and did not obtain a
prospectus receipt to qualify the sale of LMIC securities. The Respondents also did not file exempt distribution reports or pay any activity fees to the Commission within the periods mandated under the Act.
15. The Respondents ultimately sold preferred shares of LMIC having an aggregate value of $20,299,461 to 95 investors
during the Material Time. The Respondents’ sales to 12 of these investors were suitable for them and qualified for prospectus exemptions. Of the remaining sales: a. the Respondents sold investments to 47 investors that were unsuitable for them, as the investments
comprised over 10 percent of each investor’s net financial assets, and thus left the investor’s portfolio over-exposed to LMIC securities;
b. the Respondents sold investments to 18 other investors that did not qualify for any prospectus exemptions
during the Material Time, and were also unsuitable because they left investors’ portfolios over-exposed to LMIC securities;
c. the Respondents sold investments to an additional 2 other investors that did not qualify for prospectus
exemptions during the Material Time and do not qualify for any prospectus exemption at present; and d. the Respondents sold investments to 16 other investors that were redeemed during the Material Time.
16. LMIC presently has 77 investors and holds mortgage loans valued at approximately $19 million. D. BREACHES OF ONTARIO SECURITIES LAW AND CONDUCT CONTRARY TO THE PUBLIC INTEREST 17. Through the conduct described above, the Respondents have breached Ontario securities law and engaged in conduct
contrary to the public interest. In particular: a. The Respondents traded and engaged in, or held themselves out as engaging in, the business of trading in
securities without being registered to do so, and where no registration exemption was available, contrary to subsection 25(1) of the Act;
b. The Respondents distributed securities where no preliminary prospectus or prospectus was issued or
receipted under the Act, and where no prospectus exemption was available, contrary to section 53 of the Act; c. The Respondents failed to file required exempt distribution reports within the period mandated by National
Instrument 45-106 – Prospectus Exemptions; d. The Respondents failed to pay required activity fees within the period mandated by Rule 13-502; and e. The Principals, as directors and officers of the corporate Respondents, authorized, permitted or acquiesced in
the breaches set out above, and, in so doing, are deemed to have not complied with Ontario securities laws, pursuant to section 129.2 of the Act.
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1670
18. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit. DATED at Toronto, February 16, 2016.
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1671
1.5 Notices from the Office of the Secretary 1.5.1 Liahona Mortgage Investment Corp. et al.
FOR IMMEDIATE RELEASE February 17, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5
AND
IN THE MATTER OF
LIAHONA MORTGAGE INVESTMENT CORP., LIAHONA ADMINISTRATION INC.,
AARON RUMLEY, ROBERT RUMLEY AND ROBERT CHAGGARES
TORONTO – The Office of the Secretary issued a Notice of Hearing for a hearing to consider whether it is in the public interest to approve a settlement agreement entered into by Staff of the Commission and Liahona Mortgage Investment Corp., Liahona Administration Inc., Aaron Rumley, Robert Rumley and Robert Chaggares. The hearing will be held on February 18, 2016 at 9:00 a.m. on the 17th floor of the Commission’s offices located at 20 Queen Street West, Toronto. A copy of the Notice of Hearing dated February 16, 2016 and Statement of Allegations of Staff of the Ontario Securities Commission dated February 16, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.5.2 Sharon Downing
FOR IMMEDIATE RELEASE February 18, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF SHARON DOWNING
TORONTO – The Commission issued an Order pursuant to Subsections 127(1) and 127(10) of the Securities Act in the above noted matter. A copy of the Order dated February 17, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1672
1.5.3 Liahona Mortgage Investment Corp. et al.
FOR IMMEDIATE RELEASE February 18, 2016
IN THE MATTER OF
THE SECURITIES ACT, RSO 1990, c S.5
AND
IN THE MATTER OF
LIAHONA MORTGAGE INVESTMENT CORP., LIAHONA ADMINISTRATION INC.,
AARON RUMLEY, ROBERT RUMLEY AND ROBERT CHAGGARES
TORONTO – Following a hearing held today, the Commission issued an Order in the above named matter approving the Settlement Agreement reached between Staff of the Commission and Liahona Mortgage Investment Corp., Liahona Administration Inc., Aaron Rumley, Robert Rumley and Robert Chaggares. A copy of the Order dated February 18, 2016 and Settlement Agreement dated February 12, 2016 are available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.5.4 AMTE Services Inc. et al.
FOR IMMEDIATE RELEASE February 19, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
AMTE SERVICES INC., OSLER ENERGY CORPORATION,
RANJIT GREWAL, PHILLIP COLBERT AND EDWARD OZGA
TORONTO – The Commission issued a Temporary Order in the above named matter which provides that the hearing to consider a further extension of the Temporary Order scheduled for February 26, 2016 at 10:00 a.m. is vacated. A copy of the Temporary Order dated February 18, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1673
1.5.5 Future Solar Developments Inc. et al.
FOR IMMEDIATE RELEASE February 23, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
FUTURE SOLAR DEVELOPMENTS INC., CENITH ENERGY CORPORATION,
CENITH AIR INC., ANGEL IMMIGRATION INC. and XUNDONG QIN also known as SAM QIN
TORONTO – The Commission issued an Order in the above named matter which provides that:
1. the hearing date set for March 21, 2016 is vacated; and
2. the hearing on the merits shall
commence on March 23, 2016 at 10:00 a.m. and continue thereafter on March 24, 28, 29, 30, 31 and April 1, 4 and 12, 2016 and on such further dates as agreed to by the parties and set by the Office of the Secretary.
A copy of the Order dated February 22, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
1.5.6 CI Investments Inc.
FOR IMMEDIATE RELEASE February 23, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
CI INVESTMENTS INC. TORONTO – The Commission issued its Oral Ruling and Reasons following the Settlement Hearing held in the above noted matter. A copy of the Oral Ruling and Reasons dated February 22, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
Notices / News Releases
February 25, 2016
(2016), 39 OSCB 1674
1.5.7 Glenn Francis Dunbar
FOR IMMEDIATE RELEASE February 23, 2016
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
GLENN FRANCIS DUNBAR TORONTO – The Commission issued an order in the above named matter which provides that:
(a) Staff’s application to continue this proceeding by way of a written hearing is granted;
(b) Staff’s materials shall be served and filed
no later than March 17, 2016; (c) Dunbar’s responding materials, if any,
shall be served and filed no later than April 14, 2016; and
(d) Staff’s reply materials, if applicable, shall
be served and filed no later than April 28, 2016.
A copy of the Order dated February 22, 2016 is available at www.osc.gov.on.ca. OFFICE OF THE SECRETARY JOSÉE TURCOTTE SECRETARY For media inquiries: [email protected] For investor inquiries: OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
February 25, 2016
(2016), 39 OSCB 1675
Chapter 2
Decisions, Orders and Rulings 2.1 Decisions 2.1.1 Perimeter Markets Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief from the requirement to engage a qualified party to conduct an independent systems review and prepare a report in accordance with established audit standards – relief subject to updated management reviews of systems and controls similar in scope to that which would have applied to an independent systems review – National Instrument 21-101 Marketplace Operation. Applicable Legislative Provisions National Instrument 21-101 Marketplace Operation, ss. 12.1, 15.1.
February 16, 2016
IN THE MATTER OF THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, QUÉBEC, ONTARIO, NEW BRUNSWICK,
NOVA SCOTIA, PRINCE EDWARD ISLAND AND NEWFOUNDLAND AND LABRADOR
(the Jurisdictions)
AND
IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF
APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF PERIMETER MARKETS INC.
(the Filer)
DECISION Background The securities regulatory authority or regulator in each of the Jurisdictions (Decision Maker) has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) for relief from the requirements in the Legislation that the Filer annually engage a qualified party to conduct an independent systems review and prepare a report in accordance with established audit standards (collectively, an “ISR”) for each year from 2015 to 2017 inclusive (the Exemptive Relief Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application):
(a) the Ontario Securities Commission (“Commission”) is the principal regulator for this application, and
(b) the decision is the decision of the
principal regulator and evidences the decision of each other Decision Maker.
Interpretation Terms defined in National Instrument 14-101 Definitions have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: 1. Perimeter Markets Inc. (“Perimeter”) is a cor-
poration established under the laws of the Province of Ontario and its principal business is to operate an alternative trading system (“ATS”) as defined in National Instrument 21-101 Market-place Operation;
2. The head office of Perimeter is located in Toronto,
Ontario; 3. Perimeter is a member of the Investment Industry
Regulatory Organization of Canada, the Canadian Investor Protection Fund and the Bourse de Montréal and is registered in all provinces as a dealer in the category of investment dealer, as a derivatives dealer in Québec and as a futures commission merchant in Ontario and Manitoba;
4. Bondview and CBID are trademarks of Perimeter; 5. The Perimeter System is an ATS exclusively for
trading over-the-counter fixed income securities; 6. The Perimeter System is not connected to any
other fixed income marketplace, and cannot affect another fixed income marketplace or be affected by another fixed income marketplace;
7. For each of its systems that support order entry,
order routing, execution, trade reporting, trade comparison, data feeds, market surveillance and trade clearing, Perimeter has developed and maintains:
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1676
• reasonable business continuity and disaster recovery plans;
• an adequate system of internal control
over those systems; • adequate information technology general
controls, including without limitation, controls relating to information systems operations, information security, change management, problem management, network support and system software support;
8. In accordance with prudent business practice, on
a reasonably frequent basis and, in any event, at least annually, Perimeter: • makes reasonable current and future
capacity estimates; • conducts capacity stress tests to
determine the ability of those systems to process transactions in an accurate, timely and efficient manner;
• tests its business continuity and disaster
recovery plans; and • reviews the vulnerability of the Perimeter
System and data centre computer operations to internal and external threats including physical hazards, and natural disasters;
9. Perimeter’s current trading and order entry
volumes in the Perimeter System are less than 10% of the current design and peak capacity of the Perimeter System and Perimeter has not experienced any failure of the Perimeter System;
10. The Perimeter System transaction volume is less
than 300 trades per day; 11. The estimated cost to Perimeter of an annual
independent systems review by a qualified third party would represent a significant portion of Perimeter’s annual net income;
12. The Perimeter System is monitored 24 hours a
day, 7 days a week to ensure that all components continue to operate and remain secure;
13. Perimeter shall promptly notify the Commission of
any failure to comply with the representations set out herein; and
14. The cost of an ISR is prejudicial to Perimeter and
represents a disproportionate impact on Perimeter’s revenue.
Decision Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision. The decision of the Decision Makers under the Legislation is that the Exemptive Relief Sought is granted provided that:
1. Perimeter shall promptly notify the Com-mission of any material changes to the representations set out herein, including any material changes to Perimeter’s annual net income or to the market share or daily transaction volume of the Perimeter System; and
2. Perimeter shall, in each year from 2015
to 2017 inclusive, complete updated management reviews of the Perimeter System and of its controls, similar in scope to that which would have applied had Perimeter undergone an indepen-dent systems review, for ensuring it continues to comply with the represen-tations set out herein and shall prepare written reports of its reviews which shall be filed with staff of the Commission no later than 30 days after January 1st of each year.
DATED this 16th day of February, 2016 “Tracey Stern” Manager Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1677
2.1.2 Canamax Energy Ltd. – s. 1(10)(a)(ii) Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer deemed to no longer be a reporting issuer under securities legislation. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). Citation: Re Canamax Energy Ltd., 2016 ABASC 39 February 9, 2016 Stikeman Elliott LLP 4300 Bankers Hall West 888 - 3 Avenue SW Calgary, AB T2P 5C5 Attention: Andrew Beamer Dear Sir: Re: Canamax Energy Ltd. (the Applicant) – Appli-
cation for a decision under the securities legislation of Alberta, Saskatchewan, Mani-toba, Ontario, Nova Scotia and Yukon (the Jurisdictions) that the Applicant is not a reporting issuer
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. In this decision, “securityholder” means, for a security, the beneficial owner of the security. The Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Appli-cant, including debt securities, are bene-ficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total world-wide;
(b) no securities of the Applicant, 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;
(c) the Applicant is applying for a decision
that it is not a reporting issuer in all of the
jurisdictions of Canada in which it is currently a reporting issuer; and
(d) the Applicant is not in default of any of its
obligations under the Legislation as a reporting issuer.
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is deemed to have ceased to be a reporting issuer. “Denise Weeres” Manager, Legal Corporate Finance
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1678
2.1.3 Scotia Managed Companies Administration Inc. and Advantaged Canadian High Yield Bond Fund
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – investment fund manager obtaining relief from the requirement to obtain the approval of securityholders before changing the fundamental investment objectives of a non-redeemable investment fund – exemptive relief required as a result of changes to tax law eliminating certain tax benefits associated with character conversion transactions – manager required to send written notice at least 30 days before the effective date of the change to the investment objectives of the funds setting out the change, the reasons for such change and a statement that the fund will no longer distribute gains under forward contracts that are treated as capital gains for tax purposes – National Instrument 81-102 Investment Funds. Applicable Legislative Provisions National Instrument 81-102 Investment Funds, ss.
5.1(1)(c), 19.1.
February 17, 2016
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ONTARIO (the Jurisdiction)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
SCOTIA MANAGED COMPANIES ADMINISTRATION INC.
(the Filer)
AND
IN THE MATTER OF ADVANTAGED CANADIAN HIGH YIELD BOND FUND
(the Fund)
DECISION Background The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Fund for a decision under the securities legislation of the Jurisdiction (the Legislation) 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 – Investment Funds (NI 81-102) (the Requested Relief). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions:
I. the Ontario Securities Commission is the principal regulator for this Application, and
II. the Filer has provided notice that 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 Jurisdic-tions).
Defined Terms Terms defined in MI 11-102, National Instrument 14-101 Definitions and NI 81-102 have the same meaning if used in this decision, unless otherwise defined. Representations This decision is based on the following facts represented by the Filer: 1. The Filer, a wholly-owned subsidiary of Scotia
Capital Inc., is a corporation existing under the laws of the Province of Ontario and is registered as an Investment Fund Manager in Ontario, Quebec and Newfoundland and Labrador. The head office of the Filer is located in Toronto, Ontario.
2. The Fund is a non-redeemable investment fund
established as a trust under the laws of the Province of Ontario pursuant to a declaration of trust dated March 7, 2011, as amended and restated as of March 9, 2012, March 28, 2013 and April 22, 2015, and as may be further amended and restated from time to time (the Declaration of Trust).
3. Class A units and Class F units of the Fund were
qualified for distribution pursuant to a prospectus dated March 7, 2011 that was prepared and filed in accordance with the securities legislation in each of the Jurisdictions. Accordingly, the Fund is a reporting issuer in each of the Jurisdictions. Class F units are designed for clients of registered brokers, dealers and advisors with fee-based accounts and are not listed on a stock exchange but may be converted into Class A units on a weekly basis for liquidity purposes. The Class A units of the Fund are listed and posted for trading on the Toronto Stock Exchange (the TSX) under the symbol AHY.UN.
4. Neither the Filer nor the Fund is in default of
securities legislation in the Jurisdictions.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1679
5. In order to achieve its current fundamental investment objectives, the Fund is a party to a forward purchase agreement (the Forward Agreement) with a counterparty, dated March 31, 2011. Through the Forward Agreement, the Fund obtains exposure to a diversified portfolio (the Portfolio) of Canadian high yield fixed income securities (the Canadian HY Corporate Bonds) held by its reference fund (the CHY Fund).
6. The current investment objectives of the Fund are
to: (i) preserve and enhance the net asset value of the Fund; and (ii) provide unitholders with quarterly tax-advantaged distributions consisting of returns of capital and capital gains, through investment exposure to Canadian HY Corporate Bonds pursuant to the Forward Agreement.
7. The fundamental investment objectives of CHY
Fund are to: (i) preserve and enhance the net asset value of the CHY Fund; and (ii) to provide holders of units of CHY Fund with income and capital appreciation from the Portfolio through investment in Canadian HY Corporate Bonds.
8. Pursuant to the terms of the Forward Agreement,
the counterparty will deliver to the Fund, on the scheduled settlement date of the Forward Agreement, a specified portfolio of securities of Canadian public companies that are Canadian securities as defined in subsection 39(6) of the Income Tax Act (Canada) (the Tax Act) and listed on the TSX with an aggregate value equal to the net redemption proceeds that would be received by holders on the redemption of the relevant number of units of CHY Fund.
9. Through the use of the Forward Agreement, the
Fund currently provides tax-advantaged distribu-tions to its securityholders because the Fund realizes capital gains (or capital losses) on the disposition of securities acquired under the Forward Agreement, rather than ordinary income. Ordinary income is subject to tax at a higher rate in Canada than capital gains.
10. The Forward Agreement is expected to terminate
on or about March 31, 2016 in accordance with its terms (the Termination Date).
11. The Tax Act was amended in December, 2013 to
implement proposals that were first announced in the March 21, 2013 federal budget regarding the income tax treatment of character conversion transactions (the Tax Changes). Under the Tax Changes, the favourable tax treatment of char-acter conversion transactions will be eliminated after prescribed dates and the distributions paid by the Fund are no longer expected to be characterized primarily as capital gains or return of capital and instead all or a portion of the distributions paid by the Fund will be char-
acterized as ordinary income after the Termination Date.
12. As a result of the Tax Changes, the Filer has
determined that it will be more efficient and less costly for the Fund to achieve its fundamental investment objectives after the Termination Date by investing its assets using the same, or sub-stantially the same, investment strategies and restrictions as those employed by CHY Fund prior to the Termination Date. The Filer has also determined that the Fund should directly own securities of the kind that comprise the Portfolio rather than through CHY Fund and that CHY Fund should be wound up. The Filer expects that the entire amount of the Forward Agreement will be settled and the Fund will acquire the Portfolio held by CHY Fund in accordance with applicable securities laws.
13. The Filer wishes to amend the fundamental
investment objectives of the Fund to delete the references to “tax-advantaged” and the use of the Forward Agreement to obtain investment exposure to the Portfolio. Other than for the loss of tax efficiency resulting from the Tax Changes, the Fund will have the same investment attributes under its amended fundamental investment objectives as exist under its current fundamental investment objectives.
14. Following such amendment, the revised
fundamental investment objectives of the Fund will be to: (i) preserve and enhance the net asset value of the Fund; and (ii) provide unitholders with quarterly distributions through investment in the Portfolio of Canadian HY Corporate Bonds.
15. The Fund has complied with the material change
report requirements set out in Part 11 of National Instrument 81-106 Investment Fund Continuous Disclosure in connection with the Filer’s decision to make the changes to the fundamental investment objectives of the Fund set out above.
16. The Filer expects the proposed changes to the
fundamental investment objectives of the Fund to take effect on or about the Termination Date.
17. The Filer has determined that it would be in the
best interests of the Fund and not prejudicial to the public interest to receive the Requested Relief.
Decision 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 the Requested Relief is granted, provided that, at least 30 days before the effective date of the change in the investment objectives of the Fund, the Filer will send to
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1680
each securityholder of the Fund a written notice that sets out the change to the investment objective, the reasons for such change and a statement that the Fund will no longer distribute gains under forward contracts that are treated as capital gains for tax purposes. “Stephen Paglia” Manager (Acting) Investment Funds and Structured Products Branch Ontario Securities Commission
2.1.4 Killam Properties Inc. – s. 1(10)(a)(ii) Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer deemed to no longer be a reporting issuer under securities legislation. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). February 19, 2016 Killam Properties Inc. Suite 100, 3700 Kempt Road. Halifax, Nova Scotia B3K 4X8 Attention: Ronald Barron Dear Sir: Re: Killam Properties Inc. (the “Applicant”) – “Sim-
plified Procedure” Application for a Decision under the securities legislation of the Pro-vinces of Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (the “Jurisdictions”) that the Applicant is not a Reporting Issuer
The Applicant has applied to the local securities regulatory authority or regulator (the “Decision Maker”) in each of the Jurisdictions for a decision under the securities legislation (the “Legislation”) of the Jurisdictions that the Applicant is not a reporting issuer in the Jurisdictions. In this decision, “securityholder” means, for a security, the beneficial owner of the security. As the Applicant has represented to the Decision Makers that:
1. the outstanding securities of the Appli-cant, including debt securities, are bene-ficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions in Canada and fewer than 51 security holders in total world-wide;
2. no securities of the Applicant, including
debt securities, are traded in Canada or another country or 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; and
3. the Applicant is applying for a decision
that it is not a reporting issuer in each of
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1681
the Jurisdictions in which it is currently a reporting issuer;
4. the Applicant is not in default of any of its
obligations under the Legislation as a reporting issuer.
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is deemed to have ceased to be a reporting issuer and that the Applicant’s status as a reporting issuer is revoked. “Paul E. Radford” Chair Nova Scotia Securities Commission
2.1.5 Central GoldTrust – s. 1(10)(a)(ii) Headnote National Policy 11-203 Process for Exemptive Relief Appli-cations in Multiple Jurisdictions – Issuer deemed to no longer be a reporting issuer under securities legislation. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). February 18, 2016 John (J.R.) Laffin Stikeman Elliott LLP 5300 Commerce Court 199 Bay Street Toronto, Ontario M5L 1B9 Dear Sirs/Mesdames: Re: Central GoldTrust (the Applicant) – Application
for a decision under the securities legislation of Ontario, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, New-foundland and Labrador, Prince Edward Island, Yukon, the Northwest Territories and Nunavut (collectively, the Jurisdictions) that the Applicant is not a reporting issuer
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. In this decision, “securityholder” means, for a security, the beneficial owner of the security. The Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Appli-cant, including debt securities, are bene-ficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total world-wide;
(b) no securities of the Applicant, 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;
(c) the Applicant is applying for a decision
that it is not a reporting issuer in all of the jurisdictions of Canada in which it is currently a reporting issuer; and
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1682
(d) the Applicant is not in default of any of its obligations under the Legislation as a reporting issuer.
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is not a reporting issuer. “Sonny Randhawa” Manager Corporate Finance
2.1.6 Petrus Resources Inc. – s. 1(10)(a)(ii) Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Issuer deemed to no longer be a reporting issuer under securities legislation. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). February 19, 2016 Petrus Resources Inc. 2400, 240 - 4th Avenue SW Calgary, Alberta T2P 4114 Dear Sirs/Mesdames: Re: Petrus Resources Inc. (formerly PhosCan
Chemical Corp) (the Applicant) – Application for a decision under the securities legislation of Alberta and Ontario (the Jurisdictions) that the Applicant is not a reporting issuer
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. In this decision, “securityholder” means, for a security, the beneficial owner of the security. The Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Appli-cant, including debt securities, are bene-ficially owned, directly or indirectly, by fewer than 15 securityholders in each of the jurisdictions of Canada and fewer than 51 securityholders in total world-wide;
(b) no securities of the Applicant, 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;
(c) the Applicant is applying for a decision
that it is not a reporting issuer in all of the jurisdictions of Canada in which it is currently a reporting issuer; and
(d) the Applicant is not in default of any of its
obligations under the Legislation as a reporting issuer.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1683
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is not a reporting issuer. “Sonny Randhawa” Manager, Corporate Finance Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1684
2.1.7 Aon Hewitt Investment Management Inc. Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief granted from the investment fund conflict of interest investment restrictions in securities legislation to permit pooled funds to invest in underlying pooled funds, subject to conditions. Applicable Legislative Provisions Securities Act (Ontario), R.S.O. 1990, c. S.5, as am., ss. 111(2)(b), 111(4), 113.
February 5, 2016
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ONTARIO (the Jurisdiction)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
AON HEWITT INVESTMENT MANAGEMENT INC. (the Filer)
AND
IN THE MATTER OF
THE TOP FUNDS (as defined below)
DECISION
Background The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the mutual funds listed in Schedule “A” hereto (the Initial Top Funds) and any other mutual fund which is not a reporting issuer under the securities legislation of the Jurisdiction (the Legislation) that is advised or managed by the Filer or an affiliate of the Filer (the Future Top Funds, and together with the Initial Top Funds, the Top Funds) which invests its assets in securities of the corresponding investment fund listed in Schedule “A” hereto (the Initial Underlying Funds) and any other investment fund which is not a reporting issuer under the Legislation (collectively with the Initial Underlying Funds, the Underlying Funds), for a decision under the Legislation exempting the Filer and the Top Funds from:
(a) the restriction in the Legislation that prohibits an investment fund from knowingly making an investment in a person or company in which the investment fund, alone or together with one or more related investment funds, is a substantial security holder; and
(b) the restriction in the Legislation that prohibits an investment fund, its management company or its distribution
company from knowingly holding an investment described in paragraph (a) above (collectively, the Requested Relief). Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for this application; and
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1685
(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in Alberta.
Interpretation Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.
Initial AHIC Underlying Funds means U.S. Equity Fund, Global Equity Fund and Non-U.S. Equity Fund, each a series of Aon Hewitt Institutional Funds, LLC, a limited liability corporation established under the laws of Delaware. Initial TD Underlying Funds means the investment funds for which TD Asset Management Inc. will be the investment fund manager.
Representations This decision is based on the following facts represented by the Filer: The Filer 1. The Filer is a corporation incorporated under the laws of Canada with its head office in Toronto, Ontario. 2. The Filer is registered as an investment fund manager in Ontario, Quebec and Newfoundland and Labrador and as a
portfolio manager and exempt market dealer in each of Ontario, Alberta, British Columbia, Newfoundland and Labrador, Quebec and Saskatchewan.
3. The Filer is not a reporting issuer in any jurisdiction in Canada and is not in default of securities legislation of any
jurisdiction in Canada. 4. The Filer is wholly owned by Aon Hewitt Inc. and indirectly wholly owned by Aon plc. 5. The Filer is the investment fund manager and portfolio manager of the Initial Top Funds. 6. The Filer or an affiliate of the Filer will be the investment fund manager and/or portfolio manager of Future Top Funds
established under the laws of Ontario or another jurisdiction of Canada. Top Funds 7. The Initial Top Funds are open-ended mutual funds established as trusts under the laws of Ontario. 8. The Future Top Funds will be open-ended mutual funds structured as limited partnerships, trusts or corporations under
the laws of Ontario or another jurisdiction of Canada. 9. None of the Top Funds is or will be a reporting issuer in any jurisdiction of Canada. 10. Each of the Top Funds is or will be a “mutual fund” for the purposes of the Legislation. 11. The assets of the Initial Top Funds are held by CIBC Mellon Trust Company. The assets of the Future Top Funds will
be held in the custody of a trust company incorporated, and licensed or registered, under the laws of Canada or a jurisdiction, or a bank listed in Schedule I, II or III of the Bank Act (Canada) or a qualified affiliate of such bank or trust.
12. Each Initial Top Fund intends to invest substantially all of its assets in securities of a particular Initial Underlying Fund,
as reflected in Schedule “A”. A Future Top Fund may invest its assets in one or more Future Underlying Funds. 13. The securities of each Top Fund are or will be sold in Canada solely pursuant to available exemptions from the
prospectus requirements under National Instrument 45-106 Prospectus Exemptions (NI 45-106) or the Legislation. 14. All investors in the Top Fund will be “permitted clients”, as such term is defined in National Instrument 31-103 –
Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). Typically they will fall within paragraph (e) of the “permitted client” definition but some may instead fall within paragraphs (g), (i), (n) or (q) of the “permitted client” definition.
15. All investors in the Top Funds will enter into an agreement with the Filer for pension consulting services.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1686
16. The Filer will not charge any management fees to the Top Fund. Investors in the Top Funds will pay fees directly to the Filer for the advice the Filer provides in relation to overall investment needs, asset allocation of the client’s portfolio and selection of third party investment fund managers and/or sub-advisors. These fees are independently negotiated between the client and the Filer and are paid outside the Top Funds.
Underlying Funds 17. Each Initial AHIC Underlying Fund is a series of Aon Hewitt Institutional Funds, LLC (AHIC), a limited liability
corporation established under the laws of Delaware, for which Aon Hewitt Investment Consulting, Inc., an affiliate of the Filer, acts as the investment fund manager. Each of the Initial AHIC Underlying Funds is an investment fund under the Legislation. The assets of the Initial AHIC Underlying Funds are held in the custody of the Bank of New York Mellon.
18. Each Initial TD Underlying Fund will be an investment fund under the Legislation which is established as a trust under
the laws of Ontario for which TD Asset Management Inc., an entity unrelated to the Filer, will act as the investment fund manager.
19. The Future Underlying Funds will be investment funds which are established as limited partnerships, trusts or
corporations under the laws of Ontario, another jurisdiction of Canada or a foreign jurisdiction. 20. Securities of each Underlying Fund will be sold to investors in Canada solely pursuant to available exemptions from the
prospectus requirements under NI 45-106 or the Legislation. 21. The Initial Underlying Funds will not be reporting issuers in any jurisdiction of Canada and no Future Underlying Fund
will be a reporting issuer in any jurisdiction of Canada. 22. Each of the Underlying Funds will have separate investment objectives, strategies and/or restrictions. 23. Certain Underlying Funds may invest its assets in securities of one or more investment funds each managed by a third
party investment fund manager (each a Bottom Fund). 24. Each Underlying Fund and Bottom Fund, in each case managed by a third party not affiliated with the Filer, must be
deemed by the Filer or AHIC to meet the extensive due diligence criteria of having a well-controlled institutional operating environment, and the quality, competency and security of the custodian of each such Underlying Fund and Bottom Fund is considered in this due diligence process.
25. Securities of the Bottom Funds are considered to be liquid assets. To the extent illiquid assets (as defined in National
Instrument 81-102 Investment Funds (NI 81-102)) are held by an Underlying Fund or a Bottom Fund, such illiquid assets will comprise less than 10% of the net asset value (NAV) of such Underlying Fund or Bottom Fund.
26. An investment by a Top Fund in an Underlying Fund will be effected based on an objective NAV of the Underlying
Fund. An investment by an Underlying Fund in a Bottom Fund will be effected based on an objective NAV of the Bottom Fund.
Fund-on-Fund Structures 27. The Filer proposes to operate the Top Funds under a “manager of managers” structure whereby the Filer will either
invest the Top Funds in Underlying Funds (which may be managed by an affiliate or a third party manager) and/or appoint various sub-advisors (each a Sub-Advisor and collectively, the Sub-Advisors) to assist in the management of the investment portfolios of the Top Funds. The structures that the Filer contemplates are outlined in paragraph 33 below.
28. The Filer selects Underlying Funds and Sub-Advisors from a universe of potential investments by utilizing a formal
rating process, which analyzes data across several key categories (including business, investment staff, investment process, investment risk, performance, terms and conditions, and operations) and individual factors and assigns a score ranging from 0 to 100. Products scoring 50 or above are eligible for the more extensive due diligence and ratings review process that may lead to a “Buy” rating.
29. The Filer does not expect that the assets directed to any third party Underlying Fund manager, Sub-Advisor or Bottom
Fund manager by the Filer and its affiliates will exceed 20% of the assets under management of such Underlying Fund manager, Sub-Advisor or Bottom Fund manager.
30. Currently, each Initial Top Fund intends to invest substantially all of its assets in securities of a particular Initial
Underlying Fund, as reflected in Schedule “A”. An Initial Top Fund may cease to allocate 100% of its assets to
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February 25, 2016
(2016), 39 OSCB 1687
investing in its Initial Underlying Fund and instead allocate its investments to one or more Underlying Funds or to invest directly in a portfolio of securities, depending upon the Filer’s view of the best method by which to obtain the desired investment exposure from the best portfolio manager for the asset class, as identified by the Filer from time to time. A Future Top Fund may invest its assets in one or more Future Underlying Funds.
31. Similarly, where the Filer delegates its portfolio management responsibilities in respect of a Top Fund to one or more
Sub-Advisors, the Filer will allocate a portion of the assets of one or more Top Funds to a Sub-Advisor to manage. The percentage allocated by the Filer to each Sub-Advisor may fluctuate from time to time based on the Filer’s view of the best Sub-Advisor for the asset class, as identified by the Filer from time to time. Pursuant to the authority delegated to it by the Filer, a Sub-Advisor may, from time to time, determine that the most efficient method by which to manage the assets of a Top Fund is to invest some or all of them in securities of an Underlying Fund.
32. The Top Funds allow investors to obtain exposure to the investment portfolios of the Underlying Funds and their
respective investment strategies through direct investments by the Top Funds in securities of the Underlying Funds (the Fund-on-Fund Structure).
33. There are three different Fund-on-Fund Structures that may be used by the Filer to invest the assets of a Top Fund:
(a) Certain Top Funds will invest in only one Underlying Fund managed by a third party investment fund manager. This Fund-on-Fund Structure will be used where the Filer determines that the investment objective of a Top Fund is best achieved by investing in one Underlying Fund. Such Underlying Fund may be changed to another Underlying Fund from time to time depending on whether the Filer concludes that a different Underlying Fund would better achieve the investment objective of the Top Fund. The amounts invested from time to time in such Underlying Fund by a Top Fund may exceed 20% of the outstanding voting securities of the Underlying Fund.
(b) Certain Top Funds will invest in more than one Underlying Fund, each of which is managed by a third party
investment fund manager. This Fund-on-Fund Structure will be used where the Filer determines that the investment objective of the Top Fund is best achieved through exposure to different investment styles and broader diversification provided by investing in multiple Underlying Funds. One or more of such Underlying Funds may be changed to other Underlying Funds from time to time depending on whether the Filer concludes that different Underlying Funds would better achieve the investment objective of the Top Fund. The amounts invested from time to time in any Underlying Fund by one or more Top Funds may exceed 20% of the outstanding voting securities of the Underlying Fund.
(c) Certain Top Funds function as “clone funds”, as such term is defined in NI 81-102, and will invest in one AHIC
Underlying Fund. Under these Fund-on-Fund Structures, the AHIC Underlying Fund may (1) delegate its portfolio management responsibilities to one or more third party sub-advisors, (2) invest in one or more Bottom Funds, or (3) delegate its portfolio management responsibilities in respect of a portion of the AHIC Underlying Fund to one or more third party sub-advisors and invest the remaining portion of the AHIC Underlying Fund in one or more Bottom Funds. A Bottom Fund will not invest in securities of other investment funds. These Fund-on-Fund Structures allow a Top Fund to gain exposure to the investment expertise of third party sub-advisors and/or managers of the Bottom Funds where the Top Fund may not otherwise be able to obtain direct exposure to these investments. The amounts invested from time to time in an AHIC Underlying Fund by a Top Fund may exceed 20% of the outstanding voting securities of the AHIC Underlying Fund.
34. The purpose of a Fund-on-Fund Structure is to provide an efficient and cost-effective manner of pursuing portfolio
diversification on behalf of the Top Funds rather than through the direct purchase of securities. Managing a single pool of assets provides economies of scale and allows the Filer or a Sub-Advisor, as applicable, to meet the investment objective of each Top Fund in the most efficient manner.
35. The Fund-on-Fund Structures seek to provide access to managers the Filer views as best-in-class at superior pricing
than the pricing a client would obtain on its own or, in the case of the clone funds, the pricing the Top Fund would obtain on its own.
36. An investment by a Top Fund in an Underlying Fund provides greater diversification for a Top Fund in particular asset
classes on a more cost efficient basis than a Top Fund would be able to achieve on its own. 37. An investment by a Top Fund in an Underlying Fund is, or will be, compatible with the investment objectives of the Top
Fund. Any investment made by a Top Fund in an Underlying Fund will be aligned with the investment objectives, investment strategy, risk profile and other principal terms of the Top Fund.
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February 25, 2016
(2016), 39 OSCB 1688
38. In the Fund-on-Fund Structure described in paragraph 33(c), each of such Top Funds will be a “clone fund” (as defined in NI 81-102) of its respective AHIC Underlying Fund. Where a Top Fund is a “clone fund”: (a) the name of such Top Fund will include part of the name of its corresponding Underlying Fund; (b) the investment objectives of such Top Fund will name the particular Underlying Fund whose performance the
Top Fund seeks to track and fact that the Top Fund seeks to achieve a return similar to the return of such Underlying Fund; and
(c) the offering memorandum of such Top Fund will disclose:
(i) in the investment objectives of such Top Fund, the name of the particular Underlying Fund whose performance the Top Fund seeks to track and fact that the Top Fund seeks to achieve a return similar to the return of such Underlying Fund; and
(ii) in the description of the investment strategies of such Top Fund, the investment strategies of the
applicable Underlying Fund whose performance the Top Fund seeks to track.
39. Each Fund-on-Fund Structure will be arranged to avoid the duplication of management fees and incentive fees between the Top Funds and each Underlying Fund and Bottom Fund (if applicable).
(a) Where a Top Fund invests in one or more Underlying Funds managed by a third party manager, the
Underlying Fund(s) will pay a management fee (and may pay an incentive fee) to its manager for services related to selecting the investments for the Underlying Fund and administering the Underlying Fund. As a result, investors in the Top Fund indirectly will pay the management (and incentive) fee of the third party manager. This fee is for portfolio management and administrative services related to the Underlying Fund and its investments. It is not duplicative of the fee that investors are paying to the Filer for determining the overall asset allocation of the client’s portfolio.
(b) Where a Top Fund invests in an AHIC Underlying Fund that is sub-advised (in whole or in part) by a third
party sub-advisor, neither the Top Fund nor the AHIC Underlying Fund will pay a fee to AHIC for its services related to determining the asset allocation of the AHIC Underlying Fund, identifying the third party sub-advisor(s) for the Underlying Fund and administering the AHIC Underlying Fund. Each AHIC Underlying Fund will pay a sub-advisory fee to each third party sub-advisor for portfolio management services related to selecting the investments for its portion of the AHIC Underlying Fund, and therefore investors in the Top Fund will pay each third party sub-advisory fee indirectly. The fees paid to the third party sub-advisors for portfolio management services are not duplicative of the fee that investors are paying to the Filer for determining the overall asset allocation of the client’s portfolio.
(c) Where a Top Fund invests in an AHIC Underlying Fund that invests in one or more Bottom Funds, neither the
Top Fund nor the AHIC Underlying Fund will pay a fee to AHIC for its services related to determining the asset allocation of the AHIC Underlying Fund, identifying the third party manager(s) for the AHIC Underlying Fund and administering the AHIC Underlying Fund. Each Bottom Fund will pay a management fee (and may pay an incentive fee) to its manager for the selection of individual portfolio assets. Therefore investors in the Top Funds indirectly will pay the management (and incentive) fee of the third party manager. The fees paid to each third party manager for portfolio management services in respect of a Bottom Fund are not duplicative of the fee that investors are paying to the Filer for determining the overall asset allocation of the client’s portfolio.
40. There will be no sales fees or redemption fees payable by a Top Fund in respect of an acquisition, disposition or
redemption of securities of a third party managed Underlying Fund by the Top Fund that, to a reasonable person, would duplicate a fee payable by an investor in the Top Fund. There are no sales or redemption fees payable by a Top Fund in relation to its purchases or redemptions of the securities of an AHIC Underlying Fund, other than the transaction fees charged by Bottom Funds to an AHIC Underlying Fund that are passed on to the Top Fund to be flowed to the relevant Top Fund investor, as described in paragraphs 42 and 43 below.
41. There will be no sales fees or redemption fees payable by an Underlying Fund in respect of an acquisition, disposition
or redemption of securities of a Bottom Fund by the Underlying Fund that, to a reasonable person, would duplicate a fee payable by an investor in the Underlying Fund.
42. The Underlying Funds and Bottom Funds, in each case managed by third party managers that are not affiliated with the
Filer, may charge a short term trading fee (a Short Term Trading Fee) or early redemption deduction (an Early Redemption Deduction) to a Top Fund or Underlying Fund if the Top Fund or Underlying Fund engages in short term trading for the purposes of investing subscription monies or funding redemptions at the Top Fund level or if a Top Fund
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1689
or an Underlying Fund redeems its investment in the Underlying Funds or Bottom Funds before the end of any “lock up” period.
43. To the extent that a Top Fund or Underlying Fund is required to pay a fee or expense to an Underlying Fund or Bottom
Fund, in each case managed by a third party manager not affiliated with the Filer, as a result of an investor in that Top Fund making a large purchase or redemption of the Top Fund (a Large Transaction Cost) or engaging in short term trading in the Top Fund, which in turn causes the Top Fund or Underlying Fund to make a large purchase or redemption of the Underlying Fund or Bottom Fund or engage in short term trading in the Underlying Fund or Bottom Fund, any such fee or expense will be passed on by the Top Fund to the relevant investor.
44. In no event will any Large Transaction Cost, Short Term Trading Fee or Early Redemption Deduction charged by an
Underlying Fund or Bottom Fund be paid to the Filer or its affiliates. 45. Where a Top Fund invests in an Underlying Fund managed by an affiliate of the Filer, the Filer will not cause the Top
Fund to vote the securities of such Underlying Fund at any meeting of the securityholders of the Underlying Fund. Instead, the Filer may arrange for the securities of such Underlying Fund to be voted by the beneficial holders of securities of the Top Fund.
46. Each Top Fund will not accept subscriptions and redemptions on a valuation date where the current value of one or
more Underlying Funds alone or collectively representing more than 10% of the NAV of the Top Fund cannot be obtained by the Top Fund. If a Top Fund is a clone of an Underlying Fund, the Top Fund will only accept subscriptions and redemptions on a valuation date where the Underlying Fund is both able to value the Bottom Funds and accept a redemption request.
47. Where an AHIC Underlying Fund invests in one Bottom Fund, the frequency of valuation of the AHIC Underlying Fund
will mirror the frequency of valuation of the Bottom Fund. Where an AHIC Underlying Fund invests in more than one Bottom Fund, the frequency of the valuation of the AHIC Underlying Fund will mirror the frequency of the valuation of the Bottom Fund that is valued the least frequently so that, except in limited circumstances, the value of each Bottom Fund will be available on the valuation date of the AHIC Underlying Fund.
48. AHIC will not adjust the NAV of the Bottom Funds in which an AHIC Underlying Fund invests. In rare unforeseen
instances where the NAV of a Bottom Fund is not available, AHIC’s custodian will fair value the Bottom Funds in accordance with AHIC’s fair valuation policy.
49. Each Top Fund that invests substantially all of its assets in Underlying Fund(s) will not be available for redemption on a
valuation date where Underlying Fund(s) representing more than 10% of the NAV of the Top Fund are not available for redemption. In all cases, the Filer manages the liquidity of the Top Funds having regard to the redemption features of the Underlying Fund(s) to ensure that it can meet redemption requests from investors of the Top Funds.
Generally 50. Prior to purchasing securities of a Top Fund, each investor will be provided with disclosure about any relationships and
potential conflicts of interest between a Top Fund and the Underlying Funds. 51. Any offering memorandum of a Top Fund will describe the Top Fund’s intent, or ability, to invest some or even
substantially all of its assets in securities of the Underlying Funds and that the AHIC Underlying Funds are also managed and advised by an affiliate of the Filer.
52. Securityholders of each Top Fund will receive, on written request, a copy of any offering memorandum of an
Underlying Fund, or other similar document, if available, and the annual and interim financial statements of any Underlying Fund in which the Top Fund invests, if available.
53. Each of the Top Funds and any Underlying Fund that is subject to National Instrument 81-106 Investment Funds
Continuous Disclosure (NI 81-106) will prepare annual audited financial statements and interim unaudited financial statements in accordance with NI 81-106 and will otherwise comply with the requirements of NI 81-106, as applicable.
54. Securityholders of each Top Fund will receive, on written request, a copy of such Top Fund’s audited annual financial
statements and interim unaudited financial statements. The financial statements of each Top Fund will disclose its holdings of securities of the applicable Underlying Fund(s).
55. Each Underlying Fund may have other investors in addition to the Top Fund. The Underlying Funds and Bottom Funds
are available for investment by investors that do not have a relationship with the Filer or its affiliates.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1690
56. As the Initial Underlying Funds are newly established funds, each Initial Top Fund may be the initial investor in its corresponding Initial Underlying Fund and thus each Initial Top Fund may own more than 20% of the outstanding voting securities of its corresponding Initial Underlying Fund. An Initial Top Fund’s interest in the Initial Underlying Fund is expected to be diluted when other investors invest in the Initial Underlying Fund.
57. In the future, the amounts invested from time to time in an Underlying Fund by one or more Top Funds may exceed
20% of the outstanding voting securities of the Underlying Fund. 58. As a result, each Top Fund could, either alone or together with other Top Funds, become a substantial securityholder
of an Underlying Fund. The Top Funds are, or will be, related mutual funds by virtue of the common management by the Filer or its affiliate.
59. In the absence of the Requested Relief, each Top Fund would be precluded from purchasing and holding securities of
an Underlying Fund due to the investment restrictions contained in the Legislation. 60. The Fund-on-Fund Structure represents the business judgment of responsible persons uninfluenced by considerations
other than the best interests of each Top Fund. Decision 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 the Requested Relief is granted provided that: (a) securities of the Top Funds are distributed in Canada solely pursuant to exemptions from the prospectus requirements
in NI 45-106 or the Legislation; (b) the investment by a Top Fund in an Underlying Fund is compatible with the investment objectives of the Top Fund; (c) at the time of the purchase of securities of an Underlying Fund by a Top Fund, the Underlying Fund holds no more than
10% of its NAV in securities of other investment funds, unless:
(i) the Underlying Fund is a “clone fund” (as defined by NI 81-102) or the Top Fund is a “clone fund” of that Underlying Fund,
(ii) the Underlying Fund purchases or holds securities of a “money market fund” (as defined by NI 81-102), or (iii) the Underlying Fund purchases or holds securities that are “index participation units” (as defined by NI 81-
102) issued by an investment fund; (d) no management fees or incentive fees are payable by a Top Fund that, to a reasonable person, would duplicate a fee
payable by an Underlying Fund and, if applicable, a Bottom Fund for the same service; (e) no sales or redemption fees are payable by a Top Fund in relation to its purchases or redemptions of securities of an
Underlying Fund or by an Underlying Fund in relation to its purchases or redemptions of securities of a Bottom Fund, except that a fee or deduction may be payable or incurred by a Top Fund provided the subscription or redemption relates to a corresponding subscription or redemption at the Top Fund level and the fee or deduction is flowed through to the subscribing or redeeming securityholder(s) of the Top Fund only;
(f) no fees or deductions are payable by investors in a Top Fund in relation to such investor’s purchase or redemption of
securities of such Top Fund that would duplicate a fee payable by the Top Fund in connection with its subscription or redemption of securities of an Underlying Fund;
(g) no fees or deductions are payable by a Top Fund in relation to its investments in an Underlying Fund that would
duplicate a fee payable by the Underlying Fund in connection with its subscription or redemption of securities of a Bottom Fund;
(h) the Filer will not cause the securities of an Underlying Fund managed by an affiliate of the Filer and held by a Top Fund
to be voted at any meeting of the securityholders of the Underlying Fund except that the Filer may arrange for the securities of such Underlying Fund to be voted by the beneficial holders of securities of the Top Fund; and
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1691
(i) the offering memorandum, where available, or other disclosure document of a Top Fund will be provided to investors in a Top Fund prior to the time of investment and will disclose:
(i) that the Top Fund may purchase securities of an Underlying Fund and, if applicable, that an Underlying Fund
may purchase securities of one or more Bottom Funds; (ii) that the Filer or an affiliate of the Filer is the investment fund manager and/or portfolio manager of the Top
Funds and, if an affiliate of the Filer is the investment fund manager and/or portfolio manager of an Underlying Fund, the potential conflicts of interest relating to such relationship;
(iii) the approximate or maximum percentage of NAV of the Top Fund that is intended to be invested in securities
of the Underlying Funds and, if applicable, the approximate or maximum percentage of NAV of the Underlying Funds that is intended to be invested in securities of one or more Bottom Funds;
(iv) the expenses and the maximum management fee payable by any Underlying Fund in which the Top Fund
invests, including any incentive fees and, if applicable, the expenses and the maximum management fee payable by any Bottom Fund in which any Underlying Fund invests, including any incentive fees;
(v) that investors in each Top Fund are entitled to receive, on written request and free of charge, a copy of the
offering memorandum or other similar disclosure document of the Underlying Funds and, if applicable, the Bottom Funds in which the Underlying Funds invest (if available) and the annual and semi-annual financial statements of the Underlying Funds in which the Top Fund invests its assets and, if applicable, the Bottom Funds in which the Underlying Fund invests its assets, if available.
“Janet Leiper” “Tim Moseley” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1692
SCHEDULE “A”
INITIAL TOP FUNDS AND INITIAL UNDERLYING FUNDS
Initial Top Funds Initial Underlying Funds
Aon Hewitt U.S. Equity Fund U.S. Equity Fund, a series of the Aon Hewitt Institutional Fund, LLC
Aon Hewitt Global Equity Fund Global Equity Fund, a series of the Aon Hewitt Institutional Fund, LLC
Aon Hewitt International Equity Fund Non-U.S. Equity Fund, a series of the Aon Hewitt Institutional Fund, LLC
Aon Hewitt Long Corporate Bond Fund TD Emerald Canadian Long Corporate Bond Pooled Fund Trust
Aon Hewitt Target Short Duration Fund TD Emerald Short Liability Driven Provincial Bond Pooled Fund Trust
Aon Hewitt Target Mid Duration Fund TD Emerald Mid Liability Driven Provincial Bond Pooled Fund Trust
Aon Hewitt Target Long Duration Fund TD Emerald Long Liability Driven Provincial Bond Pooled Fund Trust
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1693
2.1.8 Petroamerica Oil Corp. – s. 1(10)(a)(ii) Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer. Ontario Statutes Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). Citation: Re Petroamerica Oil Corp., 2016 ABASC 44 February 18, 2016 Stikeman Elliott LLP 4300 Bankers Hall West 888 – 3rd Street SW Calgary, AB T2P 5C5 Attention: Patrick McNally Dear Sir: Re: Petroamerica Oil Corp. (the Applicant) – Application for a decision under the securities legislation of Alberta,
Saskatchewan, Manitoba, Ontario, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland and Labrador (the Jurisdictions) that the Applicant is not a reporting issuer
The Applicant has applied to the local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions for a decision under the securities legislation (the Legislation) of the Jurisdictions that the Applicant is not a reporting issuer. In this decision, “securityholder” means, for a security, the beneficial owner of the security. The Applicant has represented to the Decision Makers that:
(a) the outstanding securities of the Applicant, 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;
(b) no securities of the Applicant, 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;
(c) the Applicant is applying for a decision that it is not a reporting issuer in all of the jurisdictions of Canada in
which it is currently a reporting issuer; and (d) the Applicant is not in default of any of its obligations under the Legislation as a reporting issuer.
Each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the decision has been met and orders that the Applicant is deemed to have ceased to be a reporting issuer. “Cheryl McGillivray” Manager Corporate Finance
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1694
2.1.9 Invesco Canada Ltd. Headnote National Policy 11-203 Process for Exemptive Relief in Multiple Jurisdictions – Relief granted from conflict of interest reporting requirement in subsection 117(1)(3) of the Securities Act (Ontario) for transactions involving related parties of an investment fund – monthly reporting not required provided that similar disclosure is made in the annual and interim management reports on fund performance for each investment fund and that certain records of related party portfolio transactions are kept by the investment funds. Applicable Legislative Provisions Securities Act (Ontario), ss. 117(1)3, 117(2).
February 22, 2016
IN THE MATTER OF THE SECURITIES LEGISLATION OF
ONTARIO (the Jurisdiction)
AND
IN THE MATTER OF
THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF
INVESCO CANADA LTD. (the Filer)
DECISION
Background The principal regulator of the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator pursuant to Section 117(2) of the Securities Act (Ontario) (the “Legislation”) for an exemption from the obligation to file a report in respect of each investment fund that is a reporting issuer and which is currently managed by, or in the future is managed by, it (each a “Fund” and collectively, the “Funds”), relating to every purchase or sale effected by such Funds through any related person or company with respect to which the related person or company received a fee either from the Funds or from the other party to the transaction, or both (the “Reporting Requirement”), within 30 days after the end of the month in which it occurs (the “Exemption Sought”). Under the Process of Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for this application; and (b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (“MI 11-
102”) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Nova Scotia, New Brunswick and Newfoundland and Labrador.
Interpretation Defined terms contained in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. “NI 81-102” means National Instrument 81-102 Investment Funds; “NI 81-106” means National Instrument 81-106 Investment Fund Continuous Disclosure; “NI 81-107” means National Instrument 81-107 Independent Review Committee for Investment Funds;
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1695
“Related Party” means Invesco Capital Markets, Inc. Representations This decision is based on the following facts represented by the Filer: 1. The head office of the Filer is located in Toronto, Ontario. 2. The Funds are reporting issuers in each province and territory of Canada. 3. The Filer is the investment fund manager of and investment advisor to the Funds. 4. The Filer is not in default of securities legislation in any jurisdiction in Canada. 5. The Funds follow the standard investment restrictions and practices applicable to investment funds pursuant to NI 81-
102 and applicable Legislation, except to the extent that a Fund has obtained regulatory relief to deviate from such requirements.
6. The Filer and the Related Party is a “related person or company” within the meaning of the Legislation as the Filer and
Related Party are wholly owned subsidiaries of Invesco Ltd. 7. As investment advisor to the Funds, the Filer either directly provides investment advice to the Funds or may appoint
sub-advisors to provide advice to the Funds (the Filer in its capacity as investment advisor and the sub-advisors are collectively hereafter referred to as the “Portfolio Advisors”).
8. In providing investment advice, the Portfolio Advisors of the Funds also have discretion to allocate the brokerage
transactions of each Fund in any manner that they believe to be in the Fund’s best interests, subject to such policies as may be established by the Filer from time to time. The Filer’s policies require “best execution” meaning executing securities in a manner that the client’s total cost or proceeds in each transaction is the most favourable under the circumstances. Total cost or proceeds includes price, commission paid, trade ticketing costs, market impact, certainty of execution, speed of execution, anonymity (if applicable) and research (if applicable).
9. As disclosed in the prospectus or annual information form of the Funds, the Portfolio Advisors have the ability to
allocate brokerage transactions to the Related Party and in doing so, the same factors will apply to the selection of a broker regardless of whether the broker is affiliated or unaffiliated with the Filer.
10. The purchase or sale of securities effected through the Related Party reflects the business judgment of the Portfolio
Advisors uninfluenced by considerations other than the best interests of the Funds. 11. The independent review committee of the Funds, appointed pursuant to NI 81-107, has considered the policies and
procedures of the Filer and has determined that the proposed Related Party transactions achieve a fair and reasonable result for the Funds in accordance with section 5.2(2) of NI 81-107.
12. NI 81-106 requires that the Funds prepare and file annual and interim management reports of fund performance that
include a discussion of transactions involving the related parties to the Funds. When discussing portfolio transactions with related parties, NI 81-106 requires the Funds to include: the identity of the related party; the relationship between the related party and the Fund; the purpose of the transaction; the measurement basis used to determine the recorded amount; any ongoing commitments to the related party; the dollar amount of commission, spread, or any other fee that the Fund paid to any related party in connection with a portfolio transaction; whether the Fund has relied on the positive recommendation or approval of the independent review committee to proceed with a related party transaction; and any details of conditions or parameters surrounding the transaction imposed by the independent review committee in its positive recommendation or approval.
13. The Legislation requires the filing of a report by the Filer with respect to each transaction between a Fund and the
Related Party in respect of which the Related Party receives a fee either from the Fund or from the other party to the transaction or from both.
14. Such report is to be filed within 30 days after the end of the month in which the transaction occurs, disclosing the name
of the Fund, the name of the Applicant, the date of the transaction, the category of the transaction (namely, a transaction or purchase and sale of securities resulting in a related person or company receiving a fee), the parties to the transaction, the nature of the transaction (namely, the name of the issuer of the securities purchased or sold, the class or designation of the securities, the amount or number of securities, the consideration paid, the name of the
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1696
related person or company receiving a fee on the transaction, the name of the person or company that paid the fee and the amount of the fee received).
15. It would be costly and time consuming to provide the information required by the Reporting Requirement on a monthly
and segregated basis for each Fund, and similar information is already included in the annual and interim management reports of fund performance.
Decision 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 Exemption Sought is granted provided that:
(1) the annual and interim management reports of fund performance for the Funds disclose:
(i) the name of the Related Party; (ii) the amount of fees paid to the Related Party; and (iii) the person or company who paid the fees if they were not paid by the Fund; and
(2) the records of portfolio transactions maintained by the Funds include, separately for every portfolio transaction effected by the Funds through the Related Party:
(i) the name of the Related Party; (ii) the amount of fees paid to the Related Party; and (iii) the person or company who paid the fees.
“Edward Kerwin” “Mary G. Condon” Commissioner Commissioner Ontario Securities Commission Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1697
2.2 Orders 2.2.1 Perimeter Markets Inc. – s. 6.1 of OSC Rule 13-
502 Fees Headnote Section 8.1 of OSC Rule 13-502 Fees (13-502) – exemption granted from the requirement to pay fees related to an application for exemption from the requirement of section 12.2 of National Instrument 21-101 Marketplace Operation to engage a qualified party to conduct Applicable Legislative Provisions OSC Rule 13-502, s. 8.1 and Item O(1) of Appendix C.
IN THE MATTER OF THE SECURITIES LEGISLATION OF
THE PROVINCE OF ONTARIO
AND
IN THE MATTER OF PERIMETER MARKETS INC.
(the Applicant)
ORDER (Section 6.1 of Rule 13-502 Fees)
UPON the application by the Applicant (the “Fee Exemption Application”) to the Director for an order pursuant to section 8.1 of Rule 13-502 Fees (Rule 13-502) exempting the Applicant from the requirement to pay an activity fee of $4,800 in connection with an application for an order pursuant to section 15.1 of National Instrument 21-101 Marketplace Operation (“NI 21-101”) exempting the Applicant from the requirement in section 12.2 of NI 21-101 that the Applicant annually engage a qualified party to conduct an independent systems review (ISR) and prepare a report in accordance with established audit standards for each year from 2015 to 2017 inclusive (the “ISR Application”); AND UPON considering the Fee Exemption Application and the recommendation of staff of the Commission; AND UPON the Applicant having represented to the Director as follows: 1. Perimeter Markets Inc. (“Perimeter”) is a
corporation established under the laws of the Province of Ontario and its principal business is to operate an alternative trading system (“ATS”) as defined in NI 21-101;
2. The head office of Perimeter is located in Toronto,
Ontario; 3. Perimeter is a member of the Investment Industry
Regulatory Organization of Canada, the Canadian Investor Protection Fund and the Bourse de
Montréal and is registered in all provinces as a dealer in the category of investment dealer, as a derivative dealer in Québec and as a futures commission merchant in Ontario and Manitoba;
4. The Perimeter System is an ATS exclusively for
trading over-the-counter fixed income securities; 5. Perimeter is a small marketplace and the $4,800
fee associated with the ISR Application will be unduly burdensome and will put a significant strain on Perimeter’s ongoing development;
6. The Perimeter system is unique in Canada and its
business model supports the goals of both the regulators and the general public through its operation of third party, open and fair fixed income marketplaces. The regulatory financial burden should not be a key barrier to the development, delivery and ongoing viability of beneficial existing or future fixed income marketplaces in Canada.
AND UPON the Director being satisfied to do so would not be prejudicial to the public interest; IT IS ORDERED by the Director, pursuant to section 6.1 of Rule 13-502 that the Applicant is exempted from paying an activity fee of $4,800 in connection with the Application. DATED this 7th day of January, 2016 “Tracey Stern” Manager Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1698
2.2.2 Sharon Downing – ss. 127(1), 127(10)
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF SHARON DOWNING
ORDER
(Subsections 127(1) and 127(10) of the Securities Act) WHEREAS: 1. on March 30, 2015, Sharon Downing (“Downing”) entered into a settlement agreement with the Executive Director of
the British Columbia Securities Commission (the “Settlement Agreement”) in which Downing admitted:
a. to having traded in securities without being registered, contrary to section 34(a) of the British Columbia Securities Act, RSBC 1996, c 418 (the “BC Securities Act”); and
b. to having distributed securities for which a prospectus had not been filed, contrary to section 61 of the BC
Securities Act; 2. on March 30, 2015, the Executive Director of the British Columbia Securities Commission issued an order (the “BC
Order”) that ordered: a. pursuant to section 161(l)(b) of the BC Securities Act, that Downing cease trading in, and be prohibited from
purchasing, any securities, except that she may trade securities through one account in her own name through a registrant if she first provided a copy of the BC Order to the registrant;
b. pursuant to section 161(l)(d)(iii) of the BC Securities Act, that Downing be prohibited from becoming or acting
as a registrant or promoter; c. pursuant to section 161(l)(d)(iv) of the BC Securities Act, that Downing be prohibited from acting in a
management or consultative capacity in connection with activities in the securities market; and d. pursuant to section 161(l)(d)(v) of the BC Securities Act, that Downing be prohibited from engaging in investor
relations activities; for a period of 3 years;
3. in the Settlement Agreement, Downing consented to a regulatory order being made by any provincial or territorial securities regulatory authority in Canada containing any or all of the orders set out in the BC Order;
4. on September 28, 2015,
a. Staff of the Ontario Securities Commission (“Staff”) filed a Statement of Allegations, in which Staff sought an
order against Downing, pursuant to subsections 127(1) and 127(10) of the Securities Act, RSO 1990, c S.5 (the “Act”); and
b. the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing in respect of the Statement
of Allegations, setting October 27, 2015 as the date of the hearing;
5. at the hearing on October 27, 2015, a. Staff appeared before the Commission and filed an Affidavit of Service sworn by Lee Crann on October 19,
2015, indicating steps taken by Staff to serve Downing with the Notice of Hearing, Statement of Allegations and Staff’s disclosure materials;
b. Downing did not appear although properly served; and
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1699
c. the Commission ordered that:
i. the proceeding in respect of Downing continue by way of written hearing; and ii. Downing’s responding materials, if any, were to be served and filed no later than December 4, 2015;
6. on November 3, 2015, Staff filed written submissions, a brief of authorities, and a hearing brief (“Staff’s Materials”); 7. on November 9, 2015, Staff filed the Affidavit of Service of Lee Crann sworn November 9, 2015 indicating steps taken by Staff to serve Downing with Staff’s Materials; 8. Downing did not file any responding materials; 9. pursuant to paragraph 4 of subsection 127(10) of the Act, an order, made by a securities regulatory authority in any
jurisdiction, that imposes sanctions, conditions, restrictions or requirements on a person or company may form the basis for an order in the public interest made under subsection 127(1) of the Act;
10. the BC Order is an order made by a securities regulatory authority that imposes sanctions and restrictions on Downing;
and 11. the Commission is of the opinion that it is in the public interest to make this order; IT IS ORDERED:
1. pursuant to paragraph 2 of subsection 127(1) of the Act, that trading in any securities by Downing cease for 3 years from the date of this Order, except that she may trade securities through one or more accounts in her own name through a registrant if she first provides a copy of this order to the registrant;
2. pursuant to paragraph 2.1 of subsection 127(1) of the Act, that acquisition of any securities by Downing be
prohibited for 3 years from the date of this Order, except that she may acquire securities through one or more accounts in her own name through a registrant if she first provides a copy of this order to the registrant; and
3. pursuant to paragraph 8.5 of subsection 127(1) of the Act, that Downing be prohibited, for 3 years from the
date of this Order, from becoming or acting as a registrant or promoter. DATED at Toronto this 17th day of February, 2016. “Timothy Moseley”
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1700
2.2.3 CNSX Markets Inc. – s. 144
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the “Act”)
AND
IN THE MATTER OF
CNSX MARKETS INC.
ORDER (Section 144 of the Act)
WHEREAS the Ontario Securities Commission (Commission) issued an order dated May 7, 2004, and varied on
September 9, 2005, June 13, 2006, May 16, 2008, varied and restated on July 6, 2010, and varied on June 22, 2012, recognizing the Canadian Trading and Quotation System Inc. (CNQ), which later changed its name to CNSX Markets Inc. (CNSX), as an exchange pursuant to section 21 of the Act (Recognition Order);
AND WHEREAS an application has been made to the Commission requesting that the Commission issue an order
varying the Recognition Order; AND WHEREAS, based on the application and the representations made to the Commission by CNSX, the
Commission has determined that it is not prejudicial to the public interest to vary the Recognition Order pursuant to section 144 of the Act;
IT IS ORDERED, pursuant to section 144 of the Act, that the Recognition Order is varied and restated as follows:
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED
(the “Act”)
AND
IN THE MATTER OF CNSX MARKETS INC.
RECOGNITION ORDER (Section 21 of the Act)
WHEREAS the Commission issued an order dated May 7, 2004, and varied on September 9, 2005, June 13, 2006,
May 16, 2008, varied and restated on July 6, 2010, varied on June 22, 2012, varied and restated on November 5, 2013, and varied on October 1, 2015 recognizing the Canadian Trading and Quotation System Inc. (CNQ), which later changed its name to CNSX Markets Inc. (CNSX), as an exchange pursuant to section 21 of the Act (Recognition Order);
AND WHEREAS CNSX also operates the Alternative Market facility, Pure Trading (Pure):
AND WHEREAS an application has been made to the Commission requesting that the Commission issue an order
varying the Recognition Order;
AND WHEREAS the Commission has received certain representations and undertakings from CNSX in connection with the application;
AND WHEREAS the Commission considers the proper operation of an exchange as essential to investor protection and maintaining a fair and efficient capital market, and therefore requires that any conflicts of interest in the operation of the exchanges be dealt with appropriately and risks to the integrity of the market associated with the listing and continued listing of issuers are monitored and controlled;
AND WHEREAS CNSX will continue to comply with National Instrument 21-101 Marketplace Operation and National
Instrument 23-101 Trading Rules;
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AND WHEREAS the Commission considers it appropriate to set out in this order the terms and conditions of CNSX’s continued recognition as a stock exchange, which terms and conditions are set out in Schedule A;
AND WHEREAS CNSX has agreed to the terms and conditions set out in Schedule A;
AND WHEREAS the Commission considers that the continued recognition of CNSX as an exchange, subject to the terms and conditions set out in Schedule A, is in the public interest;
THE COMMISSION HEREBY continues to recognize CNSX as an exchange pursuant to section 21 of the Act, subject to the terms and conditions set out in Schedule A.
DATED May 7, 2004, as varied on September 9, 2005, June 13, 2006, May 16, 2008, as varied and restated on July 6, 2010, as varied on June 22, 2012, as varied and restated on November 5, 2013, as varied on October 1, 2015, and as varied and restated on February 12, 2016.
“Tim Moseley” “Judith Robertson”
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(2016), 39 OSCB 1702
SCHEDULE A
TERMS AND CONDITIONS 1. PUBLIC INTEREST RESPONSIBILITIES 1.1 CNSX shall conduct its business and operations in a manner that is consistent with the public interest. 1.2 The mandate of the Board of CNSX shall expressly include the regulatory and public interest responsibilities of CNSX. 2. SHARE OWNERSHIP RESTRICTIONS 2.1 Without the prior approval of the Commission, and subject to terms and conditions considered appropriate by the
Commission, no person or company and no combination of persons or companies acting jointly or in concert shall beneficially own or exercise control or direction over more than 10%, or such other percentage as may be prescribed by the Commission, of any class or series of voting shares of CNSX.
2.2 The articles of CNSX shall contain the share ownership restrictions and provisions respecting the enforcement of such
restrictions which, without limiting the foregoing, may provide for the filing of declarations, the suspension of voting rights, the forfeiture of dividends, the refusal of the issue or registration of voting shares and the sale or redemption of voting shares held contrary to the restrictions and payment of net proceeds of the sale or redemption to the person entitled thereto.
3. CORPORATE GOVERNANCE 3.1 CNSX’s arrangements with respect to the appointment, removal from office and functions of the persons ultimately
responsible for making or enforcing the rules, policies and other similar instruments (Rules) of CNSX, namely, the board of directors (Board), are such as to ensure a proper balance between the interests of the different entities desiring access to the facilities of CNSX (CNSX Dealers) and companies seeking to be listed on CNSX (CNSX Issuers), and a reasonable number and proportion of directors are “independent” in order to ensure diversity of representation on the Board. An independent director is a director that is not:
(a) an associate, director, officer or employee of a CNSX Dealer; (b) an officer or employee of CNSX or its affiliates; (c) an associate, director, officer or employee of any person or company who owns or controls, directly or
indirectly, over 10% of CNSX; or (d) a person who owns or controls, directly or indirectly, over 10% of CNSX.
In particular, CNSX will ensure that at least fifty per cent (50%) of its directors are independent. In the event that at any time CNSX fails to meet such requirement, it will promptly remedy such situation.
3.2 Without limiting the generality of the foregoing, CNSX’s governance structure provides for:
(a) fair and meaningful representation on its Board, in the context of the nature and structure of CNSX, and any governance committee thereto and in the approval of Rules;
(b) appropriate representation of independent directors on any CNSX Board committees; and (c) appropriate qualifications, remuneration, conflict of interest provisions and limitation of liability and
indemnification protections for directors and officers and employees of CNSX generally. 4. FITNESS 4.1 In order to ensure that CNSX operates with integrity and in the public interest, CNSX will take reasonable steps to
ensure that each person or company that owns or controls, directly or indirectly, more than 10% of CNSX and each officer or director of CNSX is a fit and proper person and the past conduct of each person or company that owns or controls, directly or indirectly, more than 10% of CNSX and each officer or director of CNSX affords reasonable grounds for belief that the business of CNSX will be conducted with integrity.
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5. CONFLICTS OF INTEREST AND CONFIDENTIALITY 5.1 For the purposes of this section 4 of Schedule A, “significant shareholder” means a person or company that beneficially
owns or controls, directly or indirectly, more than 5% of any class of voting shares of CNSX. 5.2 CNSX shall establish, maintain and require compliance with policies and procedures that:
(a) identify and manage any conflicts of interest or potential conflicts of interest, real or perceived, arising from the operation of the marketplace or the services it provides including, but not limited to, the following:
(i) conflicts of interest or potential conflicts of interest that arise from the involvement of any partner,
director, officer or employee of a significant shareholder in the management or oversight of the exchange operations or regulation functions of CNSX and the services and products it provides,
(ii) conflicts of interest or potential conflicts of interest that arise from any interactions between CNSX
and a significant shareholder where CNSX may be exercising discretion that involves or affects the significant shareholder either directly or indirectly, and
(iii) conflicts of interest or potential conflicts of interest that arise between the regulation functions and the
business activities of CNSX, particularly with respect to the conflicts of interest or potential conflicts of interest that arise between the CNSX issuer regulation functions and the business activities of CNSX; and
(b) provide for the confidential treatment of information regarding exchange operations, regulation functions, a
CNSX Dealer or CNSX Issuer that is obtained by a partner, director, officer or employee of a significant shareholder through that individual’s involvement in the management or oversight of exchange operations or regulation functions, which will include a requirement that any such information:
(i) be kept separate and confidential from the business or other operations of the significant
shareholder, except with respect to information regarding exchange operations where disclosure is necessary to carry out the individual’s responsibilities for the management or oversight of exchange operations and the individual can and does exercise due care in his or her disclosure of the information, and
(ii) not be used to provide an advantage to the significant shareholder or its affiliated entities.
5.3 CNSX shall establish, maintain and require compliance with policies and procedures that identify and manage any
conflicts of interest or potential conflicts of interest arising from the listing of the shares of any significant shareholder or affiliated entity on CNSX.
5.4 CNSX shall require each CNSX Dealer that is a significant shareholder or an affiliated entity of a significant shareholder
to disclose the CNSX Dealer’s relationship with CNSX to:
(a) clients whose orders might be, and clients whose orders have been, routed to CNSX; and
(b) entities for whom the CNSX Dealer is acting or proposing to act as underwriter in connection with the issuance of securities to be listed on CNSX.
5.5 CNSX shall regularly review compliance with the policies and procedures established in accordance with paragraphs
4.2(a) and (b) and 4.3 and shall document each review, and any deficiencies, and how those deficiencies were remedied. A report detailing review(s) conducted shall be provided to the Commission on an annual basis.
5.6 The policies established in accordance with paragraphs 4.2(a) and (b) and 4.3 shall be made publicly available on the
website of CNSX. 6. FAIR AND APPROPRIATE FEES 6.1 Any and all fees imposed by CNSX will be equitably allocated. Fees will not have the effect of creating barriers to
access and must be balanced with the criterion that CNSX will have sufficient revenues to satisfy its responsibilities. 6.2 CNSX’s process for setting fees will be fair, appropriate and transparent.
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7. ACCESS 7.1 CNSX’s requirements will permit all properly registered dealers that are members of a recognized SRO and satisfy
access requirements established by CNSX to access the facilities of CNSX. 7.2 Without limiting the generality of the foregoing, CNSX will:
(a) establish written standards for granting access to CNSX Dealers trading on its facilities; (b) not unreasonably prohibit or limit access by a person or company to services offered by it; and (c) keep records of:
(i) each grant of access including, for each CNSX Dealer, the reasons for granting such access, and
(ii) each denial or limitation of access, including the reasons for denying or limiting access to any
applicant. 8. FINANCIAL VIABILITY 8.1 CNSX will maintain sufficient financial resources for the proper performance of its functions. 8.2 CNSX will deliver to Commission staff its annual financial budget, together with the underlying assumptions, that has
been approved by its Board, within 30 days after the commencement of each fiscal year. Such financial budget should include monthly projected revenues, expenses and cash flows.
8.3 CNSX shall calculate monthly the following financial ratios:
(a) a current ratio, being the ratio of current assets to current liabilities; (b) a debt to cash flow ratio, being the ratio of total debt (including any line of credit draw downs, and the current
and long-term portions of any loans, but excluding accounts payable, accrued expenses and other liabilities) to EBITDA (or earnings before interest, taxes, stock based compensation, depreciation and amortization) for the most recent 12 months; and
(c) a financial leverage ratio, being the ratio of total assets to shareholders’ equity,
in each case following the same accounting principles as those used for the audited financial statements of CNSX.
8.4 CNSX will report quarterly (along with the financial statements required to be delivered pursuant to section 12.1) to
Commission staff the monthly calculations for the previous quarter of the financial ratios as required to be calculated under section 7.3.
8.5 Depending on the results of the calculations under section 7.3, CNSX may be required to provide additional reporting
as set out below.
(a) If CNSX determines that it does not have, or anticipates that, in the next twelve months, it will not have:
(i) a current ratio of greater than or equal to 1.1/1, (ii) a debt to cash flow ratio of less than or equal to 4.0/1, or (iii) a financial leverage ratio of less than or equal to 4.0/1,
it will immediately notify Commission staff of the above ratio(s) that it is not maintaining, the reasons, along with an estimate of the length of time before the ratio(s) will be maintained.
(b) Upon receipt of a notification made by CNSX pursuant to paragraph (a), the Commission or its staff may, as
determined appropriate, impose terms or conditions on CNSX, which may include any of the terms and conditions set out in paragraphs 7.6(b) and (c).
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8.6 If CNSX’s current ratio, debt to cash flow ratio or financial leverage ratio falls below the levels outlined in subparagraphs 7.5(a)(i), (ii) and (iii) above for a period of more than three months, CNSX will:
(a) immediately deliver a letter advising Commission staff of the reasons for the continued ratio deficiencies and
the steps being taken to rectify the situation; (b) deliver to Commission staff, on a monthly basis, within 30 days of the end of each month:
(i) unaudited monthly financial statements and a status update on any pending capital raising
transaction(s) including the amount, terms and name(s) of individuals/entities that have committed to providing funding and their commitment,
(ii) a comparison of the monthly revenues and expenses incurred by CNSX against the projected
monthly revenues and expenses included in CNSX’s most recently updated budget for that fiscal year,
(iii) for each revenue item whose actual was significantly lower than its projected amount, and for each
expense item whose actual was significantly higher than its projected amount, the reasons for the variance, and
(iv) a calculation of the current ratio, debt to cash flow ratio and financial leverage ratio for the month;
(c) prior to making any type of payment to any director, officer, related company or shareholder that is in excess
of the amount included in the most recent annual financial budget delivered to Commission staff, demonstrate to the satisfaction of Commission staff that it will have sufficient financial resources to continue its operations after the payment; and
(d) adhere to any additional terms or conditions imposed by the Commission or its staff, as determined
appropriate, on CNSX,
until such time as CNSX has maintained each of its current ratio, debt to cash flow ratio and financial leverage ratio at the levels outlined in subparagraphs 7.5(a)(i), (ii) and (iii) for a period of at least 6 consecutive months.
9. REGULATION 9.1 CNSX will maintain its ability to perform its regulation functions including setting requirements governing the conduct of
CNSX Dealers and CNSX Issuers and disciplining CNSX Dealers and CNSX Issuers, whether directly or indirectly through a regulation services provider.
9.2 CNSX will continue to retain the Investment Industry Regulatory Organization of Canada (IIROC) as a regulation
services provider to provide certain regulation services which have been approved by the Commission. CNSX will provide to the Commission, on an annual basis, a list outlining the regulation services performed by IIROC and the regulation services performed by CNSX. All amendments to those listed services are subject to the prior approval of the Commission.
9.3 CNSX will provide the Commission with an annual report with such information regarding its affairs as may be
requested from time to time. The annual report will be in such form as may be specified by the Commission from time to time.
9.4 CNSX will perform all other regulation functions not performed by its regulation services provider. 9.5 Management of CNSX (including the President) will at least annually assess the performance by its regulation services
provider of its regulation functions and report to the Board, together with any recommendations for improvements. CNSX will provide the Commission with copies of such reports and will advise the Commission of any proposed actions arising therefrom.
9.6 CNSX will provide the Commission with the information set out in Appendix B, as amended from time to time. 10. CAPACITY AND INTEGRITY OF SYSTEMS 10.1 CNSX will maintain, in accordance with prudent business practice, reasonable controls to ensure capacity, integrity
requirements and security of its technology systems.
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11. PURPOSE OF RULES 11.1 CNSX will establish Rules that are necessary or appropriate to govern and regulate all aspects of its business and
affairs. 11.2 More specifically, CNSX will ensure that the Rules:
(a) shall not be contrary to the public interest, and (b) are designed to
(i) ensure compliance with securities legislation, (ii) prevent fraudulent and manipulative acts and practices, (iii) promote just and equitable principles of trade, (iv) address risks associated with the listing and continued listing of issuers, (v) foster cooperation and coordination with persons or companies engaged in regulating, clearing,
settling, processing information with respect to, and facilitating transactions in, securities, and (vi) provide for appropriate discipline;
(c) do not:
(i) permit unreasonable discrimination among CNSX Issuers and CNSX Dealers, or (ii) impose any burden on competition that is not necessary or appropriate in furtherance of securities
legislation; and
(d) are designed to ensure that its business is conducted in a manner so as to afford protection to investors. 12. RULES, RULE-MAKING AND FORM 21-101F1 12.1 CNSX will comply with the process for review and approval of Rules and the information contained in Form 21-101F1
and the exhibits thereto set out in Appendix C, as amended from time to time. 13. FINANCIAL STATEMENTS 13.1 CNSX will file unaudited quarterly financial statements within 60 days of each quarter end and audited annual financial
statements within 90 days of each year end. 14. DISCIPLINARY POWERS 14.1 CNSX will have general disciplinary and enforcement provisions in its Rules that will apply to any person or company
subject to its regulation. 14.2 CNSX will ensure, through IIROC and otherwise, that any person or company subject to its regulation is appropriately
sanctioned for violations of the Rules. In addition, CNSX will provide notice to the Commission of any violations of securities legislation of which it becomes aware in the ordinary course of its business.
15. DUE PROCESS 15.1 CNSX will ensure that its requirements relating to access to its facilities, the imposition of limitations or conditions on
access and denial of access are fair and reasonable, including in respect of giving notice, giving parties an opportunity to be heard or make representations, keeping records, giving reasons and providing for appeals of its decisions.
16. ISSUER REGULATION 16.1 CNSX will ensure that only the issuers set out in Appendix D, as amended from time to time, are eligible for listing on
CNSX.
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16.2 CNSX will ensure that, in exercising its discretion in carrying out its listing function, it takes into consideration the public interest, the risks associated with the listing and continued listing of issuers, and the integrity of the market.
16.3 CNSX may, in accordance with the requirements for qualification for trading on Pure set out in its Rules, designate
certain listed securities as eligible for trading on Pure without approving such securities for an additional listing. 16.4 CNSX has and will continue to ensure that it has sufficient authority over its CNSX listed issuers. 16.5 CNSX will carry out appropriate review procedures to monitor and enforce listed issuer compliance with the Rules and
provide a report to the Commission annually, or as required by the Commission, describing the procedures carried out, and the types of deficiencies found and how they were remedied.
16.6 CNSX will amend its Policies and Forms, from time to time, at the request of the Director, Corporate Finance, to reflect
changes to the disclosure requirements of Ontario securities law. 17. CLEARING AND SETTLEMENT 17.1 The Rules will impose a requirement on CNSX Dealers to have appropriate arrangements in place for clearing and
settlement through a clearing agency recognized by the Commission under the Act. 18. MARKETPLACE REGULATORY REQUIREMENTS 18.1 CNSX will comply with the requirements set out in National Instrument 21-101 Marketplace Operation and in National
Instrument 23-101 Trading Rules. 19. OUTSOURCING 19.1 In any material outsourcing of any of its business functions to a third party, CNSX will proceed in accordance with
industry best practices. Without limiting the generality of the foregoing, CNSX will:
(a) establish and maintain policies and procedures that are approved by its Board for the evaluation and approval of such material outsourcing arrangements;
(b) in entering into any such material outsourcing arrangement:
(i) assess the risk of such arrangement, the quality of the service to be provided and the degree of
control to be maintained by CNSX, and (ii) execute a contract with the service provider addressing all significant elements of such arrangement,
including service levels and performance standards;
(c) ensure that any contract implementing such material outsourcing arrangement that is likely to impact on CNSX’s regulation functions provide for CNSX, its agents and the Commission to be permitted to have access to and to inspect all data and information maintained by the service provider that CNSX is required to share under section 19.2 or that is required for the assessment by the Commission of the performance of CNSX of its regulation functions and the compliance of CNSX with the terms and conditions in this Schedule A; and
(d) monitor the performance of the service provided under such material outsourcing arrangement.
20. PROVISION OF INFORMATION 20.1 CNSX shall promptly provide the Commission, on request, any and all data, information and analyses in the custody or
control of CNSX or any of its affiliated entities, without limitations, redactions, restrictions or conditions, including, without limiting the generality of the foregoing:
(a) data, information and analyses relating to all of its or their businesses; and
(b) data, information and analyses of third parties in its or their custody or control.
20.2 CNSX shall share information and otherwise cooperate with other recognized or exempt exchanges, recognized self-
regulatory organizations, other recognized or exempt clearing agencies, investor protection funds, and other appropriate regulatory bodies.
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APPENDIX A
CRITERIA FOR RECOGNITION PART 1 COMPLIANCE WITH NI 21-101 AND NI 23-101 1.1 Compliance with NI 21-101 and NI 23-101 The exchange complies with the requirements set out in National Instrument 21-101 Marketplace Operation (NI 21-101) and in National Instrument 23-101 Trading Rules, each as amended from time to time, which include requirements relating to:
(a) access; (b) marketplace operations; (c) exchange rules, policies and other similar instruments; (d) order and trade transparency; (e) transparency of marketplace operations; (f) record keeping; (g) marketplace systems and business continuity planning; (h) confidentiality of information; (i) outsourcing; (j) clearing and settlement; (k) fair and orderly markets; (l) the management of conflicts of interest; and (m) filing of financial statements.
PART 2 GOVERNANCE 2.1 Governance The governance structure and governance arrangements of the exchange ensure: (a) effective oversight of the exchange; (b) that business and regulatory decisions are in keeping with the exchange’s public interest mandate; (c) fair, meaningful and diverse representation on the board of directors (Board) and any committees of the Board,
including:
(i) appropriate representation of independent directors, and (ii) a proper balance among the interests of the different persons or companies using the services and facilities of
the exchange; (d) the exchange has policies and procedures to appropriately identify and manage conflicts of interest; and (e) there are appropriate qualifications, remuneration, limitation of liability and indemnity provisions for directors, officers
and employees of the exchange.
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2.2 Fitness The exchange has policies and procedures under which it will take reasonable steps, and has taken such reasonable steps, to ensure that each director and officer is a fit and proper person. PART 3 ACCESS 3.1 Fair Access (a) The exchange has established appropriate written standards for access to its services including requirements to ensure
participants are appropriately registered under Ontario securities laws, or exempted from these requirements. (b) The access standards and the process for obtaining, limiting and denying access are fair, transparent and applied
reasonably. PART 4 REGULATION OF PARTICIPANTS AND ISSUERS ON THE EXCHANGE 4.1 Regulation The exchange has the authority, resources, capabilities, systems and processes to allow it to perform its regulation functions, whether directly or indirectly through a regulation services provider, including setting requirements governing the conduct of participants and issuers, monitoring their conduct, and appropriately disciplining them for violations of exchange requirements. PART 5 RULES AND RULEMAKING 5.1 Rules and Rulemaking (a) The exchange has rules, policies, and other similar instruments (Rules) that are designed to appropriately govern and
regulate the operations and activities of participants and issuers. (b) In addition to meeting the requirements of NI 21-101 relating to market operations and exchange rules, policies and
other similar instruments as referred to in paragraphs 1.1(b) and (c) of this Schedule, respectively, the Rules are also designed to
(i) ensure a fair and orderly market; and (ii) provide a framework for disciplinary and enforcement actions.
PART 6 DUE PROCESS 6.1 Due Process For any decision made by the exchange that affects a participant or issuer, or an applicant to be a participant or issuer, including a decision in relation to access, listing, exemptions, or discipline, the exchange ensures that: (a) parties are given an opportunity to be heard or make representations, and (b) it keeps a record of, gives reasons for and provides for appeals or reviews of its decisions. PART 7 CLEARING AND SETTLEMENT 7.1 Clearing and Settlement The exchange has appropriate arrangements for the clearing and settlement of trades. PART 8 SYSTEMS AND TECHNOLOGY 8.1 Information Technology Risk Management Procedures The exchange has appropriate risk management procedures in place including those that handle trading errors, trading halts and circuit breakers.
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PART 9 FINANCIAL VIABILITY 9.1 Financial Viability The exchange has sufficient financial resources for the proper performance of its functions and to meet its responsibilities. PART 10 FEES 10.1 Fees (a) All fees imposed by the exchange are reasonable and equitably allocated and are consistent with the requirements in
Ontario securities laws, including those listed in paragraphs 1.1(a) and (e) of this Schedule. (b) The process for setting fees is fair and appropriate, and the fee model is transparent. PART 11 INFORMATION SHARING AND REGULATORY COOPERATION 11.1 Information Sharing and Regulatory Cooperation The exchange has mechanisms in place to enable it to share information and otherwise co-operate with the Commission, recognized self-regulatory organizations, other recognized or exempt exchanges, clearing agencies, investor protection funds, and other appropriate regulatory bodies.
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APPENDIX B
REPORTING OBLIGATIONS 1. Quarterly Reporting on Exemptions or Waivers Granted On a quarterly basis, CNSX will submit to the Commission a report summarizing all exemptions or waivers granted pursuant to the rules, policies or other similar instruments (Rules) to any CNSX Dealer or CNSX Issuer during the period. This summary should include the following information:
(a) The name of the CNSX Dealer or CNSX Issuer; (b) The type of exemption or waiver granted during the period; (c) The date of the exemption or waiver; and (d) A description of CNSX staff’s reason for the decision to grant the exemption or waiver.
2. Quarterly Reporting on Listing Applications On a quarterly basis, CNSX will submit to the Commission a report containing the following information:
(a) The number of listing applications filed; (b) The number of listing applications that were accepted; (c) The number of listing applications that were rejected and the reasons for rejection, by category; (d) The number of listing applications that were withdrawn or abandoned and, if known, the reasons why the
application was withdrawn or abandoned, by category; (e) The number of listing applications filed by CNSX Issuers as a result of a Fundamental Change; (f) The number of listing applications filed by CNSX Issuers as a result of a Fundamental Change that were
accepted; (g) The number of listing applications filed by CNSX Issuers as a result of a Fundamental Change that were
rejected and the reasons for rejection, by category;
(h) The number of listing applications filed by CNSX Issuers as a result of a Fundamental Change that were withdrawn or abandoned and, if known, the reasons why the application was withdrawn or abandoned, by category.
In each of the foregoing cases, the numbers shall be broken down by industry category and in any other manner that a Director of the Commission requests. 3. Notification of Suspensions and Disqualifications If a CNSX Issuer has been suspended or disqualified from qualification for listing, CNSX will immediately issue a notice setting out the reasons for the suspension and file this information with the Commission. 4. General CNSX will continue to comply with the reporting obligations under the Automation Review Program.
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APPENDIX C
PROCESS FOR THE REVIEW AND APPROVAL OF RULES AND THE INFORMATION CONTAINED IN FORM 21-101F1 AND THE EXHIBITS THERETO
1. Purpose This Protocol sets out the procedures a recognized exchange (Exchange) must follow for any Rule or Change, both as defined in section 2 below, and describes the procedures for their review by Commission Staff (Staff) and approval by the Commission or the Director. 2. Definitions For the purposes of this Protocol: (a) Change means a Fee Change, a Housekeeping Change or a Significant Change. (b) Fee Change means any new fee or fee model of the Exchange and any amendment to a fee or fee model. (c) Housekeeping Change means an amendment to the information in Form 21-101F1 that
(i) does not have an impact on the Exchange’s market structure, members, issuers, investors or the capital markets, or is of a housekeeping or administrative nature and is comparable to the types of housekeeping changes listed in subsection 6.1(5)(b) of Companion Policy 21-101CP.
(d) Housekeeping Rule means a new Rule or an amendment to a Rule that
(i) does not have an impact on the Exchange’s market structure, members, issuers, investors or the capital markets, or
(ii) is of a housekeeping or administrative nature and is comparable to the types of housekeeping changes listed in subsection 6.1(5)(b) of Companion Policy 21-101CP.
(e) Public Interest Rule means a Rule or an amendment to a Rule that is not a Housekeeping Rule. (f) Rule includes a rule, policy and other similar instrument of the Exchange. (g) Significant Change means an amendment to the information in Form 21-101F1 other than
(i) a Housekeeping Change, (ii) a Fee Change, or (iii) a Rule, and for greater certainty includes the matters listed in subsection 6.1(4) of Companion Policy 21-101 CP.
(h) Significant Change subject to Public Comment means a Significant Change that
(i) is listed in paragraphs 6.1(4)(a), (b), (c) or (d) of Companion Policy 21-101 CP, or (ii) in Staff’s view, has an impact on the Exchange’s market structure or members, or on issuers, investors or the
capital markets or otherwise raises public interest concerns and should be subject to public comment.
3. Scope (a) The Exchange and Staff will follow the process for review and approval set out in this Protocol for all Changes, new
Rules and Rule amendments. 4. Board Approval (a) The Exchange’s board of directors, or a duly authorized committee of the board, must approve all Rules prior to their
submission under this Protocol.
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5. Waiving or Varying the Protocol (a) The Exchange may file a written request with Staff to waive or vary any part of this Protocol. The request must provide
reasons why granting the waiver is appropriate in the circumstances. (b) Staff will use their best efforts to provide to the Exchange within five business days of receipt of its request either:
(i) written notice that Staff object to granting the waiver or variation; or (ii) written notice that the waiver or variation has been granted by Staff.
6. Materials to be Filed and Timelines (a) Prior to the implementation of a Fee Change, Public Interest Rule or Significant Change, the Exchange will file with
Staff the following materials:
(i) a cover letter that, together with the notice for publication filed under paragraph 6(a)(ii), if applicable, fully describes:
(A) the proposed Fee Change, Public Interest Rule or Significant Change;
(B) the expected date of implementation of the proposed Fee Change, Public Interest Rule or Significant
Change; (C) the rationale for the proposal and any relevant supporting analysis; (D) the expected impact of the proposed Fee Change, Public Interest Rule or Significant Change on the
market structure, members and, if applicable, on investors, issuers and the capital markets; (E) whether a proposed Public Interest Rule or Significant Change would increase or decrease systemic
risk in the Canadian financial system and how any increase would be mitigated, if applicable; (F) a discussion of the expected impact of the Fee Change, Public Interest Rule or Significant Change
on the Exchange’s compliance with Ontario securities law and in particular on requirements for fair access and maintenance of fair and orderly markets;
(G) details of any consultations undertaken in formulating the Fee Change, Public Interest Rule or
Significant Change, including the internal governance process followed to approve the Rule or Change;
(H) if the Public Interest Rule or Significant Change will require members and service vendors to modify
their own systems after implementation of the Rule or Change, a reasonable estimate of the amount of time needed to perform the necessary work, or an explanation as to why a reasonable estimate was not provided;
(I) a discussion of any alternatives considered; and (J) if applicable, whether the proposed Fee Change, Significant Change or Public Interest Rule would
introduce a fee model, feature or Rule that currently exists in other markets or jurisdictions;
(ii) for a proposed Public Interest Rule or Significant Change subject to Public Comment, a notice for publication that includes the information required under paragraph 6(a)(i) above, except that the following may be excluded from the notice:
(A) supporting analysis required under subparagraph 6(a)(i)(C) above that, if included in the notice,
would result in the public disclosure of intimate financial, commercial or technical information; (B) the information on systemic risk required under subparagraph 6(a)(i)(E) above; (C) the information on the internal governance processes followed required under subparagraph
6(a)(i)(G) above;
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1714
(D) the reasonable estimate of time needed for members and service vendors to modify their own systems, or the explanation as to why a reasonable estimate was not provided, required under subparagraph 6(a)(i)(H), so long as the notice for publication contains a statement that the Exchange did not or could not make a reasonable estimate; and
(E) the discussion of alternatives required under subparagraph 6(a)(i)(I) above.
(iii) for a proposed Public Interest Rule, the text of the Rule and a blacklined version of the Rule indicating
changes to any existing Rules, and if supplementary material relating to the Rule is contained in Form 21-101F1, blacklined and clean copies of Form 21-101F1; and
(iv) for a proposed Fee Change or Significant Change, blacklined and clean copies of Form 21-101F1 showing the
proposed Change. (b) The Exchange will file the materials set out in subsection 6(a)
(i) at least 45 days prior to the expected implementation date of a proposed Public Interest Rule or Significant Change; and
(ii) at least seven business days prior to the expected implementation date of a proposed Fee Change.
(c) For a Housekeeping Rule, the Exchange will file with Staff the following materials:
(i) a cover letter that fully describes the Rule and indicates that it was classified as a Housekeeping Rule and provides an analysis of the rationale for the classification, and the date or proposed date of implementation of the Rule;
(ii) the text of the Rule and a blacklined version of the Rule indicating changes to any existing Rules; (iii) if supplementary material relating to the Rule is contained in Form 21-101F1, blacklined and clean copies of
Form 21-101F1; and (iv) a notice for publication on the OSC website and in the OSC Bulletin that contains the information in paragraph
(ii) above as well as the implementation date for the Rule, and indicates that the Rule has been classified as a Housekeeping Rule and was not published for comment.
(d) For a Housekeeping Change, the Exchange will file with Staff the following materials:
(i) a cover letter that indicates that the Change was classified as a Housekeeping Change and provides an analysis of the rationale for the classification and the expected or actual date of implementation of the Change; and
(ii) blacklined and clean copies of Form 21-101F1 showing the Change.
(e) The Exchange will file the materials set out in subsection 6(d) by the earlier of
(i) the Exchange’s close of business on the 10th calendar day after the end of the month in which the Housekeeping Change was implemented; and
(ii) the date on which the Exchange publicly announces a Housekeeping Change, if applicable.
7. Review by Staff of notice and materials to be published for comment (a) Within 5 business days of the receipt of the notice and materials filed by the Exchange relating to a Public Interest Rule
or Significant Change subject to Public Comment in accordance with subsection 6(a), Staff will review the notice and materials to ensure that they contain an adequate level of detail, analysis and discussion to elicit meaningful public comment, and will promptly notify the Exchange of any deficiency requiring a refiling of the notice and materials.
(b) Where the notice and materials are considered by Staff to be deficient, the Exchange will amend and resubmit the
notice and materials accordingly, and the date of resubmission will serve as the filing date for the purposes of this Protocol.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1715
(c) Where the notice and materials are considered by Staff to be adequate for publication, Staff will proceed with the processes set out in section 8.
8. Publication of a Public Interest Rule or Significant Change Subject to Public Comment (a) As soon as practicable after the receipt of the notice and materials filed by the Exchange relating to a Public Interest
Rule or Significant Change subject to Public Comment in accordance with subsection 6(a), Staff will publish in the OSC Bulletin and on the OSC website the notice prepared by the Exchange, along with a notice prepared by Staff, if necessary, that provides market participants with an opportunity to provide comments to Staff and to the Exchange within 30 days from the date the notice appears in the OSC Bulletin or on the OSC website, whichever comes first.
(b) If public comments are received
(i) the Exchange will forward copies of the comments promptly to Staff; and (ii) the Exchange will prepare a summary of the public comments and a response to those comments and provide
them to Staff promptly after the end of the comment period. 9. Review and Approval Process for Proposed Fee Changes, Public Interest Rules and Significant Changes (a) Staff will use their best efforts to complete their review of a proposed Fee Change, Public Interest Rule or Significant
Change within
(i) 45 days from the date of filing of a proposed Public Interest Rule or Significant Change; and
(ii) seven business days from the date of filing of a proposed Fee Change. (b) Staff will notify the Exchange if they anticipate that their review of the proposed Fee Change, Public Interest Rule or
Significant Change will exceed the timelines in subsection 9(a). (c) If Staff have material comments or require additional information to complete their review of a proposed Fee Change,
Public Interest Rule or Significant Change, Staff will use best efforts to provide the Exchange with a comment letter promptly by the end of the public comment period for a Public Interest Rule or Significant Change subject to Public Comment, and promptly after the receipt of the materials filed under section 6 for all other Changes.
(d) The Exchange will respond to any comments received from Staff in writing. (e) Unless Staff agree to an extension of time, if the Exchange fails to respond to Staff’s comments within 120 days after
the receipt of Staff’s comment letter, the Exchange will be deemed to have withdrawn the proposed Fee Change, Public Interest Rule or Significant Change. If the Exchange wishes to proceed with the Fee Change, Public Interest Rule or Significant Change after it has been deemed withdrawn, the Exchange will have to be re-submit it for review and approval in accordance with this Protocol.
(f) Upon completion of Staff’s review of a Fee Change, Public Interest Rule or Significant Change, Staff will submit the
Change or Rule to the Director or, in the circumstances described in subsection 9(g), to the Commission, for a decision within the following timelines:
(i) for a Public Interest Rule or a Significant Change subject to Public Comment, the later of 45 days from the
date that the related materials were published for comment and the date that Staff’s comments and public comments, including any concerns identified, have been adequately addressed by the Exchange;
(ii) for any other Significant Change, the later of 45 days from the date of filing of the Change and the date that
Staff’s comments and any concerns identified have been adequately addressed by the Exchange; or (iii) for a Fee Change, the later of seven business days from the date of filing of the change and the date that
Staff’s comments and any concerns identified have been adequately addressed by the Exchange. (g) A Fee Change, Public Interest Rule or Significant Change may be submitted to the Commission for a decision, within
the timelines in subsection 9(f),
(i) if the proposed Fee Change, Public Interest Rule or Significant Change is complex or introduces a novel feature to the Exchange or the capital markets;
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1716
(ii) if comments received through the public comment process raise significant public interest concerns; or (iii) in any other situation where, in Staff’s view, Commission approval is appropriate.
(h) Staff will promptly notify the Exchange of the decision. (i) If a Public Interest Rule or Significant Change subject to Public Comment is approved, Staff will publish the following
documents in the OSC Bulletin and on the OSC website promptly after the approval:
(i) a notice indicating that the proposed Rule or Change is approved; (ii) the summary of public comments and responses prepared by the Exchange, if applicable; and (iii) if non-material changes were made to the version published for public comment, a brief description of these
changes prepared by the Exchange and a blacklined copy of the revised Rule or Change highlighting the revisions made.
10. Review Criteria for a Fee Change, Public Interest Rule and Significant Change (a) Staff will review a proposed Fee Change, Public Interest Rule or Significant Change in order to assess whether it is in
the public interest for the Director or the Commission to approve the Rule or Change. In making this determination, Staff will have regard to the mandate of the Commission as set out section 1.1 of the Securities Act (Ontario). The factors that Staff will consider in making their determination also include whether:
(i) the Rule or Change would impact the Exchange’s compliance with Ontario securities law; (ii) the Exchange followed its established internal governance practices in approving the proposed Rule or
Change; (iii) the Exchange followed the requirements of this Protocol and has provided sufficient analysis of the nature,
purpose and effect of the Rule or Change; and (iv) the Exchange adequately addressed any comments received.
11. Effective Date of a Fee Change, Public Interest Rule or Significant Change (a) A Fee Change, Public Interest Rule or Significant Change will be effective on the later of:
(i) the date that the Exchange is notified that the Change or Rule is approved; (ii) if applicable, the date of publication of the notice of approval on the OSC website; and (iii) the date designated by the Exchange.
12. Significant Revisions and Republication (a) If, subsequent to its publication for comment, the Exchange revises a Public Interest Rule or a Significant Change
subject to Public Comment in a manner that results in a material change to the proposed substance or effect of the Rule or Change, Staff will, in consultation with the Exchange, determine whether or not the revised Rule or Change should be published for an additional 30-day comment period.
(b) If a Public Interest Rule or Significant Change subject to Public Comment is republished under subsection 12(a), the
request for comments will include a blacklined version marked to the originally published version, a summary of comments and responses prepared by the Exchange, and an explanation of the revisions and the supporting rationale for the revisions.
13. Withdrawal of a Fee Change, Public Interest Rule or Significant Change (a) If the Exchange withdraws a Fee Change, Public Interest Rule or a Significant Change that was previously submitted, it
will provide a written notice of withdrawal to Staff. (b) If the notice of withdrawal relates to a Public Interest Rule or Significant Change subject to Public Comment, Staff will
publish the notice of withdrawal in the OSC Bulletin and OSC website as soon as practicable.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1717
(c) If a Public Interest Rule or Significant Change subject to Public Comment is deemed to have been withdrawn as provided in subsection 9€, Staff will prepare and publish a notice informing market participants that the Exchange did not proceed with the Rule or Change.
14. Effective Date of a Housekeeping Rule or Housekeeping Change (a) Subject to subsections 14(c) and 14(d), a Housekeeping Rule will be effective on the later of
(i) the date of the publication of the notice to be published on the OSC website in accordance with subsection
14(e), and (ii) the date designated by the Exchange.
(b) Subject to subsections 14(c) and 14(d), a Housekeeping Change will be effective on the date designated by the
Exchange. (c) Staff will review the materials filed by the Exchange for a Housekeeping Change or Housekeeping Rule to assess the
appropriateness of the categorization of the Rule or Change as housekeeping within five business days from the date that the Exchange filed the documents in accordance with subsections 6(c) and 6(d). The Exchange will be notified in writing if there is disagreement with respect to the categorization of the Rule or Change as housekeeping.
(d) If Staff disagree with the categorization of the Rule or Change as housekeeping, the Exchange will immediately repeal the Change, if applicable, file the proposed Rule as a Public Interest Rule or the proposed Change as a Significant Change, and follow the review and approval processes described in this Protocol as applying to a Public Interest Rule or Significant Change, including those processes applicable to a Significant Change subject to Public Comment if applicable.
(e) If Staff do not disagree with the categorization of the Rule, Staff will publish a notice to that effect in the OSC Bulletin and on the OSC website as soon as is practicable.
15. Immediate Implementation of a Public Interest Rule or Significant Change (a) The Exchange may need to make a Public Interest Rule or Significant Change effective immediately where the
Exchange determines that there is an urgent need to implement the Rule or Change to maintain fair and orderly markets, or because of a substantial and imminent risk of material harm to the Exchange, its members, other market participants, issuers or investors.
(b) When the Exchange determines that immediate implementation is necessary, it will advise Staff in writing as soon as
possible but in any event at least five business days prior to the proposed implementation of the Public Interest Rule or Significant Change. The written notice will include the expected effective date of the Public Interest Rule or Significant Change and an analysis to support the need for immediate implementation. An application for an exemption from the 45-day advance filing requirements in National Instrument 21-101 must also be included as part of the written notice.
(c) If Staff do not agree that immediate implementation is necessary, Staff will promptly notify the Exchange, in writing, of
the disagreement no later than the end of the third business day following filing of the notice under subsection 15(b). If the disagreement is not resolved, the Exchange will file the Public Interest Rule or Significant Change in accordance with the timelines in section 6.
16. Review of a Public Interest Rule or Significant Change Implemented Immediately (a) A Public Interest Rule or Significant Change that has been implemented immediately in accordance with section 15 will
be published, if applicable, and reviewed and approved by the Director or by the Commission in accordance with the procedures set out in section 9, with necessary modifications. If the Director or the Commission does not approve the Public Interest Rule or Significant Change, the Exchange will immediately repeal the Rule or Change and inform its members of the decision.
17. Application of Section 21 of the Securities Act (Ontario) (a) The Commission’s powers under subsection 21(5) of the Securities Act (Ontario) are not constrained in any way,
notwithstanding a Rule or Change having been approved under this Protocol
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1718
APPENDIX D
ELIGIBLE ISSUERS 1. Subject to section 2 below, only an issuer that:
(a) is a reporting issuer or the equivalent in a jurisdiction in Canada; or (b) is proposing to list debt securities issued or guaranteed by a government in Canada that are exempt from the
prospectus requirements under clause 73(1)(a) of the Act; or (c) is proposing to list debt securities issued or guaranteed by a financial institution that are exempt from the
prospectus requirements under clause 73(1)(b) of the Act; and (d) is not in default of any requirements of securities legislation in any jurisdiction in Canada,
is eligible for listing. However, if an issuer is eligible for listing under paragraph (b) or (c) above, CNSX may only list debt securities of the issuer that are contemplated by those paragraphs unless the issuer files and obtains a receipt for a preliminary prospectus and a prospectus in a jurisdiction in Canada.
2. An issuer that is a reporting issuer in a jurisdiction in Canada but is not considered eligible under the Rules due to the
process by which it became a reporting issuer, is ineligible for listing unless it:
(a) files and obtains a receipt for a preliminary prospectus and a prospectus in a jurisdiction in Canada; and (b) is not in default of any requirements of securities legislation in any jurisdiction in Canada.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1719
2.2.4 TD Split Inc. – s. 1(6) of the OBCA Headnote Filer deemed to have ceased to be offering its securities to the public under the OBCA. Applicable Legislative Provisions Business Corporations Act, R.S.O. 1990, c. B.16, as am.,
s. 1(6).
IN THE MATTER OF THE BUSINESS CORPORATIONS ACT (ONTARIO),
R.S.O. 1990, c. B.16, AS AMENDED (the OBCA)
AND
IN THE MATTER OF
TD SPLIT INC. (THE APPLICANT)
ORDER
(Subsection 1(6) of the OBCA) UPON the application of the Applicant to the Ontario Securities Commission (the Commission) for an order pursuant to subsection 1(6) of the OBCA to be deemed to have ceased to be offering its securities to the public; AND UPON the Applicant representing to the Commission that: 1. The Applicant is an “offering corporation” as
defined in the OBCA; 2. The Applicant’s registered address is located at
1000 Yonge Street, Suite 500, Toronto, Ontario, M4W 2K2, Toronto, Ontario;
3. No securities of the Applicant, 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 Applicant’s Class C Preferred Shares and
Class C Capital Shares were de-listed from the TSX effective the close of trading on November 13, 2015;
5. The issued and outstanding Class C Preferred
Shares and Class C Capital Shares of the Applicant were redeemed on November 13, 2015;
6. Following the redemption, the only issued and
outstanding shares are now owned by Tim-bercreek Asset Management Inc. (100 Class E
Shares), and no other shares are currently issued and outstanding;
7. The Applicant has no intention to seek public
financing by way of an offering of securities; 8. The Voluntary Surrender of Reporting Issuer
Status was filed with the British Columbia Securities Commission on November 17, 2015 and the Applicant ceased to be a reporting issuer in British Columbia as of November 30, 2015. The Applicant was granted an order on February 1, 2016 that it is not a reporting issuer in Ontario pursuant to subclause 1(10)(a)(ii) of the Securities Act (Ontario) and is not a reporting issuer or the equivalent in any other jurisdiction of Canada in accordance with the simplified procedure set out in OSC Staff Notice 12-307 Application for Decision that an Issuer is not a Reporting Issuer; and
9. The Applicant is not a reporting issuer or the
equivalent in any jurisdiction in Canada. AND UPON the Commission being satisfied to do so would not be prejudicial to the public interest; IT IS HEREBY ORDERED by the Commission pursuant to subsection 1(6) of the OBCA that the Applicant be deemed to have ceased to be offering its securities to the public for the purpose of the OBCA. DATED at Toronto on this 12th day of February, 2016. “Judith Robertson” Commissioner Ontario Securities Commission “Tim Moseley” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1720
2.2.5 AMTE Services Inc. et al. – s. 127(8)
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF AMTE SERVICES INC.,
OSLER ENERGY CORPORATION, RANJIT GREWAL, PHILLIP COLBERT AND
EDWARD OZGA
TEMPORARY ORDER (Subsection 127(8))
WHEREAS on October 15, 2012, pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), the Ontario Securities Commission (the “Commission”) issued the following order (the “Temporary Order”) against AMTE Services Inc. (“AMTE”), Osler Energy Corporation (“Osler”), Ranjit Grewal (“Grewal”), Phillip Colbert (“Colbert”) and Edward Ozga (“Ozga”) (collectively, the “Respondents”):
(i) pursuant to clause 2 of subsection 127(1) of the Act, all trading by and in the securities of AMTE shall cease; all trading by and in the securities of Osler shall cease; all trading by Grewal shall cease; all trading by Colbert shall cease; and all trading by Ozga shall cease.
(ii) pursuant to clause 3 of subsection 127(1)
of the Act, any exemptions contained in Ontario securities law do not apply to any of the Respondents;
AND WHEREAS on October 15, 2012, the Commission ordered that the Temporary Order shall expire on the 15th day after its making unless extended by order of the Commission; AND WHEREAS on October 16, 2012, the Commission issued a Notice of Hearing to consider the extension of the Temporary Order, to be held on October 25, 2012 at 2:00 p.m.; AND WHEREAS on October 25, 2012, the Commission ordered that the Temporary Order be extended until January 29, 2013 and that the hearing be adjourned until January 28, 2013 at 10:00 a.m.; AND WHEREAS on January 29, 2013, the Commission ordered that the Temporary Order be extended until March 12, 2013 and that the hearing be adjourned until March 11, 2013 at 10:00 a.m.; AND WHEREAS on March 11, 2013, the Commission ordered that the Temporary Order be extended until May 28, 2013 or until further order of the
Commission and that the hearing be adjourned until May 27, 2013 at 10:00 a.m.; AND WHEREAS on March 27, 2013, a hearing was held before the Commission and counsel for Staff attended to request an extension of the Temporary Order and no one appeared on behalf of the Respondents; AND WHEREAS Staff filed the affidavit of Peaches Barnaby sworn May 24, 2013 outlining service of the Commission order dated March 11, 2013 on the Respondents; AND WHEREAS quasi-criminal proceedings have been commenced in the Ontario Court of Justice pursuant to section 122(1)(c) of the Act against Grewal, Ozga and Colbert (the “Section 122 Proceedings”); AND WHEREAS a judicial pre-trial in connection with the Section 122 Proceedings was scheduled for June 27, 2013; AND WHEREAS Colbert consented to the extension of the Temporary Order; AND WHEREAS the Commission ordered that the Temporary Order be extended until July 22, 2013 or until further order of the Commission and the hearing to consider a further extension of the Temporary Order be adjourned until July 19, 2013 at 11:00 a.m.; AND WHEREAS on July 19, 2013, a hearing was held before the Commission and counsel for Staff attended to request an extension of the Temporary Order and no one appeared on behalf of the Respondents; AND WHEREAS Staff filed the affidavit of Tia Faerber sworn July 18, 2013 outlining service of the Commission’s order dated May 27, 2013 on the Respondents; AND WHEREAS a further judicial pre-trial in connection with the Section 122 Proceedings was scheduled for September 16, 2013; AND WHEREAS the Commission ordered that the Temporary Order be extended until September 25, 2013 or until further order of the Commission and the hearing to consider a further extension of the Temporary Order be adjourned until September 23, 2013 at 10:00 a.m.; AND WHEREAS on September 23, 2013, a hearing was held before the Commission and counsel for Staff attended to request an extension of the Temporary Order and no one appeared on behalf of the Respondents; AND WHEREAS Staff filed the affidavit of Tia Faerber sworn September 18, 2013 outlining service of the Commission’s order dated July 19, 2013 on the Respondents;
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1721
AND WHEREAS a further appearance in connection with the Section 122 Proceedings is scheduled for September 25, 2013; AND WHEREAS the Commission ordered that the Temporary Order be extended until March 31, 2014 or until further order of the Commission and the hearing to consider a further extension of the Temporary Order be adjourned until March 27, 2014 at 10:00 a.m.; AND WHEREAS on March 27, 2014, a hearing was held before the Commission and counsel for Staff attended to request an extension of the Temporary Order and no one appeared on behalf of the Respondents; AND WHEREAS Staff filed the affidavit of Nancy Poyhonen sworn March 26, 2014 outlining service of the Commission’s order dated September 23, 2013 on the Respondents; AND WHEREAS the trial in connection with the Section 122 Proceedings was scheduled to commence on July 6, 2015 and to continue on July 7-10 and 13-17, 2015; AND WHEREAS the trial in connection with Colbert proceeded by way of an agreed statement of fact and an accompanying 2 volume documents brief, collectively (“The Evidence”), which was filed with the Court on July 8, 2015; AND WHEREAS Staff and counsel for Colbert have filed written argument with the Court; AND WHEREAS the Court has adjourned the matter in relation to Colbert until December 8, 2015 for oral submissions on the written argument; AND WHEREAS Ozga entered pleas of guilt to all counts against him on July 6, 2015 and the Court has adjourned Ozga’s matter until October 6, 2015 for submissions on sentence; AND WHEREAS Grewal has never participated in the Section 122 Proceedings although properly served; AND WHEREAS the Court will decide whether to issue a warrant for Grewal’s arrest on December 8, 2015; AND WHEREAS the Commission ordered that the Temporary Order be extended until September 18, 2015 without prejudice to Staff or the Respondents to seek to vary the Temporary Order on application to the Commission and that the hearing to consider a further extension of the Temporary Order was adjourned until September 16, 2015 at 10:00 a.m. or to such other date or time as provided by the Office of the Secretary and agreed to by the parties; AND WHEREAS Staff filed the affidavit of Tia Faerber sworn September 14, 2015 outlining service of the Commission’s order dated March 27, 2014 on the Respondents;
AND WHEREAS Counsel for Ozga and Colbert have consented to the extension of the Temporary Order; AND WHEREAS on September 16, 2015, the Commission ordered that the Temporary Order be extended until March 1, 2016 without prejudice to Staff or the Respondents to seek to vary the Temporary Order on application to the Commission and that the hearing to consider a further extension of the Temporary Order be adjourned until February 26, 2016 at 10:00 a.m. or to such other date or time as provided by the Office of the Secretary and agreed to by the parties; AND WHEREAS Staff indicates that it will let the Temporary Order lapse; AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order; IT IS HEREBY ORDERED that the hearing to consider a further extension of the Temporary Order scheduled for February 26, 2016 at 10:00 a.m. is vacated. DATED at Toronto, this 18th day of February, 2016. “Alan Lenczner”
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1722
2.2.6 Future Solar Developments Inc. et al. – ss. 127, 127.1
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF
FUTURE SOLAR DEVELOPMENTS INC., CENITH ENERGY CORPORATION, CENITH AIR INC.,
ANGEL IMMIGRATION INC. and XUNDONG QIN also known as SAM QIN
ORDER
(Sections 127 and 127.1 of the Securities Act) WHEREAS: 1. on March 26, 2015, the Ontario Securities
Commission (the “Commission”) issued a Notice of Hearing (the “Notice of Hearing”) pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), in relation to a Statement of Allegations filed by Staff of the Commission (“Staff”) on March 26, 2015, to consider whether it is in the public interest to make certain orders against Future Solar Developments Inc. (“FSD”), Cenith Energy Corporation (“Cenith Energy”), Cenith Air Inc. (“Cenith Air”), Angel Immigration Inc. (“Angel Immigration”) (together, the “Corporate Respondents”) and Xundong Qin, also known as Sam Qin (“Qin”) (together with the Corporate Respondents, the “Respondents”);
2. the Notice of Hearing set April 15, 2015 as the
hearing date in this matter; 3. on April 15, 2015, Staff and counsel for the
Respondents appeared and made submissions; 4. the Commission ordered that the matter be
adjourned to a confidential pre-hearing conference on June 8, 2015 at 3:00 p.m.;
5. on June 8, 2015, the Commission held a
confidential pre-hearing conference and counsel for Staff and counsel for the Respondents attended the hearing;
6. the Commission ordered that:
1. the Second Appearance in this matter be held on September 9, 2015 at 10:00 a.m.; and
2. that Staff shall provide to the
Respondents, no later than five (5) days before the Second Appearance, their witness lists and indicate any intent to call an expert witness, including the name of the expert witness and the issue
on when the expert will be giving evidence;
7. on September 9, 2015, the Commission held a
Second Appearance and counsel for Staff and Qin, personally and on behalf of Cenith Energy, Cenith Air and Angel Immigration, appeared and made submissions;
8. on September 9, 2015, no one appeared on
behalf of FSD; 9. the Commission ordered that:
1. the Third Appearance in this matter be held on November 9, 2015 at 10:00 a.m. or on such other date as provided by the Office of the Secretary and agreed to by the parties;
2. Staff shall provide to the Respondent
their witness summaries by September 18, 2015; and
3. the Respondents shall provide to Staff by
October 21, 2015 their witness lists and witness summaries and indicate any intent to call an expert witness, including the name of the expert witness and the issue on which the expert will be giving evidence.
10. a request was made to the Office of the Secretary
to reschedule the Third Appearance in this matter and the parties agreed to such other date and time as provided by the Office of the Secretary;
11. on October 27, 2015, the Commission ordered
that the Third Appearance in this matter scheduled for November 9, 2015 at 10:00 a.m. is vacated and that the Third Appearance in this matter be held on October 30, 2015 at 10:00 a.m.;
12. the Commission held a hearing on October 30,
2015 and counsel for Staff and counsel from the Litigation Assistance Program (“LAP”) attended on behalf of the Respondents;
13. on October 30, 2015, Qin was not in attendance at
the hearing; 14. on October 30, 2015, the Commission ordered
that the Third Appearance in this matter is adjourned to December 2, 2015 at 9:30 a.m.;
15. the Commission held a hearing on December 2,
2015, and counsel for Staff and LAP counsel attended on behalf of the Respondents;
16. on December 2, 2015, the Commission ordered
that:
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1723
1. the Respondents shall provide to Staff their witness list by December 18, 2015;
2. the Respondents shall provide to Staff
their witness summaries by January 11, 2016;
3. the parties shall deliver to every other
party copies of documents which they intend to produce or enter as evidence at the hearing on the merits in this matter (the “Hearing Briefs”) by no later than February 8, 2016;
4. the parties shall file with the Registrar
copies of indices to their Hearing Briefs by no later than February 12, 2016;
5. the final interlocutory appearance shall
be held on February 22, 2016 at 10:00 a.m.; and
6. the hearing on the merits in this matter
shall commence on March 21, 2016 at 10:00 a.m. and continue thereafter on March 23, 24, 28 29, 30, 31 and April 1, 4 and 12, 2016 and on such further dates as agreed to by the parties and set by the Office of the Secretary.
17. the Commission held a hearing on February 22,
2016, and counsel for Staff, counsel for Future Solar, and LAP counsel for Qin, Cenith Energy, Cenith Air and Angel Immigration attended on behalf of the Respondents;
18. the Commission considered the submissions of
Staff and the submissions of counsel for the Respondents; and
19. the Commission is of the opinion that it is in the
public interest to make this order. IT IS ORDERED that:
1. the hearing date set for March 21, 2016 is vacated; and
2. the hearing on the merits shall
commence on March 23, 2016 at 10:00 a.m. and continue thereafter on March 24, 28, 29, 30, 31 and April 1, 4 and 12, 2016 and on such further dates as agreed to by the parties and set by the Office of the Secretary.
DATED at Toronto this 22nd day of February, 2016. “D. Grant Vingoe” “Deborah Leckman”
2.2.7 Canadian National Railway Company – s. 104(2)(c)
Headnote Subsection 104(2)(c) of the Act – Issuer bid – relief from issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act – issuer proposes to purchase, pursuant to a repurchase program and at a discounted purchase price, up to 1,726,000 of its common shares under its normal course issuer bid from a third party purchasing as agent – third party will abide by the requirements governing normal course issuer bids as though it was the issuer, subject to certain modifications, including that the third party will not make any purchases under the program pursuant to a pre-arranged trade – common shares delivered to the issuer for cancellation will be common shares from the third party’s existing inventory – due to the discounted purchase price, the common shares cannot be acquired through the TSX trading system – but for the fact that the common shares cannot be acquired through the TSX trading system, the Issuer could otherwise acquire such shares in reliance upon the issuer bid exemption available under section 101.2 of the Act and in accordance with the TSX rules governing normal course issuer bid purchases – the third party will purchase common shares under the program based on instructions provided by the issuer on the relevant day prior to the opening of trading – no adverse economic impact on, or prejudice to the Issuer or public shareholders – acquisition of securities exempt from the issuer bid requirements in sections 94 to 94.8 and 97 to 98.7 of the Act, subject to conditions, including that the agreement governing the program will prohibit the third party from selling common shares from its existing inventory to the issuer under the program unless it has purchased, or had purchased on its behalf, an equivalent number of common shares on the markets and such number of common shares so purchased must be equal to the number of common shares sold to the issuer. Applicable Legislative Provisions Securities Act, R.S.O. 1990, c. S.5, as am., ss. 94 to 94.8,
97 to 98.7, 104(2)(c).
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CANADIAN NATIONAL RAILWAY COMPANY
ORDER
(Clause 104(2)(c)) UPON the application (the “Application”) of Canadian National Railway Company (the “Issuer”) to the Ontario Securities Commission (the “Commission”) for an order pursuant to clause 104(2)(c) of the Securities Act (Ontario) (the “Act”) exempting the Issuer from the requirements of sections 94 to 94.8, inclusive, and sections
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1724
97 to 98.7, inclusive, of the Act (the “Issuer Bid Requirements”) in respect of the proposed purchases by the Issuer of up to 1,726,000 of its common shares (the “Program Maximum”) from Royal Bank of Canada (“RBC”) pursuant to a repurchase program (the “Program”); AND UPON considering the Application and the recommendation of staff of the Commission; AND UPON the Issuer (and RBC in respect of paragraphs 5, 6, 7, 8, 21, 24, 25, 26, 27, 28, 29, 31, 37 and 38 as they relate to RBC and its agents) having represented to the Commission that: 1. The Issuer is a corporation governed by the
Canada Business Corporations Act. 2. The registered and head office of the Issuer is
located at 935 de La Gauchetière Street West, Montréal, Quebec, H3B 2M9.
3. The Issuer is a reporting issuer in each of the
provinces and territories of Canada (the “Jurisdictions”) and the Common Shares are listed for trading on the Toronto Stock Exchange (the “TSX”) and the New York Stock Exchange (the “NYSE”) under the symbols “CNR” and “CNI”, respectively. The Issuer is not in default of any requirement of the securities legislation of the Jurisdictions in which it is a reporting issuer.
4. The authorized common share capital of the
Issuer consists of an unlimited number of common shares (the “Common Shares”), of which 787,583,541 were issued and outstanding as of January 15, 2016.
5. RBC is a full service Schedule 1 Bank under the
Bank Act (Canada). The corporate headquarters of RBC are located in the Province of Ontario.
6. RBC does not directly or indirectly own more than
5% of the issued and outstanding Common Shares.
7. RBC is the beneficial owner of at least 1,726,000
Common Shares, none of which were acquired by, or on behalf of, RBC in anticipation or contemplation of resale to the Issuer (such Common Shares over which RBC has beneficial ownership, the “Inventory Shares”). No Common Shares were purchased by, or on behalf of, RBC on or after December 23, 2015, being the date that was 30 days prior to the date of the Application, in anticipation or contemplation of a sale of Common Shares by RBC to the Issuer.
8. RBC is at arm’s length to the Issuer and is not an
“insider” of the Issuer or “associate” of an “insider” of the Issuer, or an “associate” or “affiliate” of the Issuer, as such terms are defined in the Act. RBC is an “accredited investor” within the meaning of
National Instrument 45-106 Prospectus Exemp-tions.
9. The Issuer announced on October 27, 2015 that it
is engaging in a normal course issuer bid (the “Normal Course Issuer Bid”) for up to 33,000,000 Common Shares, representing 4.9% of the Issuer’s public float of Common Shares as of the date specified in the Notice of Intention to Make a Normal Course Issuer Bid (as amended on November 27, 2015 to reflect the Scotia Program (as defined below) and future share repurchase programs) (the “Notice”) that was submitted to, and accepted by, the TSX. The Notice specifies that purchases under the Normal Course Issuer Bid will be conducted through the facilities of the TSX and the NYSE or alternative trading systems, if eligible, or by such other means as may be permitted by the TSX or a securities regulatory authority in accordance with sections 628 to 629.3 of Part VI of the TSX Company Manual (the “TSX Rules”), including under automatic trading plans and by private agreements or share repurchase programs under issuer bid exemption orders issued by securities regulatory authorities.
10. The Commission granted the Issuer an order on
October 27, 2015 (the “October Order”) pursuant to clause 104(2)(c) of the Act exempting the Issuer from the Issuer Bid Requirements in connection with the proposed purchases by the Issuer of up to 4,000,000 Common Shares from The Bank of Nova Scotia (“Scotia”) pursuant to a share repurchase program (the “Initial Scotia Program”). On November 27, 2015, the Commis-sion granted the Issuer an order pursuant to section 144 of the Act varying the October Order so as to increase the maximum number of Common Shares that may be purchased under the Initial Scotia Program from 4,000,000 to 5,175,000 Common Shares (such varied Initial Scotia Program, the “Scotia Program”). The Issuer purchased 5,175,000 Common Shares under the Scotia Program. The Scotia Program terminated on December 22, 2015.
11. The Commission granted an order on December
18, 2015 pursuant to clause 104(2)(c) of the Act exempting the Issuer from the Issuer Bid Requirements in connection with the proposed purchases by the Issuer of up to 4,356,000 Common Shares from RBC pursuant to a share repurchase program (the “First RBC Program”). The Issuer purchased 4,356,000 Common Shares under the First RBC Program. The First RBC Program terminated on February 11, 2016.
12. The Autorité des Marchés Financiers granted an
order on February 4, 2016 pursuant to Section 263 of the Securities Act (Québec) from the equivalent provisions to the Issuer Bid Requirements in connection with the proposed
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February 25, 2016
(2016), 39 OSCB 1725
purchases by the Issuer of up to 1,500,000 Common Shares from National Bank of Canada (the “NBC Program”). As at February 12, 2016, the Issuer has purchased 96,900 Common Shares under the NBC Program. The NBC Program will terminate on the earlier of March 24, 2016 and the date on which the Issuer will have purchased 1,500,000 Common Shares from National Bank of Canada under the NBC Program.
13. The Program Maximum is less than the number of
Common Shares remaining that the Issuer is entitled to acquire under the Normal Course Issuer Bid, calculated as at the date of the Program Agreement.
14. To the best of the Issuer’s knowledge, the “public
float” (calculated in accordance with the TSX Rules) for the Common Shares as at January 15, 2016 consisted of 668,419,714 Common Shares. The Common Shares are “highly liquid securities”, as that term is defined in section 1.1 of OSC Rule 48-501 Trading during Distributions, Formal Bids and Share Exchange Transactions (“OSC Rule 48-501”) and section 1.1 of the Universal Market Integrity Rules (“UMIR”).
15. Pursuant to the TSX Rules, the Issuer has
appointed Scotia Capital Inc. as its designated broker in Canada, and Merrill Lynch, Pierce, Fenner & Smith as its designated broker in the United States, in each case, in respect of the Normal Course Issuer Bid (the “Responsible Brokers”).
16. The Issuer may, from time to time, appoint a non-
independent purchasing agent (a “Plan Trustee”) to fulfill requirements for the delivery of Common Shares under the Issuer’s security-based compensation plans (the “Plan Trustee Purchases”). The maximum number of Common Shares that the Issuer is permitted to repurchase under the Normal Course Issuer Bid will be reduced by the number of Plan Trustee Purchases.
17. The Issuer implemented an automatic repurchase
plan (the “ARP”) to permit the Issuer to make purchases under the Normal Course Issuer Bid during internal blackout periods, including regularly scheduled quarterly blackout periods and at such times when the Issuer would not otherwise be permitted to trade in its Common Shares. The ARP was approved by the TSX and is in compliance with the TSX Rules and applicable securities law.
18. The Normal Course Issuer Bid is being conducted
in reliance upon the exemption from the Issuer Bid Requirements set out in subsection 101.2(1) of the Act in Ontario, and its equivalent provision in the securities legislation of the other Jurisdictions. Subsection 101.2(1) provides that an issuer bid
that is made in the normal course through the facilities of a designated exchange is exempt from the formal bid requirements if the bid is made in accordance with the by-laws, rules, regulations and policies of that exchange. The Commission has recognized the TSX as a designated exchange for the purposes of subsection 101.2(1) of the Act.
19. The Normal Course Issuer Bid is also being
conducted in the normal course on the NYSE and other permitted published markets (collectively with the NYSE, the “Other Published Markets”) in reliance upon the exemption from the Issuer Bid Requirements set out in subsection 101.2(2) of the Act in Ontario, and its equivalent provision in the securities legislation of the other Jurisdictions (the “Other Published Markets Exemption”, and together with the TSX Rules, the “NCIB Rules”). The Other Published Markets Exemption provides that an issuer bid that is made in the normal course on a published market, other than a designated exchange, is exempt from the formal bid requirements if the bid is, among other things, for not more than 5% of the outstanding securities of a class of securities of the issuer and the aggregate number of securities acquired in reliance upon the Other Published Markets Exemption by the issuer and any person or company acting jointly or in concert with the issuer within any period of 12 months does not exceed 5% of the outstanding securities of that class at the beginning of the 12-month period.
20. The Issuer proposes to participate in the Program
during, and as a part of, the Normal Course Issuer Bid. The Program will be governed by, and conducted in accordance with, the terms and conditions of a Repurchase Program Agreement (the “Program Agreement”) that will be entered into between the Issuer and RBC prior to the commencement of the Program and a copy of which will be delivered by the Issuer to the Commission.
21. The Program will commence following the
expiration of the NBC Program and will terminate on the earlier of March 24, 2016 and the date on which the Issuer will have purchased the Program Maximum from RBC (the “Program Term”). Neither the Issuer nor RBC may unilaterally terminate the Program Agreement during the Program Term except in the case of an event of default by a party thereunder. The Issuer will not be in any internal blackout periods during the Program Term. The Issuer expects that the commencement date of the Program will be on or about March 2, 2016 based on the current market price of the Common Shares.
22. The Issuer is of the view that (a) it will be able to
purchase Common Shares from RBC at a lower price than the price at which it would be able to
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1726
purchase an equivalent quantity of Common Shares under the Normal Course Issuer Bid through the facilities of the TSX and/or on Other Published Markets, and (b) the purchase of Common Shares pursuant to the Program is in the best interests of the Issuer and constitutes a desirable use of the Issuer’s funds.
23. At least two clear trading days prior to the
commencement of the Program, the Issuer will issue a press release that will have been pre-cleared with the TSX that describes the material features of the Program and discloses the Issuer’s intention to participate in the Program during the Normal Course Issuer Bid (the “Press Release”). The TSX has confirmed that it has no objections to the Program and its terms as set out in a draft Program Agreement which will be the same as the executed Program Agreement.
24. RBC will retain the services of RBC Dominion
Securities Inc. (“RBC DS”) to acquire Common Shares on its behalf through the facilities of the TSX and on Other Published Markets in Canada (each, a “Canadian Other Published Market” and collectively with the TSX, the “Canadian Markets”) under the Program. No Common Shares will be acquired under the Program by, or on behalf of, RBC on any Other Published Markets other than Other Canadian Published Markets.
25. RBC DS is registered as an investment dealer
under the securities legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia and New Brunswick. It is also registered as a futures commission merchant under the Commodity Futures Act (Ontario), a derivatives dealer under the Derivatives Act (Québec), and as dealer (futures commission merchant) under The Commodity Futures Act (Manitoba). RBC DS is a member of the Investment Industry Regulatory Organization of Canada (“IIROC”) and the Canadian Investor Protection Fund, a participating organization or member of the TSX, TSX Venture Exchange and Canadian Securities Exchange, and an approved participant of the Bourse de Montréal. The head office of RBC DS is located in Toronto, Ontario.
26. The Program Agreement will provide that all
Common Shares acquired by, or on behalf of, RBC on a day (each, a “Trading Day”) during the Program Term on which the Canadian Markets are open for trading must be acquired on Canadian Markets in accordance with the NCIB Rules that would be applicable to the Issuer in connection with the Normal Course Issuer Bid, provided that: (i) RBC will purchase, or have purchased on
its behalf, Common Shares on the applicable day in accordance with the
instructions received from the Issuer prior to the opening of trading on such date, provided that the instructions given by the Issuer to RBC under the Program will be the same instructions that the Issuer would execute if it were conducting the Normal Course Issuer Bid itself;
(ii) the aggregate number of Common
Shares to be acquired on Canadian Markets by, or on behalf of, RBC on each Trading Day will not exceed the maximum daily limit that is imposed upon the Normal Course Issuer Bid pursuant to the TSX Rules determined with reference to an average daily trading volume that is based on the trading volume on all Canadian Markets rather than being limited to the trading volume on the TSX only (the “Modified Maximum Daily Limit”), being understood that the aggregate number of Common Shares to be acquired on the TSX by, or on behalf of, RBC on each Trading Day will not exceed the maximum daily limit that is imposed on the Normal Course Issuer Bid pursuant to the TSX Rules;
(iii) the aggregate number of Common
Shares acquired by, or on behalf of, RBC pursuant to the Program Agreement may not exceed the Program Maximum;
(iv) the aggregate number of Common
Shares acquired by, or on behalf of, RBC pursuant to the Program Agreement on Canadian Other Published Markets may not exceed that number of Common Shares remaining eligible for purchase pursuant to the Other Published Markets Exemption, calculated as at the date of the Program Agreement;
(v) upon the occurrence of a cessation of
trading on the TSX or other event that would impair RBC’s ability to acquire Common Shares on Canadian Markets (a “Market Disruption Event”), RBC will cease acquiring Common Shares and the number of Common Shares acquired by RBC to such time will be the “Acquired Shares” for the purposes of the Program; and
(vi) notwithstanding the block purchase
exception provided for in the TSX Rules, no purchases will be made by, or on behalf of, RBC on any Canadian Markets pursuant to a pre-arranged trade.
27. Pursuant to the Program Agreement, on every
Trading Day, RBC will purchase, or have purchased on its behalf, the Number of Common
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1727
Shares. The “Number of Common Shares” will be no greater than the least of: (a) the quotient of an agreed upon daily Canadian dollar amount divided by the Discounted Price; (b) the Program Maximum less the aggregate number of Common Shares previously purchased by, or on behalf of, RBC under the Program; (c) on a Trading Day on which a Market Disruption Event occurred, the Acquired Shares; and (d) the Modified Maximum Daily Limit. The “Discounted Price” per Common Share will be equal to (i) the volume weighted average price of the Common Shares on the Trading Day on which purchases were made less an agreed upon discount, or (ii) upon the occurrence of a Market Disruption Event, the volume weighted average price of the Common Shares at the time of the Market Disruption Event less an agreed upon discount.
28. RBC will deliver to the Issuer a number of
Common Shares equal to the number of Common Shares purchased by, or on behalf of, RBC under the Program on an applicable Trading Day on the second Trading Day thereafter, and the Issuer will pay RBC the Discounted Price for each such Common Share. Each Common Share purchased by the Issuer under the Program will be cancelled upon delivery to the Issuer. The Common Shares delivered by RBC to the Issuer will be from the Inventory Shares.
29. RBC will not sell Inventory Shares to the Issuer
under the Program unless it has purchased, or had purchased on its behalf, an equivalent number of Common Shares on the Canadian Markets, and the number of Common Shares that are purchased by, or on behalf of, RBC on the Canadian Markets on a Trading Day will be equal to the Number of Common Shares for such Trading Day.
30. The Program Agreement will (a) prohibit the Issuer
from purchasing any Common Shares (other than Common Shares purchased under the Program), (b) require the Issuer to prohibit the Responsible Brokers from acquiring any Common Shares on behalf of the Issuer, (c) require the Issuer to prohibit the Plan Trustee from undertaking any Plan Trustee Purchases, and (d) require the Issuer to prohibit the designated broker under the ARP from acquiring any Common Shares on behalf of the Issuer, in each case, during the conduct of the Program by RBC and RBC DS.
31. The Program Agreement will provide that all
purchases of Common Shares under the Program by, or on behalf of, RBC will be done as if RBC were an agent of the Issuer and neither RBC nor RBC DS will engage in any hedging activity in connection with the conduct of the Program.
32. The Issuer will report its purchases of Common
Shares under the Program to the TSX in accordance with the TSX Rules. In addition,
immediately following the completion of the Program, the Issuer will: (a) report the total number of Common Shares acquired under the Program to the TSX and the Commission; and (b) file a notice on the System for Electronic Document Analysis and Retrieval (SEDAR) disclosing the number of Common Shares acquired under the Program and the aggregate dollar amount paid for such Common Shares.
33. But for the fact that the Discount Price will be at a
discount to the prevailing market price and below the prevailing bid-ask price for the Common Shares on the TSX at the time that the Issuer purchases the Common Shares from RBC, the Issuer could otherwise acquire such Common Shares through the facilities of the TSX as a “block purchase” in accordance with the block purchase exception in paragraph 629(1)7 of the TSX Rules and the exemption from the Issuer Bid Requirements that is available pursuant to subsection 101.2(1) of the Act.
34. The entering into of the Program Agreement, the
purchase of Common Shares by, or on behalf of, RBC and the sale of Common Shares by RBC to the Issuer will not adversely affect the Issuer or the rights of any of the Issuer’s security holders and it will not materially affect control of the Issuer.
35. The sale of Common Shares to the Issuer by RBC
will not be a “distribution” (as defined in the Act). 36. The Issuer will be able to acquire the Common
Shares from RBC without the Issuer being subject to the dealer registration requirements of the Act.
37. At the time that the Issuer and RBC enter into the
Program Agreement, neither the Issuer, nor any member of the Equity Finance Canada group of RBC, nor any personnel of RBC that negotiated the Program Agreement or made, participated in the making of, or provided advice in connection with, the decision to enter into the Program Agreement and sell the Common Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) with respect to the Issuer or the Common Shares that has not been generally disclosed (the “Undisclosed Information”).
38. Each of RBC and RBC DS has policies and
procedures that are designed to ensure conduct of the Program in accordance with, among other things, the Program Agreement and to preclude those persons responsible for administering the Program from acquiring any Undisclosed Information during the conduct of the Program.
AND UPON the Commission being satisfied that to do so would not be prejudicial to the public interest; IT IS ORDERED pursuant to clause 104(2)(c) of the Act that the Issuer be exempt from the Issuer Bid
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1728
Requirements in respect of the entering into of the Program Agreement and the delivery of the Inventory Shares by RBC to the Issuer pursuant to the Program, provided that:
(a) at least two clear trading days prior to the commencement of the Program, the Issuer will issue the Press Release, which will describe, among other things, the material features of the Program and disclose the Issuer’s intention to par-ticipate in the Program during the Normal Course Issuer Bid;
(b) the Program Agreement will require RBC
and its agents to abide by the NCIB Rules applicable to the Normal Course Issuer Bid, subject to clauses 26(ii) and (vi) hereof;
(c) the Program Agreement will require that
RBC and its agents maintain records of all purchases of Common Shares that are made by, or on behalf of, RBC pursuant to the Program, which will be available to the Commission and IIROC upon request;
(d) the Program Agreement will prohibit RBC
from selling Inventory Shares to the Issuer under the Program unless RBC has purchased, or had purchased on its behalf, an equivalent number of Common Shares on Canadian Markets, and the Program Agreement will provide that the number of Common Shares that are purchased by, or on behalf of, RBC on Canadian Markets on a Trading Day will be equal to the Number of Common Shares for that Trading Day;
(e) the Common Shares acquired by RBC
under the Program will be taken into account by the Issuer when calculating the maximum annual aggregate limits that are imposed upon the Normal Course Issuer Bid in accordance with the TSX Rules and those Common Shares that were purchased by or on behalf of RBC on Canadian Other Published Markets will be taken into account by the Issuer when calculating the maximum aggregate limits that are imposed upon the Issuer in accordance with the Other Published Markets Exemption;
(f) the Program Agreement will (i) prohibit
the Issuer from purchasing any Common Shares (other than Common Shares pur-chased under the Program), (ii) require the Issuer to prohibit the Responsible Brokers from acquiring any Common Shares on behalf of the Issuer, (iii) require the Issuer to prohibit the Plan Trustee from undertaking any Plan
Trustee Purchases, and (iv) require the Issuer to prohibit the designated broker under the ARP from acquiring any Common Shares on behalf of the Issuer, in each case, during the conduct of the Program by RBC and RBC DS;
(g) each purchase made by or on behalf of
RBC through the facilities of Canadian Markets pursuant to the Program shall be marked with such designation as would be required by the applicable market-place and UMIR for a trade made by an agent on behalf the Issuer;
(h) at the time that the Program Agreement
is entered into by the Issuer and RBC, the Common Shares must be “highly liquid securities”, as that term is defined in section 1.1 of OSC Rule 48-501 and section 1.1 of UMIR;
(i) at the time that the Issuer and RBC enter
into the Program Agreement, neither the Issuer, nor any member of the Equity Finance Canada group of RBC, nor any personnel of RBC that negotiated the Program Agreement or made, partici-pated in the making of, or provided advice in connection with, the decision to enter into the Program Agreement and deliver the Common Shares, will be aware of any “material change” or “material fact” (each as defined in the Act) with respect to the Issuer or the Common Shares that has not been generally disclosed; and
(j) in addition to reporting its purchases of
Common Shares under the Program to the TSX in accordance with the TSX Rules, immediately following the comple-tion of the Program, the Issuer will: (i) report the total number of Common Shares acquired under the Program to the TSX and the Commission; and (ii) file a notice on SEDAR disclosing the number of Common Shares acquired under the Program and the aggregate dollar amount paid for such Common Shares.
DATED at Toronto, Ontario, this 16th day of February, 2016. “Deborah Leckman” Commissioner Ontario Securities Commission “Christopher Portner” Commissioner Ontario Securities Commission
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1729
2.2.8 Glenn Francis Dunbar
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF GLENN FRANCIS DUNBAR
ORDER
WHEREAS: 1. On January 25, 2016, Staff (“Staff”) of the Ontario
Securities Commission (the “Commission”) filed a Statement of Allegations, in which Staff seeks an order against Glenn Francis Dunbar (“Dunbar”), pursuant to subsections 127(1) and 127(10) of the Securities Act;
2. On January 25, 2016, the Commission issued a
Notice of Hearing in respect of that Statement of Allegations, setting February 22, 2016, as the date of the hearing;
3. On February 19, 2016, Staff filed an affidavit of
service sworn by Lee Crann on February 19, 2016, describing steps taken by Staff to serve Dunbar with the Notice of Hearing, Statement of Allegations and Staff’s disclosure materials;
4. At the hearing on February 22, 2016:
a. Staff appeared before the Commission and made submissions;
b. Dunbar did not appear or make
submissions, although properly served; and
c. Staff applied to continue this proceeding
by way of a written hearing, in accor-dance with Rule 11.5 of the Commis-sion’s Rules of Procedure (2014), 37 OSCB 4168, and subsection 5.1(1) of the Statutory Powers Procedure Act, RSO 1990, c S.22; and
5. The Commission is of the opinion that it is in the
public interest to make this order. IT IS ORDERED THAT:
1. Staff’s application to continue this proceeding by way of a written hearing is granted;
2. Staff’s materials shall be served and filed
no later than March 17, 2016;
3. Dunbar’s responding materials, if any, shall be served and filed no later than April 14, 2016; and
4. Staff’s reply materials, if applicable, shall
be served and filed no later than April 28, 2016.
DATED at Toronto this 22nd day of February, 2016. “Timothy Moseley”
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1730
2.3 Orders with Related Settlement Agreements 2.3.1 Liahona Mortgage Investment Corp. et al. – ss. 127, 127.1
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF LIAHONA MORTGAGE INVESTMENT CORP.,
LIAHONA ADMINISTRATION INC., AARON RUMLEY, ROBERT RUMLEY AND
ROBERT CHAGGARES
ORDER (Sections 127 and 127.1 of the Securities Act)
WHEREAS: 1. on February 16, 2016, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing (the “Notice
of Hearing”) in relation to a Statement of Allegations filed by Staff of the Commission (“Staff”) (the “Statement of Allegations”) on February 16, 2016, in respect of Liahona Mortgage Investment Corp., Liahona Administration Inc., Aaron Rumley, Robert Rumley and Robert Chaggares (collectively, the “Respondents”);
2. the Notice of Hearing gave notice that on February 18, 2016, the Commission would hold a hearing to consider
whether it is in the public interest to approve a settlement agreement between Staff and the Respondents dated February 12, 2016 (the “Settlement Agreement”);
3. the Commission reviewed the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and
heard submissions from counsel for the Respondents and counsel for Staff; and 4. the Commission is of the opinion that it is in the public interest to make this order; IT IS ORDERED THAT:
1. the Settlement Agreement be approved; 2. pursuant to paragraph 6 of subsection 127(1) of the Securities Act (the “Act”), each of the Respondents be
reprimanded; 3. pursuant to paragraph 9 of subsection 127(1) of the Act, the Respondents shall, jointly and severally, pay to
the Commission an administrative penalty of $50,000, which is designated for allocation or for use by the Commission in accordance with subparagraphs (b)(i) or (ii) of subsection 3.4(2) of the Act; and
4. pursuant to section 127.1 of the Act, the Respondents shall, jointly and severally, pay costs in the amount of
$45,000 to the Commission. DATED at Toronto this 18th day of February, 2016. “Timothy Moseley”
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1731
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF LIAHONA MORTGAGE INVESTMENT CORP.,
LIAHONA ADMINISTRATION INC., AARON RUMLEY, ROBERT RUMLEY AND
ROBERT CHAGGARES
SETTLEMENT AGREEMENT
PART I – INTRODUCTION 1. The Ontario Securities Commission (the “Commission”) will issue a Notice of Hearing to announce that it will hold a
hearing to consider whether, pursuant to sections 127 and 127.1 of the Securities Act (the “Act”), it is in the public interest for the Commission to approve this Settlement Agreement and to make certain orders in respect of Liahona Mortgage Investment Corp. (“LMIC”), Liahona Administration Inc. (“LAI”), Aaron Rumley, Robert Rumley and Robert Chaggares (collectively, the “Respondents”).
PART II – JOINT SETTLEMENT RECOMMENDATION
2. Staff of the Commission (“Staff”) agree to recommend settlement of the proceeding commenced against the
Respondents by Notice of Hearing (the “Proceeding”) according to the terms and conditions set out in Part V of this Settlement Agreement (this “Settlement Agreement”). The Respondents agree to the making of an order in the form attached as Schedule “A” to this Settlement Agreement, based on the facts set out below.
3. For the purposes of the Proceeding, and any other regulatory proceeding commenced by a securities regulatory
authority, the Respondents agree with the facts as set out in Part III and the conclusion in Part IV of this Settlement Agreement.
PART III – AGREED FACTS
A. OVERVIEW 4. Between December 30, 2007 and February 23, 2015 (the “Material Time”), the Respondents sold approximately $20
million worth of shares in LMIC, a mortgage investment entity, to 95 investors. The Respondents did so without registering with the Commission, without filing a prospectus with the Commission, and without obtaining a prospectus receipt to qualify the sales of their securities.
5. Through these actions, the Respondents breached the registration and prospectus requirements of the Act, as they
engaged in the business of trading in LMIC securities when no registration exemption applied, and distributed LMIC shares to investors who did not qualify for prospectus-exempt distributions.
B. THE RESPONDENTS 6. LMIC was incorporated in Ontario on December 22, 2006 with a registered office in Barrie, Ontario. It is a mortgage
investment entity, as such term is defined in the CSA Staff Notice 31-323 Guidance Relating to the Registration Obligations of Mortgage Investment Entities, and lends capital for first and second residential mortgages and commercial mortgages. All of these mortgages have underlying properties in Ontario.
7. LAI is a non-reporting issuer that was incorporated in Ontario on March 31, 2005 with a registered office in Barrie,
Ontario. LAI conducts certain management and administration functions for LMIC, as specified below. 8. Robert Chaggares is the President of LMIC and LAI and a director of these entities. He is a Chartered Accountant, and
is a partner at Chaggares & Bonhomme, Chartered Professional Accountants, an accounting practice. He is a resident of Queensville, Ontario.
9. Aaron Rumley is the Secretary of LMIC and LAI and a director of these entities. He is a Chartered Accountant, and is a
partner at Rumley, Holmes LLP, an accounting practice. He is a resident of Barrie, Ontario.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1732
10. Robert Rumley is a director of LMIC, and assists in the management of LMIC’s mortgage investments and the distribution of the company’s shares. He is a resident of Barrie, Ontario, and was formerly a partner at Rumley & Associates.
C. CONDUCT AT ISSUE 11. Robert Chaggares, Aaron Rumley and Robert Rumley (collectively, the “Principals”) began operating LMIC as a
mortgage investment entity in December 2006. They received mortgage proposals from licensed brokers and evaluated the proposals based on the location and marketability of the underlying properties, as well as the creditworthiness of the underlying borrowers. After completing their due diligence process, the Principals selected certain mortgages for funding, using LMIC as their investment vehicle.
12. In December 2007, the Principals began offering preferred shares in LMIC to a number of friends, family and clients of
their accounting practices. They offered the shares at a price of $1 per share. In order to raise interest in LMIC, they actively solicited a number of prospective investors, discussing the benefits of LMIC during meetings with the prospects.
13. The Respondents also provided marketing materials to prospective investors that reviewed the characteristics of
mortgage investment entities. These marketing materials included a pamphlet titled “An Introduction to Mortgage Investment Corporations” that disclosed the terms for purchase and redemption of LMIC shares, and the nature of the underlying assets of LMIC. Beginning in 2012, the Respondents executed formal subscription agreements with investors who purchased shares in LMIC.
14. The Principals used LAI to manage and administer LMIC. Through LAI, the Principals conducted underwriting and
accounting functions for LMIC, including the due diligence review of mortgages for LMIC and the payment of dividends to LMIC’s preferred shareholders. LAI also maintained the shareholder register and shareholder files. LMIC paid LAI an annual fee of 2.25% of the dollar value of the mortgages under its administration.
15. Through this conduct, the Respondents engaged in the business of trading in LMIC securities, but they failed to register
with the Commission and failed to evaluate their investors’ needs in the manner required of registrants. Although the Respondents were aware of certain investors’ financial holdings, they did not adequately collect or consider “know-your-client” information from investors and did not examine investors’ portfolios to ensure that investments in LMIC were suitable for them.
16. The Respondents never filed a preliminary prospectus or a prospectus with the Commission and did not obtain a
prospectus receipt to qualify the sale of LMIC securities. The Respondents also did not file exempt distribution reports or pay any activity fees to the Commission within the periods mandated under the Act.
17. The Respondents ultimately sold preferred shares of LMIC having an aggregate value of $20,299,461 to 95 investors
during the Material Time. The Respondents’ sales to 12 of these investors were suitable and qualified for prospectus exemptions. Of the remaining sales:
a. the Respondents sold investments to 47 investors that were unsuitable for them, as the investments
comprised over 10 percent of each investor’s net financial assets, and thus left the investor’s portfolio over-concentrated in LMIC securities;
b. the Respondents sold investments to 18 investors that were also unsuitable for the reason specified in
subparagraph 17(a) and, in addition, did not qualify for any prospectus exemptions during the Material Time; c. the Respondents sold investments to 2 investors that did not qualify for prospectus exemptions during the
Material Time and do not qualify for any prospectus exemption at present; and d. the Respondents sold investments to 16 investors that were redeemed during the Material Time.
18. LMIC presently has 77 investors and holds mortgage loans valued at approximately $19 million. These loans are
secured by 84 first and second residential and commercial mortgages, with an average loan-to-value ratio of 72 percent. During the Material Period, the Respondents redeemed a total of $4,326,564 of investors’ shares and paid dividends totalling $3,673,565 to investors.
D. COOPERATION WITH STAFF AND OTHER MITIGATING FACTORS 19. The Respondents have never been registered in any capacity with the Commission, and had no experience with
securities registration requirements until the present matter. They were unaware that the distribution of mortgage
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1733
investment entity shares was regulated by the Act until November 2013, when they reviewed literature outlining registration requirements under the Act.
20. After the Respondents learned of their registration requirements, they engaged a compliance consulting firm to review
their activities and determine the steps necessary to apply for registration as an exempt market dealer. The Respondents subsequently applied to register Liahona Capital Inc. with the Commission as an exempt market dealer, and voluntarily reported the conduct described in paragraphs 11 through 17 above to Staff.
21. In consultation with Staff, the Respondents took the following steps to mitigate the effects of their conduct:
a. The Respondents voluntarily ceased trading shares in LMIC pending the resolution of this matter. b. The Respondents provided comprehensive information to Staff to help identify LMIC investors whose
investments posed suitability concerns and prospectus exemption concerns. c. The Respondents agreed to redeem the shares of 2 investors identified by Staff who did not qualify for any
prospectus exemptions (the “Non-Exempt Investors”), and agreed to assess 65 other investors in LMIC whose investments posed suitability and prospectus exemption concerns for Staff (the “Identified Investors”).
d. The Respondents engaged an exempt market dealer (the “EMD”) to conduct the assessment of the Identified
Investors, and offered to redeem all LMIC shares from the Identified Investors who did not qualify for a prospectus exemption or for whom the LMIC investment was unsuitable. As part of their engagement, the EMD undertook the following process:
i. The EMD conducted “know-your-client” and suitability analyses of the Identified Investors in
accordance with sections 13.2 and 13.3 of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations (“NI 31-103”).
ii. The EMD concluded that the purchase of LMIC shares was unsuitable for all 65 of the Identified
Investors. In all cases, the EMD determined this was due to the investors’ concentration of more than 10 percent of their net financial assets in their LMIC investments.
iii. The EMD met with all of the Identified Investors and advised each of them of the reasons for its
conclusion that their LMIC investments were unsuitable. The EMD also advised each investor that the Respondents were prepared to redeem their investments. In all cases, the Identified Investors acknowledged the unsuitability of their LMIC investments, but declined to redeem their preferred shares. All of the investors signed acknowledgements indicating that:
1. they had a meaningful discussion with the EMD about the unsuitability of their LMIC
investments; 2. they had been specifically advised of the reasons for the EMD’s conclusions regarding the
unsuitability of their LMIC investments; and 3. they instructed the EMD that they wished to retain their LMIC investments, in accordance
with subsection 13.3(2) of NI 31-103. iv. The EMD also concluded that 18 of the Identified Investors did not qualify for prospectus exemptions
during the Material Time. However, the EMD found that these investors currently qualified for exemptions due to the family, friends, and business associate exemption in National Instrument 45-106 Prospectus Exemptions (the “FFBA Exemption”) that became effective in Ontario on May 5, 2015.
v. After consultations with Staff, the Respondents qualified these 18 investors to retain their LMIC
investments by having them complete the Risk Acknowledgement Form for Family, Friends and Business Associate Investors pursuant to the requirements of the FFBA Exemption.
e. The Respondents filed reports on exempt distributions for trades made during the Material Time, and paid the
required Commission activity and late fees of $30,200 for their exempt distributions. f. The Respondents redeemed the shares of the two Non-Exempt Investors.
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February 25, 2016
(2016), 39 OSCB 1734
22. At all times, the Respondents cooperated fully with Staff and provided requested information about LMIC’s shareholders and distributions.
23. Staff have found no evidence of any dishonest or deceptive conduct by the Respondents. PART IV – CONTRAVENTIONS OF ONTARIO SECURITIES LAW AND CONDUCT CONTRARY TO THE PUBLIC INTEREST 24. By engaging in the conduct described in paragraphs 11 through 17 above, the Respondents admit and acknowledge
that they have breached Ontario securities law and engaged in conduct contrary to the public interest. In particular: a. The Respondents traded and engaged in, or held themselves out as engaging in, the business of trading in
securities without being registered to do so, and where no registration exemption was available, contrary to subsection 25(1) of the Act;
b. The Respondents distributed securities where no preliminary prospectus or prospectus was issued or
receipted under the Act, and where no prospectus exemption was available, contrary to section 53 of the Act; c. The Respondents failed to file required exempt distribution reports within the period mandated by National
Instrument 45-106 – Prospectus Exemptions; d. The Respondents failed to pay required activity fees within the period mandated by Rule 13-502; and e. The Principals, as directors and officers of the corporate Respondents, authorized, permitted or acquiesced in
the breaches set out above, and, in so doing, are deemed to have not complied with Ontario securities laws, pursuant to section 129.2 of the Act.
PART V – TERMS OF SETTLEMENT
25. The Respondents agree to the order in the form attached as Schedule “A” to this Settlement Agreement, to be made by
the Commission pursuant to subsection 127(1) and section 127.1 of the Act, the terms of which include that: a. the Settlement Agreement be approved; b. pursuant to paragraph 6 of subsection 127(1) of the Act, each of the Respondents be reprimanded; c. pursuant to paragraph 9 of subsection 127(1) of the Act, the Respondents shall, jointly and severally, pay to
the Commission an administrative penalty of $50,000, which is designated for allocation or for use by the Commission in accordance with subparagraphs (b)(i) or (ii) of subsection 3.4(2) of the Act; and
d. pursuant to section 127.1 of the Act, the Respondents shall, jointly and severally, pay costs in the amount of
$45,000 to the Commission.
26. The Respondents agree to attend in person or by phone at the hearing before the Commission to consider this Settlement Agreement.
27. The Respondents agree to make the payments specified in subparagraphs 25 (c) and (d) by certified cheque prior to
the issuance of any Commission order approving this Settlement Agreement. 28. The voluntary cease trade in respect of LMIC securities shall terminate on the date of the Commission’s order
approving this Settlement Agreement, and any subsequent trades of securities of LMIC will be made through or to a dealer registered under the Act in a category that permits such trade, or by the Respondents directly only if and when registered to conduct such trades.
29. The Respondents acknowledge that failure to pay in full any monetary sanctions and/or costs ordered will result in the
Respondents’ names being added to the list of “Respondents Delinquent in Payment of Commission Orders” published on the Commission website.
30. The Respondents acknowledge that this Settlement Agreement and proposed Order may form the basis for parallel
orders in other jurisdictions in Canada. The securities laws of some other Canadian jurisdictions may allow orders made in this matter to take effect in those other jurisdictions automatically, without further notice to the Respondents. The Respondents agree to contact the securities regulator of any other jurisdiction in which they may intend to engage in any securities-related activities, prior to undertaking such activities.
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February 25, 2016
(2016), 39 OSCB 1735
PART VI – STAFF COMMITMENT 31. If the Commission approves this Settlement Agreement, Staff will not commence or continue any proceeding against
the Respondents under Ontario securities law in relation to the facts set out in Part III of this Settlement Agreement, subject to the provisions of paragraph 32 below.
32. If the Commission approves this Settlement Agreement and the Respondents fail to comply with any of the terms of
this Settlement Agreement, Staff may bring proceedings under Ontario securities law against the Respondents. These proceedings may be based on, but will not be limited to, the facts set out in Part III of this Settlement Agreement as well as the breach of this Settlement Agreement. The Respondents agree that they will waive any defences to proceedings referenced in this paragraph that are based on the limitations period available under the Act.
PART VII – PROCEDURE FOR APPROVAL OF SETTLEMENT
33. The parties will seek approval of this Settlement Agreement at a public hearing before the Commission to be conducted
according to the procedures set out in this Settlement Agreement and the Commission’s Rules of Procedure. 34. This Settlement Agreement will form all of the agreed facts that will be submitted at the settlement hearing on the
Respondents’ conduct, unless the parties agree that additional facts should be submitted at the settlement hearing. 35. If the Commission approves this Settlement Agreement, the Respondents irrevocably waive all right to a full hearing,
judicial review or appeal of this matter under the Act. 36. If the Commission approves this Settlement Agreement, neither Staff nor the Respondents will make any public
statement that is inconsistent with this Settlement Agreement or with any additional agreed facts submitted at the settlement hearing.
37. Whether or not the Commission approves this Settlement Agreement, the Respondents will not use, in any proceeding,
this Settlement Agreement or the negotiation or process of approval of this Settlement Agreement as the basis for any attack on the Commission’s jurisdiction, alleged bias, alleged unfairness, or any other remedies or challenges that may otherwise be available.
PART VIII – DISCLOSURE OF SETTLEMENT AGREEMENT
38. If the Commission does not approve this Settlement Agreement or does not make an order in the form attached as
Schedule “A” to this Settlement Agreement: a. This Settlement Agreement and all discussions and negotiations between Staff and the Respondents before
the settlement hearing takes place will be without prejudice to Staff and the Respondents; and b. Staff and the Respondents will each be entitled to all available proceedings, remedies and challenges,
including proceeding to a hearing on the merits of the allegations contained in the Statement of Allegations of Staff in this matter. Any such proceedings, remedies and challenges will not be affected by this Settlement Agreement, or by any discussions or negotiations relating to this Settlement Agreement.
39. Both Staff and the Respondents will keep the terms of this Settlement Agreement confidential until the Commission
approves this Settlement Agreement. Any obligations of confidentiality shall terminate upon the commencement of the public settlement hearing. If, for whatever reason, the Commission does not approve this Settlement Agreement, the terms of this Settlement Agreement shall remain confidential indefinitely, unless Staff and the Respondents otherwise agree or except as may be required by law.
PART IX – EXECUTION OF SETTLEMENT AGREEMENT
40. This Settlement Agreement may be signed in one or more counterparts which, together, constitute a binding
agreement. 41. A facsimile copy or other electronic copy of any signature will be as effective as an original signature.
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1736
Dated as of this 12th day of February, 2016. “Robert Chaggares” “Jill McKee” Robert Chaggares [Name] Witness Dated as of this 12th day of February, 2016. “Aaron Rumley” “Patricia Shank” Aaron Rumley [Name] Witness Dated as of this 12th day of February, 2016. “Robert Rumley” “Patricia Shank” Robert Rumley [Name] Witness Dated as of this 12th day of February, 2016. “Aaron Rumley” “Patricia Shank” [Name] [Name] For Liahona Mortgage Investment Corp. Witness and Liahona Administration Inc. Dated as of this 12th day of February, 2016. “Tom Atkinson” Tom Atkinson Director, Enforcement Branch
Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1737
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5
AND
IN THE MATTER OF LIAHONA MORTGAGE INVESTMENT CORP.,
LIAHONA ADMINISTRATION INC., AARON RUMLEY, ROBERT RUMLEY AND
ROBERT CHAGGARES
ORDER (Sections 127 and 127.1 of the Securities Act)
WHEREAS: 1 on February __, 2016, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing (the “Notice
of Hearing”) in relation to a Statement of Allegations filed by Staff of the Commission (“Staff”) (the “Statement of Allegations”) on February __, 2016, in respect of Liahona Mortgage Investment Corp., Liahona Administration Inc., Aaron Rumley, Robert Rumley and Robert Chaggares (collectively, the “Respondents”);
2. the Notice of Hearing gave notice that on February ___, 2016, the Commission would hold a hearing to consider
whether it is in the public interest to approve a settlement agreement between Staff and the Respondents dated February ___, 2016 (the “Settlement Agreement”);
3. the Commission reviewed the Settlement Agreement, the Notice of Hearing and the Statement of Allegations, and
heard submissions from counsel for the Respondents and counsel for Staff; and 4. the Commission is of the opinion that it is in the public interest to make this order; IT IS ORDERED THAT:
1. the Settlement Agreement be approved; 2. pursuant to paragraph 6 of subsection 127(1) of the Securities Act (the “Act”), each of the Respondents be
reprimanded; 3. pursuant to paragraph 9 of subsection 127(1) of the Act, the Respondents shall, jointly and severally, pay to
the Commission an administrative penalty of $50,000, which is designated for allocation or for use by the Commission in accordance with subparagraphs (b)(i) or (ii) of subsection 3.4(2) of the Act; and
4. pursuant to section 127.1 of the Act, the Respondents shall, jointly and severally, pay costs in the amount of
$45,000 to the Commission. DATED at Toronto this ____ day of February, 2016. ________________________________
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(2016), 39 OSCB 1738
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Chapter 3
Reasons: Decisions, Orders and Rulings 3.1 OSC Decisions 3.1.1 CI Investments Inc.
IN THE MATTER OF THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CI INVESTMENTS INC.
ORAL RULING AND REASONS
Hearing: February 10, 2016
Oral Ruling: February 10, 2016
Panel: Christopher Portner D. Grant Vingoe AnneMarie Ryan
– – –
Commissioner and Chair of the Panel Vice-Chair Commissioner
Appearances: Pamela Foy – For Staff of the Commission
Sheila A. Murray Jessica Kimmel Matthew Scott
– For CI Investments Inc.
ORAL RULING AND REASONS
The following ruling and reasons have been prepared for the purpose of publication in the Ontario Securities Commission Bulletin and are based on portions of the transcript of the hearing. The excerpts from the transcript have been edited and supplemented and the text has been approved by the Chair of the Panel for the purpose of providing a public record of the oral ruling and reasons. Chair of the Panel: [1] CI Investments Inc. (“CII”) is registered with the Ontario Securities Commission (the “Commission”) in a number of
categories, including as an Investment Fund Manager and Portfolio Manager. In June 2015, CII self-reported to Staff of the Commission (“Staff”) the alleged understatement of the net asset value (“NAV”) of certain of its mutual funds for a period of over five years. The alleged understatement arose from unrecorded interest in the approximate aggregate amount of $156.1 million (the “Interest”) that had accumulated between December 2009 and June 2015 in bank accounts set up by seven of CII’s mutual funds (the “Forward Funds”). Although the Interest was accrued, it was not recorded as an asset in the accounts of the respective Forward Funds and not included in the calculation of their respective NAVs. As a result, the NAV of each Forward Fund, and any fund that invested in the Forward Funds (the “Affected Funds”), was understated for several years and unitholders bought and redeemed units at an understated value.
[2] In its Statement of Allegations dated February 5, 2016, Staff has alleged, among other things, that CII’s failure to
ensure that the Interest was recorded and included in the NAV calculation of the Forward Funds resulted from inadequacies in CII’s system of controls and supervision (the “Forward Fund Control and Supervision Inadequacy”) and that such failure constituted a breach of section 11.1 of National Instrument 31-103 – Registration Requirements, Exemptions and Ongoing Registrant Obligations.
Reasons: Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1740
[3] Staff and CII have agreed to enter into the settlement agreement dated February 5, 2016 (the “Settlement Agreement”) which is before us today pursuant to which CII neither admits nor denies the accuracy of the facts or conclusions of Staff which Staff has summarized in the Settlement Agreement.
[4] The Panel must determine whether it would be in the public interest to approve the Settlement Agreement which is
intended to resolve and dispose of the current proceeding. In doing so, the Panel must take into account the mandate of the Commission set out in section 1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), which is to protect investors from unfair, improper or fraudulent practices and foster fair and efficient capital markets and confidence in those markets.
[5] In determining whether it would be in the public interest to approve the Settlement Agreement, the Panel held a
confidential settlement conference with Staff and CII for the purpose of better understanding CII’s system of controls and supervision in the context of Staff’s allegations and Staff’s assertion in the Settlement Agreement that CII has implemented changes to its systems of internal controls and supervision to address the Forward Fund Control and Supervision Inadequacy. The Panel also considered the four settlement agreements in which the respondents did not make any admissions respecting facts or that they contravened Ontario securities law or acted contrary to the public interest which Staff has previously recommended to the Commission for approval pursuant to OSC Staff Notice 15-702 – Revised Credit for Cooperation Program, (2014) 37 O.S.C.B. 2583.
[6] Having considered the terms of the Settlement Agreement and the submissions of the parties, the Panel takes note, in
particular, of the following: (a) CII provided prompt, detailed and candid co-operation to Staff during Staff’s investigation of the alleged
Forward Fund Control and Supervision Inadequacy, and to the Panel during the confidential settlement conference with Staff and CII;
(b) Although Staff has alleged that there had been previous opportunities for the identification of the Forward
Fund Control and Supervision Inadequacy and the existence of the Interest, once appropriately elevated within the organization, CII promptly self-reported the matter to Staff;
(c) The Interest has, at all times, remained in bank accounts established for the Forward Funds and has never
been co-mingled with assets of CII; (d) When self-reporting to Staff, CII indicated its intention, to the extent possible, to put former and current
investors in the Affected Funds who purchased units prior to May 31, 2015 back into the economic position they would have been in if the matter had not occurred;
(e) Pursuant to the Settlement Agreement, CII will pay an amount equal to the Interest without the deduction of
any management and administrative fees, and other compensation, to the Affected Investors, in accordance with a plan submitted by CII to Staff and reviewed by the Panel (the “Compensation Plan”);
(f) CII has also agreed to make a voluntary payment to the Commission in the amount of $8,000,000 to advance
the Commission’s mandate of protecting investors and fostering fair and efficient capital markets and has also agreed to pay Staff’s costs in the amount of $50,000;
(g) The Affected Investors who redeemed their units prior to February 29, 2016 will receive an amount in respect
of the time value of money that they will be receiving calculated at a simple rate of interest of 3% per annum; (h) The Compensation Plan sets out the details of the steps that CII will undertake to locate Affected Investors
and address Affected Investor inquiries through an escalation process; (i) Staff is not aware of any other instance of a Forward Fund Control and Supervision Inadequacy and CII has
developed and, on its own initiative, is implementing procedures and controls as well as supervisory and monitoring systems designed to enhance CII’s control and supervision procedures; and
(j) Staff does not allege and has found no evidence of dishonest or intentional misconduct by CII.
[7] Although the Compensation Plan has not been filed by the parties with the Settlement Agreement, the Panel is satisfied that the Settlement Agreement, which governs in the event of any conflict with the Compensation Plan, sets out the relevant terms of the settlement. There may be circumstances in the future that would warrant the inclusion of any compensation plan with the settlement agreement submitted to the Commission for approval, however, we do not consider it essential in this matter.
Reasons: Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1741
[8] For the foregoing reasons, we have concluded that it would be in the public interest for us to approve the Settlement Agreement which we will do by issuing the order in the form attached to the Settlement Agreement filed by the parties.
Approved by the Chair of the Panel on the 22nd day of February, 2016. “Christopher Portner”
Reasons: Decisions, Orders and Rulings
February 25, 2016
(2016), 39 OSCB 1742
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Chapter 4
Cease Trading Orders 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders
Company Name Date of Temporary Order
Date ofHearing
Date of Permanent Order
Date ofLapse/Revoke
THERE IS NOTHING TO REPORT THIS WEEK. Failure to File Cease Trade Orders
Company Name Date of Order Date of Revocation
Danier Leather Inc. 17 February 2016
4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name Date of Order or
Temporary Order
Date ofHearing
Date ofPermanent
Order
Date of Lapse/ Expire
Date ofIssuer
Temporary Order
Cerro Grande Mining Corporation
4 February 2016 17 February 2016 17 February 2016
West Red Lake Gold Mines Ltd.
24 December 2015 6 January 2016 6 January 2016 19 February 2016
4.2.2 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 ofIssuer
Temporary Order
Boomerang Oil, Inc. 29 January 2016 10 February 2016 10 February 2016
Cerro Grande Mining Corporation
4 February 2016 17 February 2016 17 February 2016
Enerdynamic Hybrid Technologies Corp.
4 November 2015 16 November
2015 16 November 2015
Enerdynamic Hybrid Technologies Corp.
22 October 2015 4 November 2015 4 November 2015
Enerdynamic Hybrid Technologies Corp.
15 October 2015 28 October 2015 28 October 2015
Starrex International Ltd.
30 December 2015 11 January 2016 11 January 2016
Tango Mining Limited 7 January 2016 20 January 2016 20 January 2016
West Red Lake Gold Mines Inc.
24 December 2015 6 January 2016 6 January 2016 19 February
2016
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(2016), 39 OSCB 1744
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Chapter 5
Rules and Policies 5.1.1 CSA Notice of Amendments to Early Warning System – Amendments to MI 62-104 Take-Over Bids and Issuer
Bids, NI 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, and Changes to NP 62-203 Take-Over Bids and Issuer Bids
CSA Notice of Amendments to Early Warning System
Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids
and National Instrument 62-103 The Early Warning System and
Related Take-Over Bid and Insider Reporting Issues and
Changes to National Policy 62-203 Take-Over Bids and Issuer Bids February 25, 2016 Introduction The Canadian Securities Administrators (the CSA or we) are adopting amendments and making changes, as applicable, to certain provisions forming part of the early warning system in the following:
• Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids (MI 62-104), • National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting
Issues (NI 62-103), and • National Policy 62-203 Take-Over Bids and Issuer Bids (NP 62-203) (collectively, the Amendments).
We are publishing the text of the Amendments concurrently with this notice. Currently, the regime governing early warning reporting is contained within MI 62-104, NI 62-103 and NP 62-203 in all jurisdictions of Canada, except Ontario. In Ontario, substantively harmonized requirements for early warning reporting are set out in Part XX of the Securities Act (Ontario) (the Ontario Act), Ontario Securities Commission Rule 62-504 Take-Over Bids and Issuer Bids (the Ontario Rule), as well as NI 62-103. In Ontario, legislative amendments were made to the Ontario Act to accommodate the adoption of MI 62-104 in Ontario, as amended by the Amendments and the Bid Amendments (as defined below), such amended instrument, NI 62-104. These legislative amendments will come into effect upon proclamation by the Lieutenant Governor of Ontario. The repeal of the Ontario Rule and the related consequential amendments and changes necessary to facilitate the adoption of NI 62-104 in Ontario are referred to as the Harmonization. In addition, we are also concurrently adopting amendments and changes to the regime governing the conduct of take-over bids (collectively, the Bid Amendments), which amendments and changes are set out in the CSA Notice of Amendments to Take-Over Bid Regime dated February 25, 2016 (the Bid Amendments Notice). In some jurisdictions, Ministerial approval is required for these amendments and changes. Except in Ontario, provided all necessary approvals are obtained, the Amendments and Bid Amendments will come into force on May 9, 2016. In Ontario, NI 62-104, and amendments and changes related to the Harmonization will come into force on the later of (a) May 9, 2016, and (b)
Rules and Policies
February 25, 2016
(2016), 39 OSCB 1746
the day on which certain sections of Schedule 18 of the Budget Measures Act, 2015 (Ontario) are proclaimed into force. Please refer to Annex N to the version of the Bid Amendments Notice published in Ontario for more information. Substance and Purpose The Amendments will provide greater transparency about significant holdings of reporting issuers’ securities under the early warning system. They are intended to enhance the quality and integrity of the early warning system in a manner that is suitable for the Canadian public capital markets. The Amendments will:
• require disclosure of decreases in ownership, control or direction of 2% or more; • require disclosure when a securityholder’s ownership, control or direction falls below the early warning
reporting threshold; • exempt lenders from including securities lent or transferred for the purposes of determining the early warning
reporting threshold trigger if they lend securities pursuant to a specified securities lending arrangement; • exempt borrowers under securities lending arrangements from including securities borrowed for the purposes
of determining the early warning reporting threshold trigger in certain circumstances; • make the alternative monthly reporting (AMR) system unavailable to eligible institutional investors (EIIs) who
solicit proxies from securityholders in certain circumstances; • require disclosure in the early warning report of an interest in a related financial instrument, a securities
lending arrangement and other agreement, arrangement or understanding in respect of a security of the class of securities for which disclosure is required;
• enhance the disclosure in the early warning report by requiring more detailed information regarding the
intentions of the acquiror and the purpose of the transaction; • require the early warning report to be certified and signed; • clarify the timeframe to issue and file a news release and an early warning report; and • further streamline the information required in a news release filed in connection with the early warning
reporting requirements.
The Amendments will also clarify the current application of early warning reporting requirements to certain derivative arrangements and to securities lending arrangements. Background On March 13, 2013, the CSA published for comment proposed changes to the early warning system in Canada by publishing proposed amendments and changes to MI 62-104, NI 62-103 and NP 62-203 (the Proposed Amendments). The purpose of the Proposed Amendments was to address concerns raised by a number of market participants regarding the level of transparency of significant holdings of reporting issuers’ securities. In particular, the Proposed Amendments responded to concerns that the reporting threshold of 10% was too high and that disclosure in early warning reports filed in Canada was inadequate. The Proposed Amendments contemplated a lower early warning reporting threshold of 5%, disclosure of decreases in ownership of 2% or more, disclosure if a securityholder’s ownership percentage fell below the reporting threshold and enhanced disclosure in early warning news releases and reports. We also proposed changes in relation to the disclosure of certain hidden ownership1 and empty voting2 arrangements. Furthermore, we proposed that EIIs that solicit proxies on matters relating to the election of directors or certain corporate actions involving an issuer’s securities be disqualified from the AMR system.
1 This refers to the strategy by which an investor can accumulate a substantial economic position in an issuer without public disclosure and
then potentially convert such position into voting securities in time to exercise a vote. 2 This refers to the situation by which an investor, through derivatives or securities lending arrangements, holds voting rights in an issuer and
can possibly influence the outcome of a shareholder vote, although the investor may not have an equivalent economic stake in the issuer.
Rules and Policies
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Summary of Written Comments Received by the CSA During the comment period, the CSA received 71 comment letters from various market participants. We have considered the comments received and thank all of the commenters for their input. The names of commenters are contained in Annex A of this notice and a summary of their comments, together with our responses, are contained in Annex B of this notice. Summary of Changes since Publication for Comment On October 10, 2014, we published an update on the Proposed Amendments in CSA Notice 62-307 Update on Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids, National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues and National Policy 62-203 Take-Over Bids and Issuer Bids. As indicated in that notice, after considering the comments received and following further reflection and analysis, the CSA have determined not to proceed with certain of the Proposed Amendments. We have also made revisions to certain of the Proposed Amendments. As these changes are not material, we are not republishing the Amendments for a further comment period. The following is a summary of the key changes that were made to the Proposed Amendments. (a) Reporting Threshold We originally proposed to reduce the early warning reporting threshold from 10% to 5%. We considered this lower reporting threshold to be appropriate because information regarding the accumulation of significant blocks of securities can be relevant for a number of reasons in addition to signaling a potential take-over bid for the issuer. However, a majority of commenters raised various concerns about potential unintended consequences of reducing the early warning reporting threshold from 10% to 5% in light of the unique features of the Canadian public capital markets, including the large number of smaller issuers as well as limited liquidity. These commenters noted the potential risks of reducing access to capital for smaller issuers, hindering investors’ ability to rapidly accumulate or reduce large ownership positions in the normal course of their investment activities, decreased market liquidity, and increased compliance costs. Taking into account these concerns, we have concluded that it is not appropriate at this time to proceed with this proposal. We are of the view that the intended benefits of the enhanced transparency are outweighed by the potential negative impacts of implementing the lower reporting threshold. A number of commenters also suggested that the lower reporting threshold should not apply to certain issuers or certain investors. As a result, the CSA explored alternatives for creating a reduced early warning reporting threshold for only a sub-group of issuers or investors. In considering the policy rationale for the early warning system, the complexity of applying a lower threshold to only certain issuers or investors and the associated compliance burden, we concluded that the reporting threshold should remain at 10% for all issuers and investors. (b) AMR Regime We originally proposed to make the AMR regime unavailable for an EII who solicits, or intends to solicit, proxies from securityholders of a reporting issuer on matters relating to the election of directors or a reorganization, amalgamation, merger, arrangement or similar corporate action involving the securities of the reporting issuer. We considered that an EII actively engaging with the securityholders of a reporting issuer on such matters should not be eligible to use the AMR regime. A number of commenters requested that we clarify the scope of the new disqualification criteria. In response, we have specified in the Amendments that the term “solicit” has the same meaning as defined in National Instrument 51-102 Continuous Disclosure Obligations. That definition identifies certain activities as constituting “solicitation” activities but also specifically excludes other activities from the scope of the definition, including, subject to conditions, a public announcement of how a securityholder intends to vote and communications to other securityholders concerning the business and affairs of the issuer where no form of proxy is sent. We have also removed the concept of “intends to solicit” to avoid uncertainty as to the application of the disqualification criteria. We have further revised the Proposed Amendments to more specifically state that the AMR regime is unavailable for an EII who solicits proxies from securityholders so as to contest director elections or a reorganization, amalgamation, merger, arrangement or similar corporate actions involving the securities of the reporting issuer. The disqualification criteria in the original proposal more generally encompassed solicitations “in relation to” director elections and those types of corporate actions. As a result of the Amendments, in a board-related contest, if the EII solicits proxies in support of a director nominee other than the persons proposed by management, then the AMR regime is unavailable for that EII. Similarly, in a transaction-related contest, if the EII is
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soliciting proxies in support of a corporate action not supported by management or in opposition to a corporate action recommended by management, the AMR regime will be unavailable for that EII. (c) Derivatives We originally proposed to include “equity equivalent derivatives” for the purposes of determining whether an early warning reporting obligation is triggered. The “equity equivalent derivative” concept would have captured derivatives that substantially replicate the economic consequences of ownership. We believed that it was appropriate to change the scope of the early warning system in this way to ensure proper transparency of securities ownership interests in light of the increased use of derivatives by investors. However, a number of commenters submitted that there is no clear evidence to suggest that derivatives are used in Canada as a means to accumulate substantial economic positions in issuers without public disclosure to exert influence over the issuers or voting outcomes. Instead, these commenters contended that investors use derivatives for risk management purposes or as part of a trading strategy. Some commenters also expressed concern that the inclusion of “equity equivalent derivatives” within the early warning threshold calculation would create a significant compliance burden. The commenters cautioned that this change may render the early warning threshold calculation unduly complex and onerous for investors and, moreover, would not provide relevant information to the market. In light of the CSA’s consideration of these concerns, we have concluded that it is not appropriate at this time to proceed with this proposal. Instead, we have provided new guidance regarding certain derivative arrangements that may be captured under the early warning system. Specifically, we have added guidance in NP 62-203 regarding the circumstances under which an investor may have to include in the early warning threshold calculation an equity swap or similar derivative arrangement. This could occur when the investor has the ability, formally or informally, to obtain the voting or equity securities or to direct the voting of voting securities held by any counterparties to the transaction. (d) Securities Lending The Amendments provide an exemption for lenders from the early warning reporting trigger for securities transferred or lent pursuant to a “specified securities lending arrangement”. We did not, however, originally propose an exemption for persons that borrow securities under a securities lending arrangement. We believed that securities borrowing could give rise to “empty voting” situations and that it was appropriate to include such positions within the early warning calculation when determining if the disclosure requirements are triggered. A number of commenters suggested that an exemption from including borrowed securities for the purposes of determining the early warning reporting threshold trigger should be available for borrowers in the context of short selling. We acknowledge that generally persons borrowing securities in the ordinary course of short selling activities are doing so for commercial or investment purposes and not with a view of influencing voting or intending to vote the borrowed securities and, as such, these short selling activities ought to not give rise to empty voting concerns. Therefore, we have introduced a new exemption for borrowers from the early warning reporting threshold trigger. The exemption is subject to certain conditions, including that the borrowed securities are disposed of by the borrower within 3 business days and that the borrower does not intend to vote and does not vote the securities. We have also provided guidance to clarify the application of this new exemption. We have not changed the Proposed Amendments to remove the carve-out from disclosure of lending arrangements in early warning reports. As a result, securities lending arrangements in effect at the time of a reportable transaction must be disclosed in the report even if the triggering transaction did not involve a securities lending arrangement. (e) Enhanced Disclosure The Amendments require detailed disclosure in the early warning report in relation to the class of securities in respect of which the report is required to be filed. The Amendments also require disclosure about the material terms of related financial instruments, any securities lending arrangement and other agreements, arrangements or understandings involving the securities. We have clarified that disclosure of the material terms of such agreements, arrangements or understandings are not intended to capture proprietary or commercially-sensitive information as such information is not relevant to the ownership of, control or direction over, voting or equity securities. We believe that the enhanced scope of the disclosure requirements will result in more comprehensive disclosure about the acquiror’s economic and voting interests in the class of securities of the reporting issuer for which the report is filed and address the transparency concerns associated with these types of agreements, arrangements and understandings.
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(f) Other Changes The Amendments clarify that an early warning news release must be issued and filed no later than the opening of trading on the next business day (rather than simply “promptly”). In addition, the Amendments provide for further streamlining of the news release content by permitting the news release to make reference to the early warning report for specified further details. This change is intended to reduce the compliance burden for investors. We originally proposed to repeal the accelerated early warning reporting provisions during a take-over bid which require disclosure of acquisitions by a party other than the offeror at the 5% level. Since we are not reducing the early warning reporting threshold from 10% to 5%, we are retaining this requirement. Local Matters Annex F is being published in any local jurisdiction that is making related changes to local securities laws, including local notices or other policy instruments in that jurisdiction. It also includes any additional information that is relevant to that jurisdiction only. Contents of Annexes The following annexes form part of this notice:
Annex A – Names of Commenters Annex B – Summary of Comments and CSA Responses Annex C – Amendments to MI 62-104 Annex D – Changes to NP 62-203 Annex E – Amendments to NI 62-103 Annex F – Local Matters
Questions Please refer your questions to any of the following: Ontario Securities Commission Naizam Kanji Director Office of Mergers & Acquisitions Ontario Securities Commission (416) 593-8060 [email protected] Jason Koskela Senior Legal Counsel Office of Mergers & Acquisitions Ontario Securities Commission (416) 595-8922 [email protected] Adeline Lee Legal Counsel Office of Mergers & Acquisitions Ontario Securities Commission (416) 595-8945 [email protected]
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Autorité des marchés financiers Michel Bourque Senior Policy Adviser Autorité des marchés financiers (514) 395-0337, ext. 4466 Toll free: 1 (877) 525-0037 [email protected] Diana D’Amata Senior Policy Adviser Autorité des marchés financiers (514) 395-0337, ext. 4386 Toll free: 1 (877) 525-0037 [email protected] Livia Alionte Analyst, Continuous Disclosure Autorité des marchés financiers (514) 395-0337, ext. 4336 Toll free: 1 (877) 525-0037 [email protected] British Columbia Securities Commission Gordon Smith Acting Manager, Legal Services British Columbia Securities Commission (604) 899-6656 Toll free across Canada: 1 (800) 373-6393 [email protected] Alberta Securities Commission Lanion Beck Senior Legal Counsel Corporate Finance Alberta Securities Commission (403) 355-3884 [email protected] Tracy Clark Senior Legal Counsel Corporate Finance Alberta Securities Commission (403) 355-4424 [email protected] Financial and Consumer Affairs Authority of Saskatchewan Sonne Udemgba Deputy Director, Legal, Securities Division Financial and Consumer Affairs Authority of Saskatchewan (306) 787-5879 [email protected] Manitoba Securities Commission Chris Besko Director, General Counsel Manitoba Securities Commission (204) 945-2561 [email protected]
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ANNEX A
NAMES OF COMMENTERS
Addenda Capital Inc. AGF Investments Inc. Agrium Inc. Aimia Inc. Alberta Investment Management Corporation (AIMCo) Baytex Energy Corp. BC Investment Management Corporation (bcIMC) BluMont Capital Corporation Bombardier Inc. Borden Ladner Gervais LLP Boughton Law Bridgehouse Asset Managers Cadman Resources Inc. Caisse de dépôt et placement du Québec Cameco Corporation Canadian Bankers Association Canadian Coalition for Good Governance (CCGG) Canadian Investor Relations Institute (CIRI) Canadian Oil Sands Limited Canadian Securities Lending Association (CASLA) Carlisle Goldfields Limited CI Investments CIBC CNSX Markets Inc. Colossus Minerals Inc. Council of Institutional Investors (CII) Crescent Point Energy Corp Dentons Canada LLP Fasken Martineau DuMoulin LLP Fiore Management & Advisory Corp. Fonds de solidarité FTQ Grand Peak Capital Corp. Grenville Gold Corp. Independent Accountants’ Investment Counsel Inc. (IAIC) Investment Funds Institute of Canada (IFIC) Investment Industry Association of Canada (IIAC) Innovative Properties Inc. Institute of Corporate Directors International Swaps and Derivatives Association, Inc. (ISDA) Invesco Canada Ltd. Lucky Minerals Inc. Mackie Research Capital Corporation Managed Funds Association (MFA) and Alternative Investment Management Association Limited (AIMA) McCarthy Tétrault LLP Mercator Minerals Ltd. Metro Inc. Noranda Income Fund Nordion Inc. Norton Rose Fulbright Canada LLP Ontario Teachers’ Pension Plan (Teachers’) Osler, Hoskin & Harcourt LLP Pension Investment Association of Canada (PIAC) Periscope Capital Inc. Phoenix Strategies Portfolio Management Association of Canada (PMAC) Prospectors & Developers Association of Canada (PDAC) PSP Investments RBC Global Asset Management Rainy River Resources Ltd.
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Rene Sorell Scavo Resource Corp. Smoothwater Capital Corporation SNC Lavalin Group Inc. Stikeman Elliott LLP Telus Corporation The Canadian Advocacy Council for Canadian CFA Institute Societies The Churchill Corporation The Descartes Systems Group Inc. TMX Group Limited Veresen Inc.
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ANNEX B
SUMMARY OF COMMENTS AND CSA RESPONSES The CSA received 71 comment letters in response to the Proposed Amendments to the early warning system that were published for comment on March 13, 2013 (the “2013 CSA Notice”). This Summary of Comments and CSA Responses (the “Summary”) is structured to reflect the fact that commenters provided general comments on the Proposed Amendments and/or responses to the specific questions in the 2013 CSA Notice. General comments on the Proposed Amendments are summarized in “Part A – General Comments”. Comments in response to the specific questions in the 2013 CSA Notice are summarized in “Part B – Specific Questions”. In some cases, the substance of the comments in “Part A – General Comments” and “Part B – Specific Questions” overlap with each other. In those instances, we have provided a cross-reference to the related group of comments.
Subject Summarized Comments CSA Responses
Part A – General Comments
(1) General Comments on Proposed Amendments
Support for the Proposed Amendments
Thirty-three commenters generally supported the Proposed Amendments to enhance market transparency.
We acknowledge these comments of general support for the Proposed Amendments. The CSA have revised certain elements of the proposals and, while the Amendments are not as extensive as the Proposed Amendments, we consider that the Amendments will enhance the quality and integrity of the early warning reporting regime in a manner that is appropriate for the Canadian public capital markets.
Opposition to the Proposed Amendments
Seventeen commenters raised various concerns about potential unintended consequences of certain Proposed Amendments. Their concerns included the following:
• material reduction of the capital available to smaller issuers;
• negative impact on capital markets in general, passive investors and other market participants;
• substantial change in reporting practices; • benefits from greater transparency would
be outweighed by the costs associated with the Proposed Amendments.
We acknowledge these comments of opposition. Although we anticipated that the Proposed Amendments would result in increased compliance costs and other impacts, the comment process has raised significant concerns as to whether the benefits to be gained by increased transparency would indeed outweigh the potential costs. As a result, and also considering various concerns raised by commenters about potential unintended consequences of certain of the Proposed Amendments, the CSA have determined not to proceed with certain of the Proposed Amendments.
(2) Reduction of Early Warning Reporting Threshold from 10% to 5%
Support for the reduced reporting threshold
Twenty commenters indicated their general support for a lower beneficial ownership reporting threshold of 5%. Three commenters noted, in particular, that their support for the 5% reporting threshold was based on a need for modernization of the regime and the
We thank the commenters for their input. The purpose of the proposal to reduce the reporting threshold from 10% to 5% was to provide greater transparency about significant
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ability of issuers to have more visibility into the shareholder base. One commenter expressed support for the 5% threshold only if the eligibility criteria to be an EII and use the AMR are amended as proposed. Two commenters supported the proposed 5% threshold specifically because it would appear to be consistent with the reporting thresholds prescribed by major foreign jurisdictions.
holdings of reporting issuers’ securities under the early warning system. However, the lack of overall support for the proposal and the various concerns raised by a majority of commenters about potential unintended consequences of the lower reporting threshold has led the CSA to re-consider this proposal. Some factors that we considered were the:
• unique features of the Canadian market, including the large number of smaller issuers and the limited liquidity;
• risk of reducing access to capital for smaller issuers;
• potential of hindering an investor’s ability to rapidly accumulate or reduce a large position;
• possibility of signalling investment strategies to the market; and
• potential benefits of the greater transparency being outweighed by the potential negative impacts of implementing the lower reporting threshold.
In light of the CSA’s consideration of these factors, we have concluded that it is not appropriate at this time to reduce the reporting threshold. We consider that the enhanced disclosure requirements provided in the Amendments, combined with the standards of the current early warning regime, will improve the quality and integrity of the regime in a manner that is suitable for the Canadian market.
Opposition to the reduced reporting threshold
Twenty four commenters were opposed to the proposed reduced reporting threshold of 5%. These commenters expressed various concerns, including:
• negative impact on cost and access to capital for smaller issuers;
• reduced market and trading liquidity; • increased compliance costs; • inhibition of investment in smaller
companies because low levels of investment would trigger disclosure obligations;
We acknowledge these comments of opposition. As noted above, the CSA have concluded that it is not appropriate at this time to reduce the reporting threshold.
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Subject Summarized Comments CSA Responses
• that the potential benefits of the reduced reporting threshold would be outweighed by the potential costs;
• questionable relevance of the disclosure regarding 5% holders for the market;
• potentially negative impact on the efficiency of the Canadian market.
Three commenters submitted that a 5% reporting threshold would force them to divulge proprietary investment information to the market, making it more difficult and costly to meet their investment objectives. Seven commenters were concerned that the proposal does not take into account the unique characteristics of the Canadian market. Two commenters submitted that the lower reporting threshold should not apply to annual redemption funds and preferred shares.
Alternatives proposed Twelve commenters suggested that the reduced reporting threshold should not apply to smaller issuers and rather apply based on a market capitalization threshold or depending on the listing of the issuer. Ten commenters suggested that the reduced reporting threshold should not apply to EIIs or passive investors since those investors have no intention of influencing control of a reporting issuer. Three commenters suggested that the CSA adopt a disclosure regime similar to the one available in the U.S. Five commenters believed that mutual funds should continue to be subject to a 10% threshold which is aligned with their 10% control restriction. Two commenters recommended that mutual funds be exempted from the early warning reporting and that all of their reporting be conducted in aggregate fashion through their managers under the AMR applying a 10% threshold.
We thank the commenters for their input. In light of the comments received from market participants, we explored various alternatives for creating a reduced early warning reporting threshold for only a sub-group of issuers or investors. The factors considered by the CSA included the following:
• the complexity and difficulty of applying a lower reporting threshold only to certain issuers or to certain investors; and
• the potential administrative and compliance burden associated with implementing different reporting thresholds within the early warning system.
In light of the CSA’s consideration of these factors, we have concluded that the reporting threshold should remain at 10% for all issuers and investors. The purpose of the early warning regime is to advise the market that a particular investor, or a person acting jointly or in concert with such investor, holds a significant block of securities in a reporting issuer. Mutual funds that are reporting issuers are prevented by securities
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legislation from taking positions in excess of 10% of the outstanding voting or equity securities of an issuer, and so should not generally be subject to the early warning requirements. We are not proposing a reform to the AMR framework. We may consider more comprehensive changes to the AMR regime as part of a future review.
(3) Timing of filing of News Release and Early Warning Report
Support for proposed clarification that filing be made promptly but not later than opening of trading on next business day
Sixteen commenters expressed their support for an explicit requirement that disclosure be made, not only promptly, before trading hours commence on the business day following the applicable acquisition.
We acknowledge these comments of support.
Opposition to proposed clarification that filing be made promptly but not later than opening of trading on next business day
While noting the existence of the moratorium, two commenters mentioned that a specific requirement to issue the press release by the opening of business the following trading day is unnecessary and may not be practical since it also requires disclosure of joint actors’ holdings. One commenter submitted that the early warning requirements to promptly issue and file a news release and to file on SEDAR an additional report containing substantially the same information are redundant and suggested easing the formal reporting requirements.
We consider that this is important to ensure that the market is promptly advised of accumulations of significant blocks of securities that may influence control of a reporting issuer and that the disclosure should be made in accordance with an objective timing standard. We acknowledge that the stricter timing requirement for issuing and filing a news release with comprehensive information may present challenges for filers in certain circumstances. As a result, we have revised the requirements for the news release so that an acquiror may issue and file a streamlined news release containing more limited information and which refers to the early warning report for further details.
Alternatives proposed One commenter suggested that the disclosure in the news release be streamlined to require a statement that an early warning report has been filed. One commenter submitted that a longer filing period should be adopted to minimize the chilling effect on engaged investing.
As noted above, the Amendments allow an acquiror to issue and file a streamlined news release no later than the opening of trading on the next business day. We do not believe that the filing requirements of the early warning reporting regime unduly discourage engaged investing.
(4) Disclosure of Decreases in Ownership of at least 2%
Support for requirement to disclose 2% decreases in ownership
Two commenters specifically supported disclosure of decreases in ownership at the 2% level, while the other supporting commenter suggested disclosure at the 1% level.
We thank the commenters for their input.
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See also comments under Part B (1) of this Summary.
Opposition to requirement to disclose 2% decreases in ownership
One commenter disagreed with the proposed requirement to report a reduction of 2% ownership in any circumstances. One commenter disagreed with the proposed requirement to report a reduction of 2% ownership in respect of smaller issuers. One commenter believed that the requirement to disclose a 2% decrease in ownership should not apply to passive investors. While noting that a decrease in ownership may be relevant, one commenter submitted that the current ‘material fact’ test is a better standard to apply. See also comments under Part B (1) of this Summary.
We believe that, in all cases, significant decreases in ownership of securities in an issuer are as relevant to the market as significant increases in ownership and therefore should be disclosed. We think that a “bright line” disclosure requirement for 2% decreases in ownership is appropriate and will ensure there is timely disclosure to the market as to significant downward changes to an acquiror’s ownership position. The existing requirement to provide an updated report if there is a change in a material fact contained in an earlier report will continue to apply.
Alternatives proposed Seventeen commenters indicated that they support subsequent disclosure of both incremental increases and decreases of 1%. While supporting decrease reports at the 2% level, one commenter suggested that the CSA consider adopting fixed 2.5% thresholds similar to the AMR. See also comments under Part B (1) of this Summary.
We acknowledge these comments. However, in light of the CSA’s decision to maintain the reporting threshold at 10%, we consider it appropriate to require disclosure of increases and decreases of 2% or more once the initial threshold has been reached.
(5) Disclosure when Ownership falls below the Reporting Threshold
Support for requirement to disclose decreases in ownership to below reporting threshold
Seventeen commenters supported the requirement to issue and file a news release and file a report if an acquiror’s ownership percentage falls below the early warning reporting threshold.
We agree that disclosure of share ownership when the ownership falls below the threshold is valuable information to the market.
Opposition to the requirement to disclose decreases in ownership to below reporting threshold
One commenter disagreed with the requirement to report when holdings decrease below early warning reporting threshold.
We acknowledge this comment of opposition.
(6) Enhanced disclosure
Support for more detailed disclosure in the early warning report
One commenter who supported more detailed disclosure considered that it will provide useful information to the market. This commenter also considered that the related proposed officer certification requirement would facilitate such enhanced disclosure. One commenter expressed support for full and complete disclosure in early warning reports. The commenter further stated that such improved investor disclosure also serves to reduce the emphasis on short-term market perspectives in favour of actions to create value over a longer-term investment horizon.
We thank the commenters for their input. We consider that investors must be given sufficient information to properly assess the nature and circumstances of an acquiror’s investment. We agree with the commenters who support more detailed disclosure of the intentions of the person acquiring securities and of the purpose of the acquisition as this will enhance the substance and quality of the early warning system.
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Opposition to more detailed disclosure in the early warning report
Seven commenters noted that the greater disclosure scope would likely result in early warning reports being prepared with the assistance of professional advisors. These commenters suggested that this will increase the costs of reporting and may discourage investment in small and mid-cap companies. Four commenters submitted that enhanced disclosure concerning an investor’s purpose and intentions is burdensome for investors and with little or no utility to the market. Some of these commenters were also concerned that the prescriptive nature of the disclosure would result in investors being required to disclose their investment thesis to the market.
We thank the commenters for their input. However, the CSA are of the view that the enhanced disclosure is appropriate and necessary for the reasons mentioned above.
(7) Derivatives
Support for the amended early warning reporting trigger to include “equity equivalent derivatives”
Nineteen commenters supported including “equity equivalent derivatives” in the early warning system threshold calculation. One of these commenters expressed that this issue is not isolated to Canada and that other countries have introduced regulatory reforms that require the inclusion of synthetic financial instruments that effectively replicate the economic consequences of share ownership. Two commenters believed it is justified to include such derivatives in the calculation of the threshold if their inclusion would inform the market effectively of the total financial interest that an investor has in an issuer. But the commenters indicated that the proposal is ambiguous and that its application should be clarified. See also comments under Part B (6) and (7) of this Summary.
We thank the commenters for their input. The purpose of the proposal to include “equity equivalent derivatives” in the early warning reporting trigger was to ensure proper transparency of securities ownership in light of the increased use of derivatives by investors. However, the concerns raised by a number of commenters about the complexity and difficulty of applying this new trigger have led the CSA to re-consider this proposal. The factors considered by the CSA included the following:
• a number of market participants indicated that the use of derivatives in Canada is not generally to facilitate hidden ownership or to influence voting outcomes;
• the inclusion of “equity equivalent derivatives” could unduly complicate reporting and compliance obligations;
• the application of the proposal could allow the market to deduce investment strategies and this could be detrimental to investors with certain derivative positions.
In light of the CSA’s consideration of these factors, we have concluded that it is not appropriate at this time to include “equity equivalent derivatives” in the early warning reporting trigger.
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Subject Summarized Comments CSA Responses
The CSA acknowledge that guidance clarifying the current application of early warning reporting requirements to certain derivative arrangements may be useful. Therefore, the Amendments now include such guidance.
Opposition to the amended early warning reporting trigger to include “equity equivalent derivatives”
Three commenters indicated that there is a lack of clarity around the inclusion of derivatives in the early warning calculation. Two commenters believed that only in exceptional cases are derivatives used for the purpose of engaging in behaviour that the early warning system is intended to address (i.e. alerting the market to a possible change of control transaction). These commenters suggested that, given the complexity of modern derivative instruments, it would be appropriate for the CSA to engage in a dialogue with investors before imposing significant reporting requirements to fully understand such products. One commenter questioned whether reporting of equity equivalent derivatives in the AMR system is necessary. The commenter also suggested that the test for defining an “equity equivalent derivative” should be based on whether the party has the right to vote the referenced securities. One commenter noted that within the current regime there is considerable duplication in reporting requirements under the insider and early warning reporting requirements, and that the proposed amendments will increase the extent of duplication. See also comments under Part B (6) and (7) of this Summary.
We acknowledge these comments of opposition. As noted above, the CSA have concluded that it is not appropriate at this time to include “equity equivalent derivatives” in the early warning reporting trigger.
Opposition to the broader scope of disclosure of derivatives in the early warning report
One commenter submitted that the proposed requirement to disclose the general nature and all material terms for all equity derivatives arrangements may impose a significant administrative burden. One commenter was concerned about the requirement to disclose transaction terms in derivative contracts (as this information may be of proprietary nature) and about the requirement to disclose any contracts or arrangements in relation to any security of the issuer (rather than in relation to the securities underlying the transaction subject to the reporting requirement).
We acknowledge these comments of opposition. The CSA have concluded that it is appropriate to enhance the disclosure requirements in the early warning report to encompass interests of an acquiror in related financial instruments as well as in any agreement, arrangement, commitments or understanding with respect to the securities of the issuer in order to ensure that the report provides complete disclosure about the acquiror’s interest in the reporting issuer. However, we have clarified that the scope of the enhanced disclosure in an early warning report is in relation
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to the class of securities in respect of which the report is required to be filed and not in respect of any security of the issuer. The Amendments also include new instructions to the early warning report that clarify that the concept of “material terms” is not intended to capture the identity of the counterparty or proprietary or commercially sensitive information.
Alternatives proposed Four commenters believed that the test for requiring disclosure of an equity equivalent derivative should be primarily based on whether a party has a beneficial ownership interest (i.e. the right to vote any shares or the obligation to acquire the underlying securities). One commenter submitted that an exemption from reporting should be required when parties can objectively demonstrate a non-control intent in entering into equity equivalent derivative transactions. One commenter suggested amendments to the definition of “equity equivalent derivative” by adding the following words to the end of the proposed definition: “where (i) the counterparty to the derivative has, directly or indirectly, hedged its position by acquiring voting securities of the issuer and (ii) the holder exerts or intends to exert influence on how the counterparty votes those securities”. One commenter submitted that the proposed amendments respecting “equity equivalent derivatives” should not apply to derivatives referencing securities of annual redemption funds.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments. As noted above, the CSA are providing guidance clarifying the current application of early warning reporting requirements to certain derivative arrangements.
(8) Securities lending
Support for broader scope of disclosure and proposed exemption for specified securities lending arrangements
Five commenters supported the broader scope of disclosure and proposed exemption for specified securities lending arrangements. See also comments under Part B (12) of this Summary.
We thank the commenters for their input.
Opposition to broader scope of disclosure of securities lending arrangements in the early warning report
One commenter believed that the obligation to report securities lending arrangements in effect at the time of the reportable transaction may prove to be a constraint for investors. One commenter submitted that the proposed requirement to disclose the general nature and all material terms for all securities lending transactions may impose a significant administrative burden. One commenter submitted that requiring lenders to provide additional and onerous disclosure about the terms of the securities lending
We acknowledge these comments of opposition. The CSA have concluded that it is appropriate to enhance the disclosure requirements in the early warning report to provide greater transparency about securities lending arrangements so that the report provides complete disclosure about the acquiror’s interest in the class of securities of the issuer for which the report was filed.
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arrangements does not provide valuable information to the market. One commenter considered that the requirement to disclose the ‘material terms’ of any reportable securities lending arrangement is too broad and subjective. The commenter added that the requirement should be limited to information that is relevant to the control of the issuer. See also comments under Part B (12) of this Summary.
However, in light of comments received, we have made changes in the Amendments to clarify that the concept of “material terms” is not intended to capture the identity of the counterparty or proprietary or commercially sensitive information.
Opposition to proposed exemption for specified securities lending arrangements
One commenter indicated that there is a lack of clarity around the securities lending arrangements that would be caught under the early warning system. See also comments under Part B (12) of this Summary.
We acknowledge this comment of opposition. However, the CSA have provided definitions for “specified securities lending arrangements” and for “securities lending arrangements” in the Amendments. We are of the view that these definitions provide the parameters of which arrangements are captured by the early warning system.
Alternatives proposed Two commenters suggested that borrowing in the context of short selling should be exempted from the reporting obligations. Three commenters suggested that an exemption similar to the one available for lenders should be provided for borrowers. One commenter invited the CSA to consider recent studies on empty voting abuses. Two commenters believed that the rule should focus on the concept of beneficial ownership and in particular on who has voting rights over the borrowed securities. The commenters further stated that the proposal should be clarified to indicate that borrowings and loans should be offset against one another in any calculation of total holdings to avoid over-reporting. One commenter urged the CSA to consider which party (lender or borrower) is the most appropriate person to do the reporting. This commenter expressed that the reporting obligation should rest on the ultimate end-user or ‘holder’ of the securities. One commenter suggested that borrowers should be explicitly required to disclose if the securities they have borrowed may be recalled by the lender. One commenter submitted that it would be more effective to implement controls around borrowing securities before the record date simply for voting
We thank the commenters for their input. We acknowledge the comments that persons borrowing securities in the ordinary course of short selling activities in Canada are doing so for commercial/investment purposes and not with a view of influencing voting or intending to vote the borrowed securities and, as such, these activities ought not to give rise to empty voting concerns. In light of the comments received, the CSA have included in the Amendments an additional reporting exemption for borrowers under securities lending arrangements, subject to certain conditions. The Amendments clarify that lenders and borrowers should consider securities lent (disposed) and borrowed (acquired) under securities lending arrangements in determining whether an early warning reporting obligation has been triggered. The parties to the securities lending arrangement may cross different early warning reporting thresholds: the lender will be subject to obligations to report decreases in ownership while the borrower will be subject to obligations to report
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purposes and to require fulsome disclosure on borrowers’ holdings. While noting that borrowing securities to hold and vote them is regarded as inappropriate, one commenter noted that there is no reason to subject them to EWR requirements. See also comments under Part B (11) and (12) of this Summary.
increases in ownership, unless an exemption is available. The Amendments require the borrower to disclose in the early warning report the material terms of the securities lending arrangement, which could include the right by the lender to recall the securities.
(9) Changes to Alternative Monthly Reporting Regime
Support for the change to the criteria for disqualification from alternative monthly reporting regime
Three commenters supported the proposal to make the AMR regime unavailable to persons who solicit proxies. Two commenters mentioned that it made sense that investors that exhibit ‘active’ behaviour should be required to adhere to the rules under early warning reporting rather than AMR. See also comments under Part B (8) of this Summary.
We thank the commenters for their input. The CSA are of the view that allowing an EII access to the AMR regime in circumstances where the EII solicits proxies from security holders on specific matters is not consistent with the policy intent of the AMR regime.
Opposition to the change to the criteria for disqualification from alternative monthly reporting regime
One commenter indicated that EIIs soliciting or intending to solicit proxies should not be disqualified from the AMR system. One commenter indicated that the proposal would increase the compliance burden for passive investors and require reporting that is not practicable. One commenter expressed concern that the change in disqualifying criteria may be problematic for investors who tend not to take advantage of the AMR regime when investing in smaller issuers. Given the nature of investment in small cap companies, the commenter noted that it is not unusual for the investor to engage with these companies on governance or other corporate issues. See also comments under Part B (8) of this Summary.
We acknowledge these comments of opposition. However, the CSA are of the view that the change to the disqualification criteria is appropriate for the reasons mentioned above.
Alternatives proposed Nine commenters submitted that other types of investors (e.g. mutual funds that are reporting issuers, broker-dealers) should be included in the definition of EII and therefore able to follow the AMR regime. Two commenters believed that the proposed amendments should subject passive investors to reduced disclosure obligations and relax the formal requirements surrounding such obligations, as does the similar U.S. system. One commenter recommended that hedge funds and similar entities be excluded from the definition of EII as they are by and large activist
We thank the commenters for their input. Upon further consideration and in light of comments received, the CSA have revised certain elements of the proposal to clarify the scope of the new disqualification criteria. As noted above, we are not proposing at this time a reform to the AMR framework. We may consider more comprehensive changes to the AMR regime as part of a future review.
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shareholders intending to influence the company. Four commenters indicated that the term “solicit” should be defined or clarified to preserve shareholder engagement. One commenter suggested that the disqualifying criteria be the following: “directly solicits from securityholders of a reporting issuer in reliance on an information circular, its own proxies in opposition to management as to the election of directors of the reporting issuer or to a reorganization, amalgamation, merger, arrangement or similar corporate action involving the securities of the reporting issuer”. One commenter submitted that the definition of EIIs should be expanded to include wholly-owned subsidiaries of EIIs. The commenter also suggested that the CSA clarify the qualification criteria under the AMR system and to specify that it is not available to hedge funds and other active funds. See also comments under Part B (8) of this Summary.
We emphasize that mutual funds that are reporting issuers are not included in the definition of EII. The manager of a mutual fund that is a reporting issuer may be an EII, but not the mutual fund itself. Mutual funds are prevented by securities legislation from taking positions in excess of 10% of the outstanding voting or equity securities of an issuer, and so should not generally be subject to the early warning requirements.
(10) Other comments
Sixteen commenters noted that they support a future review of the AMR. Three commenters suggested that the moratorium period should be eliminated. Another commenter suggested that the moratorium should not apply in the case of passive investors. Two commenters believed that the CSA should harmonize the dual calculation methodologies under the early warning system and the insider reporting regime. Another commenter suggested that the CSA link early warning reports with SEDI reports. One commenter submitted that annual redemption funds should be exempted from the early warning reporting requirements. Four commenters noted that a transition period or transitional guidance is needed if the CSA decides to proceed with the changes.
We thank the commenters for their input. As noted above, we are not proposing at this time a reform to the AMR framework. We may consider more comprehensive changes to the AMR regime as part of a future review. We are of the view that the moratorium is appropriate because the market should be alerted of the acquisition and provided sufficient time to assess the significance of the information before the acquiror is permitted to make additional purchases. While there are similarities between the insider reporting regime and the early warning regime, the policy objectives of the regimes are distinct. The calculation methodologies reflect this distinction and therefore are not harmonized. Investment funds that are reporting issuers are prevented by securities legislation from taking positions in excess of 10% of the outstanding voting or equity securities of an
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issuer, and so should not generally be subject to the early warning requirements. Given the more limited extent of the Amendments, the CSA have determined that a transition period is not necessary.
Part B – Specific Questions
(1) Do you agree with our proposal to maintain the requirement for further reporting at 2% or should we require further reporting at 1%? Please explain why or why not. (Disclosure of Decreases in Ownership of at least 2%)
Yes Nine commenters agreed with maintaining the requirement for further reporting at 2% in order to avoid further increasing the compliance burden or costs. Some of these commenters noted that this information would be largely irrelevant to the capital markets. While noting that there are strong arguments in favour of establishing a 1% further reporting threshold, three commenters were in favour of maintaining the 2% in order to avoid increasing the compliance burden even more. One commenter agreed with maintaining the requirement for further reporting at 2% because there does not appear to be empirical evidence supporting the lowering of the threshold.
We agree with the commenters that the requirement for further reporting at 2% is appropriate.
No One commenter mentioned that once the reporting threshold of 5% was reached subsequent disclosure would be required for increases and decreases of 1% or more (i.e. one-fifth of the threshold). See also comments under Part A (4) of this Summary.
We acknowledge this comment. As noted above, the CSA have concluded that it is not appropriate at this time to reduce the reporting threshold.
(2) A person cannot acquire further securities for a period beginning at the date of acquisition until one business day after the filing of the report. This trading moratorium is not applicable to acquisitions that result in the person acquiring beneficial ownership of, or control or direction over, 20% or more of the voting or equity securities on the basis that the take-over bid provisions are applicable at the 20% level.
The proposed decrease to the early warning reporting threshold would result in the moratorium applying at the 5% ownership threshold. We believe that the purpose of the moratorium is still valid at the 5% level because the market should be alerted of the acquisition before the acquiror is permitted to make additional purchases.
(a) Do you agree with our proposal to apply the moratorium provisions at the 5% level or do you
believe that the moratorium should not be applicable between the 5% and 10% ownership levels? Please explain your views.
(b) The moratorium provisions apply to acquisitions of “equity equivalent derivatives”. Do you agree with this approach? Please explain why or why not.
(c) Do you think that a moratorium is effective? Is the exception at the 20% threshold justified? Please explain why or why not.
(a) Nine commenters supported that the moratorium provisions should apply at the 5% level. One commenter suggested that the final rule should take into account the intent of the investor.
We thank the commenters for their input.
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Another commenter was concerned about compliance costs for passive investors. While noting that an initial reporting threshold at the 5% level may be controversial for some investors, one commenter suggested that the impact of that may be softened by suspending the moratorium up to 10%. One commenter submitted that regardless of the threshold determination, rather than imposing a moratorium on an early warning system filer, greater fairness and efficiency in the capital markets can be achieved from requiring the disclosure of the information immediately following the close of the market. One commenter submitted that an EII does not have any intention to affect the control of the issuer and should not be subject to the one business day moratorium on trading securities until the 10% threshold has been reached. Three commenters disagreed with reducing the moratorium trigger threshold to 5%. One of these commenters considered that the market would not benefit from reducing the moratorium trigger to 5% in the case of passive investors.
However, in light of the CSA’s decision to maintain the reporting threshold at 10%, we consider it appropriate that the moratorium provision remain at the same level as the disclosure threshold. The CSA are not proceeding with its proposal to apply the moratorium provisions at the 5% level.
(b) Nine commenters agreed with applying moratorium provisions to “equity equivalent derivatives”. One commenter submitted that to the extent “equity equivalent derivatives” are narrowly defined, the moratorium should apply to those as well. One commenter submitted that the moratorium provisions should not apply as the proposed definition is overly broad and would capture a number of transactions irrelevant to the objective of informing the capital markets of intended further activity. Only with respect to circumstances where the derivative actually entitles the holder to the voting rights attaching to the securities, should such securities be included in the early warning calculation. One commenter believed that the moratorium provisions should not apply to acquisitions of “equity equivalent derivatives”. Two commenters considered that the moratorium should not apply to investors with only a synthetic position in a security.
We thank the commenters for their input. However, as noted above, the CSA has decided not to include “equity equivalent derivatives” in the early warning reporting trigger, and therefore this issue is moot.
(c) Five commenters indicated that the moratorium is effective to make sure that the market has time to react.
We agree with the commenters who indicated that the moratorium is effective as it provides market participants time to react to changes
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One commenter submitted that it would be sufficient if the moratorium extended only for a period of 24 hours following the filing of the report. One commenter considered that the application of the moratorium should take into account the intent of the purchaser. One commenter noted that the moratorium is an incentive to report so that an accumulation program can resume. However, in their view, the question of whether the ‘stop and report’ approach yields benefits is much less clear. One commenter submitted that regardless of the threshold determination, rather than imposing a moratorium on an early warning system filer, greater fairness and efficiency in the capital markets can be achieved from requiring disclosure of the information immediately following the close of the market. Two commenters indicated that the moratorium is not effective.
in significant holdings of issuers’ securities.
(3) We currently recognize that accelerated reporting is necessary if securities are acquired during a take-over bid by requiring a news release at the 5% threshold to be filed before the opening of trading on the next business day.
With the Proposed Amendments to the early warning reporting threshold, we do not propose to further accelerate early warning reporting during a take-over bid.
(a) Do you agree? Please explain why or why not. (b) If you disagree, how should we accelerate reporting of transactions during a take-over bid? Should
we decrease the threshold for reporting changes from 2% to 1%? Or do you think that requiring early warning reporting at the 3% level is a more appropriate manner to accelerate disclosure? Please explain your views.
(a) Twelve commenters agreed with maintaining a 5% reporting threshold in the context of a take-over bid.
In light the CSA’s decision not to reduce the early warning reporting threshold to 5%, we are maintaining the particular provisions for reporting during a take-over bid.
(4) The Proposed Amendments would apply to all acquirors including EIIs. (a) Should the proposed early warning threshold of 5% apply to EIIs reporting under the AMR system
provided in Part 4 of NI 62-103? Please explain why or why not. (b) Please describe any significant burden for these investors or potential benefits for our capital
markets if we require EIIs to report at the 5% level. (Reduction of Early Warning Reporting Threshold from 10% to 5%)
(a) Nine commenters considered that the 5% threshold should apply to all acquirors, including EIIs. Three commenters submitted that reducing the threshold for EIIs reporting under AMR is unnecessary as the nature of the investments is passive. Also, reporting such investments will not provide any additional meaningful information to the capital markets.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at 10% for all issuers and investors.
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Three commenters were of the view that this requirement may incur an onerous compliance burden on institutional investors. Two commenters considered that reducing the reporting threshold for EIIs who qualify to use the AMR regime is not appropriate. One commenter stated that the 5% threshold will reduce the available capital for junior issuers.
(b) Three commenters expressed that imposing such reporting duty on EIIs would not impose an unreasonable burden on them. Two commenters indicated that potential benefits for our capital markets if we require EIIs to report at the 5% level include greater transparency which could lead to more informed investors and hence a more efficient market. One commenter suggested that the co-ordination of internal reporting to include derivatives and securities lending combined with stock ownership to compute overall ownership levels may ultimately prove to be a net benefit. One commenter considered that 5% threshold may discourage EIIs from coming to Canada in the first place. Two commenters indicated that the proposed reduction in the threshold will require significantly increased reporting and involve increased compliance costs. One commenter, while not agreeing with the 5% threshold applying to EIIs, suggested another approach to require EIIs to report at a 5% ownership threshold, but be permitted to maintain anonymity until the 10% threshold is reached.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at 10% for all issuers and investors.
(5) Mutual funds that are reporting issuers are not EIIs as defined in NI 62-103 and are therefore subject to the general early warning requirements in MI 62-104. Are there any significant benefits to our capital markets in requiring mutual funds to comply with early warning requirements at the proposed threshold of 5% or does the burden of reporting at 5% outweigh the potential benefits? Please explain why or why not. (Reduction of Early Warning Reporting Threshold from 10% to 5%)
Yes Four commenters considered that mutual funds should comply with the 5% threshold. Two commenters noted that it may be more appropriate that mutual funds fall under the AMR regime rather than the general early warning requirements in MI 62-104.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at 10% for all issuers and investors.
No Five commenters considered that there do not appear to be any significant benefits to our capital markets in obtaining this information. Some of these commenters considered that EIIs that manage the mutual funds are already subject to the early warning disclosure requirements.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at
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Two commenters submitted that a passive mutual fund should be permitted to use the AMR system.
10% for all issuers and investors.
(6) As explained above, we propose to amend the calculation of the threshold for filing early warning reports so that an investor would need to include within the early warning calculation certain equity derivative positions that are substantially equivalent in economic terms to conventional equity holdings. These provisions would only capture derivatives that substantially replicate the economic consequences of ownership and would not capture partial-exposure instruments (e.g., options and collars that provide the investor with only limited exposure to the reference securities). Do you agree with this approach? If not, how should we deal with partial-exposure instruments? (Derivatives)
Yes Seven commenters agreed with this approach. See also comments under Part A (7) of this Summary.
We thank the commenters for their input. As noted above, the CSA are not proceeding with the proposal to include “equity equivalent derivatives” in the early warning reporting trigger.
No One commenter disagreed with the exclusion of partial-exposure instruments from the calculation with regard to disclosure requirements because sophisticated investors may be able to use derivatives to accumulate substantial economic positions in public companies without public disclosure. One commenter submitted that the efficacy of the early warning system should rest in the view that the intention of the investor holding the position is what is most relevant to the capital markets. One commenter suggested that derivatives that immediately confer voting rights on an investor should be reported above the threshold. Also, the requisite disclosure should apply to actual ownership of securities, at or above a given threshold, in addition to any derivative holdings, rather than on a net exposure basis. One commenter considered that only derivatives that immediately confer voting rights on an investor should be reported. This commenter also suggested that the CSA consider the discussion papers on the regulation of over-the-counter derivatives. One commenter believed that certain types of derivatives are often used by investors as part of an investment strategy and should not be captured as so doing would unnecessarily complicate the compliance burden and would lead to over-reporting without meaningful benefit to the market. One commenter submitted that the purpose of informing the market about shareholder control does not apply to derivatives. One commenter submitted that further consideration should be given to the practical realities of how “equity equivalent derivatives” are
We thank the commenters for their input. As noted above, the CSA are not proceeding with the proposal to include “equity equivalent derivatives” in the early warning reporting trigger.
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structured and how relationships among the parties to such transactions are structured. See also comments under Part A (7) of this Summary.
(7) We propose changes to NP 62-203 in relation to the definition of “equity equivalent derivative” to explain when we would consider a derivative to substantially replicate the economic consequences of ownership of the reference securities. Do you agree with the approach we propose? (Derivatives)
Yes Six commenters agreed with the approach. Two commenters suggested that examples of “equity equivalent derivatives” should be provided for the sake of clarity and ease of compliance. See also comments under Part A (7) of this Summary.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
No One commenter disagreed with the exclusion of partial-exposure instruments from the calculation with regard to disclosure requirements because sophisticated investors may be able to use derivatives to accumulate substantial economic positions in public companies without public disclosure. Three commenters disagreed with the inclusion of certain derivatives in the early warning calculation where the voting rights attaching to the securities are not available to the holder. One commenter submitted that the purpose of informing the market about shareholder control does not apply to derivatives. One commenter considered that the delta 90 test in itself is not adequate to address the complexities of how “equity equivalent derivatives” are structured. See also comments under Part A (7) of this Summary.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
(8) Do you agree with the proposed disqualification from the AMR system for an EII who solicits or intends to solicit proxies from security holders on matters relating to the election of directors of the reporting issuer or to a reorganization or similar corporate action involving the securities of the reporting issuer? Are these the appropriate circumstances to disqualify an EII? Please explain, or if you disagree, please suggest alternative circumstances. (Changes to Alternative Monthly Reporting Regime)
Yes Nine commenters agreed with the proposed disqualification of EIIs from the AMR. While agreeing with the proposed disqualification from the AMR system for EIIs involved in proxy solicitation, three commenters considered that the term “solicit” should be further specified. One commenter agreed with excluding the ability of an EII to use the AMR regime if they solicit proxies for a reorganization or similar corporate action involving the securities of an issuer.
We thank the commenters for their input. The CSA are of the view that allowing an EII access to the AMR regime in circumstances where the EII solicits proxies from securityholders in opposition to management on specific matters is not consistent with the policy intent of the AMR regime. The CSA have clarified in the
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One commenter noted that if the disqualification criterion is retained, it should only apply at the moment when exemptions from the proxy solicitation rules are no longer applicable. See also comments under Part A (9) of this Summary.
Amendments that the term ‘solicit’ has the same meaning as defined in NI 51-102 Continuous Disclosure Obligations. We consider that EIIs who solicit proxies in certain circumstances should not be eligible to use the AMR regime regardless of whether or not they are relying on an exemption from sending information circulars.
No One commenter questioned the ability of a regulator to distinguish investor mal-intent and the definition of “intends to solicit proxies” which may manifest itself when engaging with the issuer. One commenter disagreed with excluding the use of the AMR regime if an EII solicits proxies for less than a majority of the board of directors. Also, the commenter asked the CSA to remove the inability to use the AMR regime at such time an investor “intends” to solicit proxies and to clarify the meaning of the term “solicit”. See also comments under Part A (9) of this Summary.
We acknowledge these comments. As noted above, we have clarified in the Amendments that the term ‘solicit’ has the same meaning as defined in NI 51-102 Continuous Disclosure Obligations. We have removed the concept of “intends to solicit” to avoid uncertainty as to the application of the disqualification criteria.
(9) We propose to exempt from early warning requirements acquirors that are lenders in securities lending arrangements and that meet certain conditions. Do you agree with this proposal? Please explain why or why not. (Securities lending)
Yes Nine commenters agreed that the conditions required to meet the exemption were sensible. One commenter generally agreed with the exemption only in cases where the lending arrangement specifies that the lender has an unrestricted right to recall by the lender from the borrower in a timely manner. One commenter agreed with the reasoning for the need to consider certain conditions occurring under securities lending arrangements when determining the reporting obligation under the early warning system. However, there are many circumstances where the reporting requirement should not be triggered and the proposal should focus on the intent of the holder of the position.
We thank the commenters for their input. We agree with the commenters who supported the scope of the exemption for lenders. We do not believe that a requirement to recall securities on loan in a timely manner is necessary since the right to recall is governed by the securities lending arrangement and typically the lender recalling securities provides the borrower with standard settlement period notice.
No One commenter disagreed with this proposal because lenders would appear to be able to accumulate a total position in a security greater than 5% by buying the security and lending it while still retaining the right to recall the securities before a meeting of securityholders.
We acknowledge this comment of opposition.
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(10) Do you agree with the proposed definition of “specified securities lending arrangement”? If not, what changes would you suggest? (Securities lending)
Yes Nine commenters supported the proposed definition of “specified securities lending arrangement”. One commenter would prefer to see the definition address recall by the lender in ‘a timely manner’. The commenter considered that if voting is to be effective the timing of the recall should allow the lender to assess and properly consider the implications of any issues that are to be voted on.
We thank the commenters for their input. We agree with the commenters who supported the definition of “specified securities lending arrangement”.
No One commenter suggested that the requirement to report any “material terms” of securities lending arrangements is overly broad, which terms may be commercially sensitive.
The CSA have clarified that the concept of ‘material terms’ excludes commercially-sensitive information that is irrelevant for early warning disclosure purposes.
(11) We are not proposing at this time an exemption for persons that borrow securities under securities lending arrangements as we believe securities borrowing may give rise to empty voting situations for which disclosure should be prescribed under our early warning disclosure regime. Do you agree with this view? If not, why not? (Securities lending)
Yes Seven commenters considered that it was appropriate not to propose an exemption for borrowers as they are concerned with empty voting situations. One commenter noted that not all securities lending arrangements are the same and that each arrangement needs to be considered as to whether voting rights flow to the manager. See also comments under Part A (8) of this Summary.
We thank the commenters for their input.
No One commenter noted that borrowing of securities is not customarily done to vote the borrowed securities but rather to effect delivery in connection with short sales. One commenter suggested that borrowing in the context of short selling should be exempted from the reporting obligations. See also comments under Part A (8) of this Summary.
We thank the commenters for their input. The CSA have decided to introduce in the Amendments an additional reporting exemption for borrowers under securities lending arrangements, subject to certain conditions.
(12) Do the proposed changes to the early warning framework adequately address transparency concerns over securities lending transactions? If not, what other amendments should be made to address these concerns? (Securities lending)
Yes Two commenters noted that the Proposed Amendments adequately address concerns over securities lending transactions. Their main concern is knowing the identity and the position of securities borrowers who hold voting rights without any corresponding economic interest. Two commenters considered that the proposed changes generally address transparency
We thank the commenters for their input. We agree with the commenters who supported the proposed changes to address the transparency concerns over securities lending transactions.
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concerns over securities lending transactions. Concerned by the little visibility of the shares lent, one commenter suggested that the entire process of share lending and its implications for empty voting and hidden voting may need to be the subject of a separate review by securities regulators. One commenter suggested that the framework regarding securities lending must respect the unique attributes of each lending arrangement. See also comments under Part A (8) of this Summary.
No Two commenters suggested that borrowers should be explicitly required to disclose if the securities they have borrowed may be recalled by the lender. See also comments under Part A (8) of this Summary.
We thank the commenters for their input. The Amendments require disclosure of the material terms of a securities lending arrangement in effect at the time of the early warning reporting, including details of the recall provisions.
(13) Do you agree with our proposal to apply the Proposed Amendments to all reporting issuers including venture issuers? Please explain why or why not. Do you think that only some and not all of the Proposed Amendments should apply to venture issuers? If so, which ones and why? (Reduction of Early Warning Reporting Threshold from 10% to 5%)
Yes Four commenters agreed that the Proposed Amendments should be applied to all reporting issuers, including venture issuers. Although these commenters would not be opposed to certain exemptions being applied with regard to small or mid-cap issuers, two commenters viewed that in principle the Proposed Amendments should apply to all reporting issuers.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at 10% for all issuers and investors.
No Four commenters disagreed with applying the proposal to venture issuers. One commenter suggested additional study before making the Proposed Amendments applicable to venture issuers.
We thank the commenters for their input. As noted above, the CSA have concluded at this time that the reporting threshold should remain at 10% for all issuers and investors.
(14) Some parties to “equity equivalent derivatives” may have acquired such derivatives for reasons other than acquiring the referenced securities at a future date. For example, some parties to these derivatives may wish to maintain solely an economic equivalency to the securities without acquiring the referenced securities for tax purposes or other reasons. Would the proposed requirement lead to over-reporting of total return swaps and other “equity equivalent derivatives”? Or would the possible over-reporting be mitigated by the fact that it is likely that parties to “equity equivalent derivatives” would qualify under the AMR regime? (Derivatives)
Yes Three commenters submitted that over-reporting will occur and contribute to confusion in the marketplace. One commenter expressed that if an investor seeks to maintain solely an economic equivalence
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
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and does not intend to acquire the referenced securities, then they could be deemed as being passive and report under the AMR. One commenter submitted that where there is no transfer of the rights of the shareholder to the derivative holder, reporting the position would not be relevant or insightful disclosure to the capital markets. One commenter noted that if an investor does not intend to acquire the referenced security then they should not be required to report.
No One commenter agreed that it seems likely that possible over-reporting would be mitigated by the fact that parties to “equity equivalent derivatives” would qualify under the AMR regime.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
(15) If the proposed new requirement does lead to an over-reporting of these derivatives, is this rectified by the requirement in the early warning report for acquirors to explain the purpose of their acquisition and thereby clarify that they do not intend to acquire the referenced securities upon termination of the swap? (Derivatives)
Yes One commenter agreed that it seems likely that if there is over-reporting of derivatives, it will be rectified by the requirement in the early warning report for acquirors to explain the purpose of their acquisition.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
No One commenter suggested that clarification of which parties retain voting control versus those that merely have an economic interest would benefit the market. One commenter submitted that the requirement puts too much extraneous information into the system and that, in turn, creates inappropriate investor reaction. One commenter noted that the explanation in the report will not solve the potentially confusing over-reporting.
We thank the commenters for their input. The CSA have removed the concept of “equity equivalent derivatives” in the Amendments.
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ANNEX C
AMENDMENTS TO MULTILATERAL INSTRUMENT 62-104 TAKE-OVER BIDS AND ISSUER BIDS
1. Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids is amended by this Instrument. 2. Subsection 1.8(1) is replaced with the following:
1.8 (1) In this Instrument, in determining the beneficial ownership of securities of an offeror, of an acquiror or of any person acting jointly or in concert with the offeror or the acquiror, at any given date, the offeror, the acquiror or the person is deemed to have acquired and to be the beneficial owner of a security, including an unissued security, if the offeror, the acquiror or the person
(a) is the beneficial owner of a security convertible into the security within 60 days following that date, or (b) has a right or obligation permitting or requiring the offeror, the acquiror or the person, whether or not
on conditions, to acquire beneficial ownership of the security within 60 days by a single transaction or a series of linked transactions..
3. Subsection 1.9(1) is replaced with the following:
1.9 (1) In this Instrument, it is a question of fact as to whether a person is acting jointly or in concert with an offeror or an acquiror and, without limiting the generality of the foregoing,
(a) the following are deemed to be acting jointly or in concert with an offeror or an acquiror:
(i) a person that, as a result of any agreement, commitment or understanding with the offeror, the acquiror or with any other person acting jointly or in concert with the offeror or the acquiror, acquires or offers to acquire securities of the same class as those subject to the offer to acquire;
(ii) an affiliate of the offeror or the acquiror;
(b) the following are presumed to be acting jointly or in concert with an offeror or an acquiror:
(i) a person that, as a result of any agreement, commitment or understanding with the offeror, the acquiror or with any other person acting jointly or in concert with the offeror or the acquiror, intends to exercise jointly or in concert with the offeror, the acquiror or with any person acting jointly or in concert with the offeror or the acquiror any voting rights attaching to any securities of the offeree issuer;
(ii) an associate of the offeror or the acquiror..
4. Part 5 is replaced with the following:
PART 5: REPORTS AND ANNOUNCEMENTS OF ACQUISITIONS Definitions and Interpretation 5.1 (1) In this Part,
“acquiror” means a person who acquires a security, other than by way of a take-over bid or an issuer bid made in compliance with Part 2; “acquiror’s securities” means securities of an issuer beneficially owned, or over which control or direction is exercised, on the date of the acquisition or disposition, by an acquiror or any person acting jointly or in concert with the acquiror; “specified securities lending arrangement” means a securities lending arrangement if all of the following apply:
(a) the material terms of the securities lending arrangement are set out in a written agreement;
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(b) the securities lending arrangement requires the borrower to pay to the lender amounts equal to all dividends or interest payments, if any, paid on the security that would have been received by the lender if the lender had held the security throughout the period beginning at the date of the transfer or loan and ending at the time the security or an identical security is transferred or returned to the lender;
(c) the lender has established policies and procedures that require the lender to maintain a
record of all securities that it has transferred or lent under securities lending arrangements; (d) the written agreement referred to in paragraph (a) provides for any of the following:
(i) the lender has an unrestricted right to recall all securities that it has transferred or lent under the securities lending arrangement, or an equal number of identical securities, before the record date for voting at any meeting of securityholders at which the securities may be voted;
(ii) the lender requires the borrower to vote the securities transferred or lent in
accordance with the lender’s instructions; “securities lending arrangement” means an arrangement between a lender and a borrower with respect to which both of the following apply:
(a) the lender transfers or lends a security to the borrower; (b) at the time that the security is lent or transferred, the lender and the borrower reasonably
expect that the borrower will, at a later date, transfer or return to the lender the security or an identical security.
(2) For the purposes of this Part, if an acquiror and one or more persons acting jointly or in concert with the
acquiror acquire or dispose of securities, the securities are deemed to be acquired or disposed of, as applicable, by the acquiror.
Early warning 5.2 (1) An acquiror who acquires beneficial ownership of, or control or direction over, voting or equity securities of any
class of a reporting issuer, or securities convertible into voting or equity securities of any class of a reporting issuer, that, together with the acquiror’s securities of that class, constitute 10% or more of the outstanding securities of that class, must (a) promptly, and, in any event, no later than the opening of trading on the business day following the
acquisition, issue and file a news release containing the information required by section 3.1 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, and
(b) promptly, and, in any event, no later than 2 business days from the date of the acquisition, file a
report containing the information required by section 3.1 of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.
(2) An acquiror who is required to make disclosure under subsection (1) must make further disclosure, in
accordance with subsection (1), each time any of the following events occur: (a) the acquiror or any person acting jointly or in concert with the acquiror, acquires or disposes
beneficial ownership of, or acquires or ceases to have control or direction over, either of the following:
(i) securities in an amount equal to 2% or more of the outstanding securities of the class of
securities that was the subject of the most recent report required to be filed by the acquiror under subsection (1) or under this subsection;
(ii) securities convertible into 2% or more of the outstanding securities referred to in
subparagraph (i);
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(b) there is a change in a material fact contained in the most recent report required to be filed under paragraph (1)(b) or under paragraph (a) of this subsection.
(3) An acquiror must issue and file a news release and file a report in accordance with subsection (1) if beneficial
ownership of, or control or direction over, the outstanding securities of the class of securities that was the subject of the most recent report required to be filed by the acquiror under this section decreases to less than 10%.
(4) If an acquiror issues and files a news release and files a report under subsection (3), the requirements under
subsection (2) do not apply unless subsection (1) applies in respect of a subsequent acquisition of beneficial ownership of, or control or direction over, voting or equity securities of any class of a reporting issuer, or securities convertible into voting or equity securities of any class of a reporting issuer, that, together with the acquiror’s securities of that class, constitute 10% or more of the outstanding securities of that class.
Moratorium provisions 5.3 (1) During the period beginning on the occurrence of an event in respect of which a report is required to be filed
under section 5.2 and ending on the expiry of the first business day following the date that the report is filed, an acquiror, or any person acting jointly or in concert with the acquiror, must not acquire or offer to acquire beneficial ownership of, or control or direction over, any securities of the class in respect of which the report is required to be filed or any securities convertible into securities of that class.
(2) Subsection (1) does not apply to an acquiror that has beneficial ownership of, or control or direction over,
securities that, together with the acquiror’s securities of that class, constitute 20% or more of the outstanding securities of that class.
Acquisitions during bid 5.4 (1) If, after a take-over bid or an issuer bid has been made under Part 2 for voting or equity securities of a
reporting issuer and before the expiry of the bid, an acquiror acquires beneficial ownership of, or control or direction over, securities of the class subject to the bid which, when added to the acquiror’s securities of that class, constitute 5% or more of the outstanding securities of that class, the acquiror must, before the opening of trading on the next business day, issue and file a news release containing the information required by subsection (3).
(2) An acquiror must issue and file an additional news release in accordance with subsection (3) before the
opening of trading on the next business day each time the acquiror, or any person acting jointly or in concert with the acquiror, acquires beneficial ownership of, or control or direction over, in aggregate, an additional 2% or more of the outstanding securities of the class of securities that was the subject of the most recent news release required to be filed by the acquiror under this section.
(3) A news release or further news release required under subsection (1) or (2) must set out
(a) the name of the acquiror, (b) the number of securities of the offeree issuer that were beneficially acquired, or over which control or
direction was acquired, in the transaction that gave rise to the requirement under subsection (1) or (2) to issue the news release,
(c) the number of securities and the percentage of outstanding securities of the offeree issuer that the
acquiror and all persons acting jointly or in concert with the acquiror, have beneficial ownership of, or control or direction over, immediately after the acquisition described in paragraph (b),
(d) the number of securities of the offeree issuer that were beneficially acquired, or over which control or
direction was acquired, by the acquiror and all persons acting jointly or in concert with the acquiror, since the commencement of the bid,
(e) the name of the market in which the acquisition described in paragraph (b) took place, and (f) the purpose of the acquiror and all persons acting jointly or in concert with the acquiror in making the
acquisition described in paragraph (b), including any intention of the acquiror and all persons acting jointly or in concert with the acquiror to increase the beneficial ownership of, or control or direction over, any of the securities of the offeree issuer.
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Duplicate news release not required 5.5 If the facts in respect of which a news release is required to be filed under sections 5.2 and 5.4 are identical, a
news release is required only under the provision requiring the earlier news release. Copies of news release and report 5.6 An acquiror that files a news release or report under section 5.2 or 5.4 must promptly send a copy of each
filing to the reporting issuer. Exception 5.7 Sections 5.2, 5.3 and 5.4 do not apply to either of the following:
(a) an acquiror that is a lender in respect of securities transferred or lent pursuant to a specified
securities lending arrangement; (b) an acquiror that is a borrower in respect of securities or identical securities borrowed, disposed of or
acquired in connection with a securities lending arrangement if all of the following apply:
(i) the borrowed securities are disposed of by the borrower no later than 3 business days from the date of the transfer or loan;
(ii) the borrower will at a later date acquire the securities or identical securities and transfer or
return those securities to the lender; (iii) the borrower does not intend to vote and does not vote the securities or identical securities
during the period beginning on the date of the transfer or loan and ending at the time the securities or identical securities are transferred or returned to the lender..
5. Except in Ontario, this Instrument comes into force on May 9, 2016. In Ontario, this Instrument comes into force on the
later of the following: (a) May 9, 2016; (b) the day on which sections 1, 2 and 3, subsections 4 (2) and (3), and sections 5, 7, 8 and 10 of Schedule 18 of
the Budget Measures Act, 2015 (Ontario) are proclaimed into force.
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ANNEX D
CHANGES TO NATIONAL POLICY 62-203 TAKE-OVER BIDS AND ISSUER BIDS
1. National Policy 62-203 Take-Over Bids and Issuer Bids is changed by this document. 2. National Policy 62-203 Take-Over Bids and Issuer Bids is changed by adding the following Part after Part 2:
PART 3 TAKE-OVER BID AND EARLY WARNING REQUIREMENTS 3.1 Equity swap or similar derivative arrangement – An investor that is a party to an equity swap or similar
derivative arrangement may under certain circumstances have deemed beneficial ownership, or control or direction, over the referenced voting or equity securities. This could occur where the investor has the ability, formally or informally, to obtain the voting or equity securities or to direct the voting of voting securities held by any counterparties to the transaction. This determination would be relevant for compliance with the early warning and take-over bid requirements under the Instrument.
3.2 Securities lending arrangements – Securities lending describes the market practice whereby securities are
temporarily transferred from one party (the lender) to another party (the borrower) in return for a fee. As part of the lending arrangement, the borrower is obliged to redeliver to the lender the securities or identical securities to those that were transferred or lent, either on demand or at the end of the loan term. Securities lending arrangements transfer title of securities from the lender to the borrower for the duration of the loan. During this period, the borrower has full ownership rights and may re-sell the securities as well as vote them. Securities lending arrangements between the lender and the borrower generally provide for payment to the lender of any economic benefits (for example, dividends) accruing to the securities while “on loan”. Therefore, securities lending separates the economic interest in the securities which remains with the lender from the ownership and voting rights which are transferred to the borrower. If the lender wants to vote the loaned securities it must, in accordance with the terms of the securities lending arrangement, either recall the securities or identical securities from the borrower or otherwise direct the voting of the loaned securities. Since securities lending arrangements involve a disposition and acquisition of securities, lenders and borrowers should consider securities lent (disposed) and borrowed (acquired) under securities lending arrangements in determining whether an early warning reporting obligation has been triggered. Paragraph 5.7(a) of the Instrument provides an exception for the lender of securities under a securities lending arrangement from the early warning requirements if the securities are transferred or lent pursuant to a securities lending arrangement that meets the criteria of a specified securities lending arrangement. If the securities lending arrangement is not a specified securities lending arrangement, then the early warning reporting requirements for dispositions of securities will apply to the disposition of securities by the lender under the securities lending arrangement. Paragraph 5.7(b) of the Instrument provides an exception for the borrower of securities under a securities lending arrangement from the early warning requirements if the securities or identical securities are borrowed, disposed of or acquired in connection with a borrower’s short sale if certain conditions are met. Short selling is a trading strategy where the borrower uses securities borrowed under a securities lending arrangement to settle a sale (disposition) of the securities to another party with the objective of later repurchasing (acquiring) identical securities at a lower price on the market to return the securities to the lender. If all the conditions of paragraph 5.7(b) are not satisfied, then the early warning reporting requirements will apply to the borrower in respect of securities borrowed under the securities lending arrangement and the disposition of and acquisition of the securities or identical securities in the market in connection with the securities lending arrangement..
3. Except in Ontario, these changes become effective on May 9, 2016. In Ontario, these changes become effective on the
later of the following:
(a) May 9, 2016; (b) the day on which sections 1, 2 and 3, subsections 4 (2) and (3), and sections 5, 7, 8 and 10 of Schedule 18 of
the Budget Measures Act, 2015 (Ontario) are proclaimed into force.
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ANNEX E
AMENDMENTS TO NATIONAL INSTRUMENT 62-103 THE EARLY WARNING SYSTEM AND
RELATED TAKE-OVER BID AND INSIDER REPORTING ISSUES 1. National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues
is amended by this Instrument. 2. Section 1.1 is amended by
(a) adding the following definitions: “acquiror” has the meaning ascribed to that term in Part 5 of NI 62-104; “acquiror’s securities” has the meaning ascribed to that term in Part 5 of NI 62-104; “economic exposure” has the meaning ascribed to that term in NI 55-104; “securities lending arrangement” has the meaning ascribed to that term in Part 5 of NI 62-104;,
(b) replacing “offeror” with “acquiror” in the definition of “acquisition announcement provisions”, (c) replacing the definition of “early warning requirements” with the following:
“early warning requirements” means the requirements set out in section 5.2 of NI 62-104;,
(d) replacing the definition of “moratorium provisions” with the following:
“moratorium provisions” means the provisions set out in subsection 5.3(1) of NI 62-104;, and
(e) deleting the definitions of “offeror” and “offeror’s securities”. 3. Section 3.1 is replaced with the following:
3.1 Contents of News Releases and Reports
(1) A news release and report required under the early warning requirements shall contain the information required by Form 62-103F1 Required Disclosure under the Early Warning Requirements.
(2) Despite subsection (1), a news release required under the early warning requirements may omit the
information otherwise required by Items 2.3, 3.3, 3.5 through 3.8, 4.2, 4.3, 6 and 9, and Item 7 to the extent that the information relates to those sections and items, of Form 62-103F1 Required Disclosure under the Early Warning Requirements, if
(a) the omitted information is included in the corresponding report required by the early warning
requirements, and (b) the news release indicates the name and telephone number of an individual to contact to
obtain a copy of the report. (3) The acquiror shall send a copy of the report referred to in paragraph (2)(a) promptly to any entity
requesting it..
4. Section 3.2 is amended by replacing “offeror” with “acquiror” wherever it occurs. 5. Section 4.2 is amended by adding “(1)” before “An”, by deleting “or” at the end of paragraph (a), by replacing
“.” with “; or” at the end of paragraph (b) and by adding the following paragraph and subsection: (c) solicits proxies from securityholders of the reporting issuer in any of the following circumstances:
(i) in support of the election of one or more persons as directors of the reporting issuer other than the persons proposed to be nominated by management of the reporting issuer;
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(ii) in support for a reorganization, amalgamation, merger, arrangement or other similar corporate action involving the securities of the reporting issuer if that action is not supported by management of the reporting issuer;
(iii) in opposition to a reorganization, amalgamation, merger, arrangement or other similar corporate
action involving the securities of the reporting issuer if that action is proposed by management of the reporting issuer.
(2) For the purposes of this section, “solicit” has the meaning ascribed to that term in National Instrument 51-102
Continuous Disclosure Obligations..
6. Subsection 4.3(2) is amended by replacing “Appendix F” with “Form 62-103F2 Required Disclosure by an Eligible Institutional Investor under Section 4.3”.
7. Subsection 4.7(1) is amended by replacing “Appendix G” with “Form 62-103F3 Required Disclosure by an Eligible
Institutional Investor under Part 4”. 8. Section 5.1 is amended by replacing “offeror” with “acquiror” in paragraph (b). 9. Section 8.2 is amended by deleting “(1)”. 10. Part 9 and Section 9.1 is amended by deleting “; Early Warning Decrease Reports” in the titles of the Part and of
the Section. 11. Section 9.1 is amended by deleting “(3),” in subsection (1) and by repealing subsection (3). 12. Appendix E is replaced with the following:
Form 62-103F1 REQUIRED DISCLOSURE UNDER THE EARLY WARNING REQUIREMENTS
State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended. Item 1 – Security and Reporting Issuer 1.1 State the designation of securities to which this report relates and the name and address of the head office of
the issuer of the securities. 1.2 State the name of the market in which the transaction or other occurrence that triggered the requirement to file
this report took place. Item 2 – Identity of the Acquiror 2.1 State the name and address of the acquiror. 2.2 State the date of the transaction or other occurrence that triggered the requirement to file this report and
briefly describe the transaction or other occurrence. 2.3 State the names of any joint actors.
INSTRUCTION If the acquiror is a corporation, general partnership, limited partnership, syndicate or other group of persons, provide its name, the address of its head office, its jurisdiction of incorporation or organization, and its principal business.
Item 3 – Interest in Securities of the Reporting Issuer 3.1 State the designation and number or principal amount of securities acquired or disposed of that triggered the
requirement to file the report and the change in the acquiror’s securityholding percentage in the class of securities.
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3.2 State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.
3.3 If the transaction involved a securities lending arrangement, state that fact. 3.4 State the designation and number or principal amount of securities and the acquiror’s securityholding
percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report.
3.5 State the designation and number or principal amount of securities and the acquiror’s securityholding
percentage in the class of securities referred to in Item 3.4 over which (a) the acquiror, either alone or together with any joint actors, has ownership and control, (b) the acquiror, either alone or together with any joint actors, has ownership but control is held by
persons or companies other than the acquiror or any joint actor, and (c) the acquiror, either alone or together with any joint actors, has exclusive or shared control but does
not have ownership.
3.6 If the acquiror or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the acquiror’s securityholdings.
3.7 If the acquiror or any of its joint actors is a party to a securities lending arrangement involving a security of the
class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement. State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.
3.8 If the acquiror or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the acquiror’s economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding. INSTRUCTIONS (i) “Related financial instrument” has the meaning ascribed to that term in NI 55-104. Item 3.6
encompasses disclosure of agreements, arrangements or understandings where the economic interest related to a security beneficially owned or controlled has been altered.
(ii) For the purposes of Items 3.6, 3.7 and 3.8, a material term of an agreement, arrangement or
understanding does not include the identity of the counterparty or proprietary or commercially sensitive information.
(iii) For the purposes of Item 3.8, any agreements, arrangements or understandings that have been
disclosed under other items in this Form do not have to be disclosed under this item.
Item 4 – Consideration Paid 4.1 State the value, in Canadian dollars, of any consideration paid or received per security and in total. 4.2 In the case of a transaction or other occurrence that did not take place on a stock exchange or other market
that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the acquiror.
4.3 If the securities were acquired or disposed of other than by purchase or sale, describe the method of
acquisition or disposition.
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Item 5 – Purpose of the Transaction State the purpose or purposes of the acquiror and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the acquiror and any joint actors may have which relate to or would result in any of the following:
(a) the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;
(b) a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer
or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries; (d) a change in the board of directors or management of the reporting issuer, including any plans or
intentions to change the number or term of directors or to fill any existing vacancy on the board; (e) a material change in the present capitalization or dividend policy of the reporting issuer; (f) a material change in the reporting issuer’s business or corporate structure; (g) a change in the reporting issuer’s charter, bylaws or similar instruments or another action which
might impede the acquisition of control of the reporting issuer by any person or company; (h) a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be
quoted on, a marketplace; (i) the issuer ceasing to be a reporting issuer in any jurisdiction of Canada; (j) a solicitation of proxies from securityholders; (k) an action similar to any of those enumerated above.
Item 6 – Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer Describe the material terms of any agreements, arrangements, commitments or understandings between the acquiror and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be included.
INSTRUCTIONS (i) Agreements, arrangements or understandings that are described under Item 3 do not have to be
disclosed under this item. (ii) For the purposes of Item 6, the description of any agreements, arrangements, commitments or
understandings does not include naming the persons with whom those agreements, arrangements, commitments or understandings have been entered into, or proprietary or commercially sensitive information.
Item 7 – Change in material fact If applicable, describe any change in a material fact set out in a previous report filed by the acquiror under the early warning requirements or Part 4 in respect of the reporting issuer’s securities. Item 8 – Exemption If the acquiror relies on an exemption from requirements in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.
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Item 9 – Certification The acquiror must certify that the information is true and complete in every respect. In the case of an agent, the certification is based on the agent’s best knowledge, information and belief but the acquiror is still responsible for ensuring that the information filed by the agent is true and complete. This report must be signed by each person on whose behalf the report is filed or his authorized representative. It is an offence to submit information that, in a material respect and at the time and in the light of the circumstances in which it is submitted, is misleading or untrue. Certificate The certificate must state the following: I, as the acquiror, certify, or I, as the agent filing the report on behalf of an acquiror, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect. ____________________________________________________ Date ____________________________________________________ Signature ____________________________________________________ Name/Title.
13. Appendix F is replaced with the following:
Form 62-103F2 REQUIRED DISCLOSURE BY AN ELIGIBLE INSTITUTIONAL INVESTOR UNDER SECTION 4.3
State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended. Item 1 – Security and Reporting Issuer 1.1 State the designation of securities to which this report relates and the name and address of the head office of
the issuer of the securities. 1.2 State the name of the market in which the transaction or other occurrence that triggered the requirement to file
this report took place. Item 2 – Identity of the Eligible Institutional Investor 2.1 State the name and address of the eligible institutional investor. 2.2 State the date of the transaction or other occurrence that triggered the requirement to file this report and
briefly describe the transaction or other occurrence. 2.3 State that the eligible institutional investor is ceasing to file reports under Part 4 for the reporting issuer. 2.4 Disclose the reasons for doing so. 2.5 State the names of any joint actors. Item 3 – Interest in Securities of the Reporting Issuer 3.1 State the designation and number or principal amount of securities and the eligible institutional investor’s
securityholding percentage in the class of securities immediately before and after the transaction or other occurrence that triggered the requirement to file this report.
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3.2 State whether the acquiror acquired or disposed ownership of, or acquired or ceased to have control over, the securities that triggered the requirement to file the report.
3.3 If the transaction involved a securities lending arrangement, state that fact. 3.4 State the designation and number or principal amount of securities and the eligible institutional investor’s
securityholding percentage in the class of securities, immediately before and after the transaction or other occurrence that triggered the requirement to file this report and over which (a) the eligible institutional investor, either alone or together with any joint actors, has ownership and
control, (b) the eligible institutional investor, either alone or together with any joint actors, has ownership but
control is held by persons or companies other than the eligible institutional investor or any joint actor, and
(c) the eligible institutional investor, either alone or together with any joint actors, has exclusive or
shared control but does not have ownership.
3.5 If the eligible institutional investor or any of its joint actors has an interest in, or right or obligation associated with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the eligible institutional investor’s securityholdings.
3.6 If the eligible institutional investor or any of its joint actors is a party to a securities lending arrangement
involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement. State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.
3.7 If the eligible institutional investor or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the eligible institutional investor’s economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding.
INSTRUCTIONS (i) “Related financial instrument” has the meaning ascribed to that term in NI 55-104. Item 3.5
encompasses disclosure of agreements, arrangements or understandings where the economic interest related to a security beneficially owned or controlled has been altered.
(ii) For the purposes of Items 3.5, 3.6 and 3.7, a material term of an agreement, arrangement or
understanding does not include the identity of the counterparty or proprietary or commercially sensitive information.
(iii) For the purposes of Item 3.7, any agreements, arrangements or understandings that have been
disclosed under other items in this Form do not have to be disclosed under this item.
Item 4 – Consideration Paid 4.1 State the value, in Canadian dollars, of any consideration paid or received per security and in total. 4.2 In the case of a transaction or other occurrence that did not take place on a stock exchange or other market
that represents a published market for the securities, including an issuance from treasury, disclose the nature and value, in Canadian dollars, of the consideration paid or received by the eligible institutional investor.
4.3 If the securities were acquired or disposed of other than by purchase or sale, describe the method of
acquisition or disposition.
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Item 5 – Purpose of the Transaction State the purpose or purposes of the eligible institutional investor and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the eligible institutional investor and any joint actors may have which relate to or would result in any of the following:
(a) the acquisition of additional securities of the reporting issuer, or the disposition of securities of the reporting issuer;
(b) a corporate transaction, such as a merger, reorganization or liquidation, involving the reporting issuer
or any of its subsidiaries; (c) a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries; (d) a change in the board of directors or management of the reporting issuer, including any plans or
intentions to change the number or term of directors or to fill any existing vacancy on the board; (e) a material change in the present capitalization or dividend policy of the reporting issuer; (f) a material change in the reporting issuer’s business or corporate structure; (g) a change in the reporting issuer’s charter, bylaws or similar instruments or another action which
might impede the acquisition of control of the reporting issuer by any person; (h) a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be
quoted on, a marketplace; (i) the issuer ceasing to be a reporting issuer in any jurisdiction of Canada; (j) a solicitation of proxies from securityholders; (k) an action similar to any of those enumerated above.
Item 6 – Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer Describe the material terms of any agreements, arrangements, commitments or understandings between the eligible institutional investor and a joint actor and among those persons and any person with respect to any securities of the reporting issuer, including but not limited to the transfer or the voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities, except that disclosure of standard default and similar provisions contained in loan agreements need not be included.
INSTRUCTIONS (i) Agreements, arrangements or understandings that are described under Item 3 do not have to be
disclosed under this item. (ii) For the purposes of Item 6, the description of any agreements, arrangements, commitments or
understandings does not include naming the persons with whom those agreements, arrangements, commitments or understandings have been entered into, or proprietary or commercially sensitive information.
Item 7 – Change in material fact If applicable, describe any change in a material fact set out in a previous report filed by the eligible institutional investor under the early warning requirements or Part 4 in respect of the reporting issuer’s securities. Item 8 – Exemption If the eligible institutional investor relies on an exemption from the requirement in securities legislation applicable to formal bids for the transaction, state the exemption being relied on and describe the facts supporting that reliance.
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Item 9 – Certification The eligible institutional investor must certify that the information is true and complete in every respect. In the case of an agent, the certification is based on the agent’s best knowledge, information and belief but the eligible institutional investor is still responsible for ensuring that the information filed by the agent is true and complete. This report must be signed by each person on whose behalf the report is filed or his authorized representative. It is an offence to submit information that, in a material respect and at the time and in the light of the circumstances in which it is submitted, is misleading or untrue. Certificate The certificate must state the following: I, as the eligible institutional investor, certify, or I, as the agent filing the report on behalf of the eligible institutional investor, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect. ____________________________________________________ Date ____________________________________________________ Signature ____________________________________________________ Name/Title.
14. Appendix G is replaced with the following:
Form 62-103F3 REQUIRED DISCLOSURE BY AN ELIGIBLE INSTITUTIONAL INVESTOR UNDER PART 4
State if the report is filed to amend information disclosed in an earlier report. Indicate the date of the report that is being amended. Item 1 – Security and Reporting Issuer 1.1 State the designation of securities to which this report relates and the name and address of the head office of
the issuer of the securities. 1.2 State the name of the market in which the transaction or other occurrence that triggered the requirement to file
this report took place. Item 2 – Identity of the Eligible Institutional Investor 2.1 State the name and address of the eligible institutional investor. 2.2 State the date of the transaction or other occurrence that triggered the requirement to file this report and
briefly describe the transaction or other occurrence. 2.3 State the name of any joint actors. 2.4 State that the eligible institutional investor is eligible to file reports under Part 4 in respect of the reporting
issuer. Item 3 – Interest in Securities of the Reporting Issuer 3.1 State the designation and the net increase or decrease in the number or principal amount of securities, and in
the eligible institutional investor’s securityholding percentage in the class of securities, since the last report filed by the eligible institutional investor under Part 4 or the early warning requirements.
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3.2 State the designation and number or principal amount of securities and the eligible institutional investor’s securityholding percentage in the class of securities at the end of the month for which the report is made.
3.3 If the transaction involved a securities lending arrangement, state that fact. 3.4 State the designation and number or principal amount of securities and the percentage of outstanding
securities of the class of securities to which this report relates and over which (a) the eligible institutional investor, either alone or together with any joint actors, has ownership and
control, (b) the eligible institutional investor, either alone or together with any joint actors, has ownership but
control is held by persons or companies other than the eligible institutional investor or any joint actor, and
(c) the eligible institutional investor, either alone or together with any joint actors, has exclusive or
shared control but does not have ownership. 3.5 If the eligible institutional investor or any of its joint actors has an interest in, or right or obligation associated
with, a related financial instrument involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the related financial instrument and its impact on the eligible institutional investor’s securityholdings.
3.6 If the eligible institutional investor or any of its joint actors is a party to a securities lending arrangement
involving a security of the class of securities in respect of which disclosure is required under this item, describe the material terms of the arrangement including the duration of the arrangement, the number or principal amount of securities involved and any right to recall the securities or identical securities that have been transferred or lent under the arrangement. State if the securities lending arrangement is subject to the exception provided in section 5.7 of NI 62-104.
3.7 If the eligible institutional investor or any of its joint actors is a party to an agreement, arrangement or understanding that has the effect of altering, directly or indirectly, the eligible institutional investor’s economic exposure to the security of the class of securities to which this report relates, describe the material terms of the agreement, arrangement or understanding.
INSTRUCTIONS (i) “Related financial instrument” has the meaning ascribed to that term in NI 55-104. Item 3.5
encompasses disclosure of agreements, arrangements or understandings where the economic interest related to a security beneficially owned or controlled has been altered.
(ii) An eligible institutional investor may omit the securityholding percentage from a report if the change
in percentage is less than 1% of the class. (iii) For the purposes of Item 3.5, 3.6 and 3.7, a material term of an agreement, arrangement or
understanding does not include the identity of the counterparty or proprietary or commercially sensitive information.
(iv) For the purposes of Item 3.7, any agreements, arrangements or understandings that have been
disclosed under other items in this Form do not have to be disclosed under this item.
Item 4 – Purpose of the Transaction State the purpose or purposes of the eligible institutional investor and any joint actors for the acquisition or disposition of securities of the reporting issuer. Describe any plans or future intentions which the eligible institutional investor and any joint actors may have which relate to or would result in any of the following:
(a) the acquisition of additional securities of the reporting issuer, or the disposition of securities of the issuer;
(b) a sale or transfer of a material amount of the assets of the reporting issuer or any of its subsidiaries;
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(2016), 39 OSCB 1788
(c) a change in the board of directors or management of the reporting issuer, including any plans or intentions to change the number or term of directors or to fill any existing vacancy on the board;
(d) a material change in the present capitalization or dividend policy of the reporting issuer; (e) a material change in the reporting issuer’s business or corporate structure; (f) a change in the reporting issuer’s charter, bylaws or similar instruments or another action which
might impede the acquisition of control of the reporting issuer by any person; (g) a class of securities of the reporting issuer being delisted from, or ceasing to be authorized to be
quoted on, a marketplace; (h) the issuer ceasing to be a reporting issuer in any jurisdiction of Canada; (i) a solicitation of proxies from securityholders; (j) an action similar to any of those enumerated above.
Item 5 – Agreements, Arrangements, Commitments or Understandings With Respect to Securities of the Reporting Issuer Describe the material terms of any agreements, arrangements, commitments or understandings between the eligible institutional investor and a joint actor and among those persons and any person with respect to securities of the class of securities to which this report relates, including but not limited to the transfer or the voting of any of the securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. Include such information for any of the securities that are pledged or otherwise subject to a contingency, the occurrence of which would give another person voting power or investment power over such securities except that disclosure of standard default and similar provisions contained in loan agreements need not be included.
INSTRUCTIONS (i) Agreements, arrangements or understandings that are described under Item 3 do not have to be
disclosed under this item. (ii) For the purposes of Item 5, the description of any agreements, arrangements, commitments or
understandings does not include naming the persons with whom those agreements, arrangements, commitments or understandings have been entered into, or proprietary or commercially sensitive information.
Item 6 – Change in Material Fact If applicable, describe any change in a material fact set out in a previous report filed by the eligible institutional investor under the early warning requirements or Part 4 in respect of the reporting issuer’s securities. Item 7 – Certification The eligible institutional investor must certify that the information is true and complete in every respect. In the case of an agent, the certification is based on the agent’s best knowledge, information and belief but the eligible institutional investor is still responsible for ensuring that the information filed by the agent is true and complete. This report must be signed by each person on whose behalf the report is filed or his authorized representative. It is an offence to submit information that, in a material respect and at the time and in the light of the circumstances in which it is submitted, is misleading or untrue.
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(2016), 39 OSCB 1789
Certificate The certificate must state the following: I, as the eligible institutional investor, certify, or I, as the agent filing the report on behalf of the eligible institutional investor, certify to the best of my knowledge, information and belief, that the statements made in this report are true and complete in every respect. ____________________________________________________ Date ____________________________________________________ Signature ____________________________________________________ Name/Title.
15. Except in Ontario, this Instrument comes into force on May 9, 2016. In Ontario, this Instrument comes into force on the later of the following: (a) May 9, 2016; (b) the day on which sections 1, 2 and 3, subsections 4 (2) and (3), and sections 5, 7, 8 and 10 of Schedule 18 of
the Budget Measures Act, 2015 (Ontario) are proclaimed into force.
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(2016), 39 OSCB 1790
ANNEX F
LOCAL MATTERS Please refer to Annex N of the version of the CSA Notice of Amendments to Take-Over Bid Regime dated February 25, 2016 published in Ontario.
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(2016), 39 OSCB 1791
5.1.2 CSA Notice of Changes to Companion Policy 43-101CP Standards of Disclosure for Mineral Projects
CSA Notice of Changes to Companion Policy 43-101CP
Standards of Disclosure for Mineral Projects
February 25, 2016 Introduction The Canadian Securities Administrators (the CSA or we) are making changes to Companion Policy 43-101 Standards of Disclosure for Mineral Projects (the Companion Policy) (the Changes). The Changes are not material and are not being published for comment. List of Foreign Associations and Membership Designations NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) requires that all disclosure of scientific or technical information made by an issuer must be based upon information prepared by or under the supervision of a qualified person or approved by a qualified person. A “qualified person”, as defined in NI 43-101, is required to meet several conditions including holding a specified membership designation in a professional association. In turn, a “professional association”, as defined, includes a test for what is considered an acceptable foreign association. Appendix A to the Companion Policy provides a list of the foreign associations that in our view meet all the tests in the definition of a “professional association” and the membership designations listed meet the criteria in paragraph (e) of the definition of a “qualified person” (the Tests). The Companion Policy notes that periodic updates to Appendix A will be made to reflect other professional associations and membership designations that, in our view, meet the Tests. In August 2012 and February 2013, members of Engineers Australia and Engineers New Zealand holding the designation of Chartered Professional Engineer (CPEng) were noted as having met the Tests in CSA Staff Notice 43-308 (Revised) Professional Associations under NI 43-101 Standards of Disclosure for Mineral Projects (Staff Notice 43-308). Appendix A was not updated at the time to reflect the change. At this time, we are of the view that the Russian Society of Subsoil Use Experts (OERN) with members holding the designation of Expert meet the Tests and Appendix A to the Companion Policy is being updated to reflect this. At the same time, Appendix A is being updated to add Engineers Australia and Engineers New Zealand. Changes to Appendix A are provided by way of blackline in Annex A to this notice. The Staff Notice 43-308 is being withdrawn as a result of these changes to Appendix A of the Companion Policy. List of Acceptable Foreign Codes NI 43-101 requires that disclosure of mineral resources or mineral reserves use either the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards or an “acceptable foreign code”, as defined, which includes five specific foreign codes and criteria for recognizing other acceptable foreign codes. We are of the view that the Russian Code for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves (NAEN Code) meets the criteria for an acceptable foreign code and the Companion Policy will be changed to include Appendix A.1 listing additional acceptable foreign codes. We have also changed the guidance in paragraph 1.1(1)(b) of the Companion Policy to refer to periodic updates to the list in Appendix A.1 rather than through CSA Staff Notices. Annex B to this notice provides changes by way of blackline. The Changes come into effect on February 25, 2016. Contents of Annexes Annex A – Changes to Appendix A of the Companion Policy Annex B – Addition of Appendix A.1 of the Companion Policy
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(2016), 39 OSCB 1792
Questions Please refer your questions to any of the following people:
Chris Collins Chief Mining Advisor, Corporate Finance British Columbia Securities Commission 604-899-6616 Toll-free 800-373-6393 [email protected]
Ian McCartney Senior Geologist, Corporate Finance British Columbia Securities Commission 604-899-6519 Toll-free 800-373-6393 [email protected]
Darin Wasylik Senior Geologist, Corporate Finance British Columbia Securities Commission 604 899-6517 Toll-free 800-373-6393 [email protected]
Craig Waldie Senior Geologist, Corporate Finance Ontario Securities Commission 416-593-8308 Toll-free 877-785-1555 [email protected]
James Whyte Senior Geologist, Corporate Finance Ontario Securities Commission 416-593-2168 Toll-free 877-785-1555 [email protected]
Luc Arsenault Géologue Autorité des marchés financiers 514-395-0337, ext. 4373 Toll-free 877-525-0337, ext. 4373 [email protected]
André Laferrière Géologue Autorité des marchés financiers 514-395-0337, ext. 4374 Toll-free 877-525-0337 ext. 4374 [email protected]
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(2016), 39 OSCB 1793
ANNEX A
CHANGES TO APPENDIX A OF THE COMPANION POLICY Annex A shows, by way of blackline, changes approved to Appendix A of the Companion Policy. These changes become effective February 25, 2016.
Appendix A
Acceptable Foreign Associations and Membership Designations
Foreign Association Membership Designation
American Institute of Professional Geologists (AIPG) Certified Professional Geologist (CPG)
The Society for Mining, Metallurgy and Exploration, Inc. (SME)
Registered Member
Mining and Metallurgical Society of America (MMSA) Qualified Professional (QP)
Any state in the United States of America Licensed or certified as a professional engineer
European Federation of Geologists (EFG) European Geologist (EurGeol)
Institute of Geologists of Ireland (IGI) Professional Member (PGeo)
Institute of Materials, Minerals and Mining (IMMM) Professional Member (MIMMM), Fellow (FIMMM), Chartered Scientist (CSci MIMMM), or Chartered Engineer (CEng MIMMM)
Geological Society of London (GSL) Chartered Geologist (CGeol)
Australasian Institute of Mining and Metallurgy (AusIMM) Fellow (FAusIMM) or Chartered Professional Member or Fellow [MAusIMM (CP), FAusIMM (CP)]
Australian Institute of Geoscientists (AIG) Member (MAIG), Fellow (FAIG) or Registered Professional Geoscientist Member or Fellow (MAIG RPGeo, FAIG RPGeo)
The Institution of Engineers Australia1 (Engineers Australia) Chartered Professional Engineer (CPEng)
The Institution of Professional Engineers New Zealand2 (Engineers New Zealand, IPENZ)
Chartered Professional Engineer (CPEng)
Southern African Institute of Mining and Metallurgy (SAIMM) Fellow (FSAIMM)
South African Council for Natural Scientific Professions (SACNASP)
Professional Natural Scientist (Pr.Sci.Nat.)
Engineering Council of South Africa (ECSA) Professional Engineer (Pr.Eng.) or Professional Certificated Engineer (Pr.Cert.Eng.)
Comisión Calificadora de Competencias en Recursos y Reservas Mineras (Chilean Mining Commission)
Registered Member
Russian Society of Subsoil Use Experts3 (OERN) Expert
1 As of August 16, 2012. 2 As of February 21, 2013. 3 As of February 25, 2016.
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ANNEX B
CHANGES TO THE COMPANION POLICY AND ADDITION OF APPENDIX A.1 Annex B shows, by way of blackline, changes approved to the Companion Policy including the addition of Appendix A.1. These changes become effective February 25, 2016. PART 1 DEFINITIONS AND INTERPRETATION 1.1 Definitions
(1) “acceptable foreign code” – The definition of “acceptable foreign code” in the Instrument lists five internationally recognized foreign codes that govern the estimation and disclosure of mineral resources and mineral reserves. The JORC Code, PERC Code, SAMREC Code, and Certification Code use mineral resource and mineral reserve definitions and categories that are substantially the same as the CIM definitions mandated in the Instrument. These codes also use mineral resource and mineral reserve categories that are based on or consistent with the International Reporting Template, published by the Committee for Mineral Reserves International Reporting Standards (“the CRIRSCO Template”), as amended.
We think other foreign codes will generally meet the test in the definition if they
(a) have been adopted or recognized by appropriate government authorities or professional
organizations in the foreign jurisdiction; and
(b) use mineral resource and mineral reserve categories that are based on the CRIRSCO Template, and are substantially the same as the CIM definitions mandated in the Instrument, the JORC Code, the PERC Code, the SAMREC Code, and the Certification Code, as amended and supplemented.
We will publish CSA Staff Notices periodically listing the Appendix A.1 to the Policy provides a list of additional codes that we CSA members’ staff think satisfy the definition of “acceptable foreign code”. We will publish updates to the list periodically. We will also consider submissions from market participants regarding the proposed addition of foreign codes to the list. Submissions should explain the basis for concluding that the proposed foreign code meets the test in the definition and include appropriate supporting documentation.
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Appendix A.1
Additional Acceptable Foreign Codes
Russian Code for the Public Reporting of Exploration Results, Mineral Resources and Mineral Reserves4 (NAEN Code)
4 As of February 25, 2016.
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Chapter 6
Request for Comments 6.1.1 Proposed NI 94-101 Mandatory Central Counterparty Clearing of Derivatives and Proposed Companion Policy
94-101CP Mandatory Central Counterparty Clearing of Derivatives
CSA Notice and Request for Comment
Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing Of Derivatives (2nd Publication)
Proposed Companion Policy 94-101CP
Mandatory Central Counterparty Clearing Of Derivatives (2nd Publication) February 24, 2016 Introduction We, the Canadian Securities Administrators (CSA), are republishing for a 90-day comment period expiring on May 24, 2016:
• Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (the Clearing Rule), and
• Proposed Companion Policy 94-101CP Mandatory Central Counterparty Clearing of Derivatives (the Clearing
CP). Collectively, the Clearing Rule and the Clearing CP will be referred to as the “Proposed National Instrument”. We are issuing this notice to provide interim guidance and solicit comments on the Proposed National Instrument and the determination of classes of interest rate derivatives (IRD) denominated in certain currencies as mandatory clearable derivatives. This process is part of the ongoing implementation of Canada’s commitments in relation to global over‐the‐counter (OTC) derivatives markets reforms stemming from the G20 commitments. The CSA Derivatives Committee (the Committee) has consulted and collaborated with the Bank of Canada, the Office of the Superintendent of Financial Institutions (Canada), the Department of Finance Canada, and market participants on the determination of certain classes of OTC derivatives as mandatory clearable derivatives. The Committee also continues to contribute to and follow international regulatory developments. In particular, members of the Committee work with international regulators and bodies such as the International Organization of Securities Commissions and the OTC Derivatives Regulators’ Group in the development of international standards and regulatory practices. Although a significant market in Canada, the Canadian OTC derivatives market comprises a relatively small share of the global market, and a substantial portion of transactions entered into by Canadian market participants involve foreign counterparties. The Committee endeavours to develop rules for the Canadian market that are aligned with international practices to ensure that Canadian market participants have access to the international market and are regulated in accordance with international principles. We would like to draw your attention to another publication, Proposed National Instrument 94-102 Derivatives Customer Clearing and Protection of Customer Positions and Collateral, and to the recent publication of National Instrument 24-102 Clearing Agency Requirements. These publications, and the Proposed National Instrument, each relate to central counterparty clearing and we therefore invite the public to consider these publications comprehensively.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1798
We note that once the Proposed National Instrument is in force, the Committee intends that Ontario Securities Commission Rule 91-506 Derivatives: Product Determination, Manitoba Securities Commission Rule 91-506 Derivatives: Product Determination, Québec Regulation 91-506 respecting Derivatives Determination and the Multilateral Instrument 91-101 Derivatives: Product Determination (collectively, the Scope Rules) will apply to the Proposed National Instrument. Accordingly, in Québec, Regulation to amend Regulation 91-506 respecting Derivative Determination is published for consultation concurrently with the Proposed National Instrument. Background The members of the CSA published Draft National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives on February 12, 2015 (the Draft National Instrument), inviting public comment on all aspects of the Draft National Instrument. Twenty-five comment letters were received. A list of those who submitted comments as well as a chart summarizing the comments received and the Committee’s responses are attached as Annex A to this Notice. Copies of the comment letters can be found on the websites of the Alberta Securities Commission, Ontario Securities Commission and Autorité des marchés financiers. Summary of Changes to the Proposed National Instrument The Committee has reviewed the comments received and made changes to the Proposed National Instrument in response. In particular, the Clearing Rule now applies only to participants that subscribe to the services of a regulated clearing agency for a mandatory clearable derivative, and their affiliated entities, as well as to local counterparties with a month-end gross notional amount of outstanding OTC derivatives above $500 000 000 000. The revised scope of application addresses concerns of market participants regarding indirect clearing. The Committee intends to reassess this scope when more market participants reasonably have access to clearing services for OTC derivatives. In addition, the non-application provision was broadened by adding the International Monetary Fund and by including entities that are guaranteed by one or more governments. Also, the interpretation of an affiliated entity was broadened by adding partnerships, and an exemption for multilateral portfolio compression exercise was added. Finally, our intent to keep Form 94-101F1 confidential has been clarified in the Clearing CP. Substance and Purpose of the Proposed National Instrument The purpose of the Clearing Rule is to propose mandatory central counterparty clearing of certain standardized OTC derivatives transactions in order to reduce systemic risk in the derivatives market and increase financial stability. The Clearing Rule is divided into two areas: (i) mandatory central counterparty clearing for certain derivatives (including proposed exemptions), and (ii) the determination of derivatives subject to mandatory central counterparty clearing (each a mandatory clearable derivative). Summary of the Clearing Rule a) Mandatory central counterparty clearing and exemptions The Clearing Rule provides that a local counterparty to a transaction in a mandatory clearable derivative must submit that transaction for clearing to a regulated clearing agency when itself and the other counterparty are one or more of the following:
(i) a participant subscribing to the services of a regulated clearing agency for a mandatory clearable derivative; (ii) an affiliated entity of a participant described in (i); (iii) a local counterparty that, together with its local affiliated entities, has an aggregate gross notional amount of
more than $500 000 000 000 in outstanding derivatives as specified under the Scope Rules, excluding intragroup transactions.
In addition to the non-application section, two exemptions are provided in the Clearing Rule. The proposed intragroup exemption applies, subject to conditions provided in the Clearing Rule, where affiliated entities or counterparties prudentially supervised on a consolidated basis enter into a transaction in a mandatory clearable derivative. A counterparty relying on the intragroup exemption must deliver Form 94-101F1 to the regulator identifying the other counterparty and the basis for relying on the exemption.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1799
The proposed multilateral portfolio compression exercise exemption applies, subject to the conditions listed in the Clearing Rule, when several counterparties are changing, terminating and replacing prior uncleared transactions in derivatives that were not mandatory clearable derivatives at the time the prior transactions were entered into. A counterparty relying on either exemption must document and maintain records to demonstrate its eligibility to rely on the exemption. b) Determination of mandatory clearable derivatives The Committee seeks comment on the determination as mandatory clearable derivatives of certain classes of IRD denominated in US dollars (USD), Euro (EUR), British pounds (GBP) and Canadian dollars (CAD) (collectively, the Proposed Determination). In making this Proposed Determination, the Committee has considered factors including
• information on OTC derivatives cleared by regulated clearing agencies, • markets of importance to Canadian financial stability, and • foreign central clearing mandates.
Regulated clearing agencies have notified the Committee of all the OTC derivatives or classes of OTC derivatives for which they provide clearing services. For each of these derivatives or classes of derivatives, the Committee has assessed whether it is suitable for mandatory central clearing by examining the following criteria set out in the Clearing CP:
• standardization of legal documentation and of the operational processes at the regulated clearing agency, as
measured by the use of electronic affirmation and confirmation platforms and the use of industry standard documentation and definitions;
• sufficient transaction activity and participation to absorb the risk resulting from the default of two large participants of a regulated clearing agency, as measured by the number of participants subscribing to OTC derivative services at the regulated clearing agencies;
• fair, reliable and generally accepted pricing information made available in the relevant class of derivatives by market entities providing pre- and post- trade transparency;
• sufficient liquidity in the market to allow for close out or hedging of outstanding derivatives in a default scenario of at least two participants of a regulated clearing agency, as measured by the average number of transactions and average notional transactions size daily.
We have also considered publicly available data, derivatives transaction data reported pursuant to local derivatives data reporting rules1 and foreign regulators’ proposals, including their analysis of the standardization and risk profile of the proposed mandatory clearable derivatives as well as the liquidity and characteristics of their market. International harmonization is also an important factor used by the Committee when making a determination on whether a type or class of derivative should be a mandatory clearable derivative. In the absence of broadly harmonized requirements, there may be potential for regulatory arbitrage or other distortions in market participants’ choices as to where to conduct business or book trades. The list of proposed mandatory clearable derivatives for all jurisdictions of Canada, other than Québec, is included in the Clearing Rule as Appendix A. In Québec, a list of mandatory clearable derivatives will be published in a decision from the Autorité des marchés financiers. Following the review of OTC derivatives against the criteria presented above, the Committee is proposing that the following classes of IRD be mandatory clearable derivatives:
1 Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting (Québec); Ontario Securities Commission Rule 91-507
Trade Repositories and Derivatives Data Reporting; Manitoba Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting; and, once implemented, Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1800
Interest Rate Swaps
Type Floating index Settlementcurrency
Maturity SettlementCurrency Type
Optionality Notionaltype
Fixed-to-float CDOR CAD 28 days to 30 years
Single currency No Constant or variable
Fixed-to-float LIBOR USD 28 days to 50 years
Single currency No Constant or variable
Fixed-to-float EURIBOR EUR 28 days to 50 years
Single currency No Constant or variable
Fixed-to-float LIBOR GBP 28 days to 50 years
Single currency No Constant or variable
Basis LIBOR USD 28 days to 50 years
Single currency No Constant or variable
Basis EURIBOR EUR 28 days to 50 years
Single currency No Constant or variable
Basis LIBOR GBP 28 days to 50 years
Single currency No Constant or variable
Overnight index swap
CORRA CAD 7 days to 2 years
Single currency No Constant or variable
Overnight index swap
FedFunds USD 7 days to 30 years
Single currency No Constant or variable
Overnight index swap
EONIA EUR 7 days to 30 years
Single currency No Constant or variable
Overnight index swap
SONIA GBP 7 days to 30 years
Single currency No Constant or variable
Forward Rate Agreements
Forward rate agreement
LIBOR USD 3 days to 3 years
Single currency No Constant or variable
Forward rate agreement
EURIBOR EUR 3 days to 3 years
Single currency No Constant or variable
Forward rate agreement
LIBOR GBP 3 days to 3 years
Single currency No Constant or variable
In particular, IRD represent more than 80% of the gross notional amount of outstanding derivatives of local counterparties. Within IRD traded, single currency interest rate swaps (IRS) dominate. IRD are also highly standardised, thus posing minimal operational concerns for clearing unlike more complex and exotic products. There is also sufficient liquidity for clearing in IRD. IRD are not only traded by local participants, but also by local branches or affiliates of foreign participants. Furthermore, the majority of local counterparties that would be subject to the Proposed National Instrument have already begun clearing IRS on regulated clearing agencies. Our goal is to harmonise, to the greatest extent possible, the Proposed Determination across Canada and with international practices. Certain classes of IRD denominated in USD, GBP and EUR are already mandated to be cleared in the United States, in Australia beginning in April 2016, and in Europe beginning in June 2016. There is currently no central clearing mandate in any jurisdiction covering CAD IRS, although it is being assessed by some foreign jurisdictions. Considering that the market for CAD IRS involves foreign counterparties outside of our jurisdiction, the competitiveness of local counterparties subject to the Proposed National Instrument could be impacted negatively, in the absence of foreign regulators also mandating clearing of CAD IRS. The Committee is well aware of this potential impact and is seeking to harmonise implementation of the Proposed Determination with our international counterparts to minimise disadvantageous consequences. Where harmonisation is not possible, the Committee could consider delaying the determination of CAD IRS as mandatory clearable derivatives, or including a transition provision or phase-in to minimise negative consequences while potential foreign mandates are considered. For example, such a phase-in could provide that, for a certain
Request for Comments
February 25, 2016
(2016), 39 OSCB 1801
period of time, CAD IRS only be mandated to be cleared when entered into by two local counterparties in any jurisdiction of Canada. Transactions involving a foreign counterparty could then be part of a second phase triggered once a foreign mandate for CAD IRS is in place. The Committee would appreciate your input on the following questions. 1. The scope of counterparties subject to the clearing requirement has been significantly scaled back since the publication
of the Draft National Instrument. In your view, is the scope in the Proposed National Instrument appropriate considering the Proposed Determination?
2. Is the Proposed Determination appropriate for the Canadian market? Please provide specific concerns relating to any
or all of the following: (i) US IRD; (ii) GBP IRD; (iii) EUR IRD; (iv) CAD IRS; (v) any other derivatives.
3. What additional risks to the market or regulated clearing agencies would result from the Proposed Determination? 4. As currently contemplated, the Proposed National Instrument and the Proposed Determination would become effective
simultaneously. Do you agree with this approach or should a transition period be provided after the Proposed National Instrument has come into force and before mandatory clearable derivatives must be cleared? Please identify significant consequences that could arise from the current approach and what length of time would be appropriate if you deem that a phase-in is necessary.
5. Please discuss any significant consequences that could arise from a determination of CAD IRS as a mandatory
clearable derivative absent a corresponding CAD IRS mandate in one or more foreign jurisdictions. 6. Are the characteristics used in Appendix A and the table above to define mandatory clearable derivatives adequate? If
not, what other variables should be considered? Anticipated Costs and Benefits of the Proposed National Instrument We believe that the impact of the Proposed National Instrument, including anticipated compliance costs for market participants, is proportional to the benefits we seek to achieve. The G20 has agreed that requiring standardised and sufficiently liquid OTC derivatives transactions to be cleared through central counterparties will result in more effective management of counterparty credit risk through multilateral netting of transactions and mutualisation of losses through a default fund. As such, central counterparty clearing of derivatives included in the Proposed Determination contributes to greater stability of our financial markets and reduced systemic risk. We recognise that counterparties will incur additional costs in order to comply with the Proposed National Instrument due to the increase in transactions that are centrally cleared. However, we note that the G20 has also committed to impose capital and collateral requirements on OTC derivative transactions that are not centrally cleared; the related costs may well exceed the costs associated with clearing OTC derivatives transactions. The intragroup and multilateral portfolio compression exemptions in the Clearing Rule will help mitigate the costs borne by counterparties as a result of the Clearing Rule. Moreover, the narrow scope of application of the Clearing Rule will provide relief for certain categories of market participants. We note that the current approach of the Clearing Rule will provide the provincial regulators time to establish a derivatives registration regime under which a category would be contemplated for larger derivatives participants who could become subject to the Clearing Rule. We will continue to monitor trade repository data to assess the characteristics of the markets for derivatives mandated to be cleared to inform whether the $500 000 000 000 threshold for an entity to be subject to mandatory clearing should be lowered and if so, what carve-outs might be appropriate for certain types of entities. With respect to the Proposed Determination, while we acknowledge that CAD IRS are systemically important to the Canadian market, as noted above, there may be potential costs associated with requiring CAD IRS to be cleared without international harmonisation. In the absence of foreign regulators also mandating clearing of CAD IRS, local counterparties subject to the Proposed National Instrument could be impacted negatively if foreign counterparties withdraw from the market and reduced the
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February 25, 2016
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ability of local counterparties to hedge their risks. This risk is particularly relevant to the cleared CAD IRS market where approximately half of all outstanding positions are cleared by foreign clearing members. Content of Annexes The following annexes form part of this CSA Notice:
• Annex A – Summary of Comments and List of Commenters;
• Annex B – Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives; and
• Annex C – Proposed Companion Policy 94-101CP Mandatory Central Counterparty Clearing of Derivatives. Request for Comments Please provide your comments in writing by May 24, 2016. We cannot keep submissions confidential because securities legislation in certain provinces requires publication of a summary of the written comments received during the comment period. In addition, all comments received will be posted on the websites of each of the Alberta Securities Commission at www.albertasecurities.com, the Autorité des marchés financiers at www.lautorite.qc.ca and the Ontario Securities Commission at www.osc.gov.on.ca. Therefore, you should not include personal information directly in comments to be published. It is important that you state on whose behalf you are making the submission. Thank you in advance for your comments. Please address your comments to each of the following: Alberta Securities Commission Autorité des marchés financiers British Columbia Securities Commission Financial and Consumer Services Commission (New Brunswick) Financial and Consumer Affairs Authority of Saskatchewan Manitoba Securities Commission Nova Scotia Securities Commission Nunavut Securities Office Ontario Securities Commission Office of the Superintendent of Securities, Newfoundland and Labrador Office of the Superintendent of Securities, Northwest Territories Office of the Yukon Superintendent of Securities Superintendent of Securities, Department of Justice and Public Safety, Prince Edward Island Please send your comments only to the following addresses. Your comments will be forwarded to the remaining jurisdictions: Me Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, square Victoria, 22e étage C.P. 246, tour de la Bourse Montréal (Québec) H4Z 1G3 Fax: 514 864-6381 [email protected]
Josée Turcotte Secretary Ontario Securities Commission 20 Queen Street West Suite 1900, Box 55 Toronto, Ontario M5H 3S8 Fax: 416 593-2318 [email protected]
Questions Please refer your questions to any of the following: Derek West Co-Chairman, CSA Derivatives Committee Senior Director, Derivatives Oversight Autorité des marchés financiers 514 395-0337, ext. 4491 [email protected]
Kevin Fine Co-Chairman, CSA Derivatives Committee Director, Derivatives Branch Ontario Securities Commission 416 593-8109 [email protected]
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Paula White Deputy Director, Compliance and Oversight Manitoba Securities Commission 204 945-5195 [email protected]
Martin McGregor Legal Counsel, Corporate Finance Alberta Securities Commission 403 355-2804 [email protected]
Michael Brady Manager, Derivatives British Columbia Securities Commission 604 899-6561 [email protected]
Abel Lazarus Senior Securities Analyst Nova Scotia Securities Commission 902 424-6859 [email protected]
Wendy Morgan Senior Legal Counsel Financial and Consumer Services Commission (New Brunswick) 506 643-7202 [email protected]
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February 25, 2016
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ANNEX A
COMMENT SUMMARY AND CSA RESPONSES
Section Reference Issue/Comment Response
General Comment A commenter suggested that the rule use a more principles-based approach.
No change. A clearing requirement is necessary to ensure the objective of enhancing central clearing is accomplished.
S. 1 – Definitions A commenter requested that we define derivative to be harmonized with Proposed Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting.
Change made. An application section was added to explain that derivative has the same meaning as in securities legislation and the local Rule 91-506 Derivatives: Product Determination and Proposed Multilateral Instrument 91-101 Derivatives: Product Determination.
S. 1 – Definitions: Financial entity
Several commenters pointed out that, until there is a registration regime in place, it would be difficult for a participant to determine if it is a financial entity or not.
Change made. The definition of “financial entity” was removed since the distinction between a financial and non-financial entity was solely for the purpose of the end-user exemption which was deleted.
S.1 – Definitions: Local counterparty
A number of commenters requested additional guidance on concepts such as “head office”, “principal place of business” and “affiliate”.
Partial change. We note that the interpretation of “affiliated entity” was changed to harmonize with other Canadian derivatives rules. The other concepts are commonly used terms with judicially considered definitions.
A few commenters asked what is meant by “responsible for the liabilities of that affiliated party”.
Change made. The Clearing Rule now specifies that the responsibility is for all or substantially all the liabilities of the affiliated entity.
S.1 – Definitions: Mandatory Clearable Derivatives
A commenter requested that the definition should be harmonized across Canada and internationally.
No change. Although the definition provides that mandatory clearable derivatives will be determined in a decision in Québec, while other jurisdictions of Canada will list them in Appendix A of the Clearing Rule, the intent of the Committee is to harmonize the determinations across Canada. When proposing mandatory clearable derivatives, the Committee intends to take into account whether the derivatives are mandated to be cleared in foreign jurisdictions.
S.1 – Definitions: Regulated clearing agency
A commenter suggested that the definition be restricted to a person or company that acts as a central counterparty.
The Clearing CP now explains that a regulated clearing agency acts as a central counterparty.
Former S.3 – Interpretation of the term affiliated entity
Two commenters opined that definitions should be the same across rules. Another commenter requested that partnerships and unincorporated entities be included in the definition.
Change made. We included a broader definition of affiliated entity that includes partnerships and trusts for greater harmonization with other derivatives rules.
Former S. 4 – Interpretation of hedging
Many commenters expressed the need for clarification regarding the meaning of “speculating”, the “intent to reduce risk”, the “list of risks” and the “normal course of business”.
This section was deleted since non-financial entities are no longer required to clear their transactions unless they fall into the scope of revised subsection 3(1).
Former S. 5 – Duty to clear
A few commenters highlighted the difficulties relating to access to clearing for certain market participants. Many commenters requested an exemption or an exclusion from the scope of the duty to clear for smaller financial entities or non-systemic entities such as pension schemes.
Change made. See revised subsection 3(1) where the scope of the duty to clear was narrowed to capture only the largest entities, and those with direct access to a regulated clearing agency.
A commenter expressed the concern that the Clearing Rule would not provide for situations where a local counterparty accesses a regulated clearing agency directly without being a clearing member.
Change made. The definition of “participant” referring to a person or company in a contractual relationship with a regulated clearing agency and bound by its rules has been added to the Clearing Rule.
A commenter proposed to extend the clearing requirement to foreign entities whose transactions
No change. We note that, although the obligation to clear rests on local counterparties, a transaction with
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February 25, 2016
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have a direct, substantial and foreseeable effect in Canada or are aimed at evading the clearing requirement.
a foreign counterparty must be cleared if the foreign counterparty is also subject to subsection 3(1).
Three commenters were concerned about the lack of substituted compliance within Canada and with foreign jurisdictions available for a counterparty subject to the duty to clear in more than one jurisdiction.
Partial change. Regarding substituted compliance within Canada, Alberta, New Brunswick and Nova Scotia were added to the list of jurisdictions which provide substituted compliance where a transaction is cleared at a clearing agency regulated in any jurisdiction of Canada. It is the Committee’s view that an application for exemptive relief may be made in a local jurisdiction that do not provide substituted compliance. With regard to equivalence with foreign jurisdictions, we note that only local counterparties under paragraph (b) of that definition should benefit from substituted compliance, since the Clearing Rule would only apply when there is a local counterparty in scope involved in the transaction if the Clearing Rule is the stricter rule applicable to the transaction.
A commenter submitted that the requirement to submit transactions for clearing before the end of the day of execution is too short since it does not allow the overnight file transfer and could impact liquidity.
No change. We note that this requirement is consistent with foreign regulation.
Former S. 6 – Non-application
Several commenters expressed their concern that this section confers an advantage to crown corporations over their competitors. Some commenters added that the non-application section should provide objective criteria.
No change. We note that the regulators retain the right to modify the applicability of all exemptions.
Two commenters requested that the non-application section be available for entities wholly-owned by or acting as agent for the government and who do not benefit from a guarantee of its obligations by that government.
No change. The non-application section includes a crown corporation for which the government where the crown corporation was constituted is responsible for all or substantially all of the crown corporation’s liabilities. We note that crown corporations are not required to clear their transactions unless they fall into the scope of revised subsection 3(1).
A commenter suggested adding the International Monetary Fund to the list of entities.
Change made. The International Monetary Fund was added to the non-application section. We note that the non-application section has not been extended to recognize other supra-national agencies. The Committee anticipates exemption requests would be sent to regulators as required.
A commenter suggested that former section 6 apply to a financial entity that is wholly owned by one or more government(s) as long as all or substantially all the liabilities of the entity are guaranteed by one or more of that or these government(s). It was also noted that a government of a foreign jurisdiction in former paragraph 6(a) should include both sovereign and subsovereign governments.
Change made. The language in the non-application section has been adapted to include entities wholly-owned by more than one government. The Clearing CP now includes guidance on the interpretation of a foreign government.
Former Part 3 - Exemptions
A commenter suggested that an exemption should be available for a transaction resulting from a multilateral portfolio compression exercise where the previous transactions were not cleared and were entered into prior to the effective date of the clearing requirement for the derivative.
Change made. An exemption was added in section 8 of the Clearing Rule for certain transactions resulting from a multilateral portfolio compression exercise.
Former S. 9 – End-user exemption
Many commenters requested that the exemption be broadened to be available for small financial entities, pension funds and property and casualty insurers. Three commenters believed this exemption should be available to a registrant hedging the risk of a non-financial affiliated entity.
This section was deleted in consideration of the new scope of application.
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February 25, 2016
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Former S. 10 – Intragroup exemption
Many commenters thought that the intragroup exemption should be available for entities that are not prudentially supervised on a consolidated basis or that do not have consolidated financial statements.
No change. The Committee notes that the approach used in the Clearing Rule is harmonized with exemptions found in foreign regulations.
A commenter asked that financial statements using Canadian or U.S. GAAP or GAAP of the local jurisdiction be allowed.
No change. The Committee notes that Canadian and U.S. GAAP are included in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards.
Two commenters expressed the need for clarification as to the agreement between the affiliated entities.
No change. The Committee notes that the requirement that the counterparties agree to rely on the exemption provides sufficient flexibility for them to choose in which form to express their intent to rely on the exemption.
Four commenters asked for clarification on the level of detail of the written agreement required and whether written confirmations are required for each transaction.
No change. The Committee notes that the written agreement required provides flexibility.
A commenter urged that former subsection 10(3) include “or cause to be submitted” to allow a counterparty that centralizes its compliance and reporting functions to another entity to submit the form through this entity.
Change made. See revised subsection 7(2) where “or cause to be delivered” was added.
A commenter requested clarification regarding whether Form 94-101F1 should be submitted for every transaction between two affiliated entities.
Change made. See revised subsection 7(2). We are of the view that Form 94-101F1 must be delivered only once per pair of counterparties to be valid for all transactions between the pair.
A commenter suggested the elimination of a form filing requirement.
No change. The Committee notes that regulators could review filed Forms 94-101F1 to determine whether the exemption was properly relied on.
A commenter proposed that a corporate group be permitted to file only one Form 94-101F1.
No change. We note that the exemption is available on a bilateral basis and not on a group basis.
Two commenters proposed that Form 94-101F1 be submitted to a trade repository. A commenter suggested that only one regulator should receive the form and share it with the other regulators.
No change. The regulators do not have arrangements in place with trade repositories regarding the Clearing Rule. The Committee notes that there is no agreement in place between regulators for sharing the information received on Form 94-101F1. Furthermore, it is the Committee’s view that it would not be overly burdensome for market participants to send the same form to several regulators.
Former S. 11 – Recordkeeping
Some commenters sought clarification on the requirements for the end-user exemption regarding factual representations and documentation on a portfolio level.
The end-user exemption and related requirements were deleted.
Former S. 12 – Submission of information on clearing services for derivatives by a regulated clearing agency
Two commenters asked about the authority to make top-down determinations.
Change made. See revised sections 10 and 12 of the Clearing CP that discuss top-down determinations.
Former S. 13 – Other exemption
A commenter requested clarification on the impact of the clearing requirement on a market participant who submitted an application for an exemption.
No change. We believe that market participants will have sufficient time ahead of a determination to submit an application for a discretionary exemption. However, a transition period was added to section 3.
Former S. 14 – Transition – regulated clearing agency filing requirement
A commenter proposed that products already offered for clearing by a clearing agency be presumed eligible for clearing.
No change. It is the Committee’s view that the information required in Form 94-101F2 is an important element for regulators in making or proposing a determination as to which derivatives should be mandatory clearable derivatives.
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February 25, 2016
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Form 94-101F1 A commenter requested that Form 94-101F1 be kept confidential
Change made. The Clearing CP includes a provision about the confidentiality of this form.
Form 94-101F2 A commenter requested that regulated clearing agencies provide specific information on the end-to-end testing conducted with its participants.
No change. We note that the information requested from regulated clearing agencies is only one part of the determination process which considers multiple factors as set out in the notice.
Appendix A – Mandatory clearable derivatives
Determination Many commenters provided their insight on which types of derivatives should or should not be mandatory clearable derivatives. Several commenters suggested that the process for the determination of mandatory clearable derivatives should be harmonized with international standards and across all jurisdictions of Canada. Two commenters asked that the list of mandatory clearable derivatives be kept in one place. Some commenters also suggested that mandatory clearable derivatives and derivatives excluded from the scope should be harmonized with foreign jurisdictions.
No change. It is the Committee’s intention that the mandatory clearable derivatives will not include derivatives that are outside the scope of the Scope Rule. Other than in Québec, all mandatory clearable derivatives will be listed in Appendix A to the Clearing Rule. In Québec, the same mandatory clearable derivatives would be determined in a decision by the Autorité des marchés financiers. The timing for implementation of each determination will be aligned across all jurisdictions of Canada. It is the Committee’s view that foreign determinations of derivatives mandated to be cleared are important criteria when determining what derivatives should be a mandatory clearable derivative under the Clearing Rule.
Consultation Many commenters requested that either the Clearing Rule or the Clearing CP contain a statement to insure that the regulators will seek public comment prior to determining a mandatory clearable derivative. A commenter suggested that the determinations follow a simplified approach that does not follow the full rulemaking process and that is harmonized in all jurisdictions of Canada.
No change. Any subsequent determinations of a mandatory clearable derivative will require that Appendix A of the Clearing Rule be amended to include the new derivative or class of derivatives. In some jurisdictions of Canada, such an amendment would be a material change requiring a public consultation. Since the Clearing Rule is a national instrument, every jurisdiction of Canada would align with the longest public consultation period. It is the Committee’s view that the public consultation required to make an amendment will allow sufficient time for market participants to comment and prepare for the new clearing requirements.
Timing A commenter was concerned that a derivative would be determined a mandatory clearable derivative before mutual recognition across Canada and substituted compliance are provided. Another commenter raised the concern that no timing is provided for when determinations are made which makes it difficult for market participants to predict when they can expect a determination to be published. Several commenters mentioned that the clearing requirement should not become effective until the registration regime for OTC derivatives is finalized.
No change. We note that the regulators intend to adopt a “stricter rule applies” principle in the case of cross-border discrepancies. As a result, when a foreign counterparty transacts with a local counterparty in a derivative that is subject to mandatory clearing under the Clearing Rule, the transaction must be cleared even if an exemption exists in the foreign counterparty’s jurisdiction. We also note that the Committee continues to monitor the development of cross-border guidance with respect to substituted compliance on clearing requirements. Considering the changes to the Clearing Rule, qualification as a registrant is no longer a criteria.
Phase-in A few commenters provided comments on the phase-in approach and which market participants should be caught and when.
The phase-in approach was deleted as client clearing services are not readily available yet. We intend to monitor the situation and reassess in the future whether the application of the Clearing Rule should be made broader.
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February 25, 2016
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List of Commenters
1. ATCO Power Canada Ltd.
2. Canadian Advocacy Council
3. Capital Power Corporation
4. Canadian Commercial Energy Working Group
5. Canadian Market Infrastructure Committee
6. Canadian Life and Health Insurance Association Inc.
7. Canadian Pension Fund Managers
8. Central 1 Credit Union
9. CLS Bank International
10. Concentra Financial Services Association
11. Dentons Canada LLP
12. Enbridge, Inc.
13. Global Foreign Exchange Division, GFMA
14. Investment Industry Association of Canada
15. Insurance Bureau of Canada
16. International Energy Credit Association
17. International Swaps and Derivatives Association, Inc.
18. KFW Bankengruppe
19. LCH.Clearnet Group Limited
20. Pension Investment Association of Canada
21. SaskEnergy Incorporated
22. TMX Group Limited
23. TransCanada Corporation
24. TriOptima AB
25. Western Union Business Solutions
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February 25, 2016
(2016), 39 OSCB 1809
ANNEX B
PROPOSED NATIONAL INSTRUMENT 94-101 MANDATORY CENTRAL COUNTERPARTY CLEARING OF DERIVATIVES
PART 1
DEFINITIONS AND INTERPRETATION Definitions and interpretation 1. (1) In this Instrument
“local counterparty” means a counterparty to a transaction if, at the time of execution of the transaction, either of the following applies: (a) the counterparty is a person or company, other than an individual, to which one or more of the following apply:
(i) it is organized under the laws of the local jurisdiction; (ii) its head office is in the local jurisdiction; (iii) its principal place of business is in the local jurisdiction;
(b) the counterparty is an affiliated entity of a person or company referred to in paragraph (a) and the person or
company is responsible for all or substantially all the liabilities of the counterparty; “mandatory clearable derivative” means a derivative or class of derivatives that is offered for clearing at a regulated clearing agency and is (a) except in Québec, listed in Appendix A, and (b) in Québec, determined by the Autorité des marchés financiers to be subject to mandatory central counterparty
clearing; “participant” means a person or company that has entered into an agreement with a regulated clearing agency to access the services of the regulated clearing agency and is bound by the regulated clearing agency’s rules and procedures; “regulated clearing agency” means (a) in British Columbia, Manitoba, Ontario and Saskatchewan, a person or company recognized or exempted
from recognition as a clearing agency in the local jurisdiction, (b) in Québec, a person recognized or exempted from recognition as a clearing house, and (c) in Alberta, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut,
Prince Edward Island and Yukon, a person or company recognized or exempted from recognition as a clearing agency or clearing house pursuant to the securities legislation of any jurisdiction of Canada;
“transaction” means any of the following: (a) entering into, making a material amendment to, assigning, selling or otherwise acquiring or disposing of a
derivative; (b) a novation of a derivative, other than a novation resulting from submitting the derivative to a regulated clearing
agency.
(2) In this Instrument, a person or company is an affiliated entity of another person or company if one of them controls the other or each of them is controlled by the same person or company.
(3) In this instrument, a person or company (the first party) is considered to control another person or company (the
second party) if any of the following apply:
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(a) the first party beneficially owns or directly or indirectly exercises control or direction over securities of the second party carrying votes which, if exercised, would entitle the first party to elect a majority of the directors of the second party unless the first party holds the voting securities only to secure an obligation;
(b) the second party is a partnership, other than a limited partnership, and the first party holds more than 50% of
the interests of the partnership; (c) the second party is a limited partnership and the general partner of the limited partnership is the first party.
Application 2. (1) This Instrument applies to:
(a) in Manitoba, a derivative as prescribed in Manitoba Securities Commission Rule 91-506 Derivatives: Product Determination;
(b) in Ontario, a derivative as prescribed in Ontario Securities Commission Rule 91-506 Derivatives: Product
Determination; (c) in Québec, a derivative specified in Regulation 91-506 respecting derivatives determination.
(2) In Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon, in this Instrument, each reference to a “derivative” is a reference to a specified derivative as defined in Multilateral Instrument 91-101 Derivatives: Product Determination.
PART 2
MANDATORY CENTRAL COUNTERPARTY CLEARING Duty to submit for clearing 3. (1) A local counterparty to a transaction in a mandatory clearable derivative must submit, or cause to be submitted, the
transaction for clearing to a regulated clearing agency that provides clearing services in respect of the mandatory clearable derivative if one or more of the following applies to each counterparty to the transaction: (a) it is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory
clearable derivative and it subscribes for clearing services for the class of derivative to which the mandatory clearable derivative belongs;
(b) it is an affiliated entity of a participant referred to in paragraph (a); (c) it is a local counterparty in any jurisdiction of Canada that has or has had a month-end gross notional amount
under all outstanding derivatives, of the local counterparty and each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 after excluding transactions to which section 7 applies.
(2) Unless subsection (3) applies, a local counterparty must submit a transaction for clearing under subsection (1) no later
than (a) if the transaction is executed during the business hours of the regulated clearing agency, the end of the day of
execution, or (b) if the transaction is executed after the business hours of the regulated clearing agency, the end of the next
business day.
(3) A local counterparty that exceeds the month-end outstanding gross notional amount specified in paragraph (1)(c) is not required to comply with subsection (1) until the 90th day after the end of the month in which the amount was first exceeded unless paragraphs (1)(a) or (b) apply.
(4) A local counterparty required to submit a transaction for clearing under subsection (1) must submit the transaction in
accordance with the rules of the regulated clearing agency, as amended from time to time.
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(5) A local counterparty that is a local counterparty solely pursuant to paragraph (b) of the definition of “local counterparty” satisfies subsection (1) if the transaction is submitted for clearing in accordance with the laws of a foreign jurisdiction that (a) except in Québec, is listed in Appendix B, and (b) in Québec, appears on a list determined by the Autorité des marchés financiers.
Notice of rejection 4. If a regulated clearing agency rejects a transaction in a mandatory clearable derivative submitted to it for clearing, the
regulated clearing agency must immediately notify each local counterparty to the transaction. Public disclosure of clearable and mandatory clearable derivatives 5. A regulated clearing agency must maintain a website on which it discloses a list, which must be accessible to the public
at no cost, of all derivatives or classes of derivatives for which it provides clearing services and, for each derivative or class of derivatives listed, identify whether it is a mandatory clearable derivative.
PART 3
EXEMPTIONS FROM MANDATORY CENTRAL COUNTERPARTY CLEARING Non-application 6. The following counterparties are excluded from the application of this Instrument:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted
is responsible for all or substantially all the liabilities; (c) an entity wholly owned by one or more governments, referred to in paragraph (a), that are responsible for all
or substantially all the liabilities of the entity; (d) the Bank of Canada or a central bank of a foreign jurisdiction; (e) the Bank for International Settlements; (f) the International Monetary Fund.
Intragroup exemption 7. (1) Despite any other section of this Instrument, a local counterparty is under no obligation to clear a transaction in a
mandatory clearable derivative if all of the following apply: (a) the transaction is between either of the following:
(i) two counterparties that are prudentially supervised on a consolidated basis; (ii) a counterparty and its affiliated entity if the financial statements for the counterparty and the affiliated
entity are prepared on a consolidated basis in accordance with “accounting principles” as defined in the National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;
(b) both counterparties to the transaction agree to rely on this exemption; (c) the transaction is subject to centralized risk evaluation, measurement and control procedures reasonably
designed to identify and manage risks; (d) there is a written agreement between the counterparties setting out the terms of the transaction between the
counterparties.
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(2) No later than the 30th day after a local counterparty first relies on subsection (1) with each affiliated entity, the local counterparty must deliver or cause to be delivered to the regulator, in an electronic format, a completed Form 94-101F1 Intragroup Exemption.
(3) No later than the 10th day after a local counterparty becomes aware that the information in a previously delivered Form
94-101F1 Intragroup Exemption is no longer accurate, the local counterparty must deliver to the regulator, in an electronic format, an amended Form 94-101F1 Intragroup Exemption.
Multilateral portfolio compression exemption 8. Despite any other section of this Instrument, a local counterparty to a mandatory clearable derivative resulting from a
multilateral portfolio compression exercise is under no obligation to clear the resulting transaction if all of the following apply: (a) the resulting transaction is entered into as a result of more than two counterparties changing or terminating
and replacing prior transactions; (b) the prior transactions do not include a transaction entered into after the effective date on which the derivative
or class of derivatives became a mandatory clearable derivative; (c) the prior transactions were not cleared by a regulated clearing agency; (d) the resulting transaction is entered into by the same counterparties as the prior transactions; (e) the multilateral portfolio compression exercise is conducted by a third-party provider.
Recordkeeping 9. (1) A local counterparty to a transaction that relies on section 7 or section 8 must keep records demonstrating that the
conditions referred to in those sections, as applicable, were satisfied. (2) The records required to be maintained under subsection (1) must be
(a) kept in a safe location and in a durable form, (b) provided to the regulator within a reasonable time following request, (c) except in Manitoba, kept for a period of 7 years following the date on which the transaction expires or
terminates, and (d) in Manitoba, kept for a period of 8 years following the date on which the transaction expires or terminates.
PART 4 MANDATORY CLEARABLE DERIVATIVES
Submission of information on clearing services for derivatives by a regulated clearing agency 10. No later than the 10th day after a regulated clearing agency first provides or offers clearing services for a derivative or
class of derivatives, the regulated clearing agency must deliver to the regulator, in an electronic format, a completed Form 94-101F2 Derivatives Clearing Services, identifying the derivative or class of derivatives.
PART 5
EXEMPTION Exemption 11. (1) The regulator or the securities regulatory authority may grant an exemption to this Instrument, in whole or in part,
subject to such conditions or restrictions as may be imposed in the exemption. (2) Despite subsection (1), in Ontario, only the regulator may grant an exemption. (3) Except in Alberta and Ontario, an exemption referred to in subsection (1) is granted under the statute referred to in
Appendix B of National Instrument 14-101 Definitions opposite the name of the local jurisdiction.
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PART 6 TRANSITION AND EFFECTIVE DATE
Transition – regulated clearing agency filing requirement 12. No later than the 30th day after the coming into force of this Instrument, a regulated clearing agency must deliver to the
regulator, in an electronic format, a completed Form 94-101F2 Derivatives Clearing Services, identifying all derivatives or classes of derivatives for which it provides clearing services as of the date of the coming into force of this Instrument.
Effective date 13. This Instrument comes into force on [insert date].
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APPENDIX A
MANDATORY CLEARABLE DERIVATIVES Interest Rate Swaps
Type Floating index Settlement currency
Maturity Settlement Currency Type
Optionality Notional type
Fixed-to-float CDOR CAD 28 days to 30 years
Single currency No Constant or variable
Fixed-to-float LIBOR USD 28 days to 50 years
Single currency No Constant or variable
Fixed-to-float EURIBOR EUR 28 days to 50 years
Single currency No Constant or variable
Fixed-to-float LIBOR GBP 28 days to 50 years
Single currency No Constant or variable
Basis LIBOR USD 28 days to 50 years
Single currency No Constant or variable
Basis EURIBOR EUR 28 days to 50 years
Single currency No Constant or variable
Basis LIBOR GBP 28 days to 50 years
Single currency No Constant or variable
Overnight index swap
CORRA CAD 7 days to 2 years
Single currency No Constant or variable
Overnight index swap
FedFunds USD 7 days to 30 years
Single currency No Constant or variable
Overnight index swap
EONIA EUR 7 days to 30 years
Single currency No Constant or variable
Overnight index swap
SONIA GBP 7 days to 30 years
Single currency No Constant or variable
Forward Rate Agreements
Forward rate agreement
LIBOR USD 3 days to 3 years
Single currency No Constant or variable
Forward rate agreement
EURIBOR EUR 3 days to 3 years
Single currency No Constant or variable
Forward rate agreement
LIBOR GBP 3 days to 3 years
Single currency No Constant or variable
Request for Comments
February 25, 2016
(2016), 39 OSCB 1815
APPENDIX B
EQUIVALENT CLEARING LAWS OF FOREIGN JURISDICTIONS PURSUANT TO PARAGRAPH 3(5)(a)
Jurisdiction Law, Regulation and/or Instrument
Request for Comments
February 25, 2016
(2016), 39 OSCB 1816
FORM 94-101F1 INTRAGROUP EXEMPTION
Type of Filing: INITIAL AMENDMENT Section 1 – Information on the counterparty delivering this Form 1. Provide the following information with respect to the counterparty delivering this Form for a transaction:
Full legal name: Name under which it conducts business, if different: Head office: Address: Mailing address (if different): Telephone: Website: Contact employee: Name and title: Telephone: E-mail: Other offices: Address: Telephone: Email: Canadian counsel (if applicable) Firm name: Contact name: Telephone: E-mail:
2. In addition to providing the information required in item 1, if this Form is delivered for the purpose of reporting a name
change on behalf of the counterparty referred to in item 1, provide the following information: Previous full legal name: Previous name under which the counterparty conducts business:
Section 2 – Combined notification on behalf of other counterparties within the group to which the counterparty delivering this Form belongs 1. Provide a statement confirming that both counterparties to each transaction to which this Form relates agree to rely on
the exemption in section 7 of the Instrument and describe how the counterparties comply with paragraph 7(1)(a). 2. Provide a statement confirming that each transaction between the pair of counterparties to which this Form relates is
subject to centralized risk evaluation, measurement and control procedures reasonably designed to identify and manage risks. Describe those procedures.
3. State the legal entity identifier of both counterparties to each transaction to which this Form relates in the same manner
as required under securities legislation. 4. For each transaction between the pair of counterparties to which this Form relates, describe the ownership and control
structure of the counterparties. 5. For each transaction between the pair of counterparties to which this Form relates, state whether there is a written
agreement setting out the terms of the transaction and, if so, state the date of the agreement and the signatories to the agreement and describe the agreement.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1817
Section 3 – Certification I certify that I am authorised to deliver this Form on behalf of the counterparty delivering this Form and, where applicable, on behalf of the other counterparties listed above in Section 2 and that the information in this Form is true and correct. DATED at ____________ this ________ day of _________________, 20____ ________________________________________________________ (Print name of authorized person) ________________________________________________________ (Print title of authorized person) ________________________________________________________ (Signature of authorized person) _________________________________ (Email) _________________________________ (Phone number) Instructions: Deliver this form to the regulator in the local jurisdiction as follows: [Insert names of each jurisdiction and email or other address by which submission is to be made.]
Request for Comments
February 25, 2016
(2016), 39 OSCB 1818
FORM 94-101F2 DERIVATIVES CLEARING SERVICES
Type of Filing: INITIAL AMENDMENT Section 1 – Regulated clearing agency information 1. Full name of regulated clearing agency: 2. Contact information of person authorized to deliver this form:
Name and title: Telephone: E-mail:
Section 2 – Description of derivatives 1. Identify each derivative or class of derivatives for which the regulated clearing agency provides clearing services, for
which a Form 94-101F2 has not previously been delivered. 2. For each derivative or class of derivatives referred to in item 1, describe all significant attributes of the derivative or
class of derivative including
(a) the standard practices for managing any life-cycle events, as defined in the securities legislation, associated with the derivative or class of derivative,
(b) the extent to which the transaction is electronically confirmable, (c) the degree of standardization of the contractual terms and operational processes, (d) the market for the derivative or class of derivatives, including its participants, and (e) data supporting the availability of pricing and liquidity of the derivative or class of derivatives within Canada
and internationally. 3. Describe the impact of providing clearing services for each derivative or class of derivatives referred to in item 1 on the
regulated clearing agency’s risk management framework and financial resources, including the protection of the regulated clearing agency upon the default of a participant and the effect of such a default on the other participants.
4. Describe the extent to which the regulated clearing agency would face difficulties complying with its regulatory
obligations should the regulator or securities regulatory authority determine any derivative or class of derivatives referred to in item 1 to be a mandatory clearable derivative.
5. Describe the clearing services provided for each derivative or class of derivatives referred to in item 1. 6. If applicable, attach a copy of any notice the regulated clearing agency provided to its participants for consultation in
connection with the launch of the clearing service for a derivative or class of derivative referred to in item 1 and a summary of any concerns received in response to any such notice.
Section 3 – Certification
CERTIFICATE OF REGULATED CLEARING AGENCY
I certify that I am authorized to deliver this form on behalf of the regulated clearing agency named below and that the information in this form is true and correct. DATED at ____________ this ________ day of _________________, 20____ ________________________________________________________ (Print name of regulated clearing agency)
Request for Comments
February 25, 2016
(2016), 39 OSCB 1819
________________________________________________________ (Print name of authorized person) ________________________________________________________ (Print title of authorized person) ________________________________________________________ (Signature of authorized person) Instructions: Deliver this form to the regulator in the local jurisdiction as follows: [Insert names of each jurisdiction and email or other address by which submission is to be made.]
Request for Comments
February 25, 2016
(2016), 39 OSCB 1820
ANNEX C
PROPOSED COMPANION POLICY 94-101CP MANDATORY CENTRAL COUNTERPARTY CLEARING OF DERIVATIVES
GENERAL COMMENTS
Introduction This Companion Policy sets out how the Canadian Securities Administrators (the “CSA” or “we”) interpret or apply the provisions of National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (“NI 94-101” or the “Instrument”) and related securities legislation. The numbering of Parts and sections in this Companion Policy correspond to the numbering in NI 94-101. Any specific guidance on sections in NI 94-101 appears immediately after the section heading. If there is no guidance for a section, the numbering in this Companion Policy will skip to the next provision that does have guidance.
SPECIFIC COMMENTS Unless defined in NI 94-101 or explained in this Companion Policy, terms used in NI 94-101 and in this Companion Policy have the meaning given to them in the securities legislation of each jurisdiction including National Instrument 14-101 Definitions. In this Companion Policy, “Product Determination Rule” means,
in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon, Multilateral Instrument 91-101 Derivatives: Product Determination, in Manitoba, Manitoba Securities Commission Rule 91-506 Derivatives: Product Determination, in Ontario, Ontario Securities Commission Rule 91-506 Derivatives: Product Determination, and in Québec, Regulation 91-506 respecting Derivatives Determination.
In this Companion Policy, “TR Instrument” means, in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, the Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon, Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting, in Manitoba, Manitoba Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting, in Ontario, Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting, and in Québec, Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting.
PART 1
DEFINITIONS AND INTERPRETATION
Definitions and interpretation 1. (1) This Instrument defines “regulated clearing agency”. It is intended that only a regulated clearing agency that acts as a central counterparty for over-the-counter derivatives be subject to the Instrument. The purpose of paragraph (c) of this definition is to allow a transaction in a mandatory clearable derivative involving a local counterparty in one of the listed jurisdictions to be submitted to a clearing agency that is not yet recognized or exempted in the local jurisdiction. Paragraph (c) does not supersede any provisions of the securities legislation of the local jurisdiction with respect to any recognition requirements for a person or company that is carrying on the business of a clearing agency in the local jurisdiction. The Instrument uses the term “transaction” rather than the term “trade” in part to reflect that “trade” is defined in the securities legislation of some jurisdictions as including the termination of a derivative. We do not think the termination of a derivative should trigger a requirement to submit the derivative for central clearing. Similarly, the definition of transaction in NI 94-101 excludes a novation resulting from the submission of a transaction to a regulated clearing agency as this is already a cleared
Request for Comments
February 25, 2016
(2016), 39 OSCB 1821
transaction. Finally, the definition of “transaction” is not the same as the definition found in the TR Instrument as the latter does not include a material amendment since the TR Instrument expressly provides that an amendment must be reported. In the definition of “transaction”, the term “material amendment” should be considered in light of the fact that only new transactions will be subject to mandatory central counterparty clearing under NI 94-101. If a derivative that existed prior to the coming into force of NI 94-101 is materially amended after NI 94-101 is effective, that amendment will trigger the mandatory clearing requirement if applicable. A material amendment is one that changes information that would reasonably be expected to have a significant effect on the derivative’s attributes, including its value, the terms and conditions of the contract evidencing the derivative, the transaction methods or the risks related to its use, excluding information that is likely to have an effect on the market price or value of its underlying interest. We will consider several factors when determining whether a modification to an existing transaction is a material amendment. Examples of modifications to an existing transaction that would be a material amendment include any modification which would result in a significant change in the value of the transaction, differing cash flows or the creation of upfront payments. (2) For the purpose of the interpretation of control, a person or company will always be considered to control a trust to which it is acting as trustee.
PART 2
MANDATORY CENTRAL COUNTERPARTY CLEARING
Duty to submit for clearing
3. (1) The duty to submit a transaction for clearing only applies at the time the transaction is executed. If a derivative or class of derivatives is determined to be a mandatory clearable derivative after the date of execution of a transaction in that derivative or class of derivatives, a local counterparty will not be required to submit the transaction for clearing. However, if after a derivative or class of derivatives is determined to be a mandatory clearable derivative, there is another transaction in that same derivative, including a material amendment to a previous transaction, (as discussed in subsection 1(1) above), that transaction in or material amendment to the derivative will be subject to the mandatory clearing requirement. Where a derivative is not subject to the mandatory clearing requirement, but the derivative is clearable through a regulated clearing agency, the counterparties have the option to submit the derivative for clearing at any time. For a local counterparty that is not a participant of a regulated clearing agency, we have used the phrase “cause to be submitted” to refer to the local counterparty’s obligation. In order to comply with subsection (1), a local counterparty would need to have arrangements in place with a participant for clearing services in advance of entering into a transaction in a mandatory clearable derivative. A transaction in a mandatory clearable derivative is required to be cleared when at least one of the counterparties is a local counterparty and one or more of paragraphs (a), (b) or (c) apply to both counterparties. A local counterparty that has or has had a month-end gross notional amount of outstanding derivatives exceeding the threshold in paragraph (c), for any month following the entry into force of the Instrument, must clear all its subsequent transactions in a mandatory clearable derivative with another counterparty captured under one or more of paragraphs (a), (b), or (c). A local counterparty that is a participant at a regulated clearing agency who does not subscribe to clearing services for a mandatory clearable derivative would still have to clear such transactions if it is subject to paragraph (c). A local counterparty determines whether it exceeds the threshold in paragraph (c) by calculating the notional amount of all outstanding derivatives which were entered into by itself and those of its affiliated entities that are also local counterparties. However, the calculation of the gross notional amount excludes derivatives entered into by entities that are prudentially supervised on a consolidated basis or whose financial statements are prepared on a consolidated basis, which are exempted in section 7. (2) The Instrument requires that a transaction subject to mandatory central clearing be submitted to a regulated clearing agency as soon as practicable, but no later than the end of the day on which the transaction was executed or if the transaction occurs after business hours of the clearing agency, the next business day.
PART 3
EXEMPTIONS FROM MANDATORY CENTRAL COUNTERPARTY CLEARING
Non-application
6. A transaction involving a counterparty that is an entity listed in section 6 is not subject to the duty to submit for clearing under section 3 even if the other counterparty is otherwise subject to it.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1822
The expression “government of a foreign jurisdiction” in paragraph (a) is interpreted as including sovereign and sub sovereign governments. Intragroup exemption 7. (1) The intragroup exemption is based on the premise that the risk created by these transactions is expected to be managed in a centralized manner to allow for the risk to be identified and managed appropriately. This subsection sets out the conditions that must be met for the counterparties to rely on the intragroup exemption for a transaction in a mandatory clearable derivative. Subparagraph (a)(i) extends the availability of the intragroup exemption to transactions among certain entities that do not prepare consolidated financial statements. This may apply, e.g., to cooperatives or other entities that are prudentially supervised on a consolidated basis. Entities prudentially supervised on a consolidated basis are counterparties that are supervised on a consolidated basis either by the Office of the Superintendent of Financial Institutions (Canada), a government department or a regulatory authority of Canada or a jurisdiction of Canada responsible for regulating deposit-taking institutions. Paragraph (c) refers to a system of risk management policies and procedures designed to monitor and manage the risks associated with a particular transaction. We are of the view that counterparties relying on this exemption may structure their centralized risk management according to their unique needs, provided that the program reasonably monitors and manages risks associated with non-centrally cleared derivatives. (2) Within 30 days of the first transaction between two entities relying on the intragroup exemption, a completed Form 94-101F1 Intragroup Exemption (“Form 94-101F1”) must be delivered to the regulator to notify the regulator that the exemption is being relied upon. The information provided in the Form 94-101F1 will aid the regulators in better understanding the legal and operational structure allowing counterparties to benefit from the intragroup exemption. The obligation to deliver the completed Form 94-101F1 is imposed on one of the counterparties to a transaction relying on the exemption. For greater clarity, a completed Form 94-101F1 must be delivered for each pairing of counterparties that seek to rely upon the intragroup exemption. One completed Form 94-101F1 is valid for every transaction between the pair provided that the requirements set out in subsection (1) continue to apply. (3) Examples of changes to the information provided that would require an amended Form 94-101F1 include: (i) a change in the control structure of one or more of the counterparties listed in Form 94-101F1, and (ii) any significant amendment to the risk evaluation, measurement and control procedures of a counterparty listed in Form 94-101F1. Multilateral portfolio compression exemption 8. A multilateral portfolio compression exercise is an exercise which involves more than two counterparties who wholly change or terminate the notional amount of some or all of the prior transactions submitted by the counterparties for inclusion in the exercise and, depending on the methodology employed, replace the terminated derivatives with other derivatives whose combined notional amount, or some other measure of risk, is less than the combined notional amount, or some other measure of risk, of the derivatives terminated in the exercise. The purpose of a multilateral portfolio compression exercise is to reduce operational or counterparty credit risk by reducing the number or notional amounts of outstanding derivatives between counterparties and aggregate gross number or notional amounts of outstanding derivatives. The expression “resulting transaction” refers to the transaction resulting from the multilateral portfolio compression exercise. The expression “prior transactions” refers to transactions that were entered into before the multilateral portfolio compression exercise. Those prior transactions were not required to be cleared under the Instrument, either because they did not include a mandatory clearable derivative or because they were entered into before the derivative or class of derivatives became a mandatory clearable derivative. We would expect a local counterparty involved in a multilateral portfolio compression exercise to comply with its credit risk tolerance levels. To do so, we expect each participant to the compression exercise to set its own counterparty, market and cash payment risk tolerance levels so that the exercise does not alter the risk profiles of each participant beyond a level acceptable to the participant. Consequently, prior transactions that would be reasonably likely to significantly increase the risk exposure of the participant cannot be included in the portfolio compression exercise in order to benefit from this exemption. We would generally expect that the resulting transaction would have the same material terms as the prior transactions with the exception of reducing the notional amount of outstanding derivatives.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1823
Recordkeeping 9. (1) We would generally expect that the reasonable supporting documentation to be kept in accordance with section 9 would include full and complete records of any analysis undertaken by the local counterparty to demonstrate it satisfies the conditions necessary to rely on the intragroup exemption under section 7 or the multilateral portfolio compression exemption under section 8. The local counterparty subject to the mandatory central counterparty clearing requirement is responsible for determining whether, given the facts available, the exemption is available. Generally, we would expect a local counterparty relying on an exemption to retain all documents that show it properly relied on the exemption. It is not appropriate for a local counterparty to assume an exemption is available. Counterparties using the intragroup exemption under section 7 should have appropriate legal documentation between them and detailed operational material outlining the risk management techniques used by the overall parent entity and its affiliated entities with respect to the transactions benefiting from the exemption.
PART 4 MANDATORY CLEARABLE DERIVATIVES
and
PART 6
TRANSITION AND EFFECTIVE DATE 10 & 12. A regulated clearing agency must deliver a Form 94-101F2 Derivatives Clearing Services (“Form 94-101F2”) to identify all derivatives for which it provides clearing services within 30 days of the coming into force of the Instrument pursuant to section 12. A new derivative or class of derivatives added to the offer of clearing services after the Instrument is in force is declared through a Form 94-101F2 within 10 days of the launch of such service pursuant to section 10. Each of the regulators has the power to determine by rule or otherwise which derivative or classes of derivatives will be subject to the mandatory central counterparty clearing requirement through a top-down approach. Furthermore, NI 94-101 includes a bottom-up approach for determining whether a derivative or class of derivatives will be subject to the mandatory clearing obligation. The information required by Form 94-101F2 will assist the CSA in carrying out this determination. In the course of determining whether a derivative or class of derivatives will be subject to the clearing requirement, some of the factors we will consider include the following: • the level of standardization of the derivative, such as the availability of electronic processing, the existence of master
agreements, product definitions and short form confirmations; • the effect of central clearing of the derivative on the mitigation of systemic risk, taking into account the size of the
market for the derivative and the available resources of the regulated clearing agency to clear the derivative; • whether mandating the derivative to be cleared would bring undue risk to regulated clearing agencies; • the outstanding notional amount of counterparties transacting in the derivative or class of derivatives, the current
liquidity in the market for the derivative or class of derivatives and the availability of reliable and timely pricing data; • the existence of third-party vendors providing pricing services; • with regards to a regulated clearing agency, the existence of an appropriate rule framework, and the existence of
capacity, operational expertise and resources, and credit support infrastructure to clear the derivative on terms that are consistent with the material terms and trading conventions on which the derivative is traded;
• whether a regulated clearing agency would be able to manage the risk of the additional derivatives that might be
submitted due to the clearing requirement determination; • the effect on competition, taking into account appropriate fees and charges applied to clearing, and whether mandating
clearing of the derivative could harm competition; • alternative derivatives or clearing services co-existing in the same market; • the public interest.
Request for Comments
February 25, 2016
(2016), 39 OSCB 1824
FORM 94-101F1 INTRAGROUP EXEMPTION
Submission of information on intragroup transactions by a local counterparty In item 3 of section 2, the phrase “in the manner required under the securities legislation” means in accordance with section 28 of the TR Instrument. The forms delivered by or on behalf of a local counterparty under the Instrument will be kept confidential in accordance with the provisions of the applicable legislation. We are of the view that the forms generally contain proprietary information, and that the cost and potential risks of disclosure for the counterparties to an intragroup transaction outweigh the benefit of the principle requiring that forms be made available for public inspection. While Form 94-101F1 and any amendments to it will be kept generally confidential, if the regulator considers that it is in the public interest to do so, it may require the public disclosure of a summary of the information contained in such form, or amendments to it.
FORM 94-101F2 DERIVATIVES CLEARING SERVICES
Submission of information on clearing services of derivatives by the regulated clearing agency Paragraphs (a), (b) and (c) of item 2 in section 2 address the potential for a derivative or class of derivatives to be a mandatory clearable derivative given its level of standardization in terms of market conventions, including legal documentation, processes and procedures, and whether pre- to post- transaction operations are carried out predominantly by electronic means. The standardization of the economic terms is a key input in the determination process as discussed in the following section. In paragraph (a) of item 2 in section 2, life-cycle events has the same meaning as in section 1 of the TR Instrument. Paragraphs (d) and (e) of item 2 in section 2 provide details to assist in assessing the market characteristics such as the activity (volume and notional amount) of a particular derivative or class of derivatives, the nature and landscape of the market for that derivative or class of derivatives and the potential impact its determination as a mandatory clearable derivative could have on market participants, including the regulated clearing agency. The determination process will involve different or additional considerations when assessing whether a derivative or class of derivatives should be a mandatory clearable derivative in terms of its liquidity and price availability, versus the considerations used by the regulator in permitting a regulated clearing agency to offer clearing services for a derivative or class of derivatives. Stability in the availability of pricing information will also be an important factor considered in the determination process. Metrics such as the total number of transactions and aggregate notional amounts, and outstanding positions can be used to justify the confidence and frequency with which the pricing of a derivative or class of derivatives is calculated. The data presented should also cover a reasonable period of time of no less than 6 months. Suggested information to be provided on the market includes
• statistics regarding the percentage of activity of participants on their own behalf and for customers, • average net and gross positions including the direction of positions (long or short), by type of market
participant submitting transactions directly or indirectly, and
• average trading activity and concentration of trading activity among participants by type of market participant submitting transactions directly or indirectly.
February 25, 2016
(2016), 39 OSCB 1825
Chapter 7
Insider Reporting
The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System for Electronic Disclosure by Insiders).1 The weekly summary contains insider transactions reported during the 7-day period ending Sunday at 11:59 p.m. (i.e. the Sunday prior to the Bulletin Issue date).2
Guide to Codes
Relationship of Insider to Issuer (Rel=n) 1 Issuer 2 Subsidiary of Issuer 3 10% Security Holder of Issuer 4 Director of Issuer 5 Senior Officer of Issuer 6 Director or Senior Officer of 10% Security Holder 7 Director or Senior Officer of Insider or Subsidiary of Issuer (other than in 4,5,6) 8 Deemed Insider – 6 Months before becoming Insider
Nature of Transaction (T/O)
00 Opening Balance-Initial SEDI Report 10 Acquisition or disposition in the public market 11 Acquisition or disposition carried out privately 15 Acquisition or disposition under a prospectus 16 Acquisition or disposition under a prospectus exemption 22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition 30 Acquisition or disposition under a purchase/ ownership plan 35 Stock dividend 36 Conversion or exchange 37 Stock split or consolidation 38 Redemption, retraction, cancellation, repurchase 40 Short sale 45 Compensation for property 46 Compensation for services 47 Acquisition or disposition by gift 48 Acquisition by inheritance or disposition by bequest 50 Grant of options 51 Exercise of options 52 Expiration of options 53 Grant of warrants 54 Exercise of warrants 55 Expiration of warrants 56 Grant of rights 57 Exercise of rights 59 Exercise for cash 70 Acquisition or disposition (writing) of third party derivative 71 Exercise of third party derivative 72 Other settlement of third party 73 Expiration of third party derivative 90 Change in nature of ownership 97 Other 99 Correction of Information
Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when the
transaction was reported.
1 SEDI® is a registered trademark owned by CDS INC.
2 ©CDS INC.
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1826
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
3TL Technologies Corp.
Common Shares Oishi, Kim 4 16/02/2016 10 0.08 67,000 -22,000
3TL Technologies Corp.
Common Shares Oishi, Kim 4 16/02/2016 10 0.08 1,894,100 -549,000
3TL Technologies Corp.
Common Shares Oishi, Kim 4 16/02/2016 10 0.08 1,265,100 -629,000
Abitibi Royalties Inc. Common Shares Ball, Ian 4, 5 18/02/2016 10 3.55 16,350 800
Absolute Software Corporation
Common Shares Monahan, Gregory Rush
4 12/02/2016 10 6 24,200 4,000
Absolute Software Corporation
Common Shares Monahan, Gregory Rush
4 27/12/2012 00 3,000
Absolute Software Corporation
Common Shares Monahan, Gregory Rush
4 18/02/2016 51 15,625 12,625
Absolute Software Corporation
Common Shares Monahan, Gregory Rush
4 18/02/2016 51 3,000 -12,625
Absolute Software Corporation
Options Monahan, Gregory Rush
4 18/02/2016 51 109,500 -3,000
Absolute Software Corporation
Options Monahan, Gregory Rush
4 18/02/2016 51 106,500 -3,000
Absolute Software Corporation
Options Monahan, Gregory Rush
4 18/02/2016 51 93,875 -12,625
Absolute Software Corporation
Common Shares Olsen, Errol 5 16/02/2016 51 6.25 70,988 7,500
Absolute Software Corporation
Common Shares Olsen, Errol 5 16/02/2016 57 80,988 10,000
Absolute Software Corporation
Common Shares Olsen, Errol 5 16/02/2016 57 75,688 -5,300
Absolute Software Corporation
Common Shares Olsen, Errol 5 16/02/2016 51 70,688 -5,000
Absolute Software Corporation
Options Olsen, Errol 5 16/02/2016 51 5.22 190,000 -7,500
Absolute Software Corporation
Rights Phantom Share Units
Olsen, Errol 5 16/02/2016 57 26,767 -10,000
Absolute Software Corporation
Common Shares Ryan, Daniel 4 18/02/2016 51 42,500 5,000
Absolute Software Corporation
Common Shares Ryan, Daniel 4 19/02/2016 51 48,750 6,250
Absolute Software Corporation
Options Ryan, Daniel 4 18/02/2016 51 135,000 -5,000
Absolute Software Corporation
Options Ryan, Daniel 4 19/02/2016 51 128,750 -6,250
ACTIVEnergy Income Fund
Trust Units ACTIVEnergy Income Fund
1 18/02/2016 38 3.996 33,023,938 500
Aequus Pharmaceuticals Inc.
Common Shares JANZEN, DOUG 4, 5 16/02/2016 10 0.49 3,748,000 12,000
Aequus Pharmaceuticals Inc.
Common Shares JANZEN, DOUG 4, 5 18/02/2016 10 0.485 3,758,000 10,000
Affinor Growers Inc. Common Shares Brusatore, Nicholas Gordon
3, 4 12/02/2016 10 0.04 8,349,000 -420,000
AGF Management Limited
Common Shares Class B
AGF EMPLOYEE BENEFIT PLAN TRUST
2 12/02/2016 10 4.48 1,195,963 20,000
AGF Management Limited
Common Shares Class B
AGF EMPLOYEE BENEFIT PLAN TRUST
2 16/02/2016 10 4.59 1,200,763 4,800
AGF Management Limited
Common Shares Class B
Camilli, Kathleen Mary 4 17/02/2016 10 4.67 9,900 5,000
Agnico Eagle Mines Limited
Common Shares Allan, Don 5 16/02/2016 51 37.05 45,507 16,250
Agnico Eagle Mines Limited
Common Shares Allan, Don 5 16/02/2016 10 47.941 29,257 -16,250
Agnico Eagle Mines Limited
Options Allan, Don 5 16/02/2016 51 37.05 276,500 -16,250
Agnico Eagle Mines Limited
Common Shares Blackburn, Alain 5 17/02/2016 51 37.05 21,023 10,000
Agnico Eagle Mines Limited
Common Shares Blackburn, Alain 5 17/02/2016 10 46.83 11,023 -10,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1827
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Agnico Eagle Mines Limited
Common Shares Blackburn, Alain 5 17/02/2016 10 46.42 9,023 -2,000
Agnico Eagle Mines Limited
Options Blackburn, Alain 5 17/02/2016 51 37.05 488,000 -10,000
Agnico Eagle Mines Limited
Common Shares Datta, Picklu 5 18/02/2016 51 37.05 11,873 5,000
Agnico Eagle Mines Limited
Common Shares Datta, Picklu 5 18/02/2016 10 48.189 6,873 -5,000
Agnico Eagle Mines Limited
Options Datta, Picklu 5 18/02/2016 51 37.05 182,750 -5,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 51 37.05 44,169 18,750
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 10 47.559 25,419 -18,750
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 51 35.27 27,919 2,500
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 10 47.559 25,419 -2,500
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 51 28.03 35,419 10,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 10 47.559 25,419 -10,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 51 36.37 31,419 6,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 10 47.559 25,419 -6,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 51 28.92 35,419 10,000
Agnico Eagle Mines Limited
Common Shares Legault, Marc 5 16/02/2016 10 47.559 25,419 -10,000
Agnico Eagle Mines Limited
Options Legault, Marc 5 16/02/2016 51 37.05 280,750 -18,750
Agnico Eagle Mines Limited
Options Legault, Marc 5 16/02/2016 51 35.27 278,250 -2,500
Agnico Eagle Mines Limited
Options Legault, Marc 5 16/02/2016 51 28.03 268,250 -10,000
Agnico Eagle Mines Limited
Options Legault, Marc 5 16/02/2016 51 36.37 262,250 -6,000
Agnico Eagle Mines Limited
Options Legault, Marc 5 16/02/2016 51 28.92 252,250 -10,000
Agnico Eagle Mines Limited
Common Shares Robitaille, Jean 5 18/02/2016 51 37.05 58,956 10,000
Agnico Eagle Mines Limited
Common Shares Robitaille, Jean 5 18/02/2016 10 48.097 48,956 -10,000
Agnico Eagle Mines Limited
Options Robitaille, Jean 5 18/02/2016 51 37.05 351,000 -10,000
Agnico Eagle Mines Limited
Common Shares Smith, David 5 18/02/2016 51 37.05 34,643 5,000
Agnico Eagle Mines Limited
Common Shares Smith, David 5 18/02/2016 10 48.079 29,643 -5,000
Agnico Eagle Mines Limited
Options Smith, David 5 18/02/2016 51 37.05 326,250 -5,000
Agnico Eagle Mines Limited
Common Shares Sylvestre, Yvon 5 16/02/2016 51 37.05 22,313 20,000
Agnico Eagle Mines Limited
Common Shares Sylvestre, Yvon 5 16/02/2016 10 48 2,313 -20,000
Agnico Eagle Mines Limited
Common Shares Sylvestre, Yvon 5 18/02/2016 51 35.27 22,313 20,000
Agnico Eagle Mines Limited
Common Shares Sylvestre, Yvon 5 18/02/2016 10 48 2,313 -20,000
Agnico Eagle Mines Limited
Options Sylvestre, Yvon 5 16/02/2016 51 37.05 316,000 -20,000
Agnico Eagle Mines Limited
Options Sylvestre, Yvon 5 18/02/2016 51 35.27 296,000 -20,000
Alexco Resource Corp.
Common Shares Clark, Michael 5 12/02/2016 57 0.84 21,667 11,667
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1828
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Alexco Resource Corp.
Common Shares Clark, Michael 5 12/02/2016 10 0.88 15,695 -5,972
Alexco Resource Corp.
Options Clark, Michael 5 12/02/2016 50 0.84 335,000 200,000
Alexco Resource Corp.
Restricted Share Units
Clark, Michael 5 12/02/2016 57 23,333 -11,667
Alexco Resource Corp.
Restricted Share Units
Clark, Michael 5 12/02/2016 56 58,333 35,000
Alexco Resource Corp.
Restricted Share Units
Krepiakevich, Terry 5 12/02/2016 56 66,666 40,000
Alexco Resource Corp.
Common Shares McOnie, Alan William 5 12/02/2016 57 5000 17,284 5,000
Alexco Resource Corp.
Common Shares McOnie, Alan William 5 12/02/2016 10 0.88 15,025 -2,259
Alexco Resource Corp.
Options McOnie, Alan William 5 12/02/2016 50 0.84 620,000 250,000
Alexco Resource Corp.
Restricted Share Units
McOnie, Alan William 5 12/02/2016 57 10,000 -5,000
Alexco Resource Corp.
Restricted Share Units
McOnie, Alan William 5 12/02/2016 56 25,000 15,000
Alexco Resource Corp.
Common Shares Nauman, Clynton R. 5 12/02/2016 57 0.84 1,907,037 16,667
Alexco Resource Corp.
Options Nauman, Clynton R. 5 12/02/2016 50 0.84 1,440,000 450,000
Alexco Resource Corp.
Restricted Share Units
Nauman, Clynton R. 5 12/02/2016 57 33,333 -16,667
Alexco Resource Corp.
Restricted Share Units
Nauman, Clynton R. 5 12/02/2016 56 83,333 50,000
Alexco Resource Corp.
Common Shares Thrall, Bradley Allen 5 12/02/2016 57 11667 11,667
Alexco Resource Corp.
Common Shares Thrall, Bradley Allen 5 12/02/2016 57 0.84 575,922 11,667
Alexco Resource Corp.
Common Shares Thrall, Bradley Allen 5 12/02/2016 10 0.88 573,363 -2,559
Alexco Resource Corp.
Options Thrall, Bradley Allen 5 12/02/2016 50 0.84 947,500 300,000
Alexco Resource Corp.
Restricted Share Units
Thrall, Bradley Allen 5 12/02/2016 57 23,333 -11,667
Alexco Resource Corp.
Restricted Share Units
Thrall, Bradley Allen 5 12/02/2016 56 58,333 35,000
Alexco Resource Corp.
Restricted Share Units
Van Nieuwenhuyse, Rick
4 12/02/2016 56 66,666 40,000
Alexco Resource Corp.
Restricted Share Units
Winn, Michael D. 4 12/02/2016 56 66,666 40,000
Alexco Resource Corp.
Restricted Share Units
Zimmer, Richard Norman
4 12/02/2016 56 66,666 40,000
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 23/09/2011 00
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 10/02/2016 10 0.2442 5,000 5,000
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 10/02/2016 10 0.2444 15,000 10,000
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 10/02/2016 10 0.2439 35,000 20,000
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 10/02/2016 10 0.244 50,000 15,000
Almonty Industries Inc. Common Shares Black, Michael Lewis 4, 5 10/02/2016 10 0.2734 65,000 15,000
Almonty Industries Inc. Common Shares Deutsche Rohstoff AG 3 11/02/2016 10 0.2 13,209,302 1,000,000
Almonty Industries Inc. Common Shares Gutschlag, Thomas Joerg
4, 6 11/02/2016 10 0.2 13,209,302 1,000,000
Almonty Industries Inc. Common Shares Reichert, Joerg 6 11/02/2016 10 0.2 13,209,302 1,000,000
Altair Gold Inc. Common Shares Dhanani, Zahir 4, 5 19/02/2016 30 0.17 2,473,500 1,000
Alterra Power Corp. Common Shares Beaty, Ross J. 6 12/02/2016 97 0.43 11,500,269 -319,898
Alterra Power Corp. Options Beaty, Ross J. 6 12/02/2016 97 0 -319,898
Alterra Power Corp. Common Shares Carson, John 5 12/02/2016 97 0.43 2,366,803 319,898
Alterra Power Corp. Options Carson, John 5 12/02/2016 97 2,775,539 -319,898
Alterra Power Corp. Common Shares McInnes, Donald Arthur
4 16/02/2016 10 0.43 1,259,350 -35,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1829
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
American Creek Resources Ltd.
Common Shares Edwards, Dennis Gibb 4 01/01/2016 00 500
American Creek Resources Ltd.
Common Shares Pownall, Sean Patrick 4 01/01/2016 00 400,000
American Creek Resources Ltd.
Common Shares Pownall, Sean Patrick 4 12/02/2016 10 0.045 409,000 9,000
American Potash Corp.
Common Shares Ausburn, Kent E. 4 25/01/2016 37 0 -2,036,000
American Potash Corp.
Common Shares Ausburn, Kent E. 4 25/01/2016 37 407,200 407,200
American Potash Corp.
Options Ausburn, Kent E. 4 25/01/2016 37 0 -400,000
American Potash Corp.
Options Ausburn, Kent E. 4 25/01/2016 37 80,000 80,000
Anaconda Mining Inc. Common Shares Lawrick, Victor Lewis 4 11/02/2016 10 0.062 5,626,749 -300,000
Anthem United Inc. (formerly Turnberry Resources Ltd.)
Warrants de Groot, Marcel H. 4 15/02/2016 11 942,577 57,577
Anthem United Inc. (formerly Turnberry Resources Ltd.)
Warrants de Groot, Marcel H. 4 15/02/2016 11 1,041,634 99,057
Anthem United Inc. (formerly Turnberry Resources Ltd.)
Warrants O’Flaherty, Daniel 3, 4, 5 16/04/2014 00
Anthem United Inc. (formerly Turnberry Resources Ltd.)
Warrants O’Flaherty, Daniel 3, 4, 5 15/02/2016 11 7,087 7,087
Anthem United Inc. (formerly Turnberry Resources Ltd.)
Warrants O’Flaherty, Daniel 3, 4, 5 15/02/2016 11 19,280 12,193
Aquila Resources Inc. Options Bradshaw, Peter Martin Devenish
4 09/02/2016 50 0.15 600,000 50,000
Aquila Resources Inc. Options FABIAN, Stephen Leslie
4 09/02/2016 50 0.15 600,000 50,000
Aralez Pharmaceuticals Inc.
Common Shares Adams, Adrian 4, 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Adams, Adrian 4, 5 05/02/2016 00 1,000,000
Aralez Pharmaceuticals Inc.
Restricted Share Units
Adams, Adrian 4, 5 05/02/2016 00 1,944,888
Aralez Pharmaceuticals Inc.
Common Shares Armstrong, Jennifer Lou
5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Armstrong, Jennifer Lou
5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Restricted Share Units
Armstrong, Jennifer Lou
5 05/02/2016 00 21,853
Aralez Pharmaceuticals Inc.
Restricted Share Units
Armstrong, Jennifer Lou
5 17/02/2016 56 87,000 65,147
Aralez Pharmaceuticals Inc.
Common Shares Charles, Scott J. 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Charles, Scott J. 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Restricted Share Units
Charles, Scott J. 5 05/02/2016 00 29,137
Aralez Pharmaceuticals Inc.
Restricted Share Units
Charles, Scott J. 5 17/02/2016 56 116,000 86,863
Aralez Pharmaceuticals Inc.
Common Shares Fowler, Neal Franklin 4 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Fowler, Neal Franklin 4 05/02/2016 00 41,340
Aralez Pharmaceuticals Inc.
Restricted Share Units
Fowler, Neal Franklin 4 05/02/2016 00 9,390
Aralez Pharmaceuticals Inc.
Common Shares Glickman, Mark A. 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Glickman, Mark A. 5 05/02/2016 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1830
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Aralez Pharmaceuticals Inc.
Restricted Share Units
Glickman, Mark A. 5 05/02/2016 00 29,137
Aralez Pharmaceuticals Inc.
Restricted Share Units
Glickman, Mark A. 5 17/02/2016 56 116,000 86,863
Aralez Pharmaceuticals Inc.
Common Shares Kirsch, Arthur S. 4 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Kirsch, Arthur S. 4 05/02/2016 00 55,329
Aralez Pharmaceuticals Inc.
Restricted Share Units
Kirsch, Arthur S. 4 05/02/2016 00 9,390
Aralez Pharmaceuticals Inc.
Common Shares Koven, Andrew 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Koven, Andrew 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Restricted Share Units
Koven, Andrew 5 05/02/2016 00 1,476,674
Aralez Pharmaceuticals Inc.
Common Shares Lee, Kenneth B Jr 4 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Lee, Kenneth B Jr 4 05/02/2016 00 63,576
Aralez Pharmaceuticals Inc.
Restricted Share Units
Lee, Kenneth B Jr 4 05/02/2016 00 9,390
Aralez Pharmaceuticals Inc.
Common Shares Rudkick, Seth 4 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Rudkick, Seth 4 05/02/2016 00 38,111
Aralez Pharmaceuticals Inc.
Restricted Share Units
Rudkick, Seth 4 05/02/2016 00 9,390
Aralez Pharmaceuticals Inc.
Common Shares Trachtenberg, Eric 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Trachtenberg, Eric 5 05/02/2016 00
Aralez Pharmaceuticals Inc.
Restricted Share Units
Trachtenberg, Eric 5 05/02/2016 00 25,000
Aralez Pharmaceuticals Inc.
Restricted Share Units
Trachtenberg, Eric 5 17/02/2016 56 100,000 75,000
Aralez Pharmaceuticals Inc.
Common Shares Tursi, James Patrick 5 06/02/2016 00
Aralez Pharmaceuticals Inc.
Common Shares Tursi, James Patrick 5 06/02/2016 00 1,500
Aralez Pharmaceuticals Inc.
Restricted Share Units
Tursi, James Patrick 5 06/02/2016 00 29,137
Aralez Pharmaceuticals Inc.
Restricted Share Units
Tursi, James Patrick 5 17/02/2016 53 116,000 86,863
ARC Resources Ltd. Common Shares Smith, Nancy Lynn 4 10/02/2016 00
ARC Resources Ltd. Common Shares Smith, Nancy Lynn 4 17/02/2016 10 5,000 5,000
Arcturus Growthstar Technologies Inc.
Common Shares Fehr, Ann 5 12/02/2016 00 100,000
Arcturus Growthstar Technologies Inc.
Warrants Fehr, Ann 5 12/02/2016 00 100,000
Arcturus Growthstar Technologies Inc.
Warrants Huston, Robert Earle 4 01/10/2015 00 1,000,000
Arcturus Growthstar Technologies Inc.
Warrants Huston, Robert Earle 4 01/10/2015 00 1,500,000
Aston Bay Holdings Ltd.
Common Shares COMMANDER RESOURCES LTD.
3 18/02/2016 11 0.2 14,503,777 11,000,000
Aston Bay Holdings Ltd.
Common Shares Hayes, John Philip 8 18/02/2016 16 0.2 726,000 175,000
Aston Bay Holdings Ltd.
Common Shares Thomas, Ullrich 5 01/02/2016 00
Aston Bay Holdings Ltd.
Common Shares Thomas, Ullrich 5 18/02/2016 16 0.2 1,000,000 1,000,000
Atrium Mortgage Investment Corporation
Common Shares Sherman, Jeffrey Dennis
5 16/02/2016 30 11.45 15,195 327
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1831
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Atrium Mortgage Investment Corporation
Common Shares Sherman, Jeffrey Dennis
5 16/02/2016 30 19,386 1,552
Aura Minerals Inc. Directors’ Deferred Share Unit Plan
Keith, Stephen 4 09/08/2011 00
Aura Minerals Inc. Directors’ Deferred Share Unit Plan
Keith, Stephen 4 30/06/2015 56 $205,056 $205,056
Aura Minerals Inc. Directors’ Defered Share Unit Plan
Mars, Patrick James 4, 5 05/01/2006 00
Aura Minerals Inc. Directors’ Defered Share Unit Plan
Mars, Patrick James 4, 5 30/06/2015 56 $238,764 $238,764
Aura Minerals Inc. Directors’ Deferred Share Unit Plan
Murray, William 4 13/07/2007 00
Aura Minerals Inc. Directors’ Deferred Share Unit Plan
Murray, William 4 30/06/2015 46 $189,607 $189,607
Aura Minerals Inc. Directors’ Defered Share Unit Plan
Ogryzlo, Charles Thomas
4 02/11/2009 00
Aura Minerals Inc. Directors’ Defered Share Unit Plan
Ogryzlo, Charles Thomas
4 30/06/2015 56 $185,393 $185,393
AuRico Metals Inc. Common Shares Richter, Christopher Hans
4, 5 17/02/2016 10 0.61 830,099 58,000
AutoCanada Inc. Deferred share units Barefoot, Gordon Ronald
4, 7 12/02/2016 56 4,921 528
AutoCanada Inc. Deferred share units DesRosiers, Dennis Stephan
4 12/02/2016 56 7,592 1,207
AutoCanada Inc. Deferred share units James, Barry Lee 4 12/02/2016 56 1,391 421
AutoCanada Inc. Deferred share units Keller, Maryann Natalie 4 12/02/2016 56 3,015 1,207
AutoCanada Inc. Deferred share units Ross, Michael 4 12/02/2016 56 6,334 421
Avcorp Industries Inc. Options de Koning, Cornelis Adrianus Maria
4 22/01/2016 50 0.085 960,500 730,500
Aydon Income Properties Inc.
Common Shares Carkeek, David C 4, 5 19/02/2016 10 0.17 1,641,991 3,000
Azarga Uranium Corp. Options Molyneux, Alexander 3 18/02/2016 38 200,000 -1,623,195
Azarga Uranium Corp. Options Molyneux, Alexander 3 18/02/2016 38 0 -200,000
B2Gold Corp. Options Bullock, Kevin 4 19/02/2016 52 10.27 718,000 -41,250
Backstageplay Inc. (formerly Oramericas Corp.)
Common Shares White, Scott Fulton 4 03/09/2013 00 401,382
Backstageplay Inc. (formerly Oramericas Corp.)
Common Shares White, Scott Fulton 4 03/09/2013 00 16,618
Backstageplay Inc. (formerly Oramericas Corp.)
Common Shares White, Scott Fulton 4 03/09/2013 00 169,437
Backstageplay Inc. (formerly Oramericas Corp.)
Common Shares White, Scott Fulton 4 03/09/2013 00 25,000
Backstageplay Inc. (formerly Oramericas Corp.)
Options White, Scott Fulton 4 03/09/2013 00
Backstageplay Inc. (formerly Oramericas Corp.)
Options White, Scott Fulton 4 20/11/2013 50 0.1 250,000 250,000
Backstageplay Inc. (formerly Oramericas Corp.)
Options White, Scott Fulton 4 22/01/2016 50 0.1 850,000 600,000
BacTech Environmental Corporation
Common Shares Orr, Murray Ross 7 16/02/2016 10 0.03 2,746,220 3,000
Bannerman Resources Limited
Options Resource Capital Funds Management Pty Ltd
4 12/02/2016 50 2,877,600 1,961,500
Banyan Gold Corp. Common Shares Class “A”
Collins, Allan Jay 3, 4 18/02/2016 10 0.0636 5,676,000 50,000
Banyan Gold Corp. Common Shares Class “A”
Haywood, Mark Stephen Richard
4, 5 16/02/2016 10 0.035 229,000 18,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1832
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Banyan Gold Corp. Common Shares Class “A”
Haywood, Mark Stephen Richard
4, 5 17/02/2016 10 0.04 305,000 76,000
Banyan Gold Corp. Common Shares Class “A”
Haywood, Mark Stephen Richard
4, 5 18/02/2016 10 0.045 340,000 35,000
Barkerville Gold Mines Ltd.
Common Shares OBRADOVICH, THOMAS JOHN
4 10/02/2016 10 0.29 927,000 35,000
BCE Inc. Common Shares Bibic, Mirko 7 11/02/2016 57 13,051
BCE Inc. Common Shares Bibic, Mirko 7 11/02/2016 57 57.7 6,064 6,064
BCE Inc. Common Shares Bibic, Mirko 7 11/02/2016 57 6,525
BCE Inc. Common Shares Bibic, Mirko 7 11/02/2016 57 57.7 9,095 3,031
BCE Inc. Common Shares Bibic, Mirko 7 16/02/2016 10 57.7 3,031 -6,064
BCE Inc. Common Shares Bibic, Mirko 7 16/02/2016 10 57.7 0 -3,031
BCE Inc. Common Shares Bibic, Mirko 7 17/02/2016 51 44.47 67,205 67,205
BCE Inc. Common Shares Bibic, Mirko 7 17/02/2016 10 58.05 0 -67,205
BCE Inc. Options Bibic, Mirko 7 17/02/2016 51 44.47 135,671 -67,205
BCE Inc. Performance-based Restricted Share Units
Bibic, Mirko 7 11/02/2016 57 -13,051
BCE Inc. Performance-based Restricted Share Units
Bibic, Mirko 7 11/02/2016 57 -6,525
BCE Inc. Performance-based Restricted Share Units
Bibic, Mirko 7 11/02/2016 57 57.7 10,616 -6,525
BCE Inc. Restricted Share Units
Bibic, Mirko 7 11/02/2016 57 -13,051
BCE Inc. Restricted Share Units
Bibic, Mirko 7 11/02/2016 57 57.7 21,228 -13,051
BCE Inc. Common Shares Brown, Charles 7 11/02/2016 57 16,313
BCE Inc. Common Shares Brown, Charles 7 11/02/2016 57 57.7 7,580 7,580
BCE Inc. Common Shares Brown, Charles 7 11/02/2016 57 8,157
BCE Inc. Common Shares Brown, Charles 7 11/02/2016 57 57.7 11,370 3,790
BCE Inc. Common Shares Brown, Charles 7 16/02/2016 10 57.7 3,790 -7,580
BCE Inc. Common Shares Brown, Charles 7 16/02/2016 10 57.7 0 -3,790
BCE Inc. Common Shares Brown, Charles 7 18/02/2016 51 44.47 84,006 84,006
BCE Inc. Common Shares Brown, Charles 7 18/02/2016 10 58.55 0 -84,006
BCE Inc. Options Brown, Charles 7 18/02/2016 51 44.47 152,032 -84,006
BCE Inc. Performance-based Restricted Share Units
Brown, Charles 7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Brown, Charles 7 11/02/2016 57 57.7 11,862 -8,157
BCE Inc. Restricted Share Units
Brown, Charles 7 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
Brown, Charles 7 11/02/2016 57 57.7 23,723 -16,313
BCE Inc. Common Shares Brown, Robert Ellis 4 07/05/2009 00
BCE Inc. Common Shares Brown, Robert Ellis 4 12/02/2016 10 57.36 3,000 3,000
BCE Inc. Common Shares Cole, Michael 7 11/02/2016 57 16,313
BCE Inc. Common Shares Cole, Michael 7 11/02/2016 57 57.7 18,163 7,580
BCE Inc. Common Shares Cole, Michael 7 11/02/2016 57 8,157
BCE Inc. Common Shares Cole, Michael 7 11/02/2016 57 57.7 21,953 3,790
BCE Inc. Common Shares Cole, Michael 7 16/02/2016 10 57.7 14,373 -7,580
BCE Inc. Common Shares Cole, Michael 7 16/02/2016 10 57.7 10,583 -3,790
BCE Inc. Performance-based Restricted Share Units
Cole, Michael 7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Cole, Michael 7 11/02/2016 57 57.7 11,863 -8,157
BCE Inc. Restricted Share Units
Cole, Michael 7 11/02/2016 57 -16,313
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1833
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
BCE Inc. Restricted Share Units
Cole, Michael 7 11/02/2016 57 57.7 23,724 -16,313
BCE Inc. Common Shares Cope, George 7 11/02/2016 57 76,672
BCE Inc. Common Shares Cope, George 7 11/02/2016 57 57.7 68,637 35,629
BCE Inc. Common Shares Cope, George 7 11/02/2016 57 38,336
BCE Inc. Common Shares Cope, George 7 11/02/2016 57 57.7 86,451 17,814
BCE Inc. Common Shares Cope, George 7 16/02/2016 10 57.7 50,822 -35,629
BCE Inc. Common Shares Cope, George 7 16/02/2016 10 57.7 33,008 -17,814
BCE Inc. Performance-based Restricted Share Units
Cope, George 7 11/02/2016 57 -38,336
BCE Inc. Performance-based Restricted Share Units
Cope, George 7 11/02/2016 57 57.7 55,750 -38,336
BCE Inc. Restricted Share Units
Cope, George 7 11/02/2016 57 -76,672
BCE Inc. Restricted Share Units
Cope, George 7 11/02/2016 57 57.7 111,501 -76,672
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 11/02/2016 57 16,313
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 11/02/2016 57 57.7 49,249 7,580
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 11/02/2016 57 8,157
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 11/02/2016 57 57.7 53,039 3,790
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 16/02/2016 10 57.7 45,459 -7,580
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 16/02/2016 10 57.7 41,669 -3,790
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 16/02/2016 51 39.73 117,519 75,850
BCE Inc. Common Shares HOWE, STEPHEN GUY
7 16/02/2016 10 58.23 41,669 -75,850
BCE Inc. Options HOWE, STEPHEN GUY
7 16/02/2016 51 39.73 258,510 -75,850
BCE Inc. Performance-based Restricted Share Units
HOWE, STEPHEN GUY
7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
HOWE, STEPHEN GUY
7 11/02/2016 57 57.7 13,661 -8,157
BCE Inc. Restricted Share Units
HOWE, STEPHEN GUY
7 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
HOWE, STEPHEN GUY
7 11/02/2016 57 57.7 27,318 -16,313
BCE Inc. Performance-based Restricted Share Units
Jamal, Rizwan 7 11/02/2016 57 -2,176
BCE Inc. Performance-based Restricted Share Units
Jamal, Rizwan 7 11/02/2016 57 57.7 5,044 -2,176
BCE Inc. Restricted Share Units
Jamal, Rizwan 7 11/02/2016 57 -4,351
BCE Inc. Restricted Share Units
Jamal, Rizwan 7 11/02/2016 57 57.7 10,087 -4,351
BCE Inc. Share Units Jamal, Rizwan 7 11/02/2016 57 4,351
BCE Inc. Share Units Jamal, Rizwan 7 11/02/2016 57 57.7 20,241 4,351
BCE Inc. Share Units Jamal, Rizwan 7 11/02/2016 57 2,176
BCE Inc. Share Units Jamal, Rizwan 7 11/02/2016 57 57.7 22,417 2,176
BCE Inc. Common Shares Kirby, Blaik 5 11/02/2016 57 8,701
BCE Inc. Common Shares Kirby, Blaik 5 11/02/2016 57 57.7 4,043 4,043
BCE Inc. Common Shares Kirby, Blaik 5 11/02/2016 57 4,351
BCE Inc. Common Shares Kirby, Blaik 5 11/02/2016 57 57.7 6,065 2,022
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1834
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
BCE Inc. Performance-based Restricted Share Units
Kirby, Blaik 5 11/02/2016 57 -4,351
BCE Inc. Performance-based Restricted Share Units
Kirby, Blaik 5 11/02/2016 57 57.7 7,608 -4,351
BCE Inc. Restricted Share Units
Kirby, Blaik 5 11/02/2016 57 -8,701
BCE Inc. Restricted Share Units
Kirby, Blaik 5 11/02/2016 57 57.7 15,217 -8,701
BCE Inc. Common Shares le Duc, Bernard 5 11/02/2016 57 6,526
BCE Inc. Common Shares le Duc, Bernard 5 11/02/2016 57 57.7 3,032 3,032
BCE Inc. Common Shares le Duc, Bernard 5 11/02/2016 57 3,623
BCE Inc. Common Shares le Duc, Bernard 5 11/02/2016 57 57.07 4,548 1,516
BCE Inc. Common Shares le Duc, Bernard 5 16/02/2016 10 57.7 1,516 -3,032
BCE Inc. Common Shares le Duc, Bernard 5 16/02/2016 10 57.7 0 -1,516
BCE Inc. Performance-based Restricted Share Units
le Duc, Bernard 5 11/02/2016 57 -6,525
BCE Inc. Performance-based Restricted Share Units
le Duc, Bernard 5 11/02/2016 57 57.7 9,544 -6,525
BCE Inc. Restricted Share Units
le Duc, Bernard 5 11/02/2016 57 -13,051
BCE Inc. Restricted Share Units
le Duc, Bernard 5 11/02/2016 57 57.7 19,088 -13,051
BCE Inc. Common Shares Little, Thomas (Tom) 7 11/02/2016 10 57.7 3,790 3,790
BCE Inc. Common Shares Little, Thomas (Tom) 7 12/02/2016 10 57.7 3,790
BCE Inc. Performance-based Restricted Share Units
Little, Thomas (Tom) 7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Little, Thomas (Tom) 7 11/02/2016 57 57.7 11,864 -8,157
BCE Inc. Restricted Share Units
Little, Thomas (Tom) 7 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
Little, Thomas (Tom) 7 11/02/2016 57 57.7 23,725 -16,313
BCE Inc. Share Units Little, Thomas (Tom) 7 11/02/2016 57 16,313
BCE Inc. Share Units Little, Thomas (Tom) 7 11/02/2016 57 57.7 16,313
BCE Inc. Share Units Little, Thomas (Tom) 7 11/02/2016 57 57.7 74,582 16,313
BCE Inc. Share Units Little, Thomas (Tom) 7 11/02/2016 57 8,157
BCE Inc. Share Units Little, Thomas (Tom) 7 11/02/2016 57 8,157
BCE Inc. Performance-based Restricted Share Units
Oosterman, Wade 7 11/02/2016 57 -11,419
BCE Inc. Performance-based Restricted Share Units
Oosterman, Wade 7 11/02/2016 57 57.7 17,731 -11,419
BCE Inc. Restricted Share Units
Oosterman, Wade 7 11/02/2016 57 -22,839
BCE Inc. Restricted Share Units
Oosterman, Wade 7 11/02/2016 57 57.7 152,843 -22,839
BCE Inc. Share Units Oosterman, Wade 7 11/02/2016 57 22,839
BCE Inc. Share Units Oosterman, Wade 7 11/02/2016 57 57.7 553,663 22,839
BCE Inc. Share Units Oosterman, Wade 7 11/02/2016 57 11,419
BCE Inc. Share Units Oosterman, Wade 7 11/02/2016 57 57.7 565,082 11,419
BCE Inc. Common Shares Turcke, Mary Ann 7 11/02/2016 57 16,313
BCE Inc. Common Shares Turcke, Mary Ann 7 11/02/2016 57 57.7 7,605 7,580
BCE Inc. Common Shares Turcke, Mary Ann 7 11/02/2016 57 8157 8,157
BCE Inc. Common Shares Turcke, Mary Ann 7 11/02/2016 57 8,157
BCE Inc. Common Shares Turcke, Mary Ann 7 11/02/2016 57 57.7 11,395 3,790
BCE Inc. Common Shares Turcke, Mary Ann 7 16/02/2016 10 57.7 3,815 -7,580
BCE Inc. Common Shares Turcke, Mary Ann 7 16/02/2016 10 57.7 25 -3,790
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1835
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
BCE Inc. Performance-based Restricted Share Units
Turcke, Mary Ann 7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Turcke, Mary Ann 7 11/02/2016 57 57.7 11,863 -8,157
BCE Inc. Restricted Share Units
Turcke, Mary Ann 7 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
Turcke, Mary Ann 7 11/02/2016 57 57.7 23,723 -16,313
BCE Inc. Common Shares Turcotte, Martine 5 11/02/2016 57 16,313
BCE Inc. Common Shares Turcotte, Martine 5 11/02/2016 57 57.7 27,695 7,616
BCE Inc. Common Shares Turcotte, Martine 5 11/02/2016 57 4,078
BCE Inc. Common Shares Turcotte, Martine 5 11/02/2016 57 57.7 29,598 1,903
BCE Inc. Common Shares Turcotte, Martine 5 16/02/2016 10 57.7 21,982 -7,616
BCE Inc. Common Shares Turcotte, Martine 5 16/02/2016 10 57.7 20,079 -1,903
BCE Inc. Performance-based Restricted Share Units
Turcotte, Martine 5 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Turcotte, Martine 5 11/02/2016 57 57.7 11,863 -8,157
BCE Inc. Restricted Share Units
Turcotte, Martine 5 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
Turcotte, Martine 5 11/02/2016 57 57.7 23,724 -16,313
BCE Inc. Share Units Turcotte, Martine 5 11/02/2016 57 4,078
BCE Inc. Share Units Turcotte, Martine 5 11/02/2016 57 57.7 87,216 4,078
BCE Inc. Common Shares Watson, John 7 17/02/2016 51 44.47 88,906 84,006
BCE Inc. Common Shares Watson, John 7 17/02/2016 10 57.82 4,900 -84,006
BCE Inc. Options Watson, John 7 17/02/2016 51 44.47 166,077 -84,006
BCE Inc. Performance-based Restricted Share Units
Watson, John 7 11/02/2016 57 -8,157
BCE Inc. Performance-based Restricted Share Units
Watson, John 7 11/02/2016 57 57.7 12,986 -8,157
BCE Inc. Restricted Share Units
Watson, John 7 11/02/2016 57 -16,313
BCE Inc. Restricted Share Units
Watson, John 7 11/02/2016 57 57.7 25,970 -16,313
BCE Inc. Share Units Watson, John 7 11/02/2016 57 16,313
BCE Inc. Share Units Watson, John 7 11/02/2016 57 57.7 48,114 16,313
BCE Inc. Share Units Watson, John 7 11/02/2016 57 8,157
BCE Inc. Share Units Watson, John 7 11/02/2016 57 57.07 8,157
BCE Inc. Share Units Watson, John 7 11/02/2016 57 57.7 56,271 8,157
Beaufield Resources Inc.
Common Shares Eskelund-Hansen, Jens
4, 5 18/02/2016 10 0.045 6,042,000 200,000
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 01/11/2009 22 28,768 7,820
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 25/08/2011 97 3.96 61,074 5,583
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 26/02/2013 90 5.36 75,709 4,290
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 01/11/2009 22 7,823
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 25/08/2011 97 3.96 5,583
Bellatrix Exploration Ltd.
Common Shares Oicle, Russell G. 5 26/02/2013 90 5.36 4,290
Bellatrix Exploration Ltd.
Common Shares Ulmer, Garrett 5 31/12/2013 10 0 -18,627
Bengal Energy Ltd. Common Shares Blanchard, Jerrad James
5 09/02/2016 30 0.125 118,871 9,600
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1836
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Bengal Energy Ltd. Common Shares Blanchard, Jerrad James
5 09/02/2016 30 0.125 178,270 14,400
Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 09/02/2016 30 0.125 771,472 17,331
Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 09/02/2016 30 0.125 133,572 13,331
Bengal Energy Ltd. Common Shares MacMahon, Gordon R 5 09/02/2016 30 0.125 100,337 4,000
Bengal Energy Ltd. Common Shares MacMahon, Gordon R 5 09/02/2016 30 0.125 115,950 20,000
BeWhere Holdings Inc.
Common Shares Allen, Robert 5 04/02/2016 00 333,000
BeWhere Holdings Inc.
Common Shares Christie, Paul Alexander
4 04/02/2016 00 166,000
BeWhere Holdings Inc.
Warrants Christie, Paul Alexander
4 04/02/2016 00 83,000
BeWhere Holdings Inc.
Common Shares Moore, Owen 3, 4, 5 04/02/2016 00 8,496,577
BeWhere Holdings Inc.
Common Shares Moore, Owen 3, 4, 5 17/02/2016 10 0.15 8,561,577 65,000
BeWhere Holdings Inc.
Warrants Moore, Owen 3, 4, 5 04/02/2016 00 250,000
BeWhere Holdings Inc.
Common Shares Panczuk, Christopher John
3, 4, 5 04/02/2016 00 8,496,577
BeWhere Holdings Inc.
Warrants Panczuk, Christopher John
3, 4, 5 04/02/2016 00 250,000
BHK Mining Corp. Common Shares Andrup, Claus Erik 4 16/02/2016 10 0.065 1,026,000 10,000
BHK Mining Corp. Common Shares Andrup, Claus Erik 4 16/02/2016 10 0.07 1,031,000 5,000
Big Rock Labs Inc. Common Shares Seemann, Harald 4 16/02/2016 10 0.76 12,085,815 -5,000
Big Rock Labs Inc. Common Shares Seemann, Harald 4 18/02/2016 10 0.73 12,075,815 -10,000
bioMmune Technologies Inc.
Common Shares BIERTUMPEL, JENS 4 12/02/2016 10 74,000 4,000
BioSyent Inc. Common Shares - Options
D’Souza, Alfred 5 12/02/2016 50 6.2 15,318 3,848
BioSyent Inc. Common Shares - Options
Goehrum, Rene Christopher
3, 4, 5 12/02/2016 50 6.2 291,244 8,557
BioSyent Inc. Common Shares - Options
Larson, Douglas Robert
4, 5 12/02/2016 50 6.2 -8,324 1,228
BioSyent Inc. Common Shares - Options
Lockhard, Peter Douglas
4 12/02/2016 50 6.2 46,676 1,228
BioSyent Inc. Common Shares - Options
Montador, Paul 4 12/02/2016 50 6.106 31,676 1,228
BioSyent Inc. Common Shares - Options
Raghubir, Sharan 5 12/02/2016 50 6.2 4,677 1,900
BioSyent Inc. Common Shares - Options
van der Mark, Joost 5 12/02/2016 50 6.2 1,032
BioSyent Inc. Common Shares - Options
van der Mark, Joost 5 12/02/2016 50 6.2 9,460 2,064
BioSyent Inc. Common Shares - Options
Wakefield, Milt 4 12/02/2016 50 6.2 116,676 1,228
BioSyent Inc. Common Shares - Options
Wilson, Kevin 5 12/02/2016 50 6.2 84,071 2,203
BioSyent Inc. Common Shares - Options
Wilton, Stephen Edwin William
4 12/02/2016 50 6.2 5,836 1,228
BIOX Corporation Options - Common Shares
Lewis, Scott Bland Lewis
5 07/02/2016 52 310,000 -50,000
BIOX Corporation Options - Common Shares
Paik, Nakyun G. 5 07/02/2016 52 260,000 -50,000
Birchcliff Energy Ltd. Options Cullen, Kenneth Norman
4 16/02/2016 52 11.59 0 -40,200
Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares
Humphreys, David 5 12/02/2016 10 16.25 5,470 270
Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares
Humphreys, David 5 12/02/2016 10 16.23 10,425 100
Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares
Humphreys, David 5 12/02/2016 10 16.24 10,825 400
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1837
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares
Humphreys, David 5 09/10/2009 00
Birchcliff Energy Ltd. Preferred Shares Series A Preferred Shares
Humphreys, David 5 12/02/2016 10 16.25 70 70
Bird Construction Inc. MTIP (Phantom Shares)
Boyd, Ian Jeffrey 4, 5 19/02/2016 35 18,771 100
Bird Construction Inc. MTIP (Phantom Shares)
Brennan, James Joseph
5 19/02/2016 35 12,323 64
Bird Construction Inc. MTIP (Phantom Shares)
CAZA, Charles Joseph 5 19/02/2016 35 10,362 55
Bird Construction Inc. Deferred Share Units
Doyle, Donald Gregory 4 19/02/2016 35 20,835 110
Bird Construction Inc. Deferred Share Units
DuPont, Bonnie Dianne Rose
4 20/11/2015 35 17,385 78
Bird Construction Inc. Deferred Share Units
DuPont, Bonnie Dianne Rose
4 18/12/2015 35 17,468 83
Bird Construction Inc. Deferred Share Units
DuPont, Bonnie Dianne Rose
4 04/01/2016 56 19,371 1,903
Bird Construction Inc. Deferred Share Units
DuPont, Bonnie Dianne Rose
4 20/01/2016 35 19,478 107
Bird Construction Inc. Deferred Share Units
DuPont, Bonnie Dianne Rose
4 19/02/2016 35 19,582 104
Bird Construction Inc. MTIP (Phantom Shares)
Entwistle, Stephen Robert
5 19/02/2016 35 4,258 23
Bird Construction Inc. MTIP (Phantom Shares)
McClure, Kenneth William
5 19/02/2016 35 10,709 57
Bird Construction Inc. Deferred Share Units
Munkley, Ronald David 4 19/02/2016 35 16,059 85
Bird Construction Inc. MTIP (Phantom Shares)
Raboud, Paul Robert 4 19/02/2016 35 10,011 54
Bird Construction Inc. MTIP (Phantom Shares)
ROYER, GILLES GERALD
5 19/02/2016 35 37,811 201
Bird Construction Inc. Deferred Share Units
Thorsteinson, Arni Clayton
4 19/02/2016 35 16,568 88
Black Diamond Group Limited
Common Shares Haynes, Trevor 4, 5 15/02/2016 10 5.25 5,000
Black Diamond Group Limited
Common Shares Haynes, Trevor 4, 5 15/02/2016 10 5.25 5,000
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Common Shares Kalyan, Judith 6 12/02/2016 16 0.05 5,088,888 400,000
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Warrants Kalyan, Judith 6 04/06/2014 00
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Warrants Kalyan, Judith 6 12/02/2016 53 0.1 400,000 400,000
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Common Shares Taylor, David 4 12/02/2016 16 0.05 3,000,000 600,000
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Warrants Taylor, David 4 04/06/2014 00
BlackIce Enterprise Risk Management Inc. (formerly Bonaparte Resources Inc.)
Warrants Taylor, David 4 12/02/2016 52 0.1 600,000 600,000
Blackline Safety Corp. Common Shares Finbow, John Robert 4 18/02/2016 10 1.76 44,100 200
Blackline Safety Corp. Options Grennan, Shane Martin 5 15/02/2016 00
Blackline Safety Corp. Options Grennan, Shane Martin 5 16/02/2016 50 1.76 25,000 25,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1838
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Bluefire Mining Corp. Common Shares CURRIE, JUSTIN LENNOX
4, 5 01/02/2016 00
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Brimmell, Jonathan David
5 31/12/2015 30 58.09 11,525 657
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Burns, Patrick Dean 5 31/12/2015 30 58.09 18,939 1,035
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Chidley, William Glenn 5 31/12/2015 30 58.09 26,384 1,512
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
DEWALD, James Richard
4 31/12/2015 30 58.09 6,756 410
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Dingle, Ian Peter 5 31/12/2015 30 58.09 7,170 398
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
GEREMIA, ROBERTO 5 31/12/2015 30 58.09 34,225 1,962
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Goodman, Gary Michael
4 31/12/2015 30 58.09 9,013 531
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Havener, Jr., Arthur Lee
4 31/12/2015 30 58.09 10,796 630
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Mahajan, Kelly Kulwant 5 31/12/2015 30 58.09 7,500 372
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Mawani, Al 4 31/12/2015 30 58.09 7,905 472
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Mix, Helen May 5 31/12/2015 30 58.09 12,494 708
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Russell, Lisa Maureen 5 31/12/2015 30 58.09 12,543 710
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Stephen, Andrea 4 31/12/2015 30 58.09 7,476 345
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Wong, William 5 31/12/2015 30 58.09 20,010 1,147
Boardwalk Real Estate Investment Trust
Deferred Units (Convert to TU and/or cash)
Zigomanis, William 5 31/12/2015 30 58.09 10,978 625
Bombardier Inc. Performance Share Units/Unites d’actions liees au rendement
Cattin-Martel, Benoît 7 08/02/2016 00 59,839
Bombardier Inc. Restricted Share Units/Unités d’actions incessibles
Cattin-Martel, Benoît 7 08/02/2016 00 76,924
Bombardier Inc. Subordinate Voting Shares Classe B/ Class B Shares ( Subordinate Voting)
Cattin-Martel, Benoît 7 08/02/2016 00 6,529
Bombardier Inc. Subordinate Voting Shares Classe B/ Class B Shares ( Subordinate Voting)
Macdonald, John Paul 5 31/12/2015 30 1.98 181,693 18,835
Boralex Inc. Convertible Debentures
Lemaire, Laurent 6 30/09/2015 97 $0 -$4,474
Boston Pizza Royalties Income Fund
Units Brown, William C 4, 5 16/02/2016 10 17.7 26,220 1,100
Boulder Energy Ltd. Common Shares MURRAY, TREVOR 5 15/05/2015 00
Boulder Energy Ltd. Common Shares MURRAY, TREVOR 5 15/05/2015 00 144,787
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1839
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Boulder Energy Ltd. Common Shares Paulhus, Casey 5 15/05/2015 00
Boulder Energy Ltd. Common Shares Paulhus, Casey 5 15/05/2015 00 20,913
BrightPath Early Learning Inc. (formerly Edleun Group, Inc.)
Common Shares BrightPath Early Learning Inc.
1 16/02/2016 38 0.27 215,500 3,000
BrightPath Early Learning Inc. (formerly Edleun Group, Inc.)
Common Shares BrightPath Early Learning Inc.
1 17/02/2016 38 0.27 225,500 10,000
BrightPath Early Learning Inc. (formerly Edleun Group, Inc.)
Common Shares BrightPath Early Learning Inc.
1 18/02/2016 38 0.27 232,000 6,500
BrightPath Early Learning Inc. (formerly Edleun Group, Inc.)
Common Shares BrightPath Early Learning Inc.
1 19/02/2016 38 0.27 239,000 7,000
Brisio Innovations Inc. Common Shares Andreola, Gianpaolo Fabrisio
4 17/02/2016 10 0.05 163,100 36,000
Brookfield Property Partners L.P.
Deferred Units (Global)
Clark, Richard 7, 5 31/12/2015 30 544,618 19,025
Brookfield Property Partners L.P.
Options (Global) Clark, Richard 7, 5 16/02/2016 50 19.51 3,973,750 400,000
Brookfield Property Partners L.P.
Options (Australia) Tang, Ricky 7 08/02/2016 00 157,818
Brookfield Property Partners L.P.
Options (Global) Tang, Ricky 7 13/02/2015 50 25.18 60,065 60,065
Brookfield Property Partners L.P.
Options (Global) Tang, Ricky 7 08/02/2016 00
Brookfield Property Partners L.P.
Options (Global) Tang, Ricky 7 16/02/2016 50 19.51 124,609 64,544
BRP Inc. Subordinate Voting Shares
Villemure, Alain 5 21/04/2014 10 29.79 483,853 -200
BRP Inc. Subordinate Voting Shares
Villemure, Alain 5 21/04/2014 10 29.8 469,753 -14,100
BRP Inc. Subordinate Voting Shares
Villemure, Alain 5 21/04/2014 10 29.81 464,053 -5,700
BSM Technologies Inc.
Common Shares Bélanger, Pierre 4 16/02/2016 10 0.89 120,000 33,000
BTB Real Estate Investment Trust
Trust Units Cyr, Benoit 5 31/12/2015 35 4.3898 47,194 3,856
Buffalo Coal Corp. (formerly Forbes & Manhattan Coal Corp.)
Common Shares Williams, Sarah Jane 5 16/02/2016 10 0.02 921,875 -2,350
CAE Inc. Common Shares McConnell, Bruce 5 24/03/2015 30 14.32 1,175
CAE Inc. Common Shares McConnell, Bruce 5 24/03/2015 30 14.32 2,743 1,175
Caldwell U.S. Dividend Advantage Fund
Units Caldwell US Dividend Advantage Fund
1 12/02/2016 38 7.89 134,200 2,000
Caldwell U.S. Dividend Advantage Fund
Units Caldwell US Dividend Advantage Fund
1 16/02/2016 38 8 136,100 1,900
Calian Technologies Ltd.
Common Shares Basler, Raymond Gregory
4 16/02/2016 51 18.65 79,728 13,000
Calian Technologies Ltd.
Common Shares Basler, Raymond Gregory
4 16/02/2016 10 18.86 73,828 -5,900
Calian Technologies Ltd.
Common Shares Basler, Raymond Gregory
4 17/02/2016 10 18.79 70,228 -3,600
Calian Technologies Ltd.
Common Shares Basler, Raymond Gregory
4 18/02/2016 10 18.8 69,828 -400
Calian Technologies Ltd.
Common Shares Basler, Raymond Gregory
4 19/02/2016 10 18.79 67,028 -2,800
Calian Technologies Ltd.
Options Basler, Raymond Gregory
4 16/02/2016 51 18.65 60,000 -13,000
Callidus Capital Corporation
Common Shares Catalyst Fund General Partner II Inc.
3 20/01/2016 30 7.6551 3,557,362 132,529
Callidus Capital Corporation
Common Shares Catalyst Fund General Partner III Inc.
3 20/01/2016 30 7.6551 18,984,882 707,287
Callidus Capital Corporation
Common Shares Catalyst Fund General Partner IV Inc.
3 20/01/2016 30 7.6511 309,184
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1840
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Callidus Capital Corporation
Common Shares Catalyst Fund General Partner IV Inc.
3 20/01/2016 30 7.6551 8,299,084 309,184
Callidus Capital Corporation
Common Shares Catalyst Fund II Parallel General Partner Inc.
3 20/01/2016 30 7.6551 658,871 24,545
Cameco Corporation Common Shares Gitzel, Tim Scott 5 16/02/2016 10 15.85 143,855 10,000
Canaccord Genuity Group Inc.
Common Shares Burke, Patrick 7 12/02/2016 10 3.6738 28,500 20,000
Canaccord Genuity Group Inc.
Common Shares Daviau, Daniel Joseph 7 12/02/2016 10 3.6768 1,271,827 110,000
Canaccord Genuity Group Inc.
Common Shares Esfandi, David 7 12/02/2016 57 3,375 2,254
Canaccord Genuity Group Inc.
Common Shares Esfandi, David 7 12/02/2016 10 3.68 2,269 -1,106
Canaccord Genuity Group Inc.
Rights Restricted Share Units
Esfandi, David 7 12/02/2016 57 38,142 -2,254
Canacol Energy Ltd. Common Shares Baena, Luis Alfredo 5 17/02/2016 10 2.9 586,007 -150,000
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Cryer, Scott 5 16/02/2016 56 28.58 43,149 10,497
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Kenney, Mark 5 16/02/2016 56 28.58 124,049 14,721
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Lieberman-zbar, Jodi 5 15/01/2016 00
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Lieberman-zbar, Jodi 5 16/02/2016 56 28.58 6,123 6,123
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
MacPherson, Patricia 5 16/02/2016 56 28.58 22,064 4,461
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Roberto, Israel 5 17/06/2015 00
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Roberto, Israel 5 16/02/2016 56 28.58 3,796 3,796
Canadian Apartment Properties Real Estate Investment Trust
Rights Restricted Unit Rights
Schwartz, Thomas 4, 5 16/02/2016 56 28.58 251,710 27,557
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 08/02/2016 38 88.334 50,000 50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 08/02/2016 38 88.334 0 -50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 09/02/2016 38 86.134 50,000 50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 09/02/2016 38 86.134 0 -50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 10/02/2016 38 86.51 50,000 50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 10/02/2016 38 86.51 0 -50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 11/02/2016 38 83.12 50,000 50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 11/02/2016 38 83.12 0 -50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 12/02/2016 38 86.126 50,000 50,000
Canadian Imperial Bank of Commerce
Common Shares CIBC 1 12/02/2016 38 86.126 0 -50,000
Canadian International Minerals Inc.
Common Shares Boldt, Zara Elizabeth 6 11/02/2016 00
Canadian International Minerals Inc.
Common Shares Boldt, Zara Elizabeth 6 11/02/2016 45 3,500,000 3,500,000
Canadian International Minerals Inc.
Warrants Boldt, Zara Elizabeth 6 11/02/2016 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1841
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian International Minerals Inc.
Warrants Boldt, Zara Elizabeth 6 11/02/2016 45 0.1 3,500,000 3,500,000
Canadian International Minerals Inc.
Common Shares Kaminak Gold Corporation
3 11/02/2016 00
Canadian International Minerals Inc.
Common Shares Kaminak Gold Corporation
3 11/02/2016 45 3,500,000 3,500,000
Canadian International Minerals Inc.
Warrants Kaminak Gold Corporation
3 11/02/2016 00
Canadian International Minerals Inc.
Warrants Kaminak Gold Corporation
3 11/02/2016 45 0.1 3,500,000 3,500,000
Canadian International Minerals Inc.
Common Shares Thomas, Eira Margaret 6 11/02/2016 00
Canadian International Minerals Inc.
Common Shares Thomas, Eira Margaret 6 11/02/2016 45 3,500,000 3,500,000
Canadian International Minerals Inc.
Warrants Thomas, Eira Margaret 6 11/02/2016 00
Canadian International Minerals Inc.
Warrants Thomas, Eira Margaret 6 11/02/2016 45 0.1 3,500,000 3,500,000
Canadian Metals Inc. Common Shares Boisjoli, Robert 5 26/01/2016 00
Canadian Metals Inc. Common Shares Boisjoli, Robert 5 11/02/2016 11 0.07 250,000 250,000
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Cory, Michael A 5 31/12/2015 35 77.225 24,738 396
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
DRYSDALE, Janet 5 31/12/2015 35 77.225 1,964 662
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
JOBIN, Luc 5 31/12/2015 35 77.225 57,579 923
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Madigan, Kimberley A. 5 31/12/2015 35 77.225 82,005 1,314
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Mongeau, Claude 4, 5 31/12/2015 35 77.225 417,845 6,695
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Orr, John Frederick 5 31/12/2015 35 77.225 10,825 173
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Ruest, Jean-Jacques 5 31/12/2015 35 77.225 160,747 2,576
Canadian National Railway Company
Deffered Share Units/Unités d’actions différées
Vena, Jim V. 5 31/12/2015 35 77.225 32,470 520
Canadian Oil Recovery & Remediation Enterprises Ltd.
Common Shares Lorenzo, John Michael 4 16/02/2016 10 0.035 12,268,186 20,000
Canadian Overseas Petroleum Limited
Common Shares Millholland, Arthur Sherman
4, 5 17/02/2016 10 0.04 7,222,000 1,100,000
Canadian Pacific Railway Limited
Options Brooks, John Kenneth 5 22/01/2016 50 116.8 4,340
Canadian Pacific Railway Limited
Options Brooks, John Kenneth 5 01/02/2016 50 116.8 23,481 4,340
Canadian Pacific Railway Limited
Options Browning, Thompson 5 22/01/2016 50 116.8 4,215
Canadian Pacific Railway Limited
Options Browning, Thompson 5 01/02/2016 50 116.8 11,261 4,215
Canadian Pacific Railway Limited
Options Clements, James Dominic Luther
5 22/01/2016 50 165.74 3,465
Canadian Pacific Railway Limited
Options Clements, James Dominic Luther
5 01/02/2016 50 165.74 30,148 3,465
Canadian Pacific Railway Limited
Options Coyle, Jacqueline Annette
5 22/01/2016 50 165.74 2,968
Canadian Pacific Railway Limited
Options Coyle, Jacqueline Annette
5 01/02/2016 50 165.74 11,217 2,968
Canadian Pacific Railway Limited
Options Creel, Keith E. 5 22/01/2016 50 116.8 55,250
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1842
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Pacific Railway Limited
Options Creel, Keith E. 5 01/02/2016 50 116.8 349,675 55,250
Canadian Pacific Railway Limited
Options Deciccio, Guido 5 22/01/2016 50 165.74 5,900
Canadian Pacific Railway Limited
Options Deciccio, Guido 5 01/02/2016 50 165.74 28,863 5,900
Canadian Pacific Railway Limited
Options Edwards, Peter John 5 22/01/2016 50 165.74 5,375
Canadian Pacific Railway Limited
Options Edwards, Peter John 5 01/02/2016 50 165.74 77,048 5,375
Canadian Pacific Railway Limited
Options Ellis, Jeffrey 5 22/01/2016 50 165.74 8,792
Canadian Pacific Railway Limited
Options Ellis, Jeffrey 5 01/02/2016 50 165.74 8,792 8,792
Canadian Pacific Railway Limited
Rights DSU Ellis, Jeffrey 5 22/01/2016 56 165.74 362
Canadian Pacific Railway Limited
Rights DSU Ellis, Jeffrey 5 01/02/2016 56 165.74 362 362
Canadian Pacific Railway Limited
Options Erceg, Mark 5 22/01/2016 50 165.74 29,261
Canadian Pacific Railway Limited
Options Erceg, Mark 5 01/02/2016 50 165.74 64,670 29,261
Canadian Pacific Railway Limited
Options Foran, Mike 5 22/01/2016 50 165.74 2,982
Canadian Pacific Railway Limited
Options Foran, Mike 5 01/02/2016 50 165.74 10,479 2,982
Canadian Pacific Railway Limited
Options Harrison, E. Hunter 4, 5 22/01/2016 50 116.8 129,620
Canadian Pacific Railway Limited
Options Harrison, E. Hunter 4, 5 01/02/2016 50 116.8 967,493 129,620
Canadian Pacific Railway Limited
Options Johnson, Robert Allen 5 22/01/2016 50 116.8 8,244
Canadian Pacific Railway Limited
Options Johnson, Robert Allen 5 01/02/2016 50 116.8 23,132 8,244
Canadian Pacific Railway Limited
Options Kampsen, Jeffrey David
5 22/01/2016 50 165.74 3,248
Canadian Pacific Railway Limited
Options Kampsen, Jeffrey David
5 01/02/2016 50 165.74 12,589 3,248
Canadian Pacific Railway Limited
Options Lambrecht, Thomas John
5 22/01/2016 50 116.8 4,147
Canadian Pacific Railway Limited
Options Lambrecht, Thomas John
5 01/02/2016 50 116.8 9,762 4,147
Canadian Pacific Railway Limited
Options MacDonald, Stanley Scott
5 22/01/2016 50 165.74 5,900
Canadian Pacific Railway Limited
Options MacDonald, Stanley Scott
5 01/02/2016 50 165.74 34,969 5,900
Canadian Pacific Railway Limited
Options Marquis, Tony 5 22/01/2016 50 165.74 5,900
Canadian Pacific Railway Limited
Options Marquis, Tony 5 01/02/2016 50 165.74 19,535 5,900
Canadian Pacific Railway Limited
Options Marsh, Timothy E. 5 22/01/2016 50 165.74 4,181
Canadian Pacific Railway Limited
Options Marsh, Timothy E. 5 01/02/2016 50 165.74 18,531 4,181
Canadian Pacific Railway Limited
Options Meyer, Justin Dale 5 22/01/2016 50 165.74 2,927
Canadian Pacific Railway Limited
Options Meyer, Justin Dale 5 01/02/2016 50 165.74 8,090 2,927
Canadian Pacific Railway Limited
Options Pitz, Laird Joseph 5 22/01/2016 50 116.8 7,235
Canadian Pacific Railway Limited
Options Pitz, Laird Joseph 5 01/02/2016 50 116.8 14,969 7,235
Canadian Pacific Railway Limited
Options Redeker, Michael 5 22/01/2016 50 165.74 4,801
Canadian Pacific Railway Limited
Options Redeker, Michael 5 01/02/2016 50 165.74 22,010 4,801
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1843
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canadian Pacific Railway Limited
Options Velani, Nadeem 5 22/01/2016 50 165.74 2,927
Canadian Pacific Railway Limited
Options Velani, Nadeem 5 01/02/2016 50 165.74 8,596 2,927
Canadian Pacific Railway Limited
Options Wallace, Mark 5 22/01/2016 50 165.74 5,319
Canadian Pacific Railway Limited
Options Wallace, Mark 5 01/02/2016 50 165.74 25,471 5,319
Canadian Pacific Railway Limited
Options Yaworsky, Darren Julian
5 22/01/2016 50 165.74 3,376
Canadian Pacific Railway Limited
Options Yaworsky, Darren Julian
5 01/02/2016 50 165.74 12,247 3,376
Canadian Tire Corporation, Limited
Deferred Share Units
Boivin, Pierre 4 31/12/2015 35 124.89 2,652 27
Canadian Tire Corporation, Limited
Deferred Share Units
Chant, Diana Leslie 4 31/12/2015 35 123.7 599 2
Canadian Tire Corporation, Limited
Deferred Share Units
Emerson, Harry Garfield
4 31/12/2015 35 125.22 8,406 139
Canadian Tire Corporation, Limited
Deferred Share Units
Furlong, John Aloysius Francis
4 31/12/2015 35 125.16 4,334 64
Canadian Tire Corporation, Limited
Deferred Share Units
L’Heureux, Claude R. 4 31/12/2015 35 125.17 8,960 133
Canadian Tire Corporation, Limited
Deferred Share Units
Price, Timothy Robert 4 31/12/2015 35 125.2 15,589 249
Canadian Tire Corporation, Limited
Deferred Share Units
Sabia, Maureen Joanne
4, 7 31/12/2015 35 125.22 2,261 37
Canadian Tire Corporation, Limited
Deferred Share Units
Vallance, George Alexander
4 31/12/2015 35 125.17 9,643 143
Canadian Western Bank
Common Shares Bobinski, Trent Carey Raymond
5 31/12/2015 30 26.83 1,617 965
Canadian Western Bank
Options Bobinski, Trent Carey Raymond
5 13/03/2015 50 38,450 9,336
Canadian Western Bank
Rights Restricted Share Units
Bobinski, Trent Carey Raymond
5 31/12/2015 56 7,143 3,098
Canadian Western Bank
Rights Restricted Share Units
Bobinski, Trent Carey Raymond
5 31/12/2015 59 9,290 2,147
Canadian Western Bank
Common Shares Furlan, Mario Vittorio 5 31/12/2015 30 26.83 33,910 1,320
Canadian Western Bank
Rights Performance Share Units
Furlan, Mario Vittorio 5 31/12/2015 30 23.253 5,857 92
Canadian Western Bank
Rights Restricted Share Units
Furlan, Mario Vittorio 5 31/12/2015 59 5,901 -2,850
Canadian Western Bank
Rights Restricted Share Units
Furlan, Mario Vittorio 5 31/12/2015 30 28.051 6,087 186
Canadian Western Bank
Common Shares Sprung, Greg 5 31/12/2015 30 26.83 36,415 1,901
Canadian Western Bank
Rights Performance Share Units
Sprung, Greg 5 31/12/2015 30 23.253 13,304 210
Canadian Western Bank
Rights Restricted Share Units
Sprung, Greg 5 31/12/2015 56 4,817
Canadian Western Bank
Rights Restricted Share Units
Sprung, Greg 5 31/12/2015 56 11,598 241
Canadian Western Bank
Rights Restricted Share Units
Sprung, Greg 5 31/12/2015 59 7,899 -3,699
Canarc Resource Corp.
Common Shares MALHOTRA, DEEPAK 4 01/05/2015 00
Canarc Resource Corp.
Common Shares MALHOTRA, DEEPAK 4 01/05/2015 00 266,667
Canarc Resource Corp.
Common Shares MALHOTRA, DEEPAK 4 05/05/2015 11 0.06 266,667
Canarc Resource Corp.
Common Shares MALHOTRA, DEEPAK 4 05/05/2015 11 0.06 266,667
Canoe EIT Income Fund
Trust Units Canoe EIT Income Fund
1 12/02/2016 38 13,433,261 -688,736
Canso Credit Income Fund
Exposure to Issuer through Canso Partners Fund
Lysander Funds Limited
7 18/02/2016 70 8.894 13,738 3,240
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1844
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Canso Select Opportunities Fund
Exposure to Issuer through Canso Partners II Fund
Carswell, John Paul 7 18/02/2016 70 8.1765 90,133 24,460
Canuc Resources Corporation
Common Shares Hinde Gold Fund 3 02/02/2016 11 0.05 13,289,000 140,000
Cardiff Energy Corp. Common Shares Bal, Jatinder Singh 4 12/02/2016 10 0.04 47,500 -303,000
Carrus Capital Corporation
Common Shares Fehr, Ann 5 11/04/2014 37 25,571 -153,429
Carrus Capital Corporation
Common Shares Fehr, Ann 5 03/11/2014 11 0.1 35,571 10,000
Celestica Inc. Onex Management Investment Derivatives
Onex Corporation 3 18/02/2016 97 1,170,208 -62,023
Centerra Gold Inc. Rights Restricted Share Units
Connor, Richard Webster
4 14/02/2016 59 6.76 0 -3,324
Centerra Gold Inc. Common Shares Pressler, Sheryl 4 14/02/2016 57 6.76 30,492 3,034
Centerra Gold Inc. Rights Restricted Share Units
Pressler, Sheryl 4 14/02/2016 57 6.76 0 -3,324
Century Global Commodities Corporation (formerly known as Century Iron Mines Corporation)
Common Shares Chim, Sandy Chun Kwan
4, 6, 7, 5
12/02/2016 10 0.3 1,355,900 13,000
CGI Group Inc. Subordinate Voting Shares Classe A
Baptista, Joao Pedro Amandey
5 31/12/2015 30 39.908 1,773 873
CGI Group Inc. Subordinate Voting Shares Classe A
Boulanger, François 5 31/12/2015 30 51.111 9,650 672
CGI Group Inc. Subordinate Voting Shares Classe A
Boyajian, Mark 5 31/12/2015 30 39.315 2,229 385
CGI Group Inc. Subordinate Voting Shares Classe A
Forman, Stuart 5 16/02/2016 90 2,185 450
CGI Group Inc. Subordinate Voting Shares Classe A
Forman, Stuart 5 31/12/2015 30 51.705 1,241 599
CGI Group Inc. Subordinate Voting Shares Classe A
Forman, Stuart 5 11/02/2016 30 55.231 1,347 106
CGI Group Inc. Subordinate Voting Shares Classe A
Forman, Stuart 5 16/02/2016 90 897 -450
CGI Group Inc. Subordinate Voting Shares Classe A
Henderson, Dave 5 31/12/2015 30 41.413 7,290 65
CGI Group Inc. Subordinate Voting Shares Classe A
Holgate, Colin Victor 5 31/12/2015 30 40.453 2,608 851
CGI Group Inc. Subordinate Voting Shares Classe A
Imbeau, André 3, 4, 5 31/12/2015 30 51.088 28,100 419
CGI Group Inc. Subordinate Voting Shares Classe A
Linder, Kevin Morris 5 31/12/2015 30 57.058 32 32
CGI Group Inc. Subordinate Voting Shares Classe A
McCuaig, Douglas 5 31/12/2015 30 51.123 17,758 831
CGI Group Inc. Subordinate Voting Shares Classe A
Nikku, Heikki 5 31/12/2015 30 39.608 488 137
Changfeng Energy Inc.
Common Shares Changfeng Energy Inc. 1 12/02/2016 38 0.3 4,861,800 30,000
CIBT Education Group Inc.
Common Shares Capital Alliance Group Inc.
1 17/02/2016 10 0.285 874,500 61,000
CIBT Education Group Inc.
Common Shares Capital Alliance Group Inc.
1 17/02/2016 10 0.29 883,500 9,000
CIBT Education Group Inc.
Common Shares Capital Alliance Group Inc.
1 18/02/2016 10 0.285 888,500 5,000
Cineplex Inc. Options Allen, Christopher 5 12/02/2016 50 22,592 11,452
Cineplex Inc. Performance Share Units
Allen, Christopher 5 12/02/2016 56 1,872 872
Cineplex Inc. Options Briant, Heather 5 12/02/2016 50 42,086 10,829
Cineplex Inc. Performance Share Units
Briant, Heather 5 12/02/2016 56 11,911 2,475
Cineplex Inc. Deferred Share Units
Fitzgerald, Anne Tunstall
5 19/02/2016 56 10,937 1,938
Cineplex Inc. Options Fitzgerald, Anne Tunstall
5 12/02/2016 50 58,770 11,631
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1845
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Cineplex Inc. Performance Share Units
Fitzgerald, Anne Tunstall
5 12/02/2016 56 12,507 2,658
Cineplex Inc. Options Jacob, Ellis 4, 5 12/02/2016 50 868,976 133,690
Cineplex Inc. Performance Share Units
Jacob, Ellis 4, 5 12/02/2016 56 167,520 30,550
Cineplex Inc. Options Kennedy, Michael 5 12/02/2016 50 52,680 17,498
Cineplex Inc. Performance Share Units
Kennedy, Michael 5 12/02/2016 56 20,207 3,999
Cineplex Inc. Options Kent, Jeff 5 12/02/2016 50 56,686 17,110
Cineplex Inc. Performance Share Units
Kent, Jeff 5 12/02/2016 56 19,475 3,910
Cineplex Inc. Options Legault, Lorraine Marie 5 12/02/2016 50 13,840 4,713
Cineplex Inc. Performance Share Units
Legault, Lorraine Marie 5 12/02/2016 56 5,195 1,077
Cineplex Inc. Options Mandryk, Suzanna 5 12/02/2016 50 51,116 10,027
Cineplex Inc. Performance Share Units
Mandryk, Suzanna 5 12/02/2016 56 11,151 2,291
Cineplex Inc. Deferred Share Units
McGrath, Daniel F. 5 19/02/2016 56 12,999 4,067
Cineplex Inc. Options McGrath, Daniel F. 5 12/02/2016 50 138,519 43,449
Cineplex Inc. Performance Share Units
McGrath, Daniel F. 5 12/02/2016 56 49,052 9,929
Cineplex Inc. Deferred Share Units
Nelson, Gordon 5 19/02/2016 56 7,835 2,409
Cineplex Inc. Options Nelson, Gordon 5 12/02/2016 50 102,469 29,412
Cineplex Inc. Performance Share Units
Nelson, Gordon 5 12/02/2016 56 32,472 6,721
Cineplex Inc. Deferred Share Units
Nonis, Paul 5 01/01/2011 00
Cineplex Inc. Deferred Share Units
Nonis, Paul 5 19/02/2016 56 1,097 1,097
Cineplex Inc. Options Nonis, Paul 5 12/02/2016 50 29,475 10,088
Cineplex Inc. Performance Share Units
Nonis, Paul 5 12/02/2016 56 11,168 2,305
Cineplex Inc. Options Sautter, George 5 12/02/2016 50 27,871 9,406
Cineplex Inc. Options Sautter, George 5 16/02/2016 59 24,659 -3,212
Cineplex Inc. Performance Share Units
Sautter, George 5 12/02/2016 56 10,588 2,149
Cineplex Inc. Options Stanghieri, Fabrizio 5 12/02/2016 50 43,223 9,637
Cineplex Inc. Performance Share Units
Stanghieri, Fabrizio 5 12/02/2016 56 10,557 2,202
CKR Carbon Corporation
Options Gosselin, Réjean 4 18/02/2016 50 220,000 100,000
Claude Resources Inc. Common Shares Skanderbeg, Brian Neville
5 17/02/2016 30 0.32 543,795 135,165
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
ALVES, ELIZABETH 5 31/12/2015 35 658 8
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
ANGELINI, Nicola 5 31/12/2015 35 1,016 16
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Audet, Louis 4, 5 31/12/2015 35 9,585 135
Cogeco Communications Inc.
Subordinate Voting Shares actions subalternes à droit de vote
Audet, Louis 4, 5 31/12/2015 35 71.46 59,844 88
Cogeco Communications Inc.
Unité d’action différée/Deferred Share Unit
Curadeau-Grou, Patricia
4 31/12/2015 35 5,535 113
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Dorval, Nathalie 5 31/12/2015 35 913 13
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1846
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Cogeco Communications Inc.
Unité d’action différée/Deferred Share Unit
Garcia, Claude 4 31/12/2015 35 5,297 109
Cogeco Communications Inc.
Unité d’action différée/Deferred Share Unit
Gibson, Lib 4 31/12/2015 35 419 9
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Guimond, René 5 31/12/2015 35 811 11
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Jetté, Philippe 5 31/12/2015 35 3,710 60
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Jolivet, Christian 5 31/12/2015 35 1,673 23
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Lebegue, Fabrice 5 31/12/2015 35 1,060 10
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Maheux, Pierre 5 31/12/2015 35 1,142 17
Cogeco Communications Inc.
Subordinate Voting Shares actions subalternes à droit de vote
Maheux, Pierre 5 31/12/2015 30 69.25 1,375 278
Cogeco Communications Inc.
Subordinate Voting Shares actions subalternes à droit de vote
Maheux, Pierre 5 31/12/2015 35 66.51 1,377 2
Cogeco Communications Inc.
Unité d’action différée/Deferred Share Unit
McAusland, David L. 4 31/12/2015 35 6,892 141
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
NYISZTOR, Diane 5 31/12/2015 35 1,242 17
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Ouimet, Patrice 5 31/12/2015 35 3,397 47
Cogeco Communications Inc.
Unité d’action différée/Deferred Share Unit
Peeters, Jan E. 4 31/12/2015 35 8,591 176
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
Pinard, Andrée 5 31/12/2015 35 1,119 19
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
St-Pierre, Louise 5 31/12/2015 35 19
Cogeco Communications Inc.
Performance Share Units / Unite d’action performance
St-Pierre, Louise 5 31/12/2015 35 9,406 131
Cogeco Inc Performance Share Units / Unite d’action performance
ALVES, ELIZABETH 5 31/12/2015 35 733 8
Cogeco Inc Performance Share Units / Unite d’action performance
ANGELINI, Nicola 5 31/12/2015 35 352 2
Cogeco Inc Performance Share Units / Unite d’action performance
Audet, Louis 4, 5 31/12/2015 35 10,708 133
Cogeco Inc Unité d’action différée/Deferred Share unit
Bigsby, Elisabetta 4 31/12/2015 35 5,967 112
Cogeco Inc Unité d’action différée/Deferred Share unit
Comtois, Pierre 4 31/12/2015 35 14,419 270
Cogeco Inc Performance Share Units / Unite d’action performance
Dorval, Nathalie 5 31/12/2015 35 987 12
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1847
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Cogeco Inc Unité d’action différée/Deferred Share unit
Garcia, Claude 4 31/12/2015 35 4,450 83
Cogeco Inc Performance Share Units / Unite d’action performance
Guimond, René 5 31/12/2015 35 885 10
Cogeco Inc Performance Share Units / Unite d’action performance
Jetté, Philippe 7 31/12/2015 35 1,357 7
Cogeco Inc Performance Share Units / Unite d’action performance
Jolivet, Christian 5 31/12/2015 35 1,924 24
Cogeco Inc Performance Share Units / Unite d’action performance
Lebegue, Fabrice 5 31/12/2015 35 352 2
Cogeco Inc Unité d’action différée/Deferred Share unit
Legault, Normand 4 31/12/2015 35 5,381 101
Cogeco Inc Performance Share Units / Unite d’action performance
Maheux, Pierre 5 31/12/2015 35 503 3
Cogeco Inc Unité d’action différée/Deferred Share unit
McAusland, David L. 4 31/12/2015 35 8,042 151
Cogeco Inc Performance Share Units / Unite d’action performance
NYISZTOR, Diane 5 31/12/2015 35 1,468 18
Cogeco Inc Performance Share Units / Unite d’action performance
Ouimet, Patrice 5 31/12/2015 35 3,796 46
Cogeco Inc Unité d’action différée/Deferred Share unit
Peeters, Jan E. 4 31/12/2015 35 9,812 184
Cogeco Inc Performance Share Units / Unite d’action performance
Pinard, Andrée 5 31/12/2015 35 1,167 17
Colabor Group Inc. Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 16/02/2016 10 0.7 3,285,000 -16,000
Colabor Group Inc. Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 16/02/2016 10 0.71 3,276,000 -9,000
Colabor Group Inc. Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 16/02/2016 10 0.72 3,265,000 -11,000
Colabor Group Inc. Common Shares The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 17/02/2016 10 0.7 3,238,500 -26,500
Colabor Group Inc. Convertible Debentures 5,70% échéance le 30 avril 2017
The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 16/02/2016 10 60 $1,225,000 $65,000
Colabor Group Inc. Convertible Debentures 5,70% échéance le 30 avril 2017
The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 16/02/2016 10 59.99 $1,245,000 $20,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1848
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Colabor Group Inc. Convertible Debentures 5,70% échéance le 30 avril 2017
The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 17/02/2016 10 60 $1,260,000 $15,000
Colabor Group Inc. Convertible Debentures 5,70% échéance le 30 avril 2017
The Article 6 Marital Trust created under the First Amended and Restated Jerry Zucker Revocable Trust dated 4-2-07
3 17/02/2016 10 59.99 $1,261,000 $1,000
Colt Resources Inc. Common Shares DSM Resources Corp. 3 17/02/2016 10 0.1009 13,512,500 -750,000
Colt Resources Inc. Common Shares Okay, Agah Levent 6 17/02/2016 10 0.1009 13,512,500 -750,000
Colt Resources Inc. Common Shares Okay, Bulent 6 17/02/2016 10 0.1009 13,512,500 -750,000
Colt Resources Inc. Common Shares Okay, Selen 6 17/02/2016 10 0.1009 13,512,500 -750,000
Colt Resources Inc. Common Shares Usenmez, Kerem 6 17/02/2016 10 0.1009 13,512,500 -750,000
Columbus Gold Corp. Options Atzmon, Gil 4 11/02/2016 50 0.4 1,350,000 275,000
Columbus Gold Corp. Common Shares Auplata SA 3 16/02/2016 10 0.4 15,405,177 -19,500
Columbus Gold Corp. Common Shares Auplata SA 3 18/02/2016 10 0.39 15,351,677 -53,500
Columbus Gold Corp. Options Gianulis, Peter Lawrence
4 11/02/2016 50 0.4 1,000,000 100,000
Columbus Gold Corp. Options Giustra, Robert 4, 5 11/02/2016 50 0.4 3,610,000 1,000,000
Columbus Gold Corp. Options Gustafson, Donald L. 4 11/02/2016 50 0.4 950,000 100,000
Columbus Gold Corp. Options Martinez, Jorge 5 11/02/2016 50 0.4 275,000
Columbus Gold Corp. Options Martinez, Jorge 5 11/02/2016 50 0.4 800,000 275,000
Columbus Gold Corp. Options Virk, Jenna Rishi 5 11/02/2016 50 0.4 150,000 150,000
Cominar Real Estate Investment Trust
Trust Units Coulombe, Gérard 4 31/12/2015 35 17.33 9,455 246
Cominar Real Estate Investment Trust
Trust Units Laberge, Ghislaine 4 31/12/2015 35 17.33 9,202 763
COMPASS Income Fund
Trust Units COMPASS Income Fund
1 18/02/2016 38 10.007 32,787,562 700
Computer Modelling Group Ltd.
Common Shares Kumar, Anjani 5 16/02/2016 90 8.39 32,156 -1,848
Computer Modelling Group Ltd.
Common Shares Kumar, Anjani 5 16/02/2016 90 8.39 25,284 -1,848
Computer Modelling Group Ltd.
Common Shares Kumar, Anjani 5 16/02/2016 10 8.5 3,002 403
Computer Modelling Group Ltd.
Common Shares Kumar, Anjani 5 16/02/2016 90 8.39 4,150 1,848
Computer Modelling Group Ltd.
Common Shares Kumar, Anjani 5 16/02/2016 90 8.39 5,212 1,848
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Cote, Stephane 5 14/12/2015 35 18.7 3,678 37
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Cote, Stephane 5 30/12/2015 30 19.002 3,866 188
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Cote, Stephane 5 11/01/2016 35 18.361 3,989 123
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Cote, Stephane 5 29/01/2016 30 18.343 4,119 130
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Holub, Paul 5 14/12/2015 35 18.7 17,355 174
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Holub, Paul 5 30/12/2015 30 19.002 17,592 237
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1849
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Holub, Paul 5 29/01/2016 30 18.343 17,756 164
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Llewellyn, Robert 4 14/12/2015 35 18.7 6,349 54
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Llewellyn, Robert 4 30/12/2015 30 18.99 6,460 111
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Llewellyn, Robert 4 11/01/2016 30 18.361 6,640 180
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Lussier, Donald Vincent
4 11/01/2016 35 18.361 4,276 129
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
McCarthy, George 4 14/12/2015 35 18.7 19,470 166
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
McCarthy, George 4 30/12/2015 30 18.99 19,674 204
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
McCarthy, George 4 11/01/2016 35 18.361 20,226 552
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Nielsen, Patricia 4 14/12/2015 35 18.7 18,816 152
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Nielsen, Patricia 4 30/12/2015 30 18.99 18,927 111
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Nielsen, Patricia 4 11/01/2016 35 18.361 19,433 506
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
O’Driscoll, Roland Patrick
4, 5 14/12/2015 35 18.7 10,274 103
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
O’Driscoll, Roland Patrick
4, 5 30/12/2015 30 19.002 10,474 200
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
O’Driscoll, Roland Patrick
4, 5 11/01/2016 35 18.361 10,818 344
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
O’Driscoll, Roland Patrick
4, 5 29/01/2016 30 18.343 10,956 138
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Sanchez Villarreal, Antonio
4, 5 14/12/2015 35 18.7 82 1
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Sanchez Villarreal, Antonio
4, 5 30/12/2015 30 19.002 213 131
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Sanchez Villarreal, Antonio
4, 5 11/01/2016 35 18.361 215 2
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1850
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Sanchez Villarreal, Antonio
4, 5 29/01/2016 30 18.343 305 90
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Valencia, Marc Andrew 5 14/12/2015 35 18.7 19,254 193
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Valencia, Marc Andrew 5 30/12/2015 30 19.002 19,493 239
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Valencia, Marc Andrew 5 11/01/2016 35 18.361 20,137 644
Corby Spirit and Wine Limited (formerly Corby Distilleries Limited)
Common Shares Class A
Valencia, Marc Andrew 5 29/01/2016 30 18.343 20,302 165
Corus Entertainment Inc.
Non-Voting Shares Class B
Hollinger, Mark Gehr 4 12/02/2016 10 8.99 23,245 17,000
Crescent Point Energy Corp.
Common Shares Stangl, Trent Terry 5 16/02/2016 90 3,000 -339
Crescent Point Energy Corp.
Common Shares Stangl, Trent Terry 5 16/02/2016 90 1,839 339
Crescent Point Energy Corp.
Common Shares Stangl, Trent Terry 5 16/02/2016 90 208,838 -339
Crescent Point Energy Corp.
Common Shares Stangl, Trent Terry 5 16/02/2016 90 1,809 339
Crombie Real Estate Investment Trust
Trust Units Special Voting
Empire Company Limited
3 15/02/2016 30 12.401 53,768,394 51,923
Crown Mining Corp. Common Shares Fairbairn, James Neville
4 12/02/2016 10 0.06 652,000 100,000
Crown Mining Corp. Warrants Fairbairn, James Neville
4 12/02/2016 53 0.15 200,000 100,000
Crystal Peak Minerals Inc. (formerly EPM Mining Ventures Inc.)
Common Shares Voting
EMR Capital Resources Fund 1, LP
3 12/02/2016 10 0.19 37,524,129 5,000
Crystal Peak Minerals Inc. (formerly EPM Mining Ventures Inc.)
Common Shares Voting
EMR Capital Resources Fund 1, LP
3 16/02/2016 10 0.19 37,525,129 1,000
Crystal Peak Minerals Inc. (formerly EPM Mining Ventures Inc.)
Common Shares Voting
EMR Capital Resources Fund 1, LP
3 17/02/2016 10 0.19 37,624,629 99,500
CT Real Estate Investment Trust
Units Hollister, Brenton Vaughn
4 31/12/2015 35 12.21 100,645 5,059
CT Real Estate Investment Trust
Units McCann, Dean Charles 4 31/12/2015 35 12.2 2,008 100
CT Real Estate Investment Trust
Units McCann, Dean Charles 4 31/12/2015 35 12.22 576 24
CT Real Estate Investment Trust
Units McCann, Dean Charles 4 31/12/2015 35 12.22 739 36
CT Real Estate Investment Trust
Units O’Bryan, John Charles 4 31/12/2015 35 12.22 21,832 1,144
CT Real Estate Investment Trust
Units Silver, Kenneth 4, 5 31/12/2015 35 12.21 79,169 4,169
CT Real Estate Investment Trust
Units Vallance, George Alexander
6 31/12/2015 35 12.76 2,179 109
D-Box Technologies Inc.
Common Shares Class A
Mailhot, Sébastien 5 19/02/2016 10 0.345 79,515 28,570
D-Box Technologies Inc.
Common Shares Class A
Mailhot, Sébastien 5 02/07/2015 00
D-Box Technologies Inc.
Common Shares Class A
Mailhot, Sébastien 5 19/02/2016 10 0.345 57,150 57,150
D-Box Technologies Inc.
Common Shares Class A
Mailhot, Sébastien 5 16/02/2016 10 0.3189 303,950 128,750
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1851
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
D-Box Technologies Inc.
Common Shares Class A
Mailhot, Sébastien 5 19/02/2016 10 0.345 329,450 25,500
DealNet Capital Corp. Common Shares Bridge, Harold Dixon 4 18/02/2016 36 363650 363,650
DealNet Capital Corp. Common Shares Bridge, Harold Dixon 4 18/02/2016 36 0.55 889,965 363,650
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Bridge, Harold Dixon 4 18/02/2016 36 0.55 -363,650
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Bridge, Harold Dixon 4 18/02/2016 36 0.55 0 -363,650
DealNet Capital Corp. Common Shares Houlden, Brent 4 18/02/2016 36 0.55 523,923 181,818
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Houlden, Brent 4 18/02/2016 36 0.55 363,636 181,818
DealNet Capital Corp. Common Shares Small, Steven Charles 4 18/02/2016 36 0.55 2,559,825 454,562
DealNet Capital Corp. Common Shares Small, Steven Charles 4 16/06/2015 00
DealNet Capital Corp. Common Shares Small, Steven Charles 4 18/02/2016 36 0.55 681,819 681,819
DealNet Capital Corp. Common Shares Small, Steven Charles 4 16/06/2015 00
DealNet Capital Corp. Common Shares Small, Steven Charles 4 18/02/2016 36 0.55 681,819 681,819
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Small, Steven Charles 4 18/02/2016 36 0 -454,562
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Small, Steven Charles 4 18/02/2016 36 0 -681,819
DealNet Capital Corp. Subscription Rights Feb 2016 Subscription Receipts
Small, Steven Charles 4 18/02/2016 36 0 -681,819
DELPHI ENERGY CORP.
Common Shares Galvin, Michael 5 26/02/2015 90 1.3 40,536 -18,748
DELPHI ENERGY CORP.
Common Shares Galvin, Michael 5 16/02/2016 90 0.74 136,612 -33,693
DELPHI ENERGY CORP.
Common Shares Galvin, Michael 5 26/02/2015 90 1.3 107,272 18,748
DELPHI ENERGY CORP.
Common Shares Galvin, Michael 5 16/02/2016 90 0.74 140,965 33,693
DELPHI ENERGY CORP.
Options Osis, Andrew Emil 4 24/12/2015 50 0.81 232,500 80,000
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 18/02/2016 10 21.5 8,000 -5,000
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 18/02/2016 51 10.53 11,200 3,200
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 18/02/2016 51 11.32 11,500 300
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 18/02/2016 51 11.89 31,500 20,000
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 18/02/2016 10 20.797 8,000 -23,500
Detour Gold Corporation
Common Shares Beaudoin, Pierre 5 19/02/2016 51 10.53 3,200
Detour Gold Corporation
Options Beaudoin, Pierre 5 18/02/2016 51 452,413 -3,200
Detour Gold Corporation
Options Beaudoin, Pierre 5 18/02/2016 51 452,113 -300
Detour Gold Corporation
Options Beaudoin, Pierre 5 18/02/2016 51 432,113 -20,000
Detour Gold Corporation
Options Beaudoin, Pierre 5 19/02/2016 51 -20,000
Detour Gold Corporation
Common Shares Hennessey, Charles B. 5 10/02/2016 51 112,583 112,583
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1852
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Detour Gold Corporation
Common Shares Hennessey, Charles B. 5 10/02/2016 10 19.5 0 -112,583
Detour Gold Corporation
Options Hennessey, Charles B. 5 10/02/2016 51 125,462 -70,000
Detour Gold Corporation
Options Hennessey, Charles B. 5 10/02/2016 51 112,862 -12,600
Detour Gold Corporation
Options Hennessey, Charles B. 5 10/02/2016 51 95,362 -17,500
Detour Gold Corporation
Options Hennessey, Charles B. 5 10/02/2016 51 91,212 -4,150
Detour Gold Corporation
Options Hennessey, Charles B. 5 10/02/2016 51 82,879 -8,333
Detour Gold Corporation
Common Shares Mavor, James Whyte 5 18/02/2016 51 10.53 48,600 33,600
Detour Gold Corporation
Common Shares Mavor, James Whyte 5 18/02/2016 51 11.53 68,600 20,000
Detour Gold Corporation
Common Shares Mavor, James Whyte 5 18/02/2016 10 22.25 15,000 -53,600
Detour Gold Corporation
Options Mavor, James Whyte 5 18/02/2016 51 542,633 -33,600
Detour Gold Corporation
Options Mavor, James Whyte 5 18/02/2016 51 522,633 -20,000
Detour Gold Corporation
Common Shares Pineault, Rachel Anne 5 17/02/2016 51 11.89 3,813 3,013
Detour Gold Corporation
Common Shares Pineault, Rachel Anne 5 17/02/2016 10 19.985 800 -3,013
Detour Gold Corporation
Options Pineault, Rachel Anne 5 17/02/2016 51 21,771 -3,013
DHX Media Ltd. Common Voting Shares
Colville, David Cameron
4 16/05/2014 00
DHX Media Ltd. Common Voting Shares
Colville, David Cameron
4 19/02/2016 10 6.95 1,000 1,000
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.78 432,800 300
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.79 432,900 100
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.8 434,000 1,100
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.83 434,400 400
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.84 434,600 200
DHX Media Ltd. Common Voting Shares
Landry, Dana Sean 5 19/02/2016 10 6.85 441,900 7,300
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 1.8 80,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.62 75,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.99 70,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 1.16 65,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.82 60,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.44 10,000 -50,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.2 5,000 -5,000
DiagnoCure Inc. Options Allard, Danielle 5 16/02/2016 52 0.11 0 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 1.8 135,000 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.62 130,000 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.99 125,000 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 1.23 75,000 -50,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 1.16 65,000 -10,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.82 60,000 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.44 10,000 -50,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.2 5,000 -5,000
DiagnoCure Inc. Options BOIVIN, FREDERIC 5 16/02/2016 52 0.11 0 -5,000
DiagnoCure Inc. Options Bordeleau, Richard 5 16/02/2016 52 0.24 0 -500,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 1.8 580,000 -20,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1853
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 0.62 560,000 -20,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 1.23 360,000 -200,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 1.16 340,000 -20,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 0.82 300,000 -40,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 0.25 50,000 -250,000
DiagnoCure Inc. Options Fradet, Yves 4 16/02/2016 52 0.11 0 -50,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 3.96 156,223 -5,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 3.83 146,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 1.8 136,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.62 126,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.99 116,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 1.16 106,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 1.16 96,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.82 86,223 -10,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.44 73,723 -12,500
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.2 23,723 -50,000
DiagnoCure Inc. Options Proulx, Louise 4 16/02/2016 52 0.11 0 -23,723
DiagnoCure Inc. Options Simoneau, Jacques 4 16/02/2016 52 0.44 73,723 -12,500
DiagnoCure Inc. Options Simoneau, Jacques 4 16/02/2016 52 0.2 23,723 -50,000
DiagnoCure Inc. Options Simoneau, Jacques 4 16/02/2016 52 0.11 0 -23,723
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 3.83 128,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 1.8 118,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.62 108,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.99 98,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 1.16 78,978 -20,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.82 68,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.44 58,978 -10,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.2 18,978 -40,000
DiagnoCure Inc. Options Zurawski, Vincent R. 4 16/02/2016 52 0.11 0 -18,978
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares BROSSEAU, ANDRE 4 17/02/2016 90 -44,565,000
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares BROSSEAU, ANDRE 4 17/02/2016 90 0 -4,456,500
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares BROSSEAU, ANDRE 4 15/11/2012 00
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares BROSSEAU, ANDRE 4 17/02/2016 90 4,456,500 4,456,500
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares Charron, André 7, 5 17/02/2016 10 0.2 1,865,766 20,000
DMD Digital Health Connections Group Inc. (Formely Aptilon Corporation)
Common Shares Charron, André 7, 5 18/02/2016 10 0.2 1,880,766 15,000
Dream Industrial Real Estate Investment Trust
Deferred Trust Units Alimchandani, Pauline 7 16/02/2016 56 7.47 15,416 4,000
Dream Industrial Real Estate Investment Trust
Deferred Trust Units Chapman, Brent Paul 5 16/02/2016 56 7.47 53,000 20,000
Dream Industrial Real Estate Investment Trust
Deferred Trust Units Cooper, Michael 4, 7 16/02/2016 56 7.47 116,779 20,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1854
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Dream Industrial Real Estate Investment Trust
Deferred Trust Units GAVAN, JANE 7 16/02/2016 56 7.47 54,866 20,000
Dream Industrial Real Estate Investment Trust
Deferred Trust Units Quan, Lenis Wen-Juan 5 16/02/2016 56 7.47 20,000 10,000
Dream Industrial Real Estate Investment Trust
Deferred Trust Units Valentini, George 7 16/02/2016 56 7.47 34,776 10,000
East Coast Investment Grade Income Fund
Units Arrow Capital Management Inc.
7 18/05/2012 00
East Coast Investment Grade Income Fund
Units Arrow Capital Management Inc.
7 12/02/2016 10 8.3383 1,200 1,200
East Coast Investment Grade Income Fund
Units Arrow Capital Management Inc.
7 16/02/2016 10 8.25 3,200 2,000
East Coast Investment Grade Income Fund
Units Arrow Capital Management Inc.
7 17/02/2016 10 8.25 4,200 1,000
East Coast Investment Grade Income Fund
Units Arrow Capital Management Inc.
7 18/02/2016 10 8.36 9,200 5,000
Eco Oro Minerals Corp.
Common Shares Amber Capital LP 3 11/02/2016 10 0.315 5,245,462 -1,000
Eco Oro Minerals Corp.
Common Shares Amber Capital LP 3 12/02/2016 10 0.36 5,235,962 -9,500
Edgefront Real Estate Investment Trust
Trust Units Forgione, Mario 4 11/02/2016 10 1.5 405,024 5,000
Eguana Technologies Inc.
Common Shares Carten, Michael Anthony
4 16/02/2016 11 779,253 70,025
Eguana Technologies Inc.
Common Shares Carten, Michael Anthony
4 16/02/2016 11 6,289 -70,025
Eguana Technologies Inc.
Warrants Carten, Michael Anthony
4 16/02/2016 11 200,000
Eguana Technologies Inc.
Warrants Carten, Michael Anthony
4 16/02/2016 11 200,000
Element Financial Corporation
Performance Share Units
Webb, Kristi 5 15/10/2015 00
Empire Company Limited
Options Laverdiere, Yves 5 15/02/2016 00 37,503
Empire Company Limited
Options Laverdiere, Yves 5 15/02/2016 50 50,859 13,356
Empire Company Limited
Rights PSU (Performance Share Units)
Laverdiere, Yves 5 15/02/2016 00 5,115
Empire Company Limited
Rights PSU (Performance Share Units)
Laverdiere, Yves 5 15/02/2016 56 9,122 4,007
Empire Company Limited
Rights Sobeys Phantom Performance Options
Laverdiere, Yves 5 15/02/2016 00 7,931
Enertopia Corp. Options Bhullar, Baljinder 4, 5 16/02/2016 52 0.15 1,350,000 -300,000
Enertopia Corp. Warrants Bhullar, Baljinder 4, 5 13/02/2014 11 0.15 100,000
Enertopia Corp. Warrants Bhullar, Baljinder 4, 5 13/02/2014 11 0.15 100,000 100,000
Enertopia Corp. Options McAllister, Robert 4, 5 14/02/2016 52 1,850,000 -255,000
Enertopia Corp. Options McAllister, Robert 4, 5 16/02/2016 52 1,350,000 -500,000
Enterprise Group, Inc. Common Shares JAROSZUK, LEONARD
4, 5 18/02/2016 10 0.24 2,688,777 30,000
Epsilon Energy Ltd. Common Shares Epsilon Energy Ltd. 1 17/02/2016 30 2.6499 14,400 7,200
eQube Gaming Limited
Common Shares janko, andrew charles 4 17/02/2016 10 0.25 2,868,671 500
eQube Gaming Limited
Common Shares Thorkelsson, Danielle Marie
5 17/02/2016 10 0.25 253,500 500
eQube Gaming Limited
Common Shares TONG, KIN ON KENT 4, 5 12/02/2016 10 0.25 301,000 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options BOURASSA, JEAN 5 08/02/2016 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1855
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options BOURASSA, JEAN 5 12/02/2016 50 7.9 40,000 40,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options Bowers, Paul Edward 5 12/02/2016 50 7.9 53,360 6,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Bowers, Paul Edward 5 10/02/2014 00
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Bowers, Paul Edward 5 12/02/2016 56 7.9 2,447 2,447
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options Gill, Rachhpal 5 12/02/2016 50 7.9 30,640 6,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Gill, Rachhpal 5 25/06/2014 00
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Gill, Rachhpal 5 12/02/2016 56 7.9 855 855
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options Johnson, Douglas John Miles
5 12/02/2016 50 7.9 49,000 6,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Johnson, Douglas John Miles
5 18/08/2014 00
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Johnson, Douglas John Miles
5 12/02/2016 56 7.9 1,632 1,632
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 7.9 30,929 300
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 7.9 31,629 700
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 7.95 32,629 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 8 33,629 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 8.17 34,629 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Jones, Michael Rhoderick
4, 5 12/02/2016 10 7.84 35,629 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options Jones, Michael Rhoderick
4, 5 12/02/2016 50 7.9 378,750 43,750
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Jones, Michael Rhoderick
4, 5 12/02/2016 56 7.9 23,580 6,126
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1856
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Jones, Michael Rhoderick
4, 5 12/02/2016 56 7.9 29,706 6,126
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options Reusing, Josh 5 12/02/2016 50 7.9 76,300 26,300
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Reusing, Josh 5 30/01/2007 00
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
Reusing, Josh 5 12/02/2016 56 7.9 2,525 2,525
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Rounthwaite, Frederic David
4 12/02/2016 10 7.49 1,500 1,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Options SATO, Lorraine Michiko
5 12/02/2016 50 7.9 49,360 6,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
SATO, Lorraine Michiko
5 28/07/2014 00
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Rights Deferred Share Units
SATO, Lorraine Michiko
5 12/02/2016 56 7.9 1,651 1,651
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Smoothwater Capital Corporation
3 16/02/2016 10 7.6 1,887,211 23,000
Equity Financial Holdings Inc. (formerly, Grey Horse Corporation)
Common Shares Smoothwater Capital Corporation
3 17/02/2016 10 7.6 1,924,711 37,500
Everton Resources Inc.
Options Audet, André 4, 5 15/02/2016 52 680,000 -120,000
Everton Resources Inc.
Options Farrant, Michael Hugh 4 15/02/2016 52 1.6 230,000 -20,000
exactEarth Ltd. Options Browning, Margaret 5 04/02/2016 00
exactEarth Ltd. Options Browning, Margaret 5 17/02/2016 50 6.5 92,813 92,813
exactEarth Ltd. Options Browning, Margaret 5 17/02/2016 50 6.5 121,667 28,854
exactEarth Ltd. Options Davis, Anita Carole 5 04/02/2016 00
exactEarth Ltd. Options Davis, Anita Carole 5 17/02/2016 50 6.5 109,866
exactEarth Ltd. Options Davis, Anita Carole 5 17/02/2016 50 6.5 109,866
exactEarth Ltd. Options Davis, Anita Carole 5 17/02/2016 50 6.5 66,585 66,585
exactEarth Ltd. Options Davis, Anita Carole 5 17/02/2016 50 6.5 109,866 43,281
exactEarth Ltd. Options Dorcas, Peter Dow 5 04/02/2016 00
exactEarth Ltd. Options Dorcas, Peter Dow 5 17/02/2016 50 6.5 89,524
exactEarth Ltd. Options Dorcas, Peter Dow 5 17/02/2016 50 6.5 89,524
exactEarth Ltd. Options Dorcas, Peter Dow 5 17/02/2016 50 6.5 72,211 72,211
exactEarth Ltd. Options Dorcas, Peter Dow 5 17/02/2016 50 6.5 89,524 17,313
exactEarth Ltd. Options Mabson, Peter Kenneth
4, 5 04/02/2016 00
exactEarth Ltd. Options Mabson, Peter Kenneth
4, 5 17/02/2016 50 6.5 271,111 271,111
exactEarth Ltd. Options Martin, David 5 04/02/2016 00
exactEarth Ltd. Options Martin, David 5 17/02/2016 50 6.5 123,381
exactEarth Ltd. Options Martin, David 5 17/02/2016 50 6.5 123,381
exactEarth Ltd. Options Martin, David 5 17/02/2016 50 6.5 80,100 80,100
exactEarth Ltd. Options Martin, David 5 17/02/2016 50 6.5 123,381 43,281
exactEarth Ltd. Options Maybee, Sean 5 04/02/2016 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1857
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
exactEarth Ltd. Options Maybee, Sean 5 17/02/2016 50 6.5 143,290 143,290
exactEarth Ltd. Options Miller, Philip Leo 5 04/02/2016 00
exactEarth Ltd. Options Miller, Philip Leo 5 17/02/2016 50 6.5 79,880 79,880
exactEarth Ltd. Options Miller, Philip Leo 5 17/02/2016 50 6.5 123,161 43,281
exactEarth Ltd. Options Stickler, Graham John 5 04/02/2016 00
exactEarth Ltd. Options Stickler, Graham John 5 17/02/2016 50 6.5 119,794
exactEarth Ltd. Options Stickler, Graham John 5 17/02/2016 50 6.5 119,794
exactEarth Ltd. Options Stickler, Graham John 5 17/02/2016 50 6.5 79,948 79,948
exactEarth Ltd. Options Stickler, Graham John 5 17/02/2016 50 6.5 119,794 39,846
Exeter Resource Corporation
Common Shares Zerb, Wendell Miles 5 18/02/2016 10 0.71 195,500 10,000
EXPLOR RESOURCES INC.
Common Shares CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 54 0.05 7,638,000 2,400,000
EXPLOR RESOURCES INC.
Common Shares CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 36 0.05 13,238,000 5,600,000
EXPLOR RESOURCES INC.
Convertible Debentures
CONCEPT CAPITAL MANAGEMENT LTD
3 18/06/2014 00 $5,600,000
EXPLOR RESOURCES INC.
Convertible Debentures
CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 36 0.05 $5,600,000
EXPLOR RESOURCES INC.
Convertible Debentures
CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 36 0.05 $5,600,000
EXPLOR RESOURCES INC.
Convertible Debentures
CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 36 0.05 $0 -$5,600,000
EXPLOR RESOURCES INC.
Warrants CONCEPT CAPITAL MANAGEMENT LTD
3 17/02/2016 54 0.05 0 -2,400,000
EXPLOR RESOURCES INC.
Convertible Debentures
Merkel, Gerhard 4 10/02/2016 11 $12,500
EXPLOR RESOURCES INC.
Convertible Debentures
Merkel, Gerhard 4 10/02/2016 16 $27,500 $12,500
Ferrum Americas Mining Inc.
Common Shares Goodman, Jonathan Carter
4 29/01/2016 00
Ferrum Americas Mining Inc.
Common Shares Goodman, Jonathan Carter
4 18/02/2016 56 43,100,000 43,100,000
First Capital Realty Inc.
Common Shares Burton, Gareth 5 12/02/2016 00
First Mexican Gold Corp.
Common Shares Voisin, James Arthur Robert
4 11/02/2016 10 0.025 7,250,313 -42,000
First Mexican Gold Corp.
Common Shares Voisin, James Arthur Robert
4 11/02/2016 10 0.03 7,242,313 -8,000
FIRSTSERVICE CORPORATION
Options Calder, Brendan 4 12/02/2016 50 35.96 18,000 3,000
FIRSTSERVICE CORPORATION
Options Cooke, Douglas G. 5 12/02/2016 50 35.96 100,000 37,500
FIRSTSERVICE CORPORATION
Options Ghert, Bernard I. 4 12/02/2016 50 35.96 18,000 3,000
FIRSTSERVICE CORPORATION
Options Nguyen, Alex 5 12/02/2016 50 35.96 70,750 37,500
FIRSTSERVICE CORPORATION
Options Patterson, D. Scott 4, 5 12/02/2016 51 12.78 240,000 -60,000
FIRSTSERVICE CORPORATION
Options Patterson, D. Scott 4, 5 12/02/2016 50 35.96 365,000 125,000
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Patterson, D. Scott 4, 5 12/02/2016 51 12.78 765,262 60,000
FIRSTSERVICE CORPORATION
Options Rakusin, Jeremy Alan 5 12/02/2016 50 35.96 200,000 50,000
FIRSTSERVICE CORPORATION
Options Reichheld, Frederick 4 12/02/2016 50 35.96 13,000 3,000
FIRSTSERVICE CORPORATION
Options Stein, Michael 4 12/02/2016 50 35.96 13,000 3,000
FIRSTSERVICE CORPORATION
Options Wallace, Erin Joy 4 12/02/2016 50 35.96 13,000 3,000
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Wallace, Erin Joy 4 10/09/2015 00 650
FIRSTSERVICE CORPORATION
Subordinate Voting Shares
Wallace, Erin Joy 4 17/02/2016 10 38.24 1,310 660
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1858
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Fission Uranium Corp. Common Shares Randhawa, Devinder 5 17/02/2016 10 0.61 4,087,719 20,000
Flaherty & Crumrine Investment Grade Fixed Income Fund
Trust Units Kikuchi, Craig 8, 4, 7, 5
31/12/2015 30 12.93 4,075 315
Foraco International SA
Common Shares Foraco International SA
1 04/01/2016 38 0.29 504,879 2,000
Foraco International SA
Common Shares Foraco International SA
1 04/01/2016 38 29 504,951 72
Foraco International SA
Common Shares Foraco International SA
1 05/01/2016 38 0.29 506,951 2,000
Foraco International SA
Common Shares Foraco International SA
1 05/01/2016 38 0.29 507,023 72
Foraco International SA
Common Shares Foraco International SA
1 06/01/2016 38 0.29 509,023 2,000
Foraco International SA
Common Shares Foraco International SA
1 06/01/2016 38 0.29 509,095 72
Foraco International SA
Common Shares Foraco International SA
1 07/01/2016 38 0.29 511,167 2,072
Foraco International SA
Common Shares Foraco International SA
1 20/01/2016 38 0.29 513,239 2,072
Foran Mining Corporation
Options March, Roger Bursell 5 13/02/2016 52 1.25 525,000 -250,000
Foran Mining Corporation
Options Morcombe, Darren James
4 02/02/2016 52 525,000 -500,000
Foran Mining Corporation
Options Soares, Patrick 5 02/02/2016 52 750,000 -500,000
Foran Mining Corporation
Warrants Soares, Patrick 5 29/08/2013 55 1,000,000 -17,500
Foran Mining Corporation
Warrants Soares, Patrick 5 02/12/2015 55 0 -1,000,000
Fortis Inc. Options Bennett, David 5 16/02/2016 50 47,451 16,752
Fortis Inc. Performance Share Unit
Bennett, David 5 16/02/2016 56 37.723 7,778 3,312
Fortis Inc. Restricted Share Units
Bennett, David 5 16/02/2016 56 37.723 3,016 1,656
Fortis Inc. Options Craig, Janet 5 01/10/2015 00
Fortis Inc. Options Craig, Janet 5 16/02/2016 50 8,716 8,716
Fortis Inc. Performance Share Unit
Craig, Janet 5 01/10/2015 00
Fortis Inc. Performance Share Unit
Craig, Janet 5 16/02/2016 56 37.723 1,723 1,723
Fortis Inc. Restricted Share Units
Craig, Janet 5 01/10/2015 00
Fortis Inc. Restricted Share Units
Craig, Janet 5 16/02/2016 56 37.723 861 861
Fortis Inc. Options Dall’Antonia, Roger Attilio
7 16/02/2016 50 37.3 81,540 14,732
Fortis Inc. Performance Share Unit
Dall’Antonia, Roger Attilio
7 11/02/2016 56 6,945 2,913
Fortis Inc. Restricted Share Units
Dall’Antonia, Roger Attilio
7 11/02/2016 56 4,526 1,457
Fortis Inc. Options Duke, Nora 5 16/02/2016 50 307,854 42,060
Fortis Inc. Performance Share Unit
Duke, Nora 5 16/02/2016 56 37.723 21,691 12,475
Fortis Inc. Options Gosse, Karen J. 5 16/02/2016 56 37,142 8,716
Fortis Inc. Performance Share Unit
Gosse, Karen J. 5 01/11/2015 00
Fortis Inc. Performance Share Unit
Gosse, Karen J. 5 16/02/2016 56 37.723 1,723 1,723
Fortis Inc. Restricted Share Units
Gosse, Karen J. 5 01/11/2015 00
Fortis Inc. Restricted Share Units
Gosse, Karen J. 5 16/02/2016 56 37.723 861 861
Fortis Inc. Performance Share Unit
Hynes, Madonna G. 5 16/02/2016 56 37.723 2,916 815
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1859
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Fortis Inc. Performance Share Unit
London, Paige 5 16/02/2016 56 37.723 2,821 835
Fortis Inc. Options Lorimer, Ian Gordon 7 16/02/2016 50 37.3 65,402 10,020
Fortis Inc. Performance Share Unit
Lorimer, Ian Gordon 7 07/06/2008 00
Fortis Inc. Performance Share Unit
Lorimer, Ian Gordon 7 11/02/2016 56 1,982 1,982
Fortis Inc. Restricted Share Units
Lorimer, Ian Gordon 7 07/06/2008 00
Fortis Inc. Restricted Share Units
Lorimer, Ian Gordon 7 11/02/2016 56 991 991
Fortis Inc. Options Ludlow, Earl 5 16/02/2016 50 284,840 44,236
Fortis Inc. Performance Share Unit
Ludlow, Earl 5 16/02/2016 56 37.723 35,744 13,122
Fortis Inc. Options Mulcahy, Michael A. 7 16/02/2016 50 37.3 145,504 37,000
Fortis Inc. Performance Share Unit
Mulcahy, Michael A. 7 11/02/2016 56 17,411 7,317
Fortis Inc. Restricted Share Units
Mulcahy, Michael A. 7 11/02/2016 56 6,698 3,658
Fortis Inc. Performance Share Unit
O’Dea, Regan 5 16/02/2016 56 37.723 2,157 815
Fortis Inc. Options Perry, Barry 4, 5 16/02/2016 50 733,604 258,044
Fortis Inc. Performance Share Unit
Perry, Barry 4, 5 16/02/2016 56 37.723 188,070 76,545
Fortis Inc. Options Roberts, Jamie 7 16/02/2016 50 47,637 12,468
Fortis Inc. Performance Share Unit
Roberts, Jamie 7 16/02/2016 56 37.723 5,811 2,465
Fortis Inc. Restricted Share Units
Roberts, Jamie 7 16/02/2016 56 37.723 2,099 1,232
Fortis Inc. Options Sam, Doyle 7 16/02/2016 50 37.3 70,081 15,484
Fortis Inc. Performance Share Unit
Sam, Doyle 7 11/02/2016 56 9,470 3,062
Fortis Inc. Restricted Share Units
Sam, Doyle 7 11/02/2016 56 4,689 1,531
Fortis Inc. Options Smith, Karl W. 5 16/02/2016 50 394,588 71,180
Fortis Inc. Performance Share Unit
Smith, Karl W. 5 16/02/2016 56 37.723 57,582 21,114
Fortis Inc. Options Spinney, James 5 16/02/2016 50 37,755 13,072
Fortis Inc. Performance Share Unit
Spinney, James 5 16/02/2016 56 37.723 1,292
Fortis Inc. Performance Share Unit
Spinney, James 5 16/02/2016 56 37.723 5,930 2,584
Fortis Inc. Restricted Share Units
Spinney, James 5 16/02/2016 56 37.723 2,159 1,292
Frankly Inc. (formerly WB III Acquisition Corp.)
Options Chung, Steve 4, 5 10/02/2016 50 1 1,535,170 700,000
Frankly Inc. (formerly WB III Acquisition Corp.)
Rights RSU Plan Chung, Steve 4, 5 10/02/2016 38 0 -247,676
Frankly Inc. (formerly WB III Acquisition Corp.)
Options Park, Jungsoo 5 10/02/2016 50 1 247,745 115,000
Frankly Inc. (formerly WB III Acquisition Corp.)
Options Schwartz, Louis Craig 5 10/02/2016 50 1 497,745 350,000
Frankly Inc. (formerly WB III Acquisition Corp.)
Options Shih, Harrison 5 10/02/2016 50 1 497,745 350,000
Fundamental Applications Corp.
Common Shares Helmel, Alexander 4 15/02/2016 11 0.22 666,666 -333,334
Gamehost Inc. Common Shares WILL, DARCY 4, 6, 5 12/02/2016 10 7.95 15,100 600
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 17/01/2016 10 32.754 98,211,214 45,973
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 18/01/2016 10 32.599 98,271,291 60,077
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 19/01/2016 10 32.332 98,302,501 31,210
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1860
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 20/01/2016 10 31.496 98,358,001 55,500
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 21/01/2016 10 30.287 98,403,157 45,156
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 24/01/2016 10 30.47 98,404,914 1,757
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 28/01/2016 10 30.707 98,428,024 23,110
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 01/02/2016 10 30.788 98,444,800 16,776
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 02/02/2016 10 29.965 98,604,500 159,700
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 03/02/2016 10 29.201 98,635,000 30,500
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 07/02/2016 10 29.835 98,637,000 2,000
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 09/02/2016 10 29.457 98,661,500 24,500
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 10/02/2016 10 29.251 98,684,500 23,000
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 11/02/2016 10 28.616 98,748,500 64,000
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 14/02/2016 10 28.185 98,749,500 1,000
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 16/02/2016 10 28.52 98,762,500 13,000
Gazit-Globe Ltd. Common Shares Norstar Holdings Inc. 3 17/02/2016 10 28.249 98,776,000 13,500
Genovation Capital Corp. (formerly, Asean Energy Corp.)
Common Shares Binder, John 3 12/02/2016 16 0.08 2,250,000 1,250,000
Genovation Capital Corp. (formerly, Asean Energy Corp.)
Common Shares Doyle Family Trust 3 12/02/2016 00
Genovation Capital Corp. (formerly, Asean Energy Corp.)
Common Shares Doyle Family Trust 3 12/02/2016 00 1,187,200
Genovation Capital Corp. (formerly, Asean Energy Corp.)
Common Shares Doyle Family Trust 3 12/02/2016 16 0.08 3,841,900 2,654,700
Genovation Capital Corp. (formerly, Asean Energy Corp.)
Common Shares van Santen, Robert Jacob
4, 5 12/02/2016 16 0.08 3,863,755 3,306,250
Genworth MI Canada Inc.
Restricted Share Units
Pinto, Jonathan 5 17/02/2016 56 23.71 1,934 1,123
Genworth MI Canada Inc.
Restricted Share Units
Piroli, Robert John 5 17/02/2016 56 23.71 2,977 1,146
Gibson Energy Inc. Common Shares Singh, Kiren Kaur 7 15/02/2016 00 3,572
Gibson Energy Inc. Options Singh, Kiren Kaur 7 15/02/2016 00 10,301
Gibson Energy Inc. Restricted Share Units
Singh, Kiren Kaur 7 15/02/2016 00
Gibson Energy Inc. Restricted Share Units
Singh, Kiren Kaur 7 15/02/2016 00 9,275
Global Healthcare Dividend Fund
Trust Units Global Healthcare Dividend Fund
1 12/02/2016 38 10.522 3,642,213 1,800
Global Healthcare Dividend Fund
Trust Units Global Healthcare Dividend Fund
1 18/02/2016 38 10.8 3,642,913 700
Global Infrastructure Dividend Fund
Trust Units Global Infrastructure Dividend Fund
1 18/02/2016 38 8 1,828,400 400
Global Real Estate Dividend Growers Corp.
Common Shares Equity Shares
Global Real Estate Dividend Growers Corp.
1 12/02/2016 38 7.6921 390,700 1,400
Global Real Estate Dividend Growers Corp.
Common Shares Equity Shares
Global Real Estate Dividend Growers Corp.
1 16/02/2016 38 7.785 391,300 600
Globalance Dividend Growers Corp.
Common Shares Equity Shares
Globalance Dividend Growers Corp.
1 12/02/2016 38 8.04 208,300 500
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Appel, Jason 5 17/02/2016 30 17.09 10,766 10,766
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Fiederer, Andrea 5 17/02/2016 30 17.09 11,094 11,094
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Goertz, Steve 5 17/02/2016 30 17.09 25,980 25,980
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Ingram, David 4, 5 17/02/2016 30 17.09 70,624 70,624
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Mullins, Jason 5 17/02/2016 30 17.09 23,874 23,874
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Pennell, Shane 5 17/02/2016 30 17.09 9,830 9,830
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1861
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
goeasy Ltd. (formerly, easyhome Ltd.)
Performance Share Units
Yeilding, David 5 17/02/2016 30 17.09 10,298 10,298
GoGold Resources Inc.
Common Shares Rhodenizer, Scott 6, 7 10/02/2016 10 1.09 19,583,800 -91,200
GoGold Resources Inc.
Common Shares Rhodenizer, Scott 6, 7 11/02/2016 10 1.0698 19,463,800 -120,000
Gold Standard Ventures Corp.
Common Shares Awde, Jonathan Charles Timothy
4, 6, 5 10/02/2016 51 0.71 1,287,400 225,000
Gold Standard Ventures Corp.
Common Shares Awde, Jonathan Charles Timothy
4, 6, 5 17/02/2016 10 1.05 2,234,000 20,000
Gold Standard Ventures Corp.
Options Awde, Jonathan Charles Timothy
4, 6, 5 10/02/2016 51 0.71 1,872,000 -225,000
Gold Standard Ventures Corp.
Common Shares Silas, Richard 4, 5 10/02/2016 51 0.71 512,900 75,000
Gold Standard Ventures Corp.
Options Silas, Richard 4, 5 10/02/2016 51 0.71 -75,000
Gold Standard Ventures Corp.
Options Silas, Richard 4, 5 10/02/2016 51 0.71 0 -75,000
Goldcorp Inc. PSUs BERGERON, BRENT 5 15/02/2016 35 60,605 844
Goldcorp Inc. PSUs BERGERON, BRENT 5 15/02/2016 97 14.54 48,210 -12,395
Goldcorp Inc. PSUs Burns, George Raymond
5 15/02/2016 35 14.54 134,696 2,331
Goldcorp Inc. PSUs Burns, George Raymond
5 15/02/2016 97 14.54 100,495 -34,201
Goldcorp Inc. Common Shares Ghuldu, Rishi 5 17/02/2016 00 2,591
Goldcorp Inc. Options Ghuldu, Rishi 5 17/02/2016 00 44,788
Goldcorp Inc. Rights Ghuldu, Rishi 5 17/02/2016 00 12,424
Goldcorp Inc. PSUs Hall, Lindsay Albert 5 15/02/2016 35 142,289 2,631
Goldcorp Inc. PSUs Hall, Lindsay Albert 5 15/02/2016 97 14.54 103,686 -38,603
Goldcorp Inc. PSUs Jeannes, Charles A. 5 15/02/2016 35 324,492 6,000
Goldcorp Inc. PSUs Jeannes, Charles A. 5 15/02/2016 97 14.54 236,458 -88,034
Goldcorp Inc. PSUs Ronkos, Charles Joseph
5 15/02/2016 35 60,062 1,156
Goldcorp Inc. PSUs Ronkos, Charles Joseph
5 15/02/2016 97 14.54 43,097 -16,965
Goldcorp Inc. PSUs Rustad, Colette 5 15/02/2016 35 38,817 822
Goldcorp Inc. PSUs Rustad, Colette 5 15/02/2016 97 14.54 26,755 -12,062
Goldcorp Inc. PSUs Ruus, Mark Adrian 5 15/02/2016 35 38,261 811
Goldcorp Inc. PSUs Ruus, Mark Adrian 5 15/02/2016 97 14.54 26,359 -11,902
Golden Dawn Minerals Inc.
Common Shares Wiese, Wolfgang 4, 5 15/02/2016 11 0.13 3,265,908 -200,000
Golden Dawn Minerals Inc.
Options Yuan, Ke Feng (Andrea)
5 01/12/2015 00
Golden Dawn Minerals Inc.
Options Yuan, Ke Feng (Andrea)
5 04/02/2016 50 300,000 300,000
Golden Leaf Holdings Ltd.
Common Shares Pillersdorf, Solomon (Sam) Joseph
4 18/02/2016 10 0.5 850,000 50,000
Golden Reign Resources Ltd.
Options Dennis, Leonard Charles
4 07/02/2016 52 0.25 315,000 -275,000
Golden Reign Resources Ltd.
Options Evans, Diana Kim 4, 5 07/02/2016 52 0.25 600,000 -200,000
Golden Reign Resources Ltd.
Options Meyer, William 4 07/02/2016 52 0.25 315,000 -375,000
Golden Reign Resources Ltd.
Options Pudar, Zoran 5 07/02/2016 52 0.25 525,000 -60,000
Golden Valley Mines Ltd.
Options Groia, Joseph 4, 7 22/12/2015 52 875,000 -50,000
Golden Valley Mines Ltd.
Options Karahissarian, Annie 5 22/12/2015 52 775,000 -75,000
Golden Valley Mines Ltd.
Options Mullan, Glenn J 4, 7, 5 22/12/2015 52 924,025 -100,000
Golden Valley Mines Ltd.
Options Rosatelli, Michael P. 5 22/12/2015 52 675,000 -75,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1862
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Golden Valley Mines Ltd.
Options Zinke, Jens 4, 7 22/12/2015 52 915,000 -100,000
Goldman Sachs U.S. Income Builder Trust
Units Class A Kikuchi, Craig 4, 5 31/12/2015 30 8.5 4,338 241
Gran Colombia Gold Corp.
2020 Debentures Miller, III, Lloyd I. 3 20/01/2016 36 $5,426,140
Gran Colombia Gold Corp.
2020 Debentures Miller, III, Lloyd I. 3 20/01/2016 36 $5,426,141 $5,426,141
Gran Colombia Gold Corp.
2020 Debentures Miller, III, Lloyd I. 3 20/01/2016 36 $520,743
Gran Colombia Gold Corp.
2020 Debentures Miller, III, Lloyd I. 3 20/01/2016 36 $520,742 $520,742
Gran Colombia Gold Corp.
Common Shares Volk, Peter Joseph 5 20/01/2016 36 0.13 3,146,883
Gran Colombia Gold Corp.
Common Shares Volk, Peter Joseph 5 20/01/2016 36 0.13 3,169,929 3,146,900
Granite REIT Inc. Deferred Share Units
Brody, Michael Lawrence
4 16/02/2016 35 36.54 5,221 27
Granite REIT Inc. Restricted Share Units
De Aragon, John 5 16/02/2016 35 36.54 19,102 100
Granite REIT Inc. Deferred Share Units
Dey, Peter James 4 16/02/2016 35 36.54 10,588 55
Granite REIT Inc. Restricted Share Units
Forsayeth, Michael Peter
4, 5 16/02/2016 35 36.54 9,715 51
Granite REIT Inc. Deferred Share Units
Gilbertson, Barry Gordon
4 16/02/2016 35 36.54 10,777 56
Granite REIT Inc. Restricted Share Units
KUMER, LORNE 5 16/02/2016 35 36.54 4,859 25
Granite REIT Inc. Deferred Share Units
Miller, Gerald 4 16/02/2016 35 36.54 5,221 27
Granite REIT Inc. Deferred Share Units
Oran, Scott 4 16/02/2016 35 36.54 5,221 27
Granite REIT Inc. Restricted Share Units
Tindale, Jennifer Sara 5 16/02/2016 35 36.54 4,859 25
Granite REIT Inc. Deferred Share Units
Voorheis, George Wesley Thomas
4 16/02/2016 35 36.54 26,984 141
Granite REIT Inc. Restricted Share Units
Wierzbinski, Stefan 5 16/02/2016 35 36.54 2,854 15
Great Panther Silver Limited
Common Shares Garnett, Robert Watt 4 12/02/2016 51 0.7 46,250 10,000
Great Panther Silver Limited
Options Garnett, Robert Watt 4 12/02/2016 51 756,500 -10,000
Great-West Lifeco Inc. Executive Performance Share Units
Corbett, S. Mark 7 31/12/2015 30 35.031 38,867 1,417
Great-West Lifeco Inc. Executive Performance Share Units
Corbett, S. Mark 7 19/02/2016 56 34.847 39,198 331
Great-West Lifeco Inc. Executive Performance Share Units
Corbett, S. Mark 7 19/02/2016 59 34.847 26,617 -12,581
Great-West Lifeco Inc. Common Shares McArthur, Susan J. 4 07/05/2015 00
Great-West Lifeco Inc. Common Shares McArthur, Susan J. 4 18/02/2016 10 34.93 1,000 1,000
GrowPros Cannabis Ventures Inc.
Common Shares Audet, André 4 16/02/2016 10 0.05 2,851,084 -1,200,000
Guardian Capital Group Limited
Common Shares Cidel Trust Company as Trustee of The Christodoulou 2004 Family Trust
3 12/10/2011 00
Guardian Capital Group Limited
Common Shares Cidel Trust Company as Trustee of The Christodoulou 2004 Family Trust
3 12/10/2011 10 2,394,930 2,394,930
Guardian Capital Group Limited
Common Shares Cidel Trust Company as Trustee of The Christodoulou 2004 Family Trust
3 22/05/2012 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1863
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Guardian Capital Group Limited
Non-Voting Shares Class A
Cidel Trust Company as Trustee of The Christodoulou 2004 Family Trust
3 12/10/2011 00 3,712,850
Guardian Capital Group Limited
Non-Voting Shares Class A
Guardian Capital Group Limited
1 17/02/2016 38 0 -81,850
Guyana Goldfields Inc. Common Shares Beatty, David Malcolm 4 16/02/2016 51 2.75 85,000 75,000
Guyana Goldfields Inc. Common Shares Beatty, David Malcolm 4 16/02/2016 10 4.29 10,000 -75,000
Guyana Goldfields Inc. Options Beatty, David Malcolm 4 16/02/2016 51 150,000 -75,000
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Options Bruns, Michael 5 11/02/2016 50 0.18 855,176 171,024
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Options Douglas-Hamilton, Diarmaid Hugh
4, 5 11/02/2016 50 0.18 1,170,051 56,000
Hamilton Thorne Ltd. (formerly Calotto Capital Inc.)
Options Wolf, David 4, 5 11/02/2016 50 0.18 2,510,356 120,000
Harte Gold Corp. Options Faucher, Richard Regis
4 17/02/2016 38 150,000 -200,000
Hawk Uranium Inc. Common Shares Frawley, Denis S. 5 19/02/2008 00
Hawk Uranium Inc. Common Shares Frawley, Denis S. 5 19/02/2008 00 185,000
Hawk Uranium Inc. Common Shares Frawley, Denis S. 5 15/04/2010 10 0.1 -100,000
Hawk Uranium Inc. Common Shares Frawley, Denis S. 5 20/04/2010 10 0.1 -100,000
Hawk Uranium Inc. Common Shares Frawley, Denis S. 5 20/04/2010 10 0.1 745,497 -100,000
Healthcare Leaders Income Fund
Units Healthcare Leaders Income Fund
1 17/02/2016 38 5,000 5,000
Healthcare Leaders Income Fund
Units Healthcare Leaders Income Fund
1 17/02/2016 38 0 -5,000
Hemisphere Energy Corporation
Options Arthur, Andrew John 5 11/02/2016 50 0.08 680,000 180,000
Hemisphere Energy Corporation
Options Arthur, Andrew John 5 12/02/2016 38 0.61 330,000 -350,000
Hemisphere Energy Corporation
Options Arthur, Andrew John 5 12/02/2016 38 0.55 280,000 -50,000
Hemisphere Energy Corporation
Options Borowicz, Frank Stephen
4 11/02/2016 50 0.08 245,000 50,000
Hemisphere Energy Corporation
Options Borowicz, Frank Stephen
4 12/02/2016 38 0.55 220,000 -25,000
Hemisphere Energy Corporation
Options Borowicz, Frank Stephen
4 12/02/2016 38 0.65 195,000 -25,000
Hemisphere Energy Corporation
Options Duncan, Ian 5 11/02/2016 50 0.08 700,000 200,000
Hemisphere Energy Corporation
Options Duncan, Ian 5 12/02/2016 38 0.55 650,000 -50,000
Hemisphere Energy Corporation
Options Duncan, Ian 5 12/02/2016 38 0.65 600,000 -50,000
Hemisphere Energy Corporation
Options Evancic, Dorlyn Robert 5 11/02/2016 50 0.08 645,000 225,000
Hemisphere Energy Corporation
Options Evancic, Dorlyn Robert 5 12/02/2016 38 0.55 595,000 -50,000
Hemisphere Energy Corporation
Options Evancic, Dorlyn Robert 5 12/02/2016 38 0.65 545,000 -50,000
Hemisphere Energy Corporation
Options McIntyre, Bruce Gregor 4 11/02/2016 50 0.08 245,000 50,000
Hemisphere Energy Corporation
Options McIntyre, Bruce Gregor 4 12/02/2016 38 0.55 220,000 -25,000
Hemisphere Energy Corporation
Options McIntyre, Bruce Gregor 4 12/02/2016 38 0.65 195,000 -25,000
Hemisphere Energy Corporation
Options O’Sullivan, Charles Noel
4, 5 11/02/2016 50 0.08 245,000 75,000
Hemisphere Energy Corporation
Options O’Sullivan, Charles Noel
4, 5 12/02/2016 38 0.55 220,000 -25,000
Hemisphere Energy Corporation
Options Ramsden-Wood, Ashley
5 11/02/2016 50 0.08 780,000 180,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1864
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Hemisphere Energy Corporation
Options Ramsden-Wood, Ashley
5 12/02/2016 38 0.5 530,000 -250,000
Hemisphere Energy Corporation
Options Ramsden-Wood, Ashley
5 12/02/2016 38 0.55 480,000 -50,000
Hemisphere Energy Corporation
Options Ramsden-Wood, Ashley
5 12/02/2016 38 0.65 280,000 -200,000
Hemisphere Energy Corporation
Options SIMMONS, DON 5 11/02/2016 50 0.08 1,100,000 250,000
Hemisphere Energy Corporation
Options SIMMONS, DON 5 12/02/2016 38 0.55 1,050,000 -50,000
Hemisphere Energy Corporation
Options SIMMONS, DON 5 12/02/2016 38 0.65 800,000 -250,000
Hemisphere Energy Corporation
Options Vernon, Gregg Kingsley
4 11/02/2016 50 0.08 245,000 50,000
Hemisphere Energy Corporation
Options Vernon, Gregg Kingsley
4 12/02/2016 38 0.55 220,000 -25,000
Hemisphere Energy Corporation
Options Vernon, Gregg Kingsley
4 12/02/2016 38 0.65 195,000 -25,000
Hemisphere Energy Corporation
Options Wyman, Richard 4 11/02/2016 50 0.08 300,000 50,000
Hemisphere Energy Corporation
Options Wyman, Richard 4 12/02/2016 38 0.61 100,000 -200,000
High Liner Foods Incorporated
Common Shares Dexter, Robert P. 4 19/02/2016 10 12.35 439,116 10,000
High Liner Foods Incorporated
Options Milner, Charlene Kristen
5 18/01/2016 00
High Liner Foods Incorporated
Options Milner, Charlene Kristen
5 17/02/2016 50 14.03 3,000 3,000
High Liner Foods Incorporated
Common Shares van Schaayk, Frank Bernard Harry
4 19/02/2016 10 12.4 5,300 2,000
HNZ Group Inc. Common Shares Bergnach, Edward Peter
5 31/12/2015 30 581
HNZ Group Inc. Common Shares Bergnach, Edward Peter
5 31/12/2015 30 17.17 6,075 581
HNZ Group Inc. Common Shares Blakely, Robert George 5 31/12/2015 30 898 710
HNZ Group Inc. Common Shares MacKay, Robert Ian 5 31/12/2015 30 1,024
HNZ Group Inc. Common Shares MacKay, Robert Ian 5 31/12/2015 30 17.17 36,626 1,024
HNZ Group Inc. Common Shares variable voting shares
Manson, Hamish David 5 01/01/2015 00 29
HNZ Group Inc. Common Shares variable voting shares
Manson, Hamish David 5 31/12/2015 30 279
HNZ Group Inc. Common Shares variable voting shares
Manson, Hamish David 5 31/12/2015 30 17.17 308 279
HNZ Group Inc. Common Shares Morton, Simon William 5 31/12/2015 30 454
HNZ Group Inc. Common Shares Morton, Simon William 5 31/12/2015 30 17.17 14,350 454
HNZ Group Inc. Common Shares Mullett, Keith Woodrow 5 17/02/2016 99 0 -11,080
HNZ Group Inc. Common Shares variable voting shares
Mullett, Keith Woodrow 5 08/08/2011 00
HNZ Group Inc. Common Shares variable voting shares
Mullett, Keith Woodrow 5 31/12/2015 30 572
HNZ Group Inc. Common Shares variable voting shares
Mullett, Keith Woodrow 5 31/12/2015 30 17.17 572 572
HNZ Group Inc. Common Shares variable voting shares
Mullett, Keith Woodrow 5 17/02/2016 99 11,652 11,080
HNZ Group Inc. Common Shares Olson, Mark Lewis 5 31/12/2015 30 1,009
HNZ Group Inc. Common Shares Olson, Mark Lewis 5 31/12/2015 30 17.17 52,901 1,009
HNZ Group Inc. Common Shares Seguin, Sylvain 5 31/12/2015 30 894
HNZ Group Inc. Common Shares Seguin, Sylvain 5 31/12/2015 30 17.17 8,063 894
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 24/11/2015 10 10.99 475,381 500
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1865
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 25/11/2015 10 10.988 476,381 1,000
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 26/11/2015 10 11 479,181 1,000
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 08/12/2015 10 11.1 486,081 500
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 31/12/2015 30 1,353
HNZ Group Inc. Common Shares Wall, Don Ed 4, 7, 5 31/12/2015 30 17.17 506,734 1,353
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 31/12/2010 00
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 31/12/2010 00
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 24/11/2015 10 10.99 500
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 25/11/2015 10 10.98 1,000
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 25/11/2015 10 10.988 1,000
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 26/11/2015 10 11 1,000
HNZ Group Inc. Common Shares Catégorie B
Wall, Don Ed 4, 7, 5 08/12/2015 10 11.1 500
HNZ Group Inc. Common Shares Wright, Matthew 5 31/12/2015 30 262
HNZ Group Inc. Common Shares Wright, Matthew 5 31/12/2015 30 17.17 271 262
Home Capital Group Inc.
Rights Deferred Share Units
Beaurivage, Jacqueline 4 17/02/2016 56 31.75 4,496 787
Home Capital Group Inc.
Rights Deferred Share Units
Blowes, Robert 4 17/02/2016 56 31.75 491 197
Home Capital Group Inc.
Rights Deferred Share Units
Falk, William 4 17/02/2016 56 31.75 10,442 787
Home Capital Group Inc.
Rights Deferred Share Units
Graham, Diana Lynn 4 17/02/2016 56 31.75 6,177 787
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.3 1,700 1,700
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.3 0 -1,700
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.291 4,000 4,000
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.291 0 -4,000
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.25 4,300 4,300
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.25 0 -4,300
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.3 3,300 3,300
Home Capital Group Inc.
Common Shares Home Capital Group Inc.
1 12/02/2016 38 27.3 0 -3,300
Home Capital Group Inc.
Rights Deferred Share Units
Marsh, John M. 4 17/02/2016 56 31.75 10,298 413
Home Capital Group Inc.
Rights Deferred Share Units
Smith, Kevin 4 17/02/2016 56 31.75 35,789 2,815
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 02/01/2015 30 27.43 12,982 141
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 30/03/2015 30 25.68 14,296 1,314
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 01/04/2015 30 25.95 14,446 150
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 25/06/2015 30 24.47 15,825 1,379
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 02/07/2015 30 23.92 16,006 181
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 14/09/2015 30 21.41 17,583 1,577
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 01/10/2015 30 20.75 17,815 232
HUSKY ENERGY INC.
Deferred Share Unit Glynn, Martin John Gardner
4 18/12/2015 30 14.24 20,185 2,370
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1866
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 02/01/2015 30 27.43 38,028 395
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 30/03/2015 30 25.68 39,294 1,266
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 01/04/2015 30 25.95 39,734 440
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 25/06/2015 30 24.47 41,062 1,328
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 02/07/2015 30 23.92 41,560 498
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 14/09/2015 30 21.41 43,078 1,518
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 01/10/2015 30 20.75 43,679 601
HUSKY ENERGY INC.
Deferred Share Unit KWOK, EVA LEE 4 18/12/2015 30 14.24 45,961 2,282
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 02/01/2015 30 27.43 22,259 225
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 30/03/2015 30 25.68 23,549 1,290
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 01/04/2015 30 25.95 23,806 257
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 25/06/2015 30 24.47 25,160 1,354
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 02/07/2015 30 23.92 25,459 299
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 14/09/2015 30 21.41 27,006 1,547
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 01/10/2015 30 20.75 27,374 368
HUSKY ENERGY INC.
Deferred Share Unit Magnus, George Colin 4 18/12/2015 30 14.24 29,700 2,326
HUSKY ENERGY INC.
Deferred Share Unit RUSSEL, COLIN STEVENS
4 02/01/2015 30 25.68 14,692 159
HUSKY ENERGY INC.
Deferred Share Unit RUSSEL, COLIN STEVENS
4 01/04/2015 30 24.47 14,862 170
HUSKY ENERGY INC.
Deferred Share Unit RUSSEL, COLIN STEVENS
4 02/07/2015 30 21.41 15,048 186
HUSKY ENERGY INC.
Deferred Share Unit RUSSEL, COLIN STEVENS
4 01/10/2015 30 14.24 15,266 218
HUSKY ENERGY INC.
Deferred Share Unit Shaw, Wayne Edward 4 02/01/2015 30 25.68 27,876 301
HUSKY ENERGY INC.
Deferred Share Unit Shaw, Wayne Edward 4 01/04/2015 30 24.47 28,198 322
HUSKY ENERGY INC.
Deferred Share Unit Shaw, Wayne Edward 4 02/07/2015 30 21.41 28,552 354
HUSKY ENERGY INC.
Deferred Share Unit Shaw, Wayne Edward 4 01/10/2015 30 14.24 28,965 413
HUSKY ENERGY INC.
Common Shares Shurniak, William 4, 5 27/03/2015 30 25.68 26,624 979
HUSKY ENERGY INC.
Common Shares Shurniak, William 4, 5 24/06/2015 30 24.47 27,645 1,021
HUSKY ENERGY INC.
Common Shares Shurniak, William 4, 5 11/09/2015 30 21.41 28,812 1,167
HUSKY ENERGY INC.
Common Shares Shurniak, William 4, 5 18/12/2015 30 14.24 30,495 1,683
IAMGOLD Corporation Common Shares Banducci, Carol 5 31/12/2015 30 2.48 193,379 25,203
iCo Therapeutics Inc. Options Barker, Richard William 4 17/02/2016 50 0.05 315,000 125,000
iCo Therapeutics Inc. Options Hnik, Peter 5 17/02/2016 50 0.05 735,000 100,000
iCo Therapeutics Inc. Options Jarosz, William Wasyl 4 17/02/2016 50 0.05 500,000 200,000
iCo Therapeutics Inc. Options Meekison, William John
5 17/02/2016 50 0.05 475,000 100,000
iCo Therapeutics Inc. Options Rae, Andrew Rae 4, 5 17/02/2016 50 0.05 990,000 150,000
Icon Exploration Inc. Common Shares Fia, Roberto 3, 4, 5 17/02/2016 10 0.01 1,944,210 -100,000
Icon Exploration Inc. Common Shares Fia, Roberto 3, 4, 5 18/02/2016 10 0.015 1,894,210 -50,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1867
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Igen Networks Corp. Common Shares Chan, Neil 4 09/02/2016 10 0.174 2,282,611 10,000
Igen Networks Corp. Common Shares Chan, Neil 4 10/02/2016 10 0.178 2,292,611 10,000
Igen Networks Corp. Common Shares Chan, Neil 4 12/02/2016 10 0.18 2,302,611 10,000
Imperial Metals Corporation
Common Shares Anglin, Carolyn Diane 5 19/02/2016 30 6.8 1,182 515
Imperial Metals Corporation
Common Shares Deepwell, Andre Henry 5 15/02/2016 30 6.8 269,016 676
Imperial Metals Corporation
Common Shares Keevil, Gordon 5 15/02/2016 30 6.8 3,778 513
Imperial Metals Corporation
Common Shares KYNOCH, J. BRIAN 4, 5 15/02/2016 30 6.8 1,053,975 860
Imperial Metals Corporation
Common Shares Parsons, Donald Frazer
5 15/02/2016 30 6.8 159,156 683
Imperial Metals Corporation
Common Shares Robertson, Stephen Blake
5 15/02/2016 30 6.8 25,977 539
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2012 30 45.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2013 30 44.32 -1
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1868
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2013 30 44.32 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2013 30 44.32 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2014 30 46.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2014 30 46.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2014 30 46.21 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2014 30 46.09 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2014 30 46.09 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2014 30 46.09 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2014 30 46.09 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2014 30 51.17 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2014 30 51.17 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/03/2014 30 51.17 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2014 30 51.71 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2014 30 51.71 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2014 30 51.71 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2014 30 53.74 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2014 30 53.74 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/05/2014 30 53.74 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2014 30 53.75 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2014 30 53.75 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/06/2014 30 53.75 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2014 30 57.12 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2014 30 57.12 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2014 30 57.12 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2014 30 53.61 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2014 30 53.61 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/08/2014 30 53.61 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2014 30 56.72 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2014 30 56.72 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/09/2014 30 56.72 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2014 30 52.33 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2014 30 52.33 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2014 30 52.33 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2014 30 53.66 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2014 30 53.66 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/11/2014 30 53.66 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2014 30 49.51 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2014 30 49.51 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/12/2014 30 49.51 -1
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/01/2015 30 46.82 1,548 21
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 28/02/2015 30 49.51 1,581 33
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 30/04/2015 30 50.86 1,585 4
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/07/2015 30 47.95 1,589 4
Imperial Oil Limited Common Shares Gillis, Randy Douglas 7 31/10/2015 30 41.28 1,594 5
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2012 30 45.89 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2012 30 45.89 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2012 30 45.89 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2012 30 47.47 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2012 30 47.47 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2012 30 47.47 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2012 30 45.08 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2012 30 45.08 -1
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1869
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2012 30 45.08 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2012 30 42.6 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2012 30 42.6 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2012 30 42.6 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2012 30 43.17 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2012 30 43.17 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2012 30 43.17 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2012 30 42.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2012 30 42.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2012 30 42.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2012 30 42.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2012 30 42.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2012 30 42.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2012 30 43.57 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2012 30 46.95 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2012 30 45.37 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2012 30 43.38 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2012 30 43.52 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2013 30 43.04 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2013 30 43.86 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/03/2013 30 42.25 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2013 30 40.13 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/05/2013 30 39.21 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/06/2013 30 39.34 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2013 30 42.56 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/08/2013 30 41.9 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/09/2013 30 44.48 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2013 30 44.32 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2013 30 44.32 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2013 30 44.32 -1
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1870
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/11/2013 30 44.69 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/12/2013 30 45.81 -1
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/01/2015 30 46.83 6,960 20
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 28/02/2015 30 49.55 6,980 20
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 30/04/2015 30 50.86 6,998 18
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/07/2015 30 47.95 7,017 19
Imperial Oil Limited Common Shares Merkel, Bradley Guy 7 31/10/2015 30 41.28 7,040 23
Imperial Oil Limited Common Shares Redburn, Theresa B. 7 15/02/2016 00 3,173
Imperial Oil Limited Rights Redburn, Theresa B. 7 15/02/2016 00
Imperial Oil Limited Rights Redburn, Theresa B. 7 15/02/2016 00 75,100
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Chabot, René 5 11/02/2016 56 39.16 10,650 2,966
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Charest, Yvon 4, 5 11/02/2016 56 39.16 92,184 6,834
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Daneau, Guy 5 11/02/2016 56 39.16 5,926 723
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Gervais, Normand 5 11/02/2016 56 39.16 2,005 296
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Laflamme, Renée 5 11/02/2016 56 39.16 6,113 894
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Michaud, Bruno 5 11/02/2016 56 39.16 7,779 577
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Parent, Jacques 5 11/02/2016 56 39.16 2,154 212
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Pépin, Normand 5 11/02/2016 56 39.16 64,930 5,763
Industrial Alliance Insurance and Financial Services inc.
unités d’actions différées (uda)-differed shared units (dsa)
Ricard, Denis 5 11/02/2016 56 39.16 26,515 4,670
Innergex Renewable Energy Inc.
Common Shares Baribeault, Yves 5 31/12/2015 35 11.22 1,145 16
Innergex Renewable Energy Inc.
Common Shares Baribeault, Yves 5 31/12/2015 35 10.61 1,162 17
Innergex Renewable Energy Inc.
Common Shares Baribeault, Yves 5 31/12/2015 35 10.93 1,179 17
Innergex Renewable Energy Inc.
Common Shares Baribeault, Yves 5 12/02/2016 57 11.94 2,209 1,030
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Baribeault, Yves 5 12/02/2016 57 11.94 6,655 -1,030
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Baribeault, Yves 5 12/02/2016 38 5,685 -970
Innergex Renewable Energy Inc.
Common Shares Blanchet, Richard 5 31/12/2015 35 11.22 199,631 47
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1871
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Innergex Renewable Energy Inc.
Common Shares Blanchet, Richard 5 31/12/2015 35 10.61 199,681 50
Innergex Renewable Energy Inc.
Common Shares Blanchet, Richard 5 31/12/2015 35 10.93 199,730 49
Innergex Renewable Energy Inc.
Common Shares Blanchet, Richard 5 12/02/2016 57 11.94 202,562 2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Blanchet, Richard 5 12/02/2016 57 11.94 15,175 -2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Blanchet, Richard 5 12/02/2016 38 12,507 -2,668
Innergex Renewable Energy Inc.
Common Shares Chartrand, Claude 5 14/05/2012 00
Innergex Renewable Energy Inc.
Common Shares Chartrand, Claude 5 12/02/2016 57 11.94 1,153 1,153
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Chartrand, Claude 5 12/02/2016 57 11.94 6,532 -1,153
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Chartrand, Claude 5 12/02/2016 38 5,685 -847
Innergex Renewable Energy Inc.
Common Shares Cliche, Anne 5 31/12/2015 35 11.22 2,576 35
Innergex Renewable Energy Inc.
Common Shares Cliche, Anne 5 31/12/2015 35 10.61 2,614 38
Innergex Renewable Energy Inc.
Common Shares Cliche, Anne 5 31/12/2015 35 10.93 2,651 37
Innergex Renewable Energy Inc.
Common Shares Cliche, Anne 5 12/02/2016 57 11.94 4,968 2,317
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Cliche, Anne 5 12/02/2016 57 11.94 12,416 -2,317
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Cliche, Anne 5 12/02/2016 38 10,233 -2,183
Innergex Renewable Energy Inc.
Common Shares de Batz de Trenquelléon, Renaud
5 12/02/2016 57 11.94 74,546 3,172
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
de Batz de Trenquelléon, Renaud
5 12/02/2016 57 11.94 14,835 -3,172
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
de Batz de Trenquelléon, Renaud
5 12/02/2016 38 12,507 -2,328
Innergex Renewable Energy Inc.
Common Shares Grover, Peter 5 31/12/2015 35 11.22 73,308 43
Innergex Renewable Energy Inc.
Common Shares Grover, Peter 5 31/12/2015 35 10.61 73,354 46
Innergex Renewable Energy Inc.
Common Shares Grover, Peter 5 31/12/2015 35 10.93 73,399 45
Innergex Renewable Energy Inc.
Common Shares Grover, Peter 5 12/02/2016 57 11.94 76,231 2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Grover, Peter 5 12/02/2016 57 11.94 15,175 -2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Grover, Peter 5 12/02/2016 38 12,507 -2,668
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1872
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Innergex Renewable Energy Inc.
Common Shares Hébert, François 5 12/02/2016 57 11.94 222,013 2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Hébert, François 5 12/02/2016 57 11.94 15,175 -2,832
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Hébert, François 5 12/02/2016 38 12,507 -2,668
Innergex Renewable Energy Inc.
Common Shares Kennedy, Matthew Grant
5 12/02/2016 57 11.94 2,971 1,442
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Kennedy, Matthew Grant
5 12/02/2016 57 11.94 6,743 -1,442
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Kennedy, Matthew Grant
5 12/02/2016 38 5,685 -1,058
Innergex Renewable Energy Inc.
Common Shares Letellier, Michel 4, 5 31/12/2015 35 11.22 617,168 141
Innergex Renewable Energy Inc.
Common Shares Letellier, Michel 4, 5 31/12/2015 35 10.61 617,319 151
Innergex Renewable Energy Inc.
Common Shares Letellier, Michel 4, 5 31/12/2015 35 10.93 617,468 149
Innergex Renewable Energy Inc.
Common Shares Letellier, Michel 4, 5 12/02/2016 57 11.94 626,787 9,319
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Letellier, Michel 4, 5 12/02/2016 57 11.94 49,940 -9,319
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Letellier, Michel 4, 5 12/02/2016 57 -8,781
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Letellier, Michel 4, 5 12/02/2016 38 41,159 -8,781
Innergex Renewable Energy Inc.
Common Shares Perron, Jean 5 31/12/2015 35 11.22 120,385 55
Innergex Renewable Energy Inc.
Common Shares Perron, Jean 5 31/12/2015 35 10.61 120,444 59
Innergex Renewable Energy Inc.
Common Shares Perron, Jean 5 31/12/2015 35 10.93 120,502 58
Innergex Renewable Energy Inc.
Common Shares Perron, Jean 5 12/02/2016 57 11.94 124,106 3,604
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Perron, Jean 5 12/02/2016 57 11.94 19,314 -3,604
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Perron, Jean 5 12/02/2016 38 15,918 -3,396
Innergex Renewable Energy Inc.
Common Shares Théberge, Nathalie 5 12/02/2016 57 11.94 2,514 1,030
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Théberge, Nathalie 5 12/02/2016 57 11.94 6,655 -1,030
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Théberge, Nathalie 5 12/02/2016 38 5,685 -970
Innergex Renewable Energy Inc.
Common Shares Trudel, Jean 5 31/12/2015 35 11.22 143,193 55
Innergex Renewable Energy Inc.
Common Shares Trudel, Jean 5 31/12/2015 35 10.61 143,252 59
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1873
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Innergex Renewable Energy Inc.
Common Shares Trudel, Jean 5 31/12/2015 35 10.93 143,310 58
Innergex Renewable Energy Inc.
Common Shares Trudel, Jean 5 12/02/2016 57 11.94 146,914 3,604
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Trudel, Jean 5 12/02/2016 57 11.94 19,314 -3,604
Innergex Renewable Energy Inc.
Rights d’actions liées au rendement /Performance Share Rights
Trudel, Jean 5 12/02/2016 38 15,918 -3,396
InnVest Real Estate Investment Trust
Trust Units Irwin, Heather-Ann 4 16/02/2016 35 5.03 10,440 70
InnVest Real Estate Investment Trust
Trust Units Nappert, Chantal 5 15/01/2016 35 4.95 129
InnVest Real Estate Investment Trust
Trust Units Nappert, Chantal 5 15/01/2016 35 4.95 18,177 130
InnVest Real Estate Investment Trust
Trust Units Nappert, Chantal 5 16/02/2016 35 5.03 18,298 121
InnVest Real Estate Investment Trust
Trust Units Wolf, Robert Thomas 4 16/02/2016 35 5.03 53,089 359
Interfor Corporation Rights Performance Share Units
Bender, Barton 5 10/02/2016 56 25,003 14,936
Interfor Corporation Rights Performance Share Units
Davies, Duncan Kenneth
4, 5 11/02/2016 56 260,074 80,014
Interfor Corporation Rights Performance Share Units
FILLINGER, IAN 5 10/02/2016 56 55,162 17,070
Interfor Corporation Rights Performance Share Units
Hofer, Joseph Steven 5 10/02/2016 56 58,929 14,936
Interfor Corporation Rights Performance Share Units
Horning, John Allen 5 10/02/2016 56 136,608 32,006
Interfor Corporation Rights Performance Share Units
Juravsky, Martin Leb 5 10/02/2016 56 40,388 14,936
Interfor Corporation Options Kritsos, Xenia 5 10/02/2016 56 14,295 8,417
Interfor Corporation Common Shares Milroy, Thomas Voysey 4 11/02/2016 00
Interfor Corporation Common Shares Milroy, Thomas Voysey 4 17/02/2016 10 9.68 800 800
Interfor Corporation Common Shares Milroy, Thomas Voysey 4 17/02/2016 10 9.69 7,000 6,200
Interfor Corporation Common Shares Milroy, Thomas Voysey 4 17/02/2016 10 9.7 12,000 5,000
Interfor Corporation Common Shares Milroy, Thomas Voysey 4 17/02/2016 10 10 15,000 3,000
Interfor Corporation Rights Performance Share Units
Stock, Mark 5 10/02/2016 56 48,833 12,802
InterRent Real Estate Investment Trust
Deferred Units Stone, Victor Reginald 4 19/02/2016 57 91,103 -7,712
InterRent Real Estate Investment Trust
Trust Units Stone, Victor Reginald 4 19/02/2016 57 79,092 3,856
Inventus Mining Corp. (formerly Ginguro Exploration Inc.)
Common Shares Hall, Mark 4 21/05/2015 00
Inventus Mining Corp. (formerly Ginguro Exploration Inc.)
Common Shares Hall, Mark 4 21/05/2015 00 334,000
Irving Resources Inc. Common Shares Levinson, Akiko 4 12/02/2016 10 0.12 556,579 5,000
iSIGN Media Solutions Inc.
Common Shares Sultan, Asad 4 16/02/2016 10 0.145 223,333 -10,000
iSIGN Media Solutions Inc.
Common Shares Sultan, Asad 4 19/02/2016 10 0.145 190,000 -33,333
iSIGN Media Solutions Inc.
Common Shares Sultan, Asad 4 19/02/2016 10 0.14 140,000 -50,000
Ivanhoe Mines Ltd. Options Friedland, Robert Martin
3, 4, 6, 5
17/02/2016 52 3,800,000 -6,000,000
Just Energy Group Inc.
Common Shares BARRINGTON-FOOTE, RYAN
4 12/02/2016 10 7.78 17,500 3,000
Just Energy Group Inc.
Common Shares LEWIS, JAMES 5 31/12/2015 30 308,809 994
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1874
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Just Energy Group Inc.
Common Shares MCCULLOUGH, PATRICK
5 31/12/2015 30 16,864 197
Keyera Corp. Common Shares Hathaway, Suzanne 5 31/12/2015 30 39.2 18,966 523
Keyera Corp. Deferred Share Units
Haughey, Douglas J. 4 07/05/2013 00
Keyera Corp. Common Shares Hunter, James Richard 5 31/12/2015 30 39.32 41,580 1,238
Keyera Corp. Common Shares Koshman, Richard N 5 17/02/2016 10 36.387 7,500 4,000
Keyera Corp. Deferred Share Units
Laird, Nancy M. 4 01/01/2011 00
Keyera Corp. Common Shares Nelson, Donald J. 4 31/12/2015 30 39.2 70,929 857
Keyera Corp. Common Shares Nelson, Donald J. 4 31/12/2015 30 39.2 6,059 203
Keyera Corp. Deferred Share Units
Nelson, Donald J. 4 01/01/2011 00
Keyera Corp. Deferred Share Units
Nichols, H. Neil 4 01/01/2011 00
Keyera Corp. Deferred Share Units
Norris, Michael John 4 07/05/2013 00
Keyera Corp. Deferred Share Units
O’Connor, Thomas C. 4 06/01/2014 00
Keyera Corp. Deferred Share Units
Stedman, William Richard
4 01/01/2011 00
Keyera Corp. Deferred Share Units
Woodruff, Janet Patricia
4 09/06/2015 00
Khalkos Exploration Inc.
Common Shares Dupuis, Gilles 6 08/12/2015 00
Khalkos Exploration Inc.
Common Shares Dupuis, Gilles 6 08/12/2015 00
Khalkos Exploration Inc.
Common Shares Dupuis, Gilles 6 08/12/2015 00 350
Khalkos Exploration Inc.
Common Shares Dupuis, Gilles 6 08/12/2015 00 73,000
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
Buckle-McIntosh, Ruth Mary
5 18/02/2016 57 10.84 5,912 -1,606
Killam Apartment Real Estate Investment Trust
Trust Units Buckle-McIntosh, Ruth Mary
5 18/02/2016 57 10.84 15,393 803
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
Cleveland, Erin Nicole 5 18/02/2016 57 10.84 2,901 -1,516
Killam Apartment Real Estate Investment Trust
Trust Units Cleveland, Erin Nicole 5 18/02/2016 57 10.84 3,057 758
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
Crowell, Pamela Florence
5 18/02/2016 57 10.84 5,066 -1,604
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 01/01/2016 00
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 01/01/2016 00 24,418
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 18/02/2016 57 10.84 1,604
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 01/01/2016 00
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 01/01/2016 00 3,701
Killam Apartment Real Estate Investment Trust
Trust Units Crowell, Pamela Florence
5 18/02/2016 57 10.84 5,305 1,604
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
Jackson, Jeremy Winston
5 18/02/2016 57 10.84 4,037 -1,456
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1875
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Killam Apartment Real Estate Investment Trust
Trust Units Jackson, Jeremy Winston
5 18/02/2016 57 10.84 6,428 728
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
McLean, Mike 5 19/02/2016 57 11.08 4,859 -1,476
Killam Apartment Real Estate Investment Trust
Trust Units McLean, Mike 5 19/02/2016 57 11.08 3,418 738
Killam Apartment Real Estate Investment Trust
Rights Restricted Units
Noseworthy, Dale 5 18/02/2016 57 10.84 4,613 -1,440
Killam Apartment Real Estate Investment Trust
Trust Units Noseworthy, Dale 5 18/02/2016 57 10.84 3,817 720
Kincora Copper Limited
Common Shares Zurrin, Eric Frederick 4 15/02/2016 30 0.02 359,324 -12,330
Kincora Copper Limited
Common Shares Zurrin, Eric Frederick 4 16/02/2016 30 0.02 310,324 -49,000
Kincora Copper Limited
Common Shares Zurrin, Eric Frederick 4 18/02/2016 30 0.02 237,324 -73,000
Kingsway Financial Services Inc.
Common Shares Baqar, Hassan Raza 5 12/02/2016 10 4.5259 31,234 156
Kingsway Financial Services Inc.
Common Shares Hickey, William A. 5 12/02/2016 10 4.5259 62,084 330
Kingsway Financial Services Inc.
Common Shares Swets, Jr., Larry Gene 3, 4, 5 12/02/2016 10 4.5259 672,323 460
Kinross Gold Corporation
Common Shares Elliott, Thomas Ballantyne
5 16/02/2016 57 4.14 90,401 5,918
Kinross Gold Corporation
Common Shares Elliott, Thomas Ballantyne
5 16/02/2016 10 4.14 90,393 -8
Kinross Gold Corporation
Common Shares Elliott, Thomas Ballantyne
5 18/02/2016 57 3.9 94,256 3,863
Kinross Gold Corporation
Common Shares Elliott, Thomas Ballantyne
5 18/02/2016 10 3.9 94,248 -8
Kinross Gold Corporation
Options Elliott, Thomas Ballantyne
5 15/02/2016 50 4.17 229,359 23,459
Kinross Gold Corporation
Restricted Shares Elliott, Thomas Ballantyne
5 15/02/2016 56 4.17 171,690 59,726
Kinross Gold Corporation
Restricted Shares Elliott, Thomas Ballantyne
5 16/02/2016 59 4.14 164,873 -6,817
Kinross Gold Corporation
Restricted Shares Elliott, Thomas Ballantyne
5 16/02/2016 57 4.14 158,955 -5,918
Kinross Gold Corporation
Restricted Shares Elliott, Thomas Ballantyne
5 18/02/2016 59 3.9 154,503 -4,452
Kinross Gold Corporation
Restricted Shares Elliott, Thomas Ballantyne
5 18/02/2016 57 3.9 150,640 -3,863
Kinross Gold Corporation
Common Shares Etter, Gregory Van 5 16/02/2016 57 4.14 48,878 16,890
Kinross Gold Corporation
Common Shares Etter, Gregory Van 5 18/02/2016 57 3.9 56,338 7,460
Kinross Gold Corporation
Options Etter, Gregory Van 5 15/02/2016 50 4.17 286,487 47,480
Kinross Gold Corporation
Restricted Shares Etter, Gregory Van 5 15/02/2016 56 4.17 426,920 120,403
Kinross Gold Corporation
Restricted Shares Etter, Gregory Van 5 16/02/2016 57 4.14 410,030 -16,890
Kinross Gold Corporation
Restricted Shares Etter, Gregory Van 5 18/02/2016 57 3.9 402,570 -7,460
Kinross Gold Corporation
Common Shares Giardini, Tony Serafino 5 16/02/2016 57 4.14 274,765 30,232
Kinross Gold Corporation
Common Shares Giardini, Tony Serafino 5 16/02/2016 10 4.14 274,757 -8
Kinross Gold Corporation
Common Shares Giardini, Tony Serafino 5 18/02/2016 57 3.9 290,418 15,661
Kinross Gold Corporation
Common Shares Giardini, Tony Serafino 5 18/02/2016 10 3.9 290,410 -8
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1876
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Kinross Gold Corporation
Options Giardini, Tony Serafino 5 15/02/2016 50 4.17 828,517 174,843
Kinross Gold Corporation
Restricted Shares Giardini, Tony Serafino 5 15/02/2016 56 4.17 920,000 308,442
Kinross Gold Corporation
Restricted Shares Giardini, Tony Serafino 5 16/02/2016 59 4.14 885,174 -34,826
Kinross Gold Corporation
Restricted Shares Giardini, Tony Serafino 5 16/02/2016 57 4.14 854,942 -30,232
Kinross Gold Corporation
Restricted Shares Giardini, Tony Serafino 5 18/02/2016 59 3.9 836,901 -18,041
Kinross Gold Corporation
Restricted Shares Giardini, Tony Serafino 5 18/02/2016 57 3.9 821,240 -15,661
Kinross Gold Corporation
Common Shares Gold, Geoffrey Peters 5 16/02/2016 57 4.14 261,933 33,886
Kinross Gold Corporation
Common Shares Gold, Geoffrey Peters 5 16/02/2016 10 4.14 261,925 -8
Kinross Gold Corporation
Common Shares Gold, Geoffrey Peters 5 18/02/2016 57 3.9 278,873 16,948
Kinross Gold Corporation
Common Shares Gold, Geoffrey Peters 5 18/02/2016 10 3.9 278,865 -8
Kinross Gold Corporation
Options Gold, Geoffrey Peters 5 15/02/2016 50 4.17 1,263,022 174,405
Kinross Gold Corporation
Restricted Shares Gold, Geoffrey Peters 5 15/02/2016 56 4.17 1,042,978 307,670
Kinross Gold Corporation
Restricted Shares Gold, Geoffrey Peters 5 16/02/2016 57 4.14 1,009,092 -33,886
Kinross Gold Corporation
Restricted Shares Gold, Geoffrey Peters 5 16/02/2016 59 4.14 970,056 -39,036
Kinross Gold Corporation
Restricted Shares Gold, Geoffrey Peters 5 18/02/2016 59 3.9 950,532 -19,524
Kinross Gold Corporation
Restricted Shares Gold, Geoffrey Peters 5 18/02/2016 57 3.9 933,584 -16,948
Kinross Gold Corporation
Common Shares Guerard, Sylvain 5 16/02/2016 57 4.14 49,606 9,812
Kinross Gold Corporation
Common Shares Guerard, Sylvain 5 16/02/2016 10 4.14 43,873 -5,733
Kinross Gold Corporation
Common Shares Guerard, Sylvain 5 18/02/2016 57 3.9 50,765 6,892
Kinross Gold Corporation
Common Shares Guerard, Sylvain 5 18/02/2016 10 3.9 47,016 -3,749
Kinross Gold Corporation
Options Guerard, Sylvain 5 15/02/2016 50 4.17 74,025 16,945
Kinross Gold Corporation
Restricted Shares Guerard, Sylvain 5 15/02/2016 56 4.17 123,765 42,971
Kinross Gold Corporation
Restricted Shares Guerard, Sylvain 5 16/02/2016 57 4.14 113,953 -9,812
Kinross Gold Corporation
Restricted Shares Guerard, Sylvain 5 18/02/2016 57 3.9 107,061 -6,892
Kinross Gold Corporation
Common Shares Hayduk, Nicholas James
5 16/02/2016 57 4.14 41,478 5,980
Kinross Gold Corporation
Common Shares Hayduk, Nicholas James
5 16/02/2016 10 4.14 41,470 -8
Kinross Gold Corporation
Common Shares Hayduk, Nicholas James
5 18/02/2016 57 3.9 44,286 2,816
Kinross Gold Corporation
Common Shares Hayduk, Nicholas James
5 18/02/2016 10 3.9 44,278 -8
Kinross Gold Corporation
Options Hayduk, Nicholas James
5 15/02/2016 50 4.17 247,921 26,587
Kinross Gold Corporation
Restricted Shares Hayduk, Nicholas James
5 15/02/2016 56 4.17 183,854 67,420
Kinross Gold Corporation
Restricted Shares Hayduk, Nicholas James
5 16/02/2016 57 4.14 177,874 -5,980
Kinross Gold Corporation
Restricted Shares Hayduk, Nicholas James
5 16/02/2016 59 4.14 170,985 -6,889
Kinross Gold Corporation
Restricted Shares Hayduk, Nicholas James
5 18/02/2016 59 3.9 167,741 -3,244
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1877
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Kinross Gold Corporation
Restricted Shares Hayduk, Nicholas James
5 18/02/2016 57 3.9 164,925 -2,816
Kinross Gold Corporation
Options Jardine, Gina Maree 5 15/02/2016 50 4.17 263,959 76,885
Kinross Gold Corporation
Restricted Shares Jardine, Gina Maree 5 15/02/2016 56 4.17 420,023 135,633
Kinross Gold Corporation
Common Shares Morley-Jepson, Warwick
5 16/02/2016 57 4.14 230,143 71,493
Kinross Gold Corporation
Common Shares Morley-Jepson, Warwick
5 16/02/2016 10 4.14 188,417 -41,726
Kinross Gold Corporation
Common Shares Morley-Jepson, Warwick
5 18/02/2016 57 3.9 196,902 8,485
Kinross Gold Corporation
Common Shares Morley-Jepson, Warwick
5 18/02/2016 10 3.9 196,894 -8
Kinross Gold Corporation
Options Morley-Jepson, Warwick
5 15/02/2016 50 4.17 716,361 172,679
Kinross Gold Corporation
Restricted Shares Morley-Jepson, Warwick
5 15/02/2016 56 4.17 796,584 304,626
Kinross Gold Corporation
Restricted Shares Morley-Jepson, Warwick
5 16/02/2016 57 4.14 725,091 -71,493
Kinross Gold Corporation
Restricted Shares Morley-Jepson, Warwick
5 18/02/2016 57 3.9 716,606 -8,485
Kinross Gold Corporation
Common Shares Roberts, Lauren Martin 5 16/02/2016 57 4.14 83,789 11,563
Kinross Gold Corporation
Common Shares Roberts, Lauren Martin 5 16/02/2016 10 4.14 83,781 -8
Kinross Gold Corporation
Common Shares Roberts, Lauren Martin 5 18/02/2016 57 3.9 90,280 6,499
Kinross Gold Corporation
Common Shares Roberts, Lauren Martin 5 18/02/2016 10 3.9 90,272 -8
Kinross Gold Corporation
Options Roberts, Lauren Martin 5 15/02/2016 50 4.17 421,043 62,266
Kinross Gold Corporation
Restricted Shares Roberts, Lauren Martin 5 15/02/2016 56 4.17 382,080 157,899
Kinross Gold Corporation
Restricted Shares Roberts, Lauren Martin 5 16/02/2016 59 4.14 368,760 -13,320
Kinross Gold Corporation
Restricted Shares Roberts, Lauren Martin 5 16/02/2016 57 4.14 357,197 -11,563
Kinross Gold Corporation
Restricted Shares Roberts, Lauren Martin 5 18/02/2016 59 3.9 349,709 -7,488
Kinross Gold Corporation
Restricted Shares Roberts, Lauren Martin 5 18/02/2016 57 3.9 343,210 -6,499
Kinross Gold Corporation
Common Shares Rollinson, Jonathon Paul
4, 5 16/02/2016 57 4.14 604,507 62,291
Kinross Gold Corporation
Common Shares Rollinson, Jonathon Paul
4, 5 16/02/2016 10 4.14 604,499 -8
Kinross Gold Corporation
Common Shares Rollinson, Jonathon Paul
4, 5 18/02/2016 57 3.9 664,173 59,674
Kinross Gold Corporation
Common Shares Rollinson, Jonathon Paul
4, 5 18/02/2016 10 3.9 664,165 -8
Kinross Gold Corporation
Options Rollinson, Jonathon Paul
4, 5 15/02/2016 50 4.17 2,633,521 404,577
Kinross Gold Corporation
Restricted Shares Rollinson, Jonathon Paul
4, 5 15/02/2016 56 4.17 2,634,194 713,720
Kinross Gold Corporation
Restricted Shares Rollinson, Jonathon Paul
4, 5 16/02/2016 59 4.14 2,562,437 -71,757
Kinross Gold Corporation
Restricted Shares Rollinson, Jonathon Paul
4, 5 16/02/2016 57 4.14 2,500,146 -62,291
Kinross Gold Corporation
Restricted Shares Rollinson, Jonathon Paul
4, 5 18/02/2016 59 3.9 2,431,405 -68,741
Kinross Gold Corporation
Restricted Shares Rollinson, Jonathon Paul
4, 5 18/02/2016 57 3.9 2,371,731 -59,674
Kinross Gold Corporation
Common Shares Schimper, Claude J.S. 5 16/02/2016 57 4.14 67,888 11,823
Kinross Gold Corporation
Common Shares Schimper, Claude J.S. 5 16/02/2016 10 4.14 56,065 -11,823
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1878
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Kinross Gold Corporation
Common Shares Schimper, Claude J.S. 5 18/02/2016 57 3.9 60,765 4,700
Kinross Gold Corporation
Common Shares Schimper, Claude J.S. 5 18/02/2016 10 3.9 56,065 -4,700
Kinross Gold Corporation
Options Schimper, Claude J.S. 5 15/02/2016 50 4.17 233,509 24,686
Kinross Gold Corporation
Restricted Shares Schimper, Claude J.S. 5 15/02/2016 56 4.17 169,505 62,601
Kinross Gold Corporation
Restricted Shares Schimper, Claude J.S. 5 16/02/2016 57 4.14 157,682 -11,823
Kinross Gold Corporation
Restricted Shares Schimper, Claude J.S. 5 18/02/2016 57 3.9 152,982 -4,700
Kinross Gold Corporation
Common Shares Sims, John Lewis 5 16/02/2016 57 4.14 12,814 3,943
Kinross Gold Corporation
Common Shares Sims, John Lewis 5 16/02/2016 10 4.14 12,807 -7
Kinross Gold Corporation
Common Shares Sims, John Lewis 5 18/02/2016 57 3.9 15,361 2,554
Kinross Gold Corporation
Common Shares Sims, John Lewis 5 18/02/2016 10 3.9 15,354 -7
Kinross Gold Corporation
Options Sims, John Lewis 5 15/02/2016 50 4.17 59,693 14,857
Kinross Gold Corporation
Restricted Shares Sims, John Lewis 5 15/02/2016 56 4.17 103,993 37,826
Kinross Gold Corporation
Restricted Shares Sims, John Lewis 5 16/02/2016 57 4.14 100,050 -3,943
Kinross Gold Corporation
Restricted Shares Sims, John Lewis 5 16/02/2016 59 4.14 95,507 -4,543
Kinross Gold Corporation
Restricted Shares Sims, John Lewis 5 18/02/2016 59 3.9 92,564 -2,943
Kinross Gold Corporation
Restricted Shares Sims, John Lewis 5 18/02/2016 57 3.9 90,010 -2,554
Kinross Gold Corporation
Options Sylvestre, Michel 5 15/02/2016 50 4.17 36,986 36,986
Kinross Gold Corporation
Restricted Shares Sylvestre, Michel 5 15/02/2016 56 4.17 193,461 93,793
Kinross Gold Corporation
Common Shares Tomory, Paul Botond Stilicho
5 16/02/2016 57 4.14 37,347 8,339
Kinross Gold Corporation
Common Shares Tomory, Paul Botond Stilicho
5 16/02/2016 10 4.14 37,339 -8
Kinross Gold Corporation
Common Shares Tomory, Paul Botond Stilicho
5 18/02/2016 57 3.9 40,653 3,314
Kinross Gold Corporation
Common Shares Tomory, Paul Botond Stilicho
5 18/02/2016 10 3.9 40,645 -8
Kinross Gold Corporation
Options Tomory, Paul Botond Stilicho
5 15/02/2016 50 4.17 306,753 40,841
Kinross Gold Corporation
Restricted Shares Tomory, Paul Botond Stilicho
5 15/02/2016 56 4.17 247,483 103,567
Kinross Gold Corporation
Restricted Shares Tomory, Paul Botond Stilicho
5 16/02/2016 59 4.14 237,876 -9,607
Kinross Gold Corporation
Restricted Shares Tomory, Paul Botond Stilicho
5 16/02/2016 57 4.14 229,537 -8,339
Kinross Gold Corporation
Restricted Shares Tomory, Paul Botond Stilicho
5 18/02/2016 59 3.9 225,718 -3,819
Kinross Gold Corporation
Restricted Shares Tomory, Paul Botond Stilicho
5 18/02/2016 57 3.9 222,404 -3,314
Kiska Metals Corporation
Options Miller, Jack H.L. 4 17/02/2016 52 1.35 560,000 -30,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 22/01/2013 50 0.1 250,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 22/01/2013 50 0.1 250,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 22/01/2013 50 900,000 250,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 09/11/2014 52 880,000 -120,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 22/01/2015 52 750,000 -130,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 03/02/2016 52 350,000 -400,000
Knick Exploration Inc. Options Brunelle, Jacques 4, 5 12/02/2016 50 1,250,000 900,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1879
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Knick Exploration Inc. Options Bryce, Robert 4 12/01/2016 50 0.05 100,000
Knick Exploration Inc. Options Bryce, Robert 4 12/02/2016 50 0.05 350,000 100,000
Knick Exploration Inc. Options DELRUE, HUGO G 4 31/12/2015 00
Knick Exploration Inc. Options DELRUE, HUGO G 4 31/12/2015 00 100,000
Knick Exploration Inc. Options DELRUE, HUGO G 4 12/02/2016 50 400,000 300,000
Knick Exploration Inc. Options Jetté, Marc-Antoine 4 31/12/2015 00
Knick Exploration Inc. Options Jetté, Marc-Antoine 4 31/12/2015 00
Knick Exploration Inc. Options Jetté, Marc-Antoine 4 12/02/2016 50 200,000 200,000
Knick Exploration Inc. Options Thivierge, Alain 4 12/02/2016 50 0.05 300,000
Knick Exploration Inc. Options Thivierge, Alain 4 12/02/2016 50 0.05 550,000 300,000
Kobex Capital Corp. Common Shares Atkinson, Michael James
4 17/02/2016 10 0.56 55,500 5,500
Kobex Capital Corp. Common Shares Atkinson, Michael James
4 19/02/2016 10 0.56 75,000 19,500
Kobex Capital Corp. Common Shares Atkinson, Michael James
4 19/02/2016 10 0.55 150,000 75,000
Leo Acquisitions Corp. Options Brown, William Richard 4 02/02/2016 52 0 -129,266
Leo Acquisitions Corp. Options Brown, William Richard 4 17/02/2016 50 120,200 120,200
Leo Acquisitions Corp. Options Droznika, Philip 4 02/02/2016 52 0 -64,246
Leo Acquisitions Corp. Options Droznika, Philip 4 17/02/2016 50 60,100 60,100
Leo Acquisitions Corp. Options Goldberg, Gerald 4, 5 02/02/2016 52 0 -284,076
Leo Acquisitions Corp. Options Goldberg, Gerald 4, 5 17/02/2016 50 265,800 265,800
Leo Acquisitions Corp. Options Goldberg, Warren 4, 5 02/02/2016 52 0 -154,810
Leo Acquisitions Corp. Options Goldberg, Warren 4, 5 17/02/2016 50 145,750 145,750
Leo Acquisitions Corp. Options Lu, Rong Catherine 4 02/02/2016 52 0 -64,246
Leo Acquisitions Corp. Options Lu, Rong Catherine 4 17/02/2016 50 72,100 72,100
Leo Acquisitions Corp. Options Newman, G. Michael 4 02/02/2016 52 0 -77,405
Leo Acquisitions Corp. Options Newman, G. Michael 4 17/02/2016 50 60,100 60,100
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 530,000
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 530,220
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 590,000 530,000
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 552,440
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 537,514
Leucrotta Exploration Inc.
Common Shares Trudeau, Terry 5 12/09/2014 11 1.7 1,049,873 537,734
Lexam VG Gold Inc. Common Shares Dunbar, Robin Edward 4 19/02/2016 10 0.18 35,000 -150,000
Lexaria Corp. Common Shares Bunka, Christopher 4, 5 16/02/2016 10 0.1 6,955,314 12,000
Lexaria Corp. Common Shares Bunka, Christopher 4, 5 16/02/2016 10 0.09 6,960,314 5,000
Logistec Corporation Subordinate Voting Shares Class B
LOGISTEC CORPORATION
1 17/02/2016 38 36.66 180,900 600
Logistec Corporation Subordinate Voting Shares Class B
LOGISTEC CORPORATION
1 18/02/2016 38 36.66 181,500 600
Logistec Corporation Subordinate Voting Shares Class B
LOGISTEC CORPORATION
1 19/02/2016 38 37.437 181,800 300
Long Run Exploration Ltd.
Common Shares MILLER, DALE A. 4, 5 31/12/2015 30 0.5408 103,055
Long Run Exploration Ltd.
Common Shares MILLER, DALE A. 4, 5 31/12/2015 30 0.504 314,983 110,425
Maccabi Ventures Inc. Common Shares Penn, Richard Ryan 3, 5 16/02/2016 10 0.08 1,260,000 20,000
Mad Catz Interactive Inc.
Common Shares Marshall, Tyson Eliot 5 05/02/2016 00 120,000
Mad Catz Interactive Inc.
Options Marshall, Tyson Eliot 5 05/02/2016 00 85,000
Mad Catz Interactive Inc.
Options McKeon, David Sean 5 05/02/2016 00 60,000
Madison Pacific Properties Inc.
Non-Voting Shares Class C
Heung, Raymond 4 16/02/2016 47 3,400,000 400,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1880
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Madison Pacific Properties Inc.
Non-Voting Shares Class C
Heung, Raymond 4 16/02/2016 47 6,850,517 -400,000
MAG Silver Corp. Options Colterjohn, Richard Mark
4 10/11/2015 52 9.92 130,000 -50,000
MAG Silver Corp. Common Shares MacInnis, Daniel Thomas
4 12/02/2016 51 9.15 281,300 20,000
MAG Silver Corp. Common Shares MacInnis, Daniel Thomas
4 12/02/2016 10 9.15 261,300 -20,000
MAG Silver Corp. Options MacInnis, Daniel Thomas
4 10/11/2015 52 9.92 400,000 -70,000
MAG Silver Corp. Options MacInnis, Daniel Thomas
4 12/02/2016 51 9.15 380,000 -20,000
MAG Silver Corp. Options Megaw, Peter 4 10/11/2015 52 9.92 187,500 -50,000
MAG Silver Corp. Options White, Derek Christopher
4 10/11/2015 52 9.92 160,000 -50,000
Magellan Minerals Ltd. Common Shares Kiernan, John Gerard 5 20/08/2012 00
Magellan Minerals Ltd. Common Shares Kiernan, John Gerard 5 12/02/2016 46 0.05 2,917,140 2,917,140
Majescor Resources Inc.
Common Shares Barrie, C. Tucker 4, 5 19/02/2016 10 0.03 940,000 4,000
Majescor Resources Inc.
Common Shares Barrie, C. Tucker 4, 5 19/02/2016 10 0.035 941,000 1,000
Mandalay Resources Corporation
Restricted Share Unit
Doyle, Robert Emmet 4 18/02/2016 56 141,192 1,428
Mandalay Resources Corporation
Restricted Share Unit
Jones, Peter Rhys 4 18/02/2016 56 141,284 1,430
Mandalay Resources Corporation
Restricted Share Unit
Jonker, Abraham 4 18/02/2016 56 141,284 1,430
Manitok Energy Inc. Common Shares Spoletini, Tumasino 4 16/02/2016 16 0.13 682,750 500,000
Manitok Energy Inc. Common Shares Spoletini, Tumasino 4 12/02/2016 10 0.125 513,600 6,500
Manitou Gold Inc. Common Shares Arnold, Ronald, Francis 4 10/02/2016 10 0.025 99,000
Manitou Gold Inc. Common Shares Arnold, Ronald, Francis 4 10/02/2016 10 0.025 99,000
Manitou Gold Inc. Common Shares Arnold, Ronald, Francis 4 18/02/2016 10 0.03 991,000 78,000
Manulife Financial Corporation
Common Shares Conkey, Christopher Paul
5 11/02/2016 00 4,551
Manulife Financial Corporation
Options Conkey, Christopher Paul
5 11/02/2016 00 77,826
Manulife Financial Corporation
Rights Performance Share Units (PSU)
Conkey, Christopher Paul
5 11/02/2016 00 6,059
Manulife Financial Corporation
Rights Restricted Share Units (RSU)
Conkey, Christopher Paul
5 11/02/2016 00 18,177
Manulife Financial Corporation
Common Shares Dabarno, Susan Fay 4 16/02/2016 10 16.38 42,000 12,000
Manulife Financial Corporation
Common Shares Prieur, Claude. James 4 16/02/2016 10 11.913 100,000 80,000
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 31/03/2015 30 21.72 28,770 106
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 15/04/2015 30 23.08 30,102 1,332
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 30/06/2015 30 23.66 30,204 102
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 15/07/2015 30 23.9 31,490 1,286
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 30/09/2015 30 22.23 31,599 109
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 15/10/2015 30 21.51 33,029 1,430
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 31/12/2015 30 21.91 33,144 115
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1881
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Maple Leaf Foods Inc. Rights Deferred Share Units settled with cash or shares
Boland, Gregory Alan 4 15/01/2016 30 23.06 34,477 1,333
Maple Leaf Foods Inc. Common Shares Huffman, Randall 5 01/10/2015 30 22.106 19,012 236
Marapharm Ventures Inc.
Options Turner, James A. 4 15/12/2015 00 100,000
Matica Enterprises Inc.
Options Ziger, Boris Ivan 4 12/02/2016 50 0.02 2,600,000 1,500,000
MATRRIX Energy Technologies Inc.
Options Schab, Jeffrey 5 17/02/2016 52 0.69 325,000 -25,000
MCAN Mortgage Corporation
Common Shares Doré, Raymond 3 06/01/2016 30 11.62 147,117 3,581
MCAN Mortgage Corporation
Common Shares Doré, Raymond 3 06/01/2016 30 11.62 3,581
MCAN Mortgage Corporation
Common Shares Doré, Raymond 3 06/01/2016 30 11.62 3,323 80
MCAN Mortgage Corporation
Common Shares Doré, Susan 4 06/01/2016 30 11.62 141,930 3,455
MCAN Mortgage Corporation
Common Shares Doré, Susan 4 06/01/2016 30 11.62 3,351 81
McChip Resources Inc Common Shares McCloskey, Richard Duncan
4, 5 17/02/2016 10 0.56 408,200 1,000
Medical Facilities Corporation
Common Shares Medical Facilities Corporation
1 16/02/2016 38 14.057 31,046,944 -1,000
Mega Uranium Ltd. Common Shares Patricio, Richard J 5 16/02/2016 10 0.07 3,400,000 400,000
Mega Uranium Ltd. Common Shares Patricio, Richard J 5 17/02/2016 10 0.08 3,800,000 400,000
Mega Uranium Ltd. Common Shares Patricio, Richard J 5 19/02/2016 10 0.095 4,050,000 250,000
Melcor Real Estate Investment Trust
Trust Units Melton, Andrew John 6 17/11/2015 10 7.65 87,500 2,000
Melcor Real Estate Investment Trust
Trust Units Melton, Andrew John 6 18/11/2015 10 7.65 89,500 2,000
Metalcorp Limited Common Shares Gagne, Pierre 4 18/02/2016 10 0.005 14,273,442 20,000
Metanor Resources Inc.
Common Shares Bryce, Robert 4 12/02/2016 10 0.055 296,000 10,000
Metanor Resources Inc.
Common Shares Coffin, Tristram 4 19/02/2016 10 0.06 1,869,260 185,000
Mettrum Health Corp. Common Shares Herriott, Gregory Scott 7 17/11/2015 10 2 1,990,000 -10,000
Mettrum Health Corp. Common Shares Herriott, Gregory Scott 7 22/12/2015 10 1.8 1,980,000 -10,000
Mettrum Health Corp. Common Shares Herriott, Gregory Scott 7 24/12/2015 10 1.77 1,976,800 -3,200
Mettrum Health Corp. Common Shares Herriott, Gregory Scott 7 31/12/2015 10 1.75 1,971,800 -5,000
Mexigold Corp. Options Pinto, Mervyn John 4 12/06/2013 52 0.44 50,000 -18,750
Mexigold Corp. Options VARSHNEY, HARI 5 12/06/2013 52 0.44 100,000 -125,000
Mexigold Corp. Options Varshney, Peeyush Kumar
4, 5 12/06/2013 52 0.44 100,000 -125,000
Mexigold Corp. Options Varshney, Praveen 4, 5 12/06/2013 52 0.44 100,000 -125,000
Midas Gold Corp. Warrants Quin, Stephen Paul 4, 5 14/02/2016 55 0.48 0 -1,333,334
Middlefield Can-Global REIT Income Fund
Trust Units Middlefield Can-Global REIT Income Fund
1 17/02/2016 10 10.8 3,292,748 -5,000
Middlefield Can-Global REIT Income Fund
Trust Units Middlefield Can-Global REIT Income Fund
1 18/02/2016 10 10.823 3,262,748 -30,000
Minera Alamos Inc. Common Shares Durham, Robert Bruce 4 12/02/2016 10 0.105 130,000 30,000
Minera Alamos Inc. Common Shares Durham, Robert Bruce 4 12/02/2016 10 0.11 170,000 40,000
Minera Alamos Inc. Common Shares Frostad, Christopher John
4, 5 12/02/2016 10 0.11 1,157,283 15,000
MINT Income Fund Trust Units MINT Income Fund 1 12/02/2016 38 5.96 63,197,282 500
MINT Income Fund Trust Units MINT Income Fund 1 17/02/2016 10 6.35 63,196,882 -400
Mogo Finance Technology Inc.
Common Shares Medeiros, Carlos 5 12/02/2016 00 4,500
Mogo Finance Technology Inc.
Options Medeiros, Carlos 5 12/02/2016 00 50,000
Mooncor Oil & Gas Corp. (formerly DVD Investments Limited)
Common Shares LONE, ALLEN 4, 5 18/02/2016 10 0.005 6,670,000 30,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1882
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Morguard Real Estate Investment Trust
Units McLean, Pamela, Julie 5 17/02/2016 30 1,215 66
Mosaic Capital Corporation
Common Shares Mosaic Capital Corporation
1 16/02/2016 38 4.5 17,100 2,500
Mosaic Capital Corporation
Common Shares Mosaic Capital Corporation
1 17/02/2016 38 4.5 18,600 1,500
Mosaic Capital Corporation
Common Shares Mosaic Capital Corporation
1 17/02/2016 38 4.25 21,800 3,200
Murchison Minerals Ltd.
Common Shares Johnson, Donald Kenneth
3, 4 18/02/2016 97 0 -1
Murchison Minerals Ltd.
Warrants Johnson, Donald Kenneth
3, 4 16/05/2015 55 20,000,000 -15,000,000
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -235,889
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 78,630 78,630
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -791,167
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 263,722 263,722
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -1,251,333
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 417,111 417,111
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -3,867,945
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 1,289,315 1,289,315
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -66,667
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 22,222 22,222
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -2,640,223
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 880,074 880,074
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 0 -116,667
Namaste Technologies Inc.
Common Shares Barr, Harry 4, 6, 5 12/02/2016 37 38,889 38,889
Namaste Technologies Inc.
Warrants Barr, Harry 4, 6, 5 12/02/2016 37 0 -1,025,000
Namaste Technologies Inc.
Warrants Barr, Harry 4, 6, 5 12/02/2016 37 341,666 341,666
Namaste Technologies Inc.
Common Shares Guanzon, Robert 5 12/02/2016 37 0 -32,000
Namaste Technologies Inc.
Common Shares Guanzon, Robert 5 12/02/2016 37 10,666 10,666
Namaste Technologies Inc.
Options Guanzon, Robert 5 12/02/2016 37 0 -105,000
Namaste Technologies Inc.
Options Guanzon, Robert 5 12/02/2016 37 35,000 35,000
Namaste Technologies Inc.
Common Shares Pacific North West Capital Corp.
3 12/02/2016 37 0 -3,867,945
Namaste Technologies Inc.
Common Shares Pacific North West Capital Corp.
3 12/02/2016 37 1,289,315 1,289,315
Natcore Technology Inc.
Options Common Shares
Meekison, William John
4 13/01/2016 50 0.4 950,000 350,000
Natcore Technology Inc.
Options Common Shares
Meekison, William John
4 07/02/2016 52 0.97 650,000 -300,000
National Bank of Canada
Common Shares Bachand, Raymond 4 02/02/2016 35 38.692 13
National Bank of Canada
Common Shares Bachand, Raymond 4 02/02/2016 35 38.692 13
National Bank of Canada
Common Shares Bachand, Raymond 4 02/02/2016 35 38.692 15
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1883
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Common Shares Bachand, Raymond 4 02/02/2016 35 38.692 15
National Bank of Canada
Common Shares Bachand, Raymond 4 02/02/2016 35 38.692 1,031 15
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bachand, Raymond 4 01/02/2016 35 1,514 20
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bachand, Raymond 4 12/02/2016 56 846
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bachand, Raymond 4 12/02/2016 56 846
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bachand, Raymond 4 12/02/2016 56 2,363 849
National Bank of Canada
Unités d’actions assujetties à des restrictions (UAR) /(RSU)
Bertrand, Luc 5 01/02/2016 35 11,793 158
National Bank of Canada
Common Shares Bertrand, Maryse 4 02/02/2016 35 38.692 43
National Bank of Canada
Common Shares Bertrand, Maryse 4 02/02/2016 35 38.692 43
National Bank of Canada
Common Shares Bertrand, Maryse 4 02/02/2016 35 38.692 4,915 47
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bertrand, Maryse 4 01/02/2016 35 5,972 80
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bertrand, Maryse 4 12/02/2016 56 982
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bertrand, Maryse 4 12/02/2016 56 982
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bertrand, Maryse 4 12/02/2016 56 6,958 986
National Bank of Canada
Common Shares Bloomberg, Lawrence S.
4, 7 12/02/2016 10 36.613 4,760 189
National Bank of Canada
Common Shares Boivin, Pierre 4 02/02/2016 35 38.692 30
National Bank of Canada
Common Shares Boivin, Pierre 4 02/02/2016 35 38.692 30
National Bank of Canada
Common Shares Boivin, Pierre 4 02/02/2016 35 38.692 14,464 34
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Boivin, Pierre 4 01/02/2016 35 957 12
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Boivin, Pierre 4 12/02/2016 56 1,018
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Boivin, Pierre 4 12/02/2016 56 1,018
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Boivin, Pierre 4 12/02/2016 56 1,978 1,021
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Bonnell, William 5 01/02/2016 35 37,087 499
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Bonnell, William 5 01/02/2016 35 19,110 256
National Bank of Canada
Common Shares Caillé, André 4 01/02/2016 35 38.692 187
National Bank of Canada
Common Shares Caillé, André 4 01/02/2016 35 38.692 187
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1884
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Common Shares Caillé, André 4 02/02/2016 35 38.692 187
National Bank of Canada
Common Shares Caillé, André 4 02/02/2016 35 38.692 187
National Bank of Canada
Common Shares Caillé, André 4 02/02/2016 35 38.692 53
National Bank of Canada
Common Shares Caillé, André 4 02/02/2016 35 38.692 53
National Bank of Canada
Common Shares Caillé, André 4 02/02/2016 35 38.692 13,527 187
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 01/02/2016 35 456
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 01/02/2016 35 456
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 01/02/2016 35 33,945 456
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 12/02/2016 35 456
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 12/02/2016 35 456
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 12/02/2016 56 1,087
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 12/02/2016 56 1,087
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Caillé, André 4 12/02/2016 56 35,032 1,087
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Dagenais, Jean 5 01/02/2016 35 3,034 41
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Dagenais, Jean 5 01/02/2016 35 17,693 238
National Bank of Canada
Unités d’actions assujetties à des restrictions (UAR) /(RSU)
Davis, Brian A. 7 01/02/2016 35 89,831 1,207
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Davis, Brian A. 7 01/02/2016 35 2,100 28
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 01/02/2016 35 1
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 01/02/2016 35 1
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 01/02/2016 35 142 2
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 12/02/2016 56 337
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 12/02/2016 56 337
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Denham, Gillian H. (Jill)
4 12/02/2016 56 482 340
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1885
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Unités d’actions assujetties à des restrictions (UAR) /(RSU)
Fagnoule, Dominique 5 01/02/2016 35 1,840 25
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Fagnoule, Dominique 5 01/02/2016 35 28,435 383
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fagnoule, Dominique 5 01/02/2016 35 9,116 122
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 01/02/2016 35 57
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 01/02/2016 35 57
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 01/02/2016 35 57
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 01/02/2016 35 57
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 01/02/2016 35 4,326 58
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 12/02/2016 56 1,197
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 12/02/2016 56 1,197
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Fortin, Richard 4 12/02/2016 56 5,525 1,199
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Giard, Diane 5 01/02/2016 35 74,804 1,005
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Giard, Diane 5 09/12/2015 56 3,379
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Giard, Diane 5 09/12/2015 56 25,063 3,379
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Giard, Diane 5 01/02/2016 35 25,405 342
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Hanczakowski, Jean-François
5 01/02/2016 35 2,311 31
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Hanczakowski, Jean-François
5 01/02/2016 35 7,727 104
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Hébert, Brigitte 5 01/02/2016 35 8,752 117
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Hébert, Brigitte 5 04/08/2015 35 13,605 153
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Hébert, Brigitte 5 01/02/2016 35 15,578 209
National Bank of Canada
Common Shares Houde, Jean 4 01/02/2016 35 38.692 53
National Bank of Canada
Common Shares Houde, Jean 4 01/02/2016 35 38.692 53
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1886
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Common Shares Houde, Jean 4 02/02/2016 35 38.692 50
National Bank of Canada
Common Shares Houde, Jean 4 02/02/2016 35 38.692 50
National Bank of Canada
Common Shares Houde, Jean 4 02/02/2016 35 38.692 14,397 53
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Houde, Jean 4 01/02/2016 56 339
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Houde, Jean 4 01/02/2016 56 339
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Houde, Jean 4 12/02/2016 56 339 339
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Jeanniot, Lynn 5 01/02/2016 35 28,435 382
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Jeanniot, Lynn 5 01/02/2016 35 10,650 143
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Kinsley, Karen 4 01/02/2016 35 1,225 16
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Kinsley, Karen 4 12/02/2016 56 847
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Kinsley, Karen 4 12/02/2016 56 847
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Kinsley, Karen 4 12/02/2016 56 2,075 850
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 01/02/2016 35 157
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 01/02/2016 35 157
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 01/02/2016 35 11,740 158
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 12/02/2016 56 390
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 12/02/2016 56 390
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Laflamme, Louise 4 12/02/2016 56 12,131 391
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Leggett, Karen 5 01/02/2016 35 41,167 553
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Leggett, Karen 5 01/02/2016 35 11,258 152
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Legris, Alain 5 01/02/2016 35 2,567 34
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Legris, Alain 5 01/02/2016 35 18,507 249
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Marchand, Elaine 5 01/02/2016 35 1,116 15
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1887
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Marchand, Elaine 5 01/02/2016 35 2,634 36
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Paiement, Luc 5 01/02/2016 35 74,804 1,005
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Paiement, Luc 5 01/02/2016 35 63,738 858
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Parent, Ghislain 5 01/02/2016 35 37,087 499
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Parent, Ghislain 5 01/02/2016 35 24,146 324
National Bank of Canada
Unités d’actions assujetties à des restrictions (UAR) /(RSU)
Pascoe, Ricardo 5 01/02/2016 35 122,063 1,641
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Pascoe, Ricardo 5 01/02/2016 35 68,822 925
National Bank of Canada
Common Shares Payette, Julie 4 12/02/2016 10 36.613 257
National Bank of Canada
Common Shares Payette, Julie 4 12/02/2016 10 36.613 257
National Bank of Canada
Common Shares Payette, Julie 4 12/02/2016 10 36.613 1,470 259
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Payette, Julie 4 01/02/2016 35 1,727 23
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Payette, Julie 4 12/02/2016 56 388
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Payette, Julie 4 12/02/2016 56 388
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Payette, Julie 4 12/02/2016 56 2,118 391
National Bank of Canada
Common Shares Runte, Roseann 4 02/02/2016 35 38.692 15,083 150
National Bank of Canada
Common Shares Runte, Roseann 4 12/02/2016 10 36.613 15,538 455
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Runte, Roseann 4 01/02/2016 35 40,126 539
National Bank of Canada
Common Shares Saputo, Lino Anthony 4 02/02/2016 35 38.692 44
National Bank of Canada
Common Shares Saputo, Lino Anthony 4 02/02/2016 35 38.692 44
National Bank of Canada
Common Shares Saputo, Lino Anthony 4 02/02/2016 35 38.692 5,419 46
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Saputo, Lino Anthony 4 01/02/2016 35 5,048 67
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Saputo, Lino Anthony 4 12/02/2016 56 747
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Saputo, Lino Anthony 4 12/02/2016 56 747
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Saputo, Lino Anthony 4 12/02/2016 56 5,797 749
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1888
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
National Bank of Canada
Common Shares Savoie, Andrée 4 02/02/2016 35 38.692 11
National Bank of Canada
Common Shares Savoie, Andrée 4 02/02/2016 35 38.692 11
National Bank of Canada
Common Shares Savoie, Andrée 4 02/02/2016 35 38.692 986 13
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Savoie, Andrée 4 15/04/2015 00
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Savoie, Andrée 4 12/02/2016 56 747 747
National Bank of Canada
Common Shares Thabet, Pierre 4 02/02/2016 35 38.692 53
National Bank of Canada
Common Shares Thabet, Pierre 4 02/02/2016 35 38.692 53
National Bank of Canada
Common Shares Thabet, Pierre 4 02/02/2016 35 38.692 5,036 55
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 01/02/2016 35 88
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 01/02/2016 35 88
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 01/02/2016 35 6,608 89
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 12/02/2016 56 745
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 12/02/2016 56 745
National Bank of Canada
Unités d’actions différées (UAD) / (DSU)
Thabet, Pierre 4 12/02/2016 56 7,356 748
National Bank of Canada
Unités d’actions assujetties à un critère de performance
Vachon, Louis 4, 5 01/02/2016 35 214,752 2,887
Nemaska Lithium Inc. Common Shares Nadeau, Steve 5 16/02/2016 10 0.375 107,355 5,568
Nevada Copper Corp. Common Shares McKnight, Robert Thomas
5 01/02/2016 10 0.54 16,000 9,290
Nevada Exploration Inc.
Common Shares Higgs, Dennis 4 11/02/2016 10 0.4065 3,763,472 -13,688
Nevada Exploration Inc.
Common Shares Higgs, Dennis 4 16/02/2016 10 0.3905 3,759,972 -3,500
Nevada Exploration Inc.
Common Shares Higgs, Dennis 4 17/02/2016 10 0.3839 3,759,522 -450
Nevada Exploration Inc.
Common Shares Higgs, Dennis 4 18/02/2016 10 0.3793 3,752,222 -7,300
Nevada Sunrise Gold Corporation
Common Shares Sweatman, Michael 4 11/02/2016 10 0.185 98,500 -80,000
Nevada Zinc Corporation (formerly Goldspike Exploration Inc.)
Common Shares Parnham, Duane 4 16/02/2016 10 0.26 3,799,000 25,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 30/07/2015 10 0.11 21,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 10/11/2015 10 0.115 -5,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 12/11/2015 10 0.135 -45,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 12/11/2015 10 0.13 -10,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 07/12/2015 10 0.11 -6,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 08/12/2015 10 0.115 -5,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 17/12/2015 10 0.1 -10,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 30/12/2015 10 0.095 -10,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 06/01/2016 10 0.09 -10,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 15/01/2016 10 0.08 -11,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1889
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Nexus Gold Corp. Common Shares Humphreys, Dean 4 18/01/2016 10 0.085 -4,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 26/01/2016 10 0.08 -50,000
Nexus Gold Corp. Common Shares Humphreys, Dean 4 09/02/2016 10 0.055 785,000 -5,000
Nexus Gold Corp. Common Shares Klenman, Alexander 4 16/02/2016 10 0.06 1,584,549 5,000
NGEx Resources Inc. Common Shares Lorito Holdings S.à.r.l. 3 19/02/2016 16 0.6 18,000,000 2,973,771
NGEx Resources Inc. Common Shares Zebra Holdings and Investments S.à.r.l.
3 17/02/2016 11 0.6 14,645,571 -1,552,500
NGEx Resources Inc. Common Shares Zebra Holdings and Investments S.à.r.l.
3 19/02/2016 16 0.6 21,755,133 7,109,562
Niagara Ventures Corporation
Common Shares Anderson, Scott Cameron
4, 5 18/02/2016 11 0.06 954,579 888,579
Niagara Ventures Corporation
Common Shares Anderson, Scott Cameron
4, 5 19/02/2016 11 0.06 1,761,780 620,000
Niagara Ventures Corporation
Options Anderson, Scott Cameron
4, 5 18/02/2016 50 0.06 340,000 150,000
Niagara Ventures Corporation
Common Shares McEachern, Ronald 4, 5 16/02/2016 10 0.06 797,555 14,000
Niagara Ventures Corporation
Common Shares McEachern, Ronald 4, 5 17/02/2016 11 0.05 3,731,866 2,934,311
Niagara Ventures Corporation
Options McEachern, Ronald 4, 5 17/02/2016 50 0.06 440,000 250,000
Niagara Ventures Corporation
Options Mores, Jeffrey John 4 17/02/2016 50 0.06 465,000 50,000
Niagara Ventures Corporation
Common Shares Stratton, Kevin Norman 3, 4, 5 18/02/2016 11 0.05 1,508,579 -2,934,311
Niagara Ventures Corporation
Common Shares Stratton, Kevin Norman 3, 4, 5 18/02/2016 11 0.05 888,579 -620,000
Niagara Ventures Corporation
Common Shares Stratton, Kevin Norman 3, 4, 5 18/02/2016 11 0.05 0 -888,579
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Options Ganley, Richard 4 29/01/2016 50 1.97 425,000 25,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Options Hauser, Jennifer 4 11/06/2013 00
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Options Hauser, Jennifer 4 29/01/2016 50 1.97 25,000 25,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Common Shares Kramer, Donald L. 3 10/02/2016 57 1,875,800 1,800,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Common Shares Kramer, Donald L. 3 12/02/2016 10 1.9711 15,814,482 20,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Restricted Stock Units
Kramer, Donald L. 3 17/05/2007 00
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Restricted Stock Units
Kramer, Donald L. 3 01/10/2014 56 6.82 2,000,000 2,000,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Restricted Stock Units
Kramer, Donald L. 3 10/02/2016 57 200,000 -1,800,000
Nobilis Health Corp. (formerly Northstar Healthcare Inc.)
Options Ozonian, Steven 4 29/01/2016 50 1.97 245,000 45,000
Noble Mineral Exploration Inc. (formerly Ring of Fire Resources Inc.)
Options Frawley, Denis S. 5 14/04/2014 52 992,000 -50,000
Noble Mineral Exploration Inc. (formerly Ring of Fire Resources Inc.)
Options Frawley, Denis S. 5 26/04/2014 52 792,000 -200,000
Northern Blizzard Resources Inc.
Common Shares NGP IX Northern Blizzard S.A. R.L.
3 15/02/2016 35 46,027,819 561,516
Northern Blizzard Resources Inc.
Common Shares R/C Canada Cooperatief U.A.
3 16/02/2016 35 31,311,666 381,986
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1890
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Northern Empire Resources Corp.
Common Shares Hurst, Douglas 4 17/02/2016 16 0.1 670,000 170,000
Northern Empire Resources Corp.
Warrants Hurst, Douglas 4 17/02/2016 16 0.15 335,000 85,000
Northern Empire Resources Corp.
Common Shares Paterson, James R. 4 17/02/2016 16 0.1 1,437,000 150,000
Northern Empire Resources Corp.
Warrants Paterson, James R. 4 17/02/2016 16 0.15 175,000 75,000
Northern Empire Resources Corp.
Common Shares Robins, John Edward 4, 5 17/02/2016 16 0.1 1,050,000 550,000
Northern Empire Resources Corp.
Warrants Robins, John Edward 4, 5 17/02/2016 16 0.15 525,000 275,000
Northern Frontier Corp. (formerly Frontier Acquisition Corp.)
Common Shares Balderston, Monty 5 18/02/2016 57 0.3 85,133 10,833
Northern Frontier Corp. (formerly Frontier Acquisition Corp.)
Restricted Share Units
Balderston, Monty 5 18/02/2016 57 0.3 33,667 -10,833
Northern Frontier Corp. (formerly Frontier Acquisition Corp.)
Common Shares Clarke Inc. 3 16/02/2016 10 0.28 4,084,200 7,000
Northern Frontier Corp. (formerly Frontier Acquisition Corp.)
Common Shares Yellowega, Chris 4, 5 18/02/2016 57 0.3 144,317 27,333
Northern Frontier Corp. (formerly Frontier Acquisition Corp.)
Restricted Share Units
Yellowega, Chris 4, 5 18/02/2016 57 0.3 78,667 -27,333
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2014 30 16.82 981
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2014 30 16.82 12,566 847
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2015 30 15.799 13,447 881
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2014 30 16.82 2,078
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2014 30 16.82 361,171 2,212
Northland Power Inc. Common Shares Dougall, David George 5 31/12/2015 30 15.799 365,517 3,159
Northland Power Inc. Common Shares Gilmour, Barry Kenneth 4 31/12/2015 30 15.799 3,111 150
Northland Power Inc. Deferred Share Units (DSU)
Gilmour, Barry Kenneth 4 31/12/2015 30 15.799 11,249 455
Northland Power Inc. Common Shares Goodman, Russell Andrew
4 31/12/2015 30 15.799 195
Northland Power Inc. Common Shares Goodman, Russell Andrew
4 31/12/2015 30 15.799 195
Northland Power Inc. Deferred Share Units (DSU)
Goodman, Russell Andrew
4 31/12/2015 30 17.95 4,938 195
Northland Power Inc. Deferred Share Units (DSU)
Harder, Vernon Peter 4 31/12/2015 30 15.799 26,982 1,456
Northland Power Inc. Deferred Share Units (DSU)
Turner, John, Napier 4 31/12/2015 30 15.799 8,803 421
NorthWest Healthcare Properties Real Estate Investment Trust
Deferred Units Crotty, Bernard W. 4 16/02/2016 38 8.59 194,715 -1,048
NRG Metals Inc. Common Shares hobkirk, adrian frederick
4, 5 12/02/2016 10 0.035 3,022,722 -36,000
NRG Metals Inc. Common Shares hobkirk, adrian frederick
4, 5 12/02/2016 10 0.03 3,016,564 -6,158
NSX Silver Inc. Common Shares Nicoll, James David 3 17/02/2016 10 0.05 801,000 10,000
Oceanus Resources Corporation
Common Shares Gordon, Richard Basil 4, 5 19/02/2016 10 0.22 1,808,622 5,000
Olympia Financial Group Inc.
Common Shares Keogh, Willem 5 04/03/2013 00
Olympia Financial Group Inc.
Common Shares Keogh, Willem 5 04/03/2013 00
Open Text Corporation
Common Shares OTEX Common
Jackman, Brian 4 16/02/2016 51 24000 48,000 24,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1891
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Open Text Corporation
Common Shares OTEX Common
Jackman, Brian 4 16/02/2016 10 24,000 -24,000
Open Text Corporation
Options All OTEX Option Plans
Jackman, Brian 4 16/02/2016 51 42.21 36,600 -24,000
Open Text Corporation
Options All OTEX Option Plans
Murphy, Stephen Francis
5 11/02/2016 50 47.01 169,680 150,000
Open Text Corporation
Common Shares OTEX Common
Weiss, Gary 5 16/02/2016 51 3252 7,815 3,252
Open Text Corporation
Common Shares OTEX Common
Weiss, Gary 5 16/02/2016 10 48.43 4,563 -3,252
Open Text Corporation
Options All OTEX Option Plans
Weiss, Gary 5 16/02/2016 51 48.43 50,378 -3,252
Orbit Garant Drilling Inc.
Common Shares Stuart, Edmund Joseph 4 17/02/2016 10 0.69 35,000 5,000
Orbit Garant Drilling Inc.
Common Shares Stuart, Edmund Joseph 4 17/02/2016 10 0.7 50,000 15,000
Orla Mining Ltd. Common Shares Robertson, Paul Harold 5 10/06/2015 00
Orla Mining Ltd. Common Shares Robertson, Paul Harold 5 15/02/2016 16 0.08 375,000 375,000
Orla Mining Ltd. Warrants Robertson, Paul Harold 5 10/06/2015 00
Orla Mining Ltd. Warrants Robertson, Paul Harold 5 15/02/2016 16 0.1 375,000 375,000
Pacgen Life Science Corporation
Common Shares YIP, CHRISTINA 5 09/02/2016 10 0.04 4,554,821 15,000
Pacgen Life Science Corporation
Common Shares YIP, CHRISTINA 5 12/02/2016 10 0.05 4,556,821 2,000
Pacific Insight Electronics Corp.
Common Shares McKinney, J. Cowan 4 19/02/2016 11 7.5 1,551 733
Pacific Insight Electronics Corp.
Common Shares McKinney, J. Cowan 4 29/12/2015 11 5.9 79,892 -4,236
Pacific Insight Electronics Corp.
Common Shares McKinney, J. Cowan 4 18/02/2016 11 7.55 77,244 -2,648
Pacific Insight Electronics Corp.
Common Shares McKinney, J. Cowan 4 19/02/2016 11 7.5 76,511 -733
Pacific Insight Electronics Corp.
Common Shares Sutherland, Gary B. 4 17/02/2016 11 4.12 87,500 10,000
Pacific Insight Electronics Corp.
Common Shares Sutherland, Gary B. 4 17/02/2016 11 4.12 52,500 10,000
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 15/02/2016 11 4.12 100,000 -10,000
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 17/02/2016 51 4.12 -20,000
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 17/02/2016 51 4.12 90,000 -10,000
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 24/04/2006 00
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 15/02/2016 11 4.12 10,000 10,000
Pacific Insight Electronics Corp.
Options Sutherland, Gary B. 4 17/02/2016 51 4.12 0 -10,000
Painted Pony Petroleum Ltd.
Common Shares Hanbury, Edwin Stewart
5 01/02/2016 30 4.06 1,045
Painted Pony Petroleum Ltd.
Common Shares Hanbury, Edwin Stewart
5 01/02/2016 30 4.06 1,045
Parkland Fuel Corporation
Common Shares Pantelidis, James 4 18/02/2016 30 20.54 203,305 197
Parkland Fuel Corporation
Common Shares PILLA, DOMENICO 4 18/02/2016 30 21.15 5,062 22
Parlane Resource Corp.
Common Shares Arca, Gary Vittorio 3, 4 08/01/2016 10 0.07 374,200 4,000
Parlane Resource Corp.
Common Shares Arca, Gary Vittorio 3, 4 13/01/2016 10 0.07 429,200 55,000
Pelangio Exploration Inc.
Warrants Crossgrove, Peter Alexander
4 15/02/2016 55 0 -250,000
Pelangio Exploration Inc.
Warrants Eaton, Thor 4 15/02/2016 55 1,750,000 -1,125,000
Pelangio Exploration Inc.
Warrants Hibbard, Ingrid Jo-Ann 4, 5 15/02/2016 55 0 -1,125,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1892
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pelangio Exploration Inc.
Warrants Nurmi, Carl 4 15/02/2016 55 85,000 -625,000
People Corporation Common Shares Anderson, Scott Cameron
4 18/02/2016 10 2.55 1,456,763 -8,500
Pepcap Resources, Inc.
Common Shares Andrup, Claus Erik 4 16/02/2016 10 0.015 784,537 2,000
Pepcap Resources, Inc.
Common Shares Andrup, Claus Erik 4 16/02/2016 10 0.015 786,537 2,000
Pepcap Resources, Inc.
Common Shares Andrup, Claus Erik 4 18/02/2016 10 0.015 795,537 9,000
Pepcap Resources, Inc.
Common Shares Andrup, Claus Erik 4 19/02/2016 10 0.015 798,537 3,000
Perk.com Inc. Common Shares Nolan, Sheffield Simmons
7 05/02/2016 22 365,615 8,303
Petrolympic Ltd. Options Szweras, Adam Kelley 5 25/06/2013 50 666,667
Petrolympic Ltd. Options Szweras, Adam Kelley 5 25/06/2013 50 866,667 666,667
Petrus Resources Inc. (formerly Phoscan Chemical Corp.)
Options Wheeler, Mark Fraser 5 02/02/2016 38 0 -350,000
Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 18/02/2016 10 0.798 18,030,050 125,750
Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 12/02/2016 10 0.8 15,295,000 22,500
Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 16/02/2016 10 0.8 15,300,000 5,000
Pine Cliff Energy Ltd. Common Shares Disbrow, Robert 3 18/02/2016 10 0.8099 15,425,750 125,750
Pine Cliff Energy Ltd. Common Shares Hodge, Philip Blake 4, 5 17/02/2016 10 0.8 6,327,100 20,000
Plaza Retail REIT RSUs Penney, Stephen 5 15/02/2016 30 4.42 870 3
Plaza Retail REIT RSUs Penney, Stephen 5 15/02/2016 57 4.42 867 -3
Plaza Retail REIT Trust Units Penney, Stephen 5 15/02/2016 57 4.42 6,924 3
Plaza Retail REIT RSUs Salsberg, Kevin 5 15/02/2016 30 4.42 3,350 16
Plaza Retail REIT RSUs Salsberg, Kevin 5 15/02/2016 59 4.42 3,334 -16
POET Technologies Inc.
Common Shares Taylor, Geoff 4 18/02/2016 10 987,748 -10,000
POET Technologies Inc.
Common Shares Taylor, Geoff 4 19/02/2016 10 977,748 -10,000
Potash Corporation of Saskatchewan Inc.
Common Shares Madere, Consuelo 4 16/02/2016 10 15.67 16,500 6,500
Potash Corporation of Saskatchewan Inc.
Common Shares Martell, Keith 4 18/02/2016 10 23 11,000 7,200
Potash Corporation of Saskatchewan Inc.
Common Shares Martell, Keith 4 19/02/2016 10 22.1 13,100 2,100
Precision Drilling Corporation
PSUs Espeland, Niels 5 03/11/2011 00
Precision Drilling Corporation
PSUs Espeland, Niels 5 10/02/2016 56 132,100 132,100
Precision Drilling Corporation
PSUs Evasiuk, Douglas Brian 7 01/06/2010 00
Precision Drilling Corporation
PSUs Evasiuk, Douglas Brian 7 10/02/2016 56 94,400 94,400
Precision Drilling Corporation
PSUs Foley, Veronica H. 5 09/01/2015 00
Precision Drilling Corporation
PSUs Foley, Veronica H. 5 10/02/2016 56 30,300 30,300
Precision Drilling Corporation
RSUs Foley, Veronica H. 5 09/01/2015 00
Precision Drilling Corporation
RSUs Foley, Veronica H. 5 10/02/2016 56 13,800 13,800
Precision Drilling Corporation
PSUs FORD, CAREY THOMAS
7 22/07/2011 00
Precision Drilling Corporation
PSUs FORD, CAREY THOMAS
7 10/02/2016 56 56,700 56,700
Precision Drilling Corporation
PSUs Gambles, Leonard C. 7 01/06/2010 00
Precision Drilling Corporation
PSUs Gambles, Leonard C. 7 10/02/2016 56 40,000 40,000
Precision Drilling Corporation
Common Shares Hughes, Catherine Jeanne
4 12/02/2016 10 3.95 25,250 12,550
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1893
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Precision Drilling Corporation
PSUs Hunter, Grant MacLeod 7 01/06/2010 00
Precision Drilling Corporation
PSUs Hunter, Grant MacLeod 7 10/02/2016 56 94,400 94,400
Precision Drilling Corporation
PSUs Marks, Roland H. 7 01/06/2010 00
Precision Drilling Corporation
PSUs Marks, Roland H. 7 10/02/2016 56 66,600 66,600
Precision Drilling Corporation
PSUs McNally, Robert Joseph
5 19/07/2010 00
Precision Drilling Corporation
PSUs McNally, Robert Joseph
5 10/02/2016 56 188,700 188,700
Precision Drilling Corporation
PSUs Neveu, Kevin A. 4, 5 01/06/2010 00
Precision Drilling Corporation
PSUs Neveu, Kevin A. 4, 5 10/02/2016 56 442,500 442,500
Precision Drilling Corporation
PSUs Pickering, William Ross 7 01/06/2010 00
Precision Drilling Corporation
PSUs Pickering, William Ross 7 10/02/2016 56 66,600 66,600
Precision Drilling Corporation
PSUs Ruhr, Darren 5 01/06/2010 00
Precision Drilling Corporation
PSUs Ruhr, Darren 5 10/02/2016 56 66,600 66,600
Precision Drilling Corporation
PSUs Stahl, Gene 5 01/06/2010 00
Precision Drilling Corporation
PSUs Stahl, Gene 5 10/02/2016 56 132,100 132,100
Precision Drilling Corporation
PSUs Stickland, Wane Jacob 7 01/06/2010 00
Precision Drilling Corporation
PSUs Stickland, Wane Jacob 7 10/02/2016 56 43,300 43,300
Precision Drilling Corporation
RSUs Stickland, Wane Jacob 7 01/06/2010 00
Precision Drilling Corporation
RSUs Stickland, Wane Jacob 7 10/02/2016 56 19,700 19,700
Premier Gold Mines Limited
Common Shares Downie, Ewan Stewart 4 19/02/2016 51 1.79 3,829,778 175,000
Premier Gold Mines Limited
Common Shares Downie, Ewan Stewart 4 19/02/2016 10 3.23 3,654,778 -175,000
Premier Gold Mines Limited
Options Downie, Ewan Stewart 4 19/02/2016 51 1,575,000 -175,000
Pro Real Estate Investment Trust
Deferred Units Aghar, Peter 3, 4, 6 18/02/2016 56 23,110 15,500
Pro Real Estate Investment Trust
Deferred Units Beckerleg, James Walter
4, 5 18/02/2016 56 329,249 60,000
Pro Real Estate Investment Trust
Deferred Units Chiara, Vincent 4 18/02/2016 56 23,110 15,500
Pro Real Estate Investment Trust
Deferred Units Côté, Martin 4 18/02/2016 56 23,110 15,500
Pro Real Estate Investment Trust
Deferred Units Lawlor, Gordon G. 5 18/02/2016 56 219,476 40,000
Pro Real Estate Investment Trust
Deferred Units Levitt, John 4 18/02/2016 56 64,148 17,750
Pro Real Estate Investment Trust
Deferred Units Limoges, Gérard A. 4 18/02/2016 56 64,148 17,750
Pro Real Estate Investment Trust
Deferred Units Santoro, Vitale A. 4, 5 18/02/2016 56 55,556 15,500
Pro Real Estate Investment Trust
Deferred Units Smith, Ronald 4 18/02/2016 56 55,556 15,500
Prophecy Development Corp.
Common Shares without par value
Hall, Greg 4 12/01/2016 10 0.025 0 -400,000
Prophecy Development Corp.
Options Hall, Greg 4 10/02/2016 38 2,550,000 -550,000
Prophecy Development Corp.
Options Kasimov, Bekzod 5 11/02/2016 38 1,300,000 -80,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1894
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Prophecy Development Corp.
Options Lee, John 4, 5 11/02/2016 38 0.28 10,420,000 -1,100,000
Prophecy Development Corp.
Options Lee, John 4, 5 11/02/2016 38 0.18 8,990,000 -1,430,000
Prophecy Development Corp.
Options Plavutska, Irina 5 10/02/2016 38 950,000 -180,000
Prospero Silver Corp. Common Shares Soto Moran, Martin 5 12/02/2016 97 0.05 424,000 250,000
PUDO Inc. Common Shares Arnold, Kurtis 4 14/07/2015 00
PUDO Inc. Common Shares Arnold, Kurtis 4 12/02/2016 16 2.5 4,000 4,000
PUDO Inc. Warrants Arnold, Kurtis 4 14/07/2015 00
PUDO Inc. Warrants Arnold, Kurtis 4 12/02/2016 16 2,000 2,000
PUDO Inc. Common Shares Bijou, Thomas Frank 4 12/02/2016 16 2.5 123,160 11,160
PUDO Inc. Common Shares Bijou, Thomas Frank 4 12/02/2016 51 173,160 50,000
PUDO Inc. Options Bijou, Thomas Frank 4 12/02/2016 51 165,000 -50,000
PUDO Inc. Warrants Bijou, Thomas Frank 4 14/07/2015 00
PUDO Inc. Warrants Bijou, Thomas Frank 4 12/02/2016 16 5,580 5,580
PUDO Inc. Common Shares McDougall, Ian Alexander
4 14/07/2015 00
PUDO Inc. Common Shares McDougall, Ian Alexander
4 12/02/2016 16 2.5 10,000 10,000
PUDO Inc. Warrants McDougall, Ian Alexander
4 14/07/2015 00
PUDO Inc. Warrants McDougall, Ian Alexander
4 12/02/2016 16 5,000 5,000
PUDO Inc. Common Shares Westerman, Howard 4 12/02/2016 16 2.5 878,009 11,160
PUDO Inc. Warrants Westerman, Howard 4 14/07/2015 00
PUDO Inc. Warrants Westerman, Howard 4 12/02/2016 16 5,580 5,580
Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 10/02/2016 38 2.31 45,800 800
Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 11/02/2016 38 2.2032 50,800 5,000
Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 12/02/2016 38 2.19 53,000 2,200
Puma Exploration Inc. Common Shares Cordick, Arness William Ross
3, 4 12/02/2016 10 0.04 11,739,000 80,000
Puma Exploration Inc. Common Shares Cordick, Arness William Ross
3, 4 12/02/2016 10 0.04 11,810,000 71,000
Puma Exploration Inc. Common Shares Cordick, Arness William Ross
3, 4 12/02/2016 10 0.045 11,814,000 4,000
Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 18/02/2016 10 0.05 1,125,750 4,000
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 16/10/2015 30 5.82 18,422 590
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 20/10/2015 30 5.65 18,512 90
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 09/11/2015 30 5.61 19,124 612
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 16/12/2015 30 4.26 19,931 807
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 13/01/2016 30 4.55 20,078 147
Pure Technologies Ltd.
Common Shares Budianto, Robert 5 19/01/2016 30 4.27 20,882 804
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 16/10/2015 30 5.82 108,976 982
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 20/10/2015 30 5.65 109,071 95
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 09/11/2015 30 5.61 110,089 1,018
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 16/12/2015 30 4.26 161,431 1,342
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 13/01/2016 30 4.55 161,562 131
Pure Technologies Ltd.
Common Shares Elliott, John Francis 5 19/01/2016 30 4.27 162,900 1,338
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 16/10/2015 30 5.82 31,770 810
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1895
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 20/10/2015 30 5.65 31,830 60
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 09/11/2015 30 5.61 32,691 861
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 16/12/2015 30 4.26 40,870 1,179
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 13/01/2016 30 4.55 40,954 84
Pure Technologies Ltd.
Common Shares Higgins, Michael 5 19/01/2016 30 4.27 45,145 1,191
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 16/10/2015 30 5.82 215,161 812
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 20/10/2015 30 5.65 215,294 133
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 09/11/2015 30 5.61 216,135 841
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 16/12/2015 30 4.26 217,244 1,109
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 13/01/2016 30 4.55 217,421 177
Pure Technologies Ltd.
Common Shares Holley, Mark William 5 19/01/2016 30 4.27 218,527 1,106
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 16/10/2015 30 5.82 8,948 738
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 20/10/2015 30 5.65 8,989 41
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 09/11/2015 30 5.61 9,754 765
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 16/12/2015 30 4.26 10,762 1,008
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 13/01/2016 30 4.55 10,823 61
Pure Technologies Ltd.
Common Shares Krause, Geoffrey Dean 5 19/01/2016 30 4.27 11,828 1,005
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 16/10/2015 30 5.82 67,901 864
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 20/10/2015 30 5.65 68,131 230
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 09/11/2015 30 5.61 69,027 896
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 16/12/2015 30 4.26 121,008 1,181
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 13/01/2016 30 4.55 121,306 298
Pure Technologies Ltd.
Common Shares Paulson, James Edward
4, 6, 5 19/01/2016 30 4.27 122,484 1,178
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 16/10/2015 30 5.82 219,872 864
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 20/10/2015 30 5.65 220,102 230
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 09/11/2015 30 5.61 220,998 896
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 16/12/2015 30 4.26 272,179 1,181
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 13/01/2016 30 4.55 272,477 298
Pure Technologies Ltd.
Common Shares Paulson, Peter Osborne
4, 6, 5 19/01/2016 30 4.27 273,655 1,178
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 20/10/2015 30 5.65 2,302 12
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 13/01/2016 30 4.55 2,317 15
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 16/10/2015 30 5.82 9,196 384
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 20/10/2015 30 5.65 9,210 14
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1896
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 09/11/2015 30 5.61 9,608 398
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 16/12/2015 30 4.26 10,133 525
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 13/01/2016 30 4.55 10,156 23
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 19/01/2016 30 4.27 10,679 523
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 16/10/2015 30 5.82 1,661 189
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 20/10/2015 30 5.65 1,667 6
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 09/11/2015 30 5.61 1,863 196
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 16/12/2015 30 4.26 2,121 258
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 13/01/2016 30 4.55 2,131 10
Pure Technologies Ltd.
Common Shares Springer, Nicole 5 19/01/2016 30 4.27 2,389 258
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 16/10/2015 30 5.82 32,951 616
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 20/10/2015 30 5.65 32,954 3
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 09/11/2015 30 5.61 33,592 638
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 16/12/2015 30 4.26 34,434 842
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 13/01/2016 30 4.55 34,446 12
Pure Technologies Ltd.
Common Shares WRIGGLESWORTH, MICHAEL ROBERT
5 19/01/2016 30 4.27 35,285 839
Range Energy Resources Inc.
Common Shares Gulf LNG America, LLC
3 19/02/2016 16 0.035 516,365,647 29,700,000
Range Energy Resources Inc.
Warrants Gulf LNG America, LLC
3 19/02/2016 16 0.05 385,965,647 29,700,000
RDM Corporation Common Shares Matheson, Joseph Lee Grant
4 17/02/2016 10 4.08 469,500 2,600
RDM Corporation Common Shares Matheson, Joseph Lee Grant
4 11/02/2016 10 4.1 12,300 900
RDM Corporation Common Shares Matheson, Joseph Lee Grant
4 18/02/2016 10 4.07 14,800 2,500
Redknee Solutions Inc.
Common Shares GRANOVSKY, DAHRA 4 15/07/2015 00 6,023
Redknee Solutions Inc.
Common Shares GRANOVSKY, DAHRA 4 07/12/2015 10 2.98 12,023 6,000
Redknee Solutions Inc.
Common Shares GRANOVSKY, DAHRA 4 15/07/2015 00 7,270
Redknee Solutions Inc.
Common Shares Thexton, Kent Paul 4 18/02/2016 10 1.35 928,485 50,000
Relentless Resources Ltd.
Common Shares Kolias, Ike Sotiris 3 16/02/2016 10 0.07 10,089,213 100,000
Relentless Resources Ltd.
Common Shares Kolias, Ike Sotiris 3 17/02/2016 10 0.06 10,189,213 100,000
Relentless Resources Ltd.
Common Shares Peshke, Ronald John 4 18/02/2016 10 0.06 7,977,000 200,000
Reliant Gold Corp. Options Ahmed, Kabir (Shah Alam Ahmed Kabir)
3, 4, 5 17/02/2016 50 0.05 425,000 100,000
Renforth Resources Inc.
Common Shares Simard, Denis 4 16/02/2016 10 0.025 281,000 -15,000
Reservoir Capital Corp.
Common Shares Mann, Lee P 3 29/01/2016 10 0.2214 1,498,750 -40,000
Reservoir Capital Corp.
Common Shares Mann, Lee P 3 08/02/2016 10 0.2212 1,473,750 -25,000
Richelieu Hardware Ltd.
Unités d’actions différées
Chicoyne, Denyse 4 18/02/2016 56 67.2 17,185 41
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1897
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Richelieu Hardware Ltd.
Unités d’actions différées
Courteau, Robert 4, 5 18/02/2016 56 67.2 17,263 41
Richelieu Hardware Ltd.
Unités d’actions différées
DOUVILLE, Jean R. 4 18/02/2016 56 67.2 17,692 42
Richelieu Hardware Ltd.
Unités d’actions différées
Gauvin, Mathieu 4 18/02/2016 56 67.2 19,609 47
Richelieu Hardware Ltd.
Common Shares Grenier, Guy 5 16/02/2016 10 67 9,497 -1,000
Richelieu Hardware Ltd.
Unités d’actions différées
Poulin, Marc 4 18/02/2016 56 67.2 3,074 7
Richelieu Hardware Ltd.
Unités d’actions différées
Proteau, Jocelyn 4 18/02/2016 56 67.2 9,745 12
Ring of Fire Resources Inc. (formerly Hawk Uranium Inc.)
Common Shares Frawley, Denis S. 5 22/12/2011 11 0.11 181,818
Ring of Fire Resources Inc. (formerly Hawk Uranium Inc.)
Common Shares Frawley, Denis S. 5 22/12/2011 11 0.11 181,818 181,818
Ring of Fire Resources Inc. (formerly Hawk Uranium Inc.)
Options Frawley, Denis S. 5 27/04/2011 50 200,000
Ring of Fire Resources Inc. (formerly Hawk Uranium Inc.)
Options Frawley, Denis S. 5 27/04/2011 50 492,000 200,000
RMP Energy Inc. Common Shares Baker, Douglas N 4 14/04/2015 30 3.55 83,424 704
RMP Energy Inc. Common Shares Baker, Douglas N 4 14/07/2015 30 2.08 84,626 1,202
RMP Energy Inc. Common Shares Baker, Douglas N 4 14/10/2015 30 1.83 85,992 1,366
RMP Energy Inc. Common Shares Baker, Douglas N 4 14/12/2015 30 1.35 87,844 1,852
RMP Energy Inc. Common Shares Brussa, John Albert 4 31/12/2015 30 2.2 832,681 5,124
RMP Energy Inc. Common Shares Hogg, Andrew Lowden 4 14/04/2015 30 3.55 151,408 704
RMP Energy Inc. Common Shares Hogg, Andrew Lowden 4 14/07/2015 30 2.08 152,610 1,202
RMP Energy Inc. Common Shares Hogg, Andrew Lowden 4 14/10/2015 30 1.83 153,976 1,366
RMP Energy Inc. Common Shares Hogg, Andrew Lowden 4 14/12/2015 30 1.35 155,828 1,852
RMP Energy Inc. Common Shares SAUNDERS, JAMES MACLEO
4 14/04/2015 30 3.55 258,765 704
RMP Energy Inc. Common Shares SAUNDERS, JAMES MACLEO
4 14/07/2015 30 2.08 259,967 1,202
RMP Energy Inc. Common Shares SAUNDERS, JAMES MACLEO
4 14/10/2015 30 1.83 261,333 1,366
RMP Energy Inc. Common Shares SAUNDERS, JAMES MACLEO
4 14/12/2015 30 1.35 263,185 1,852
RMP Energy Inc. Common Shares Swift, Lloyd Charles 4 14/04/2015 30 3.55 169,270 704
RMP Energy Inc. Common Shares Swift, Lloyd Charles 4 14/07/2015 30 2.08 170,472 1,202
RMP Energy Inc. Common Shares Swift, Lloyd Charles 4 14/10/2015 30 1.83 171,838 1,366
RMP Energy Inc. Common Shares Swift, Lloyd Charles 4 14/12/2015 30 1.35 173,690 1,852
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Common Shares Garofalo, Sam 4, 5 01/02/2016 16 0.07 143,611 63,611
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Common Shares Lehtinen, Tammy Marie
5 01/02/2016 16 0.08 283,333 163,333
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Options Tremblay, Jean-Sebastien
5 10/02/2016 00
Rockex Mining Corporation (formerly Enviropave International Ltd.)
Options Tremblay, Jean-Sebastien
5 10/02/2016 50 0.15 50,000 50,000
Rosita Mining Corporation
Common Shares Dudek, Don 4 12/02/2016 10 0.025 1,006,102 50,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1898
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Anderson, Robert James
5 31/12/2015 30 5,329 386
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Fukakusa, Janice Rose 5 31/12/2015 30 21,202 2,071
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
guzman, douglas antony
5 31/12/2015 30 3,367 35
Royal Bank of Canada Common Shares Hirji-Nowaczynski, Zabeen
5 31/12/2015 30 7,403 287
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Hirji-Nowaczynski, Zabeen
5 31/12/2015 30 12,658 1,068
Royal Bank of Canada Common Shares Hughes, Mark Richard 5 31/12/2015 30 148,014 5,777
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Hughes, Mark Richard 5 31/12/2015 30 12,943 503
Royal Bank of Canada Rights - RBC 401K Hughes, Mark Richard 5 31/12/2015 30 138 5
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
McGregor, Alex Douglas
5 31/12/2015 30 3,899 321
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
McKay, David Ian 4, 5 31/12/2015 30 21,557 2,334
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Ross, Bruce Washington
5 31/12/2015 30 1,238 646
Royal Bank of Canada Common Shares - Share Purchase Plans (RESSOP, DSSP, DSPP etc.)
Tory, Jennifer Anne 5 31/12/2015 30 31,215 2,019
Royalty North Partners Ltd.
Common Shares BUSS, CHRISTOPHER A.
4, 5 17/02/2016 16 0.05 492,100 292,100
Royalty North Partners Ltd.
Common Shares BUSS, CHRISTOPHER A.
4, 5 18/02/2016 11 0.063 631,861 139,761
Royalty North Partners Ltd.
Warrants BUSS, CHRISTOPHER A.
4, 5 17/02/2016 16 492,100 292,100
Royalty North Partners Ltd.
Warrants BUSS, CHRISTOPHER A.
4, 5 18/02/2016 11 577,841 85,741
Royalty North Partners Ltd.
Common Shares CURRIE, JUSTIN LENNOX
4, 5 17/02/2016 16 0.05 840,000 840,000
Royalty North Partners Ltd.
Common Shares CURRIE, JUSTIN LENNOX
4, 5 01/02/2016 00
Royalty North Partners Ltd.
Common Shares CURRIE, JUSTIN LENNOX
4, 5 18/02/2016 11 0.063 593,333 593,333
Royalty North Partners Ltd.
Warrants CURRIE, JUSTIN LENNOX
4, 5 01/02/2016 00
Royalty North Partners Ltd.
Warrants CURRIE, JUSTIN LENNOX
4, 5 17/02/2016 16 840,000 840,000
Royalty North Partners Ltd.
Warrants CURRIE, JUSTIN LENNOX
4, 5 01/02/2016 00
Royalty North Partners Ltd.
Warrants CURRIE, JUSTIN LENNOX
4, 5 18/02/2016 11 364,000 364,000
Royalty North Partners Ltd.
Common Shares Krause, Steven Karl 5 17/02/2016 16 0.05 210,000 200,000
Royalty North Partners Ltd.
Warrants Krause, Steven Karl 5 01/02/2016 00
Royalty North Partners Ltd.
Warrants Krause, Steven Karl 5 17/02/2016 16 0.1 200,000 200,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1899
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Royalty North Partners Ltd.
Common Shares Smith, Gregory 4 01/02/2016 00
Royalty North Partners Ltd.
Common Shares Smith, Gregory 4 17/02/2016 16 0.05 387,500 387,500
Royalty North Partners Ltd.
Common Shares Smith, Gregory 4 18/02/2016 11 0.063 572,917 185,417
Royalty North Partners Ltd.
Warrants Smith, Gregory 4 01/02/2016 00
Royalty North Partners Ltd.
Warrants Smith, Gregory 4 17/02/2016 16 387,500 387,500
Royalty North Partners Ltd.
Warrants Smith, Gregory 4 18/02/2016 11 501,250 113,750
Rugby Mining Limited Common Shares Roxburgh, Bryce 4 09/02/2016 10 0.05 787,500 100,000
Russel Metals Inc. Options Britton, Marion Eleanor 5 16/02/2016 50 18.11 498,466 97,222
Russel Metals Inc. Common Shares Dinning, James Francis 4 19/02/2016 10 17.95 18,500 1,500
Russel Metals Inc. Options Hedges, Brian Robie 5 16/02/2016 50 18.11 660,526 162,037
Russel Metals Inc. Options Reid, John Gregory 5 16/02/2016 50 18.11 304,527 115,741
Sandspring Resources Ltd.
Common Shares Crichton, Jeremy 5 11/02/2016 54 0.15 84,000 50,000
Sandspring Resources Ltd.
Common Shares Crichton, Jeremy 5 11/02/2016 10 0.21 34,000 -50,000
Sandspring Resources Ltd.
Warrants Crichton, Jeremy 5 11/02/2016 54 0 -50,000
Santacruz Silver Mining Ltd.
Warrants Préstamo Elizondo, Arturo
3, 4, 5 09/02/2016 70 0.15 -2,000,000
Santacruz Silver Mining Ltd.
Warrants Préstamo Elizondo, Arturo
3, 4, 5 09/02/2016 70 0.15 1,000,000 -2,000,000
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 51 10.7 8,295 2
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 51 14.66 8,911 616
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 51 21.61 9,811 900
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 51 21.48 16,663 6,852
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 51 25.55 22,605 5,942
Saputo Inc. Common Shares Corney, Paul 7, 5 17/02/2016 10 37.62 8,293 -14,312
Saputo Inc. Common Shares Corney, Paul 7, 5 18/02/2016 51 27.74 15,293 7,000
Saputo Inc. Common Shares Corney, Paul 7, 5 18/02/2016 10 38.005 14,893 -400
Saputo Inc. Common Shares Corney, Paul 7, 5 18/02/2016 10 38 8,293 -6,600
Saputo Inc. Options Corney, Paul 7, 5 17/02/2016 51 10.7 167,621 -2
Saputo Inc. Options Corney, Paul 7, 5 17/02/2016 51 14.66 167,005 -616
Saputo Inc. Options Corney, Paul 7, 5 17/02/2016 51 21.61 166,105 -900
Saputo Inc. Options Corney, Paul 7, 5 17/02/2016 51 21.48 159,253 -6,852
Saputo Inc. Options Corney, Paul 7, 5 17/02/2016 51 25.55 153,311 -5,942
Saputo Inc. Options Corney, Paul 7, 5 18/02/2016 51 27.74 146,311 -7,000
Saputo Inc. Common Shares Palombaro, Gabriel 5 17/02/2016 51 14.66 19,743 4,094
Saputo Inc. Common Shares Palombaro, Gabriel 5 17/02/2016 51 21.61 31,403 11,660
Saputo Inc. Common Shares Palombaro, Gabriel 5 17/02/2016 51 21.48 46,767 15,364
Saputo Inc. Common Shares Palombaro, Gabriel 5 17/02/2016 10 38 27,309 -19,458
Saputo Inc. Common Shares Palombaro, Gabriel 5 17/02/2016 10 38.02 15,649 -11,660
Saputo Inc. Options Palombaro, Gabriel 5 17/02/2016 51 14.66 106,290 -4,094
Saputo Inc. Options Palombaro, Gabriel 5 17/02/2016 51 21.61 94,630 -11,660
Saputo Inc. Options Palombaro, Gabriel 5 17/02/2016 51 21.48 79,266 -15,364
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 51 21.61 27,207 12,000
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38 25,006 -2,201
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.99 23,806 -1,200
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.96 21,906 -1,900
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.98 21,506 -400
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.95 20,106 -1,400
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.985 19,706 -400
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.94 18,306 -1,400
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.97 18,106 -200
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 51 21.61 32,018 13,912
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1900
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.98 27,818 -4,200
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 37.97 25,118 -2,700
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38.09 23,706 -1,412
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38.06 23,106 -600
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38.05 20,306 -2,800
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38.01 19,806 -500
Saputo Inc. Common Shares Wagner, Gaétane 5 18/02/2016 10 38 18,106 -1,700
Saputo Inc. Options Wagner, Gaétane 5 18/02/2016 51 21.61 248,184 -12,000
Saputo Inc. Options Wagner, Gaétane 5 18/02/2016 51 21.61 234,272 -13,912
Savary Gold Corp. Common Shares Dudek, Don 4, 5 17/02/2016 10 0.05 1,554,000 5,000
Savary Gold Corp. Options Lostritto, Paolo 4 17/02/2016 50 0.05 400,000 150,000
Savary Gold Corp. Common Shares Pearman, Craig 4 16/02/2016 50 0.05 300,000 150,000
Search Minerals Inc. Common Shares Saunders, Raymond James
4 18/02/2016 10 0.05 17,039,000 30,000
Search Minerals Inc. Common Shares Saunders, Raymond James
4 18/02/2016 10 0.055 17,109,000 70,000
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
Amirault, Rene 3, 4, 5 19/02/2016 30 6.39 34,313 288
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
Gransch, Allen Peter 5 19/02/2016 30 6.39 16,427 139
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
Higham, Corey Ray 5 19/02/2016 30 6.39 18,396 126
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
McGurk, Brian Kenneth Stanley
5 19/02/2016 30 6.39 9,186 78
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
Steinke, Daniel 5 19/02/2016 30 6.39 16,627 107
Secure Energy Services Inc.
Common Shares Employee Share Ownership Plan
WADSWORTH, GEORGE
7 19/02/2016 30 6.39 12,744 152
SecureCom Mobile Inc.
Common Shares Comeau, Sean Gordon 4, 5 27/08/2015 37 1,075,000 -3,225,000
SecureCom Mobile Inc.
Common Shares Wilson, Peter Grant 4, 5 17/02/2016 11 0.15 947,180 606,680
Sherritt International Corporation
Common Shares Vydra, Martin 5 16/02/2016 10 0.66 35,000 6,720
Shopify Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
Finkelstein, Harley Michael
5 16/02/2016 30 20.544 31,130 -11,000
Shopify Inc. Subordinate Voting Shares Class A Subordinate Voting Shares
Lutke, Tobias Albin 4, 5 16/02/2016 30 20.543 232,000 -4,500
Sierra Metals Inc. (formerly Dia Bras Exploration Inc.)
Common Shares Arias, J. Alberto 4, 6 02/03/2015 57 1.39 289,979 131,764
Sierra Wireless, Inc. Options Aasen, Gregory D. 4 08/02/2016 50 14.28 16,998 5,457
Sierra Wireless, Inc. Restricted Share Units
Aasen, Gregory D. 4 08/02/2016 56 11,600 2,030
Sierra Wireless, Inc. Options Abrams, Robin Ann 4 08/02/2016 50 10.26 21,886 5,457
Sierra Wireless, Inc. Restricted Share Units
Abrams, Robin Ann 4 08/02/2016 56 4,786 2,030
Sierra Wireless, Inc. Options Cataford, Paul G. 4 08/02/2016 50 14.28 13,488 5,457
Sierra Wireless, Inc. Restricted Share Units
Cataford, Paul G. 4 08/02/2016 56 6,601 2,030
Sierra Wireless, Inc. Options Cohenour, Jason W. 4, 5 08/02/2016 50 10.26 216,961 90,382
Sierra Wireless, Inc. Restricted Share Units
Cohenour, Jason W. 4, 5 08/02/2016 56 102,847 33,629
Sierra Wireless, Inc. Common Shares Dodson, Bill Gary 5 16/02/2016 51 16,656 4,815
Sierra Wireless, Inc. Common Shares Dodson, Bill Gary 5 16/02/2016 10 14.5 11,841 -4,815
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1901
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Sierra Wireless, Inc. Options Dodson, Bill Gary 5 08/02/2016 50 14.28 55,806 17,053
Sierra Wireless, Inc. Options Dodson, Bill Gary 5 16/02/2016 51 50,991 -4,815
Sierra Wireless, Inc. Restricted Share Units
Dodson, Bill Gary 5 08/02/2016 56 27,963 6,345
Sierra Wireless, Inc. Options Guillemette, Philippe Frederic Joel Rene
5 08/02/2016 50 14.28 46,677 17,053
Sierra Wireless, Inc. Restricted Share Units
Guillemette, Philippe Frederic Joel Rene
5 08/02/2016 56 21,748 6,345
Sierra Wireless, Inc. Options Krause, Jason Lawrence
5 08/02/2016 50 14.28 49,565 17,053
Sierra Wireless, Inc. Restricted Share Units
Krause, Jason Lawrence
5 08/02/2016 56 44,213 6,345
Sierra Wireless, Inc. Common Shares Levine, Charles E. 4 12/02/2016 10 9.88 47,157 10,000
Sierra Wireless, Inc. Options Levine, Charles E. 4 08/02/2016 50 10.26 29,764 5,457
Sierra Wireless, Inc. Restricted Share Units
Levine, Charles E. 4 08/02/2016 56 4,786 2,030
Sierra Wireless, Inc. Options McLennan, David Gordon
5 08/02/2016 50 14.28 96,592 40,928
Sierra Wireless, Inc. Restricted Share Units
McLennan, David Gordon
5 08/02/2016 56 87,932 15,228
Sierra Wireless, Inc. Options Schieler, August Daniel 7 08/02/2016 50 10.26 57,012 21,146
Sierra Wireless, Inc. Restricted Share Units
Schieler, August Daniel 7 08/02/2016 56 28,971 7,867
Sierra Wireless, Inc. Options Sieber, Thomas 4 08/02/2016 50 10.26 10,904 5,457
Sierra Wireless, Inc. Restricted Share Units
Sieber, Thomas 4 08/02/2016 56 5,836 2,030
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 12/02/2016 38 176,500 -50,683
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 16/02/2016 10 10.932 45,400
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 16/02/2016 10 10.932 45,400
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 16/02/2016 10 10.932 221,900 45,400
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 17/02/2016 10 11.86 261,900 40,000
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 18/02/2016 10 11.845 311,900 50,000
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 19/02/2016 10 11.852 346,900 35,000
Sierra Wireless, Inc. Common Shares Sierra Wireless, Inc. 1 19/02/2016 38 125,000 -221,900
Sierra Wireless, Inc. Options Teyssier, Pierre Jean Benoit
5 08/02/2016 50 10.26 46,483 17,053
Sierra Wireless, Inc. Restricted Share Units
Teyssier, Pierre Jean Benoit
5 08/02/2016 56 16,364 6,345
Sierra Wireless, Inc. Options Thexton, Kent Paul 4 08/02/2016 50 14.28 15,851 5,457
Sierra Wireless, Inc. Restricted Share Units
Thexton, Kent Paul 4 08/02/2016 56 11,600 2,030
Sierra Wireless, Inc. Common Shares Walckenaer, Emmanuel
5 19/02/2016 10 11.75 30,463 -26,114
Sierra Wireless, Inc. Restricted Share Units
Walckenaer, Emmanuel
5 08/02/2016 56 24,993 12,690
SnipGold Corp. Common Shares Cook, Steven Mark 4 23/12/2015 16 0.065 507,500 80,000
SnipGold Corp. Warrants Cook, Steven Mark 4 02/01/2016 55 500,000 -322,500
SnipGold Corp. Warrants Cook, Steven Mark 4 20/01/2016 55 0 -180,165
Solarvest BioEnergy Inc.
Common Shares Greenham, Garth Percival
5 18/02/2016 10 0.23 1,744,500 2,000
Solarvest BioEnergy Inc.
Options Greenham, Gerri Joseph
4 16/02/2016 52 0 -70,000
Solegear Bioplastic Technologies Inc. (formerly Rodeo Capital III Corp.)
Common Shares Antoniadis, Paul John 4 17/02/2016 10 0.17 544,284 9,000
Solegear Bioplastic Technologies Inc. (formerly Rodeo Capital III Corp.)
Common Shares Antoniadis, Paul John 4 17/02/2016 10 0.185 549,284 5,000
Sonoro Metals Corp. Common Shares MacLeod, Kenneth 4, 5 19/02/2016 10 0.045 1,847,667 65,000
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares Boreen, Thomas Dale 5 12/02/2016 30 2.3999 888,826 1,042
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1902
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares KALANTZIS, FOTIS 5 12/02/2016 30 2.3999 1,967,660 1,042
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares MacDonald, Adam David
5 12/02/2016 30 2.3999 76,083 1,042
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares McHardy, Richard Francis
4, 5 12/02/2016 30 2.3999 3,701 1,146
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares Stark, Albert Jason 5 12/02/2016 30 2.3999 4,308,493 1,042
Spartan Energy Corp. (formerly Alexander Energy Ltd.)
Common Shares Wong, Eddie 5 12/02/2016 30 2.3999 1,757,910 1,042
Sparton Resources Inc.
Options Williams, Richard David
4 20/06/2015 52 0 -650,000
Spectral Medical Inc. Common Shares Bihl, Anthony Phillip 4 18/02/2016 15 0.7 475,000 100,000
Spectral Medical Inc. Common Shares Giese, Kevin Arnold 4 18/02/2016 15 0.7 2,876,336 71,500
Spectral Medical Inc. Common Shares Herrera, Guillermo Alfonso
4 18/02/2016 15 0.7 425,000 150,000
Spectral Medical Inc. Common Shares Stevens, William Charles
4 18/02/2016 15 0.7 171,500 71,500
Spectral Medical Inc. Common Shares Toray Industries, Inc. 3 12/02/2016 11 0.7 45,630,105 2,857,000
Spot Coffee (Canada) Ltd.
Common Shares Lorenzo, John Michael 4 16/02/2016 10 0.035 4,593,324 20,000
Sprott Resource Corp. EPSP Designation Einav, Arthur Avi 5 12/02/2016 56 0.4 129,368 12,376
Sprott Resource Corp. EPSP Designation Staresinic, Michael 5 12/02/2016 56 0.4 138,533 12,376
Sprott Resource Corp. EPSP Designation Stronach, Andrew James
5 12/02/2016 56 0.4 129,368 12,376
Sprott Resource Corp. EPSP Designation Yuzpe, Stephen Mark 5 12/02/2016 56 0.4 271,064 10,321
Spruce Ridge Resources Ltd.
Common Shares Ryan, John 6 19/02/2016 10 0.01 8,313,722 84,000
SQI Diagnostics Inc. Common Shares Connor, Gerald R. 4 18/02/2016 10 0.3 -10,000
SQI Diagnostics Inc. Common Shares Connor, Gerald R. 4 18/02/2016 10 0.3 3,654,400 -10,000
Stella-Jones Inc. Common Shares Bunze, George J. 4 12/02/2016 10 43.75 51,500 -5,000
Storm Resources Ltd. Common Shares Conboy, Jamie Peter 5 09/02/2016 10 4.33 19,955
Storm Resources Ltd. Common Shares Conboy, Jamie Peter 5 09/02/2016 10 4.33 594,908 14,931
Storm Resources Ltd. Common Shares Evans, Hayden Darren 5 31/12/2015 10 4.12 7,789
Storm Resources Ltd. Common Shares Evans, Hayden Darren 5 31/12/2015 30 4.12 615,065 7,789
Strategic Oil & Gas Ltd.
Common Shares Wright, Douglas McRae
5 16/02/2016 30 0.1568 316,550 6,150
Striker Exploration Corp. (formerly Elkwater Resources Ltd.)
Common Shares Davis-Rea Ltd. 3 12/02/2016 10 1 1,141,656 -1,385
Striker Exploration Corp. (formerly Elkwater Resources Ltd.)
Common Shares O’Connell, John 3, 8, 4, 6
12/02/2016 10 1 1,141,656 -1,385
STT Enviro Corp. (formerly Semcan Inc.)
Common Shares Snowden, David William
4 11/02/2016 51 0.13 654,927 80,000
STT Enviro Corp. (formerly Semcan Inc.)
Common Shares Snowden, David William
4 11/02/2016 51 0.16 679,927 25,000
STT Enviro Corp. (formerly Semcan Inc.)
Options Snowden, David William
4 11/02/2016 51 0.13 335,000 -80,000
STT Enviro Corp. (formerly Semcan Inc.)
Options Snowden, David William
4 11/02/2016 51 0.16 310,000 -25,000
Student Transportation Inc. (formerly, Student Transportation of America Ltd.)
Common Shares Gallagher, Denis Joseph
4, 5 17/02/2016 10 4.1 798,722 700
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1903
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Student Transportation Inc. (formerly, Student Transportation of America Ltd.)
Common Shares Gallagher, Denis Joseph
4, 5 17/02/2016 10 4.11 803,022 4,300
Student Transportation Inc. (formerly, Student Transportation of America Ltd.)
Common Shares Student Transportation Inc
1 16/02/2016 38 4.0111 25,100 25,100
Student Transportation Inc. (formerly, Student Transportation of America Ltd.)
Common Shares Student Transportation Inc
1 16/02/2016 38 0 -25,100
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 -500
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 -500
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 38 -500
Sun Life Financial Inc. Common Shares Clappison, John 4 01/01/2006 00
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 500
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 500
Sun Life Financial Inc. Common Shares Clappison, John 4 16/02/2016 90 500 500
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Axford, Eric Charles 5 15/02/2016 50 30.21 210,000
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Axford, Eric Charles 5 15/02/2016 50 30.21 210,000
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Axford, Eric Charles 5 15/02/2016 50 30.21 799,000 210,000
Suncor Energy Inc. Performance Share Units
Axford, Eric Charles 5 15/02/2016 56 30.21 144,452 35,700
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Cowan, Alister 5 15/02/2016 50 30.21 592,800 230,000
Suncor Energy Inc. Performance Share Units
Cowan, Alister 5 15/02/2016 56 30.21 119,846 39,100
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Gardner, Paul Douglas 5 15/02/2016 50 30.21 504,000 150,000
Suncor Energy Inc. Performance Share Units
Gardner, Paul Douglas 5 15/02/2016 56 30.21 96,485 25,500
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Little, Mark Stephen 5 15/02/2016 50 30.21 1,068,000 250,000
Suncor Energy Inc. Performance Share Units
Little, Mark Stephen 5 15/02/2016 56 30.21 188,156 42,500
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
MacSween, Michael Roderick
5 15/02/2016 50 30.21 845,000 240,000
Suncor Energy Inc. Performance Share Units
MacSween, Michael Roderick
5 15/02/2016 56 30.21 163,673 40,800
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Odegaard, Janice 5 15/02/2016 50 30.21 539,000 155,000
Suncor Energy Inc. Performance Share Units
Odegaard, Janice 5 15/02/2016 56 30.21 97,335 26,350
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1904
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Reynish, Stephen David Lile
5 15/02/2016 50 30.21 682,934 230,000
Suncor Energy Inc. Performance Share Units
Reynish, Stephen David Lile
5 15/02/2016 56 30.21 158,973 39,100
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Smith, Kristopher Peter 5 15/02/2016 50 30.21 755,000 230,000
Suncor Energy Inc. Performance Share Units
Smith, Kristopher Peter 5 15/02/2016 56 30.21 154,862 39,100
Suncor Energy Inc. Options - Suncor Energy Option Plan (Post August 1, 2009)
Williams, Steven Walter
5 15/02/2016 50 30.21 3,023,000 795,000
Suncor Energy Inc. Performance Share Units
Williams, Steven Walter
5 15/02/2016 56 30.21 547,593 135,150
Suncor Energy Inc. Performance Share Units
Williams, Steven Walter
5 18/02/2016 59 36.9 -156,297
Suncor Energy Inc. Performance Share Units
Williams, Steven Walter
5 18/02/2016 59 36.9 -156,297
Super Nova Petroleum Corp.
Common Shares Wiese, Wolfgang 4, 6, 5 16/02/2016 10 0.05 339,205 1,000
Supremex Inc. Deferred Share Units
Gauvin, Mathieu 4 02/06/2011 00
Supremex Inc. Deferred Share Units
Gauvin, Mathieu 4 15/02/2016 56 4.52 2,349 2,349
Supremex Inc. Deferred Share Units
Kobrynsky, Georges 4 21/02/2013 00
Supremex Inc. Deferred Share Units
Kobrynsky, Georges 4 15/02/2016 56 1,409 1,409
Supremex Inc. Deferred Share Units
Paradis, Dany 4 21/02/2013 00
Supremex Inc. Deferred Share Units
Paradis, Dany 4 15/02/2016 56 1,175 1,175
Supremex Inc. Deferred Share Units
White, Warren Joseph 4 08/12/2014 00
Supremex Inc. Deferred Share Units
White, Warren Joseph 4 15/02/2016 56 4.52 1,175 1,175
Syncordia Technologies and Healthcare Solutions, Corp.
Options Davis, Lawrence E. 5 29/06/2015 00
Syncordia Technologies and Healthcare Solutions, Corp.
Options Davis, Lawrence E. 5 16/02/2016 50 95,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Davis, Lawrence E. 5 16/02/2016 50 95,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Davis, Lawrence E. 5 16/02/2016 50 95,000 95,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Franks, Michael 4, 5 29/06/2015 00
Syncordia Technologies and Healthcare Solutions, Corp.
Options Franks, Michael 4, 5 16/02/2016 50 160,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Franks, Michael 4, 5 16/02/2016 50 160,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1905
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Syncordia Technologies and Healthcare Solutions, Corp.
Options Franks, Michael 4, 5 16/02/2016 50 160,000 160,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Martin, Christoper 4, 5 29/06/2015 00
Syncordia Technologies and Healthcare Solutions, Corp.
Options Martin, Christoper 4, 5 16/02/2016 50 160,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Martin, Christoper 4, 5 16/02/2016 50 160,000
Syncordia Technologies and Healthcare Solutions, Corp.
Options Martin, Christoper 4, 5 16/02/2016 50 160,000 160,000
TAG Oil Ltd Common Shares Guidi, Alex P. 4 12/02/2016 10 0.52 3,780,439 5,000
Taiga Building Products Ltd.
Common Shares Sali, Grant 5 24/03/2010 00
Taiga Building Products Ltd.
Common Shares Sali, Grant 5 24/03/2010 00 15,500
Takara Resources Inc. Common Shares Basa, Elaine Margaret 3 19/02/2016 10 0.035 3,036,000 51,000
Taylor North American Equity Opportunities Fund
Units Kikuchi, Craig 4, 7, 5 31/12/2015 30 11.54 3,557 179
Taylor North American Equity Opportunities Fund
Units Kikuchi, Craig 4, 7, 5 31/12/2015 30 11.51 648 26
Tech Achievers Growth & Income Fund
Units Tech Achievers Growth & Income Fund
1 17/02/2016 38 7,600 7,600
Tech Achievers Growth & Income Fund
Units Tech Achievers Growth & Income Fund
1 17/02/2016 38 0 -7,600
Teck Resources Limited
Deferred Share Units
Lindsay, Donald Richard
5 16/02/2016 56 5.326 927,721 396,855
Teck Resources Limited
Class B Subordinate Voting Shares
Watson, Tim 5 17/02/2016 10 8.61 12,300 -7,700
Teck Resources Limited
Class B Subordinate Voting Shares
Watson, Tim 5 17/02/2016 10 8.6 0 -12,300
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Boudreau, Mathieu 5 31/12/2015 30 0.34 40,992 20,426
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Champagne, Monique 5 31/12/2015 30 0.339 322,207 60,596
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Ford, Brian Douglas 5 31/12/2015 30 0.338 33,057 13,753
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Gratton, André 5 31/12/2015 30 0.338 107,249 44,620
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Olds, Donald John 5 31/12/2015 30 0.339 106,503 46,774
Telesta Therapeutics Inc. (formerly known as, Bioniche Life Sciences Inc.)
Common Shares Taillefer, Myriam 5 31/12/2015 30 0.338 37,866 32,045
TELUS Corporation Common Shares Blair, Joshua Andrew 5 16/02/2016 30 66,688 890
TELUS Corporation Common Shares Blair, Joshua Andrew 5 16/02/2016 30 67,017 329
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1906
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TELUS Corporation Common Shares Blair, Joshua Andrew 5 16/02/2016 30 39.07 69,356 2,339
TELUS Corporation Restricted Share Units
Blair, Joshua Andrew 5 16/02/2016 30 113,551 1,303
TELUS Corporation Restricted Share Units
Blair, Joshua Andrew 5 16/02/2016 30 38.98 109,071 -4,480
TELUS Corporation Common Shares Day, Stockwell 4 16/02/2016 30 4,341 50
TELUS Corporation Common Shares Day, Stockwell 4 16/02/2016 30 39.07 4,593 252
TELUS Corporation Common Shares Entwistle, Darren 4, 5 12/02/2016 10 39.221 245,140 11,275
TELUS Corporation Common Shares Fuller, David 5 16/02/2016 30 1,493 278
TELUS Corporation Common Shares Fuller, David 5 16/02/2016 30 1,784 291
TELUS Corporation Common Shares Fuller, David 5 16/02/2016 30 39.07 2,338 554
TELUS Corporation Restricted Share Units
Fuller, David 5 16/02/2016 30 76,307 822
TELUS Corporation Restricted Share Units
Fuller, David 5 16/02/2016 30 38.98 75,107 -1,200
TELUS Corporation Common Shares Gossling, John Richard 5 16/02/2016 35 17,768 205
TELUS Corporation Common Shares Gossling, John Richard 5 16/02/2016 30 18,059 291
TELUS Corporation Common Shares Gossling, John Richard 5 16/02/2016 30 39.07 19,093 1,034
TELUS Corporation Restricted Share Units
Gossling, John Richard 5 16/02/2016 30 38.98 62,912 -1,986
TELUS Corporation Common Shares Mercier, Monique 5 29/01/2016 90 0 -1,032
TELUS Corporation Common Shares Mercier, Monique 5 29/01/2016 90 20,359 1,032
TELUS Corporation Common Shares Mercier, Monique 5 16/02/2016 30 20,596 237
TELUS Corporation Common Shares Mercier, Monique 5 16/02/2016 30 20,862 266
TELUS Corporation Common Shares Mercier, Monique 5 16/02/2016 30 39.07 21,403 541
TELUS Corporation Restricted Share Units
Mercier, Monique 5 16/02/2016 30 38.98 52,537 -1,057
Tenth Avenue Petroleum Corp.
Common Shares Leia, Gregory 4, 5 16/02/2016 10 984,255 22,000
TerraVest Capital Inc. Common Shares TerraVest Capital Inc. 1 28/01/2016 38 0 -31,700
TerraVest Capital Inc. Convertible Debentures
TerraVest Capital Inc. 1 28/01/2016 38 $0 -$100,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.46 626,787 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.48 627,187 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.5 636,687 9,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.51 639,987 3,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.52 641,087 1,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.53 644,830 3,743
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.55 660,430 15,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.56 661,430 1,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.57 674,530 13,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.59 674,830 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.6 682,330 7,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.61 684,230 1,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.62 686,530 2,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.64 688,230 1,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.65 688,630 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.66 690,430 1,800
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1907
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.67 690,930 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.69 691,430 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.7 692,130 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.71 692,930 800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.73 695,530 2,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.75 695,730 200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.76 695,930 200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.78 696,530 600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.79 696,630 100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.8 697,830 1,200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 12/02/2016 38 19.82 700,730 2,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.45 701,330 600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.47 702,030 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.475 702,430 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.5 706,430 4,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.51 712,030 5,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.515 712,230 200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.52 714,030 1,800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.53 724,130 10,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.54 725,130 1,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.545 725,530 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.55 745,330 19,800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.555 745,630 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.57 748,330 2,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.58 754,030 5,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.585 755,830 1,800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.59 759,573 3,743
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.595 759,973 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.6 771,273 11,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.61 773,773 2,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.62 774,773 1,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.63 774,873 100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.64 775,073 200
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1908
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.6 343
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.73 775,773 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.75 800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.755 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.76 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.77 800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.78 1,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.8 2,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.84 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.85 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.86 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.87 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.89 3,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.91 1,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.92 600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.93 2,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.94 2,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.95 2,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.96 3,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 19.98 2,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20 5,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.02 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.05 3,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.07 90
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.07 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.09 3,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.1 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.12 2,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.14 10,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.15 1,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.16 3,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.23 2,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.26 2,100
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1909
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.26 2,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.27 4,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.27 4,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.29 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 16/02/2016 38 20.3 4,200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.6 776,116 343
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.75 776,916 800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.755 777,216 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.76 778,116 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.77 778,916 800
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.78 780,816 1,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.8 783,516 2,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.84 783,816 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.85 784,316 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.86 784,716 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.87 785,616 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.89 788,716 3,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.91 790,016 1,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.92 790,616 600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.93 792,616 2,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.94 795,216 2,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.95 797,716 2,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.96 801,216 3,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 19.98 803,516 2,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20 809,216 5,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.02 809,516 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.05 812,516 3,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.07 813,416 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.09 816,716 3,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.1 817,216 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.12 820,116 2,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.14 830,416 10,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.15 832,016 1,600
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1910
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.16 835,916 3,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.23 838,216 2,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.26 840,316 2,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.27 844,916 4,600
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.29 845,216 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 17/02/2016 38 20.3 849,416 4,200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.07 859,516 10,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.085 860,816 1,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.09 861,816 1,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.1 866,016 4,200
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.12 868,016 2,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.14 870,716 2,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.16 872,416 1,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.18 872,716 300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.185 873,216 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.19 878,116 4,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.205 878,516 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.23 886,416 7,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.25 894,116 7,700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.255 894,616 500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.26 899,616 5,000
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.28 902,516 2,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.29 902,916 400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.3 904,016 1,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.32 907,116 3,100
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.34 907,816 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.35 909,116 1,300
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.37 910,616 1,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.39 914,559 3,943
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.4 915,259 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.41 917,159 1,900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.42 917,859 700
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.43 917,959 100
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1911
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.44 920,459 2,500
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.45 922,859 2,400
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Le Groupe Jean Coutu (PJC) Inc.
1 18/02/2016 38 20.49 923,759 900
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Mussely Tsouflidou, Cora
4 10/07/2012 00
The Jean Coutu Group (PJC) Inc.
Subordinate Voting Shares Catégorie A
Mussely Tsouflidou, Cora
4 18/02/2016 10 20.2 10,000 10,000
The Tinley Beverage Company Inc. (formerly Quia Resources Inc.)
Options Szweras, Adam Kelley 4, 5 18/02/2016 52 725,000 -20,000
Thomson Reuters Corporation
Options Beaumont, Stewart 7 11/02/2016 00 17,000
Thomson Reuters Corporation
Restricted Share Units
Beaumont, Stewart 7 11/02/2016 00 45,642
Thomson Reuters Corporation
Common Shares King, Richard Harrison 7, 5 11/02/2016 97 7,433 7,033
Thomson Reuters Corporation
Deferred Share Units
King, Richard Harrison 7, 5 11/02/2016 97 3,466 1,785
Thomson Reuters Corporation
Options King, Richard Harrison 7, 5 11/02/2016 97 124,223 47,465
Thomson Reuters Corporation
Restricted Share Units
King, Richard Harrison 7, 5 11/02/2016 97 66,436 720
Thomson Reuters Corporation
Common Shares Masterson, Neil Thomas
7, 5 11/02/2016 00 1,906
Thomson Reuters Corporation
Deferred Share Units
Masterson, Neil Thomas
7, 5 11/02/2016 00 2,782
Thomson Reuters Corporation
Options Masterson, Neil Thomas
7, 5 11/02/2016 00 190,433
Thomson Reuters Corporation
Restricted Share Units
Masterson, Neil Thomas
7, 5 11/02/2016 00 82,997
Thomson Reuters Corporation
Common Shares Murphy, Joanna Louise 7 11/02/2016 00 1,002
Thomson Reuters Corporation
Restricted Share Units
Murphy, Joanna Louise 7 11/02/2016 00 5,208
Thomson Reuters Corporation
Common Shares Scanlon, Brian Louis 5 11/02/2016 00 1,895
Thomson Reuters Corporation
Options Scanlon, Brian Louis 5 11/02/2016 00 116,170
Thomson Reuters Corporation
Restricted Share Units
Scanlon, Brian Louis 5 11/02/2016 00 30,980
Thomson Reuters Corporation
Common Shares Sider, Vance A. 5 09/12/2015 97 284 233
Thomson Reuters Corporation
Common Shares Sider, Vance A. 5 15/12/2015 30 38.72 285 1
Thomson Reuters Corporation
Deferred Share Units
Sider, Vance A. 5 09/12/2015 97 53,517 43,505
Thomson Reuters Corporation
Deferred Share Units
Sider, Vance A. 5 15/12/2015 57 463
Thomson Reuters Corporation
Deferred Share Units
Sider, Vance A. 5 15/12/2015 57 463
Thomson Reuters Corporation
Deferred Share Units
Sider, Vance A. 5 15/12/2015 30 53,980 463
Thomson Reuters Corporation
Options Sider, Vance A. 5 09/12/2015 97 141,040 40,820
Thomson Reuters Corporation
Restricted Share Units
Sider, Vance A. 5 09/12/2015 97 41,641 14,690
Thomson Reuters Corporation
Restricted Share Units
Sider, Vance A. 5 15/12/2015 30 42,001 360
Thomson Reuters Corporation
Restricted Share Units
Smith, James Clifton 5 16/03/2015 99 520,874 -3,698
Tidewater Midstream and Infrastructure Ltd.
Common Shares Vorra, Joel Kyle 5 16/02/2016 10 1.37 203,650 3,650
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1912
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Titanium Corporation Inc.
Options Kadey, Moss 4 16/02/2016 50 100,000 100,000
Titanium Corporation Inc.
Options Kaufield, Jennifer Ann 5 16/02/2016 50 350,000 200,000
Titanium Corporation Inc.
Options Macdonald, David Charles Wray
4 16/02/2016 50 175,000 100,000
Titanium Corporation Inc.
Options Moran, Kevin Leslie Murray
5 16/02/2016 50 700,000 400,000
Titanium Corporation Inc.
Options Nelson, Scott Eugene 5 16/02/2016 50 1,100,000 600,000
Titanium Corporation Inc.
Options Sangster, Brant G. 4 16/02/2016 50 100,000 100,000
Titanium Corporation Inc.
Options Slavens, Eric W. 4 16/02/2016 50 100,000 100,000
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 12/02/2016 11 0.015 466,737 -5,000,000
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 12/02/2016 11 0.015 0 -1,846,153
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 17/10/2008 00
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 12/02/2016 11 0.015 1,846,153 1,846,153
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 17/10/2008 00
TitanStar Properties Inc. (formerly DPVC Inc.)
Common Shares Turner, Thomas Richard
4, 5 12/02/2016 11 0.015 5,000,000 5,000,000
TMX Group Limited Rights Deferred Share Units
Chicoyne, Denyse 4 31/12/2015 56 49.88 11,728 1,318
TMX Group Limited Common Shares Desgagne, Jean 5 16/02/2016 10 38 4,000 2,000
TMX Group Limited Rights Deferred Share Units
Heath, Jeffrey Charles 4 31/12/2015 56 43.83 1,585 692
TMX Group Limited Rights Deferred Share Units
Jaako, Harry 4 31/12/2015 56 49.88 31,141 1,943
TMX Group Limited Rights Deferred Share Units
Lachapelle, Lise 4 31/12/2015 56 48.73 3,119 1,864
TMX Group Limited Rights Deferred Share Units
Linton, William 4 31/12/2015 56 48.73 7,717 2,100
TMX Group Limited Rights Deferred Share Units
Martel, Jean 4 31/12/2015 56 48.73 37,275 2,944
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.15 7,000 2,000
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.25 8,000 1,000
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.05 10,000 2,000
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.54 10,700 700
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 37.95 12,000 1,300
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.63 14,000 2,000
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 16/02/2016 10 38.59 15,000 1,000
TMX Group Limited Common Shares Oosterbaan, James Nicholas
5 17/02/2016 10 40.034 15,700 700
TMX Group Limited Rights Deferred Share Units
Sinclair, Geraldine Bonnie
4 31/12/2015 56 48.73 38,566 3,589
TMX Group Limited Rights Deferred Share Units
Sullivan, Kevin M. 4 31/12/2015 56 48.73 6,266 1,723
TMX Group Limited Rights Deferred Share Units
Walsh, Anthony P. 4 31/12/2015 56 48.73 6,649 1,831
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1913
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TMX Group Limited Rights Deferred Share Units
Winograd, Charles 4 31/12/2015 56 48.73 19,221 6,099
TORC Oil & Gas Ltd. Common Shares Canada Pension Plan Investment Board
3 16/02/2016 35 19,839,676 391,013
Toromont Industries Ltd.
Rights Deferred Share Units (cash settled)
Casson, Randall 7, 2 11/02/2016 56 29.13 20,729 1,862
Toromont Industries Ltd.
Rights Deferred Share Units (cash settled)
Cochrane, Jennifer 5 11/02/2016 56 29.13 5,992 697
Toromont Industries Ltd.
Common Shares Gill, James Wendell 4 03/11/2015 00
Toromont Industries Ltd.
Common Shares Gill, James Wendell 4 12/02/2016 10 28.5 10,000 10,000
Toromont Industries Ltd.
Common Shares Gill, James Wendell 4 12/02/2016 10 28 20,000 10,000
Toromont Industries Ltd.
Common Shares Jewer, Paul Randolph 5 11/02/2016 10 28.5 11,619 70
Toromont Industries Ltd.
Common Shares Jewer, Paul Randolph 5 11/02/2016 10 28.5 14,193 85
Toromont Industries Ltd.
Common Shares Jewer, Paul Randolph 5 11/02/2016 10 28.5 4,757 929
Toromont Industries Ltd.
Rights Deferred Share Units (cash settled)
Jewer, Paul Randolph 5 11/02/2016 56 29.13 36,411 1,905
Toromont Industries Ltd.
Rights Deferred Share Units (cash settled)
Malinauskas, David Allan
5 11/02/2016 56 29.13 2,324 1,631
Touchstone Exploration Inc.
Common Shares Baay, Paul Raymond 4, 5 17/02/2016 30 0.1566 1,064,886 12,372
Touchstone Exploration Inc.
Common Shares Baay, Paul Raymond 4, 5 17/02/2016 30 0.1566 1,077,258 12,372
Touchstone Exploration Inc.
Common Shares Baay, Paul Raymond 4, 5 19/02/2016 30 0.15 1,090,174 12,916
Touchstone Exploration Inc.
Common Shares Budau, Christopher Scott
5 17/02/2016 30 0.1566 166,833 3,924
Touchstone Exploration Inc.
Common Shares Budau, Christopher Scott
5 17/02/2016 30 0.1566 170,757 3,924
Touchstone Exploration Inc.
Common Shares Budau, Christopher Scott
5 19/02/2016 30 0.15 174,853 4,096
Touchstone Exploration Inc.
Common Shares McKINNON, KENNETH RICHARD
4 17/02/2016 30 0.1566 191,404 5,321
Touchstone Exploration Inc.
Common Shares McKINNON, KENNETH RICHARD
4 19/02/2016 30 0.15 196,959 5,555
Touchstone Exploration Inc.
Common Shares Ruttan, Corey Christopher
4, 5 17/02/2016 30 0.1566 256,192 5,321
Touchstone Exploration Inc.
Common Shares Ruttan, Corey Christopher
4, 5 19/02/2016 30 0.15 261,747 5,555
Touchstone Exploration Inc.
Common Shares Shipka, James 5 17/02/2016 30 0.1566 194,741 7,317
Touchstone Exploration Inc.
Common Shares Shipka, James 5 17/02/2016 30 0.1566 202,057 7,316
Touchstone Exploration Inc.
Common Shares Shipka, James 5 19/02/2016 30 0.15 209,695 7,638
TransAlta Renewables Inc.
Common Shares Drinkwater, David William
4 18/02/2016 10 11.28 2,500 500
TransCanada Corporation
Executive Share Units
Bowman, Norm Russell 7 01/03/2015 56 11,622 2,800
TransCanada Corporation
Common Shares Lamb, Garry 5 31/12/2015 30 49.74 12,317 246
TransCanada Corporation
Common Shares Lamb, Garry 5 31/12/2015 30 51.35 12,807 490
TransCanada Corporation
Common Shares MacGregor, Paul F. 5 31/12/2015 30 49.74 7,550 387
TransCanada Corporation
Common Shares MacGregor, Paul F. 5 31/12/2015 30 51.31 7,844 294
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1914
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransCanada Corporation
Common Shares Marchand, Donald R. 5 31/12/2015 30 49.66 11,227 569
TransCanada Corporation
Common Shares Marchand, Donald R. 5 31/12/2015 30 51.31 11,665 438
TransCanada Corporation
Common Shares MEIER, VERN J. 7 31/12/2015 30 49.21 2,170 -13
TransCanada Corporation
Common Shares MEIER, VERN J. 7 31/12/2015 30 51.39 2,257 87
TransCanada Corporation
Common Shares Menuz, G. Glen 5 31/12/2015 30 49.74 2,991 281
TransCanada Corporation
Common Shares Menuz, G. Glen 5 31/12/2015 30 51.24 3,105 114
TransCanada Corporation
Common Shares Miller, Paul E. 7 31/12/2015 30 49.58 6,331 463
TransCanada Corporation
Common Shares Miller, Paul E. 7 31/12/2015 30 51.27 6,574 243
TransCanada Corporation
Common Shares Moneta, David B. 7 31/12/2015 30 49.74 8,892 157
TransCanada Corporation
Common Shares Moneta, David B. 7 31/12/2015 30 51.36 9,246 354
TransCanada Corporation
Executive Share Units
Moneta, David B. 7 01/03/2015 56 12,963 3,050
TransCanada Corporation
Executive Share Units
Murray, Geoff 7 01/03/2015 56 13,194 3,111
TransCanada Corporation
Common Shares Palmer, Anthony M. 5 31/12/2015 30 49.74 3,342 322
TransCanada Corporation
Common Shares Palmer, Anthony M. 5 31/12/2015 30 51.24 3,468 126
TransCanada Corporation
Executive Share Units
Palmer, Anthony M. 5 01/03/2015 56 18,178 4,294
TransCanada Corporation
Common Shares Patry, Dean C. 7 31/12/2015 30 49.74 323 301
TransCanada Corporation
Common Shares Patry, Dean C. 7 31/12/2015 30 48.18 329 6
TransCanada Corporation
Executive Share Units
Patry, Dean C. 7 01/03/2015 56 17,080 4,209
TransCanada Corporation
Common Shares Poirier, Francois Lionel 7 31/12/2015 30 49.74 284 176
TransCanada Corporation
Common Shares Poirier, Francois Lionel 7 31/12/2015 30 49.92 291 7
TransCanada Corporation
Executive Share Units
Poirier, Francois Lionel 7 01/03/2015 56 24,537 5,337
TransCanada Corporation
Common Shares Pourbaix, Alex 5 31/12/2015 30 49.74 20,418 965
TransCanada Corporation
Common Shares Pourbaix, Alex 5 31/12/2015 30 51.31 21,216 798
TransCanada Corporation
Executive Share Units
Pourbaix, Alex 5 01/03/2015 56 117,065 29,282
TransCanada Corporation
Executive Share Units
RAMSAY, Norrie Carson
7 01/03/2015 56 9,559 3,690
TransCanada Corporation
Executive Share Units
Robinson, Tracy 7 01/03/2015 56 8,494 3,303
TransCanada Corporation
Executive Share Units
Samuel, Murray J. 5 01/03/2015 56 17,249 3,825
TransCanada Corporation
Executive Share Units
Scheibelhut, Edward L 5 01/03/2015 56 13,031 3,111
TransCanada Corporation
Executive Share Units
Schmidgall, Randall W. 7 01/03/2015 56 7,955 1,784
TransCanada Corporation
Executive Share Units
Schultz, Dave 5 01/03/2015 56 10,268 2,696
TransCanada Corporation
Executive Share Units
SOINI, JOHN F. 7 01/03/2015 56 13,114 3,459
TransCanada Corporation
Executive Share Units
Tarvydas, Robert 7 01/03/2015 56 9,868 2,540
TransCanada Corporation
Executive Share Units
Tatarchuk, Eric W. 7 01/03/2015 56 11,402 3,013
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1915
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
TransCanada Corporation
Executive Share Units
Taylor, William C. 5 01/03/2015 56 33,159 10,706
TransCanada Corporation
Executive Share Units
Van der Put, Jan 7 01/03/2015 56 10,535 2,385
TransCanada Corporation
Executive Share Units
White, Jay J. 7 01/03/2015 56 6,896 1,476
TransCanada Corporation
Executive Share Units
Wilson, Stephanie 7 01/03/2015 56 10,394 2,592
TransCanada Corporation
Executive Share Units
Yeomans, Mark 7 01/03/2015 56 8,500 2,196
TransForce Inc. Common Shares Bédard, Alain 4, 5 16/02/2016 10 20.4 4,007,852 11,571
TransForce Inc. Common Shares Bédard, Alain 4, 5 17/02/2016 10 20.988 4,057,852 50,000
Traverse Energy Ltd. Common Shares Erickson, David Henry 3, 4, 5 18/02/2016 10 0.32 3,046,239 20,000
Traverse Energy Ltd. Common Shares Erickson, David Henry 3, 4, 5 18/02/2016 10 0.32 622,000 15,000
Traverse Energy Ltd. Common Shares smith, laurie james 3, 4, 5 16/02/2016 10 0.32 6,154,300 6,000
Traverse Energy Ltd. Common Shares smith, laurie james 3, 4, 5 17/02/2016 10 0.305 6,157,800 3,500
Traverse Energy Ltd. Common Shares smith, laurie james 3, 4, 5 17/02/2016 10 0.32 6,160,800 3,000
Treasury Metals Inc. Common Shares Henderson, Marc Charles
4 18/02/2016 10 0.44 4,719,148 25,000
Treasury Metals Inc. Common Shares Henderson, Marc Charles
4 18/02/2016 10 0.46 4,729,148 10,000
Treasury Metals Inc. Common Shares Henderson, Marc Charles
4 19/02/2016 10 0.47 4,744,148 15,000
Tricon Capital Group Inc.
Deferred Share Units
Baldridge, Kevin 7 15/02/2016 56 7.78 73,555 15,647
Tricon Capital Group Inc.
Common Shares Berman, David 3, 4, 6, 5
16/02/2016 57 7.78 903,973 29,978
Tricon Capital Group Inc.
Deferred Share Units
Berman, David 3, 4, 6, 5
15/02/2016 56 7.78 254,062 72,377
Tricon Capital Group Inc.
Deferred Share Units
Berman, David 3, 4, 6, 5
16/02/2016 57 7.78 189,552 -64,510
Tricon Capital Group Inc.
Deferred Share Units
Berman, Gary 4, 5 15/02/2016 56 7.78 350,645 163,909
Tricon Capital Group Inc.
Deferred Share Units
Ellenzweig, Jonathan 5 15/02/2016 56 7.78 101,008 26,330
Tricon Capital Group Inc.
Deferred Share Units
Francis, Wissam 5 15/02/2016 56 7.78 44,138 30,366
Tricon Capital Group Inc.
Deferred Share Units
MATUS, GEOFFREY 3, 4, 6, 5
14/05/2010 00
Tricon Capital Group Inc.
Deferred Share Units
MATUS, GEOFFREY 3, 4, 6, 5
15/02/2016 56 7.78 67,808 67,808
Tricon Capital Group Inc.
Deferred Share Units
Mode, Craig 5 15/02/2016 56 7.78 87,250 27,828
Tricon Capital Group Inc.
Deferred Share Units
Quesnel, Douglas Paul 5 15/02/2016 56 7.78 3,397 2,995
Tricon Capital Group Inc.
Deferred Share Units
Rocca, Adrian 5 15/02/2016 56 7.78 35,178 8,985
Tricon Capital Group Inc.
Deferred Share Units
Scheetz, Jeremy 5 15/02/2016 56 7.78 89,646 35,279
Tricon Capital Group Inc.
Deferred Share Units
Veneziano, David 5 15/02/2016 56 7.78 24,155 16,363
TriStar Gold Inc. Common Shares Jones, III, Mark E. 4 15/02/2016 54 0.13 8,196,384 400,000
TriStar Gold Inc. Warrants Jones, III, Mark E. 4 15/02/2016 54 0.13 2,441,067 -400,000
TSO3 inc. Options Rumble, Richard Mark 4, 5 15/02/2016 50 2,500,000 650,000
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2311 12,228
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2311 34,503,593 12,228
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2315 11,100
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2315 34,514,693 11,100
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2367 6,672
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1916
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Ucore Rare Metals Inc.
Common Shares Johnson, Randy T. 3 12/02/2016 10 0.2367 34,521,365 6,672
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2311 12,228
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2311 34,503,593 12,228
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2315 11,100
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2315 34,514,693 11,100
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2367 6,672
Ucore Rare Metals Inc.
Common Shares Orca Holdings, LLC 3 12/02/2016 10 0.2367 34,521,365 6,672
UEX Corporation Common Shares Boney, Edward 5 16/02/2016 10 0.145 173,000 10,500
UGE International Ltd. Common Shares Steinman, Alison 3, 7 08/02/2016 00 4,444,444
UGE International Ltd. Common Shares Steinman, Daniel Cameron
3, 4, 6, 7, 5
08/02/2016 00 4,444,444
Uni-Sélect Inc. Unités actions de Performace /Performance Share Unit
Arndt, Steve 5 18/02/2016 38 58.838 10,509 -3,253
Uni-Sélect Inc. Common Shares Hall, Jeffrey 4 30/04/2015 00
Uni-Sélect Inc. Common Shares Hall, Jeffrey 4 16/02/2016 10 58.7 1,000 1,000
Uni-Sélect Inc. Unités actions de Performace /Performance Share Unit
Hotte, Annie 5 18/02/2016 38 58.838 7,482 -3,111
Uni-Sélect Inc. Unités actions de Performace /Performance Share Unit
Juneau, Louis 5 18/02/2016 38 58.838 7,621 -3,033
Uni-Sélect Inc. Unités actions de Performace /Performance Share Unit
Labrecque, Martin 5 18/02/2016 38 58.838 6,414 -2,866
Uni-Sélect Inc. Unités actions de Performace /Performance Share Unit
O’Connor, Gary 5 18/02/2016 38 58.838 8,731 -3,786
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 16/02/2016 38 57.329 5,500 5,500
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 16/02/2016 38 57.329 0 -5,500
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 18/02/2016 38 57.566 4,700 4,700
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 18/02/2016 38 57.566 0 -4,700
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 19/02/2016 38 57.6 5,000 5,000
Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 19/02/2016 38 57.6 0 -5,000
United Corporations Limited
Common Shares E-L Financial Corporation Limited
3 12/02/2016 10 88.5 6,289,259 500
Veresen Inc. Common Shares Jang, Theresa 5 31/12/2015 35 12.25 9,668 289
Veresen Inc. Common Shares Jang, Theresa 5 31/12/2015 30 11.75 14,477 4,809
Veresen Inc. Performance Share Units
Jang, Theresa 5 31/12/2015 56 17.023 14,592 830
Veresen Inc. Performance Share Units
Jang, Theresa 5 31/12/2015 56 15.67 39,583 24,991
Veresen Inc. Restricted Share Units
Jang, Theresa 5 31/12/2015 56 17.023 3,649 208
Veresen Inc. Restricted Share Units
Jang, Theresa 5 31/12/2015 56 15.67 9,897 6,248
Veresen Inc. Deferred Share Units
King, Kevan Scott 5 31/12/2015 56 16.696 6,115 30
Veresen Inc. Performance Share Units
King, Kevan Scott 5 31/12/2015 56 17.023 15,203 865
Veresen Inc. Performance Share Units
King, Kevan Scott 5 31/12/2015 56 15.67 31,476 16,273
Veresen Inc. Restricted Share Units
King, Kevan Scott 5 31/12/2015 56 17.023 3,801 216
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1917
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Veresen Inc. Restricted Share Units
King, Kevan Scott 5 31/12/2015 56 15.67 7,870 4,069
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Donadeo, Lorenzo 4, 5 10/02/2016 38 $0 -$5,000,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Engbloom, Robert John
5 10/02/2016 38 $0 -$120,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Engbloom, Robert John
5 10/02/2016 38 $0 -$120,000
Vermilion Energy Inc. Bonds Ghersinich, Claudio 4 10/02/2016 38 $0 -$100,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Hicks, Curtis W. 5 10/02/2016 38 $0 -$375,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Hicks, Curtis W. 5 10/02/2016 38 $0 -$125,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
KILLI, Joseph F. 4 10/02/2016 38 $0 -$1,000,000
Vermilion Energy Inc. 6.50% Senior Unsecured Notes due 2016
Reinhart, Kevin Jerome 4 10/02/2016 38 $0 -$30,000
VIQ Solutions Inc. Rights DSU Gordon, Harvey 4 12/02/2016 56 0.105 666,666 66,666
VIQ Solutions Inc. Rights DSU Kempff, George Peter 4 12/02/2016 56 0.105 666,666 66,666
VIQ Solutions Inc. Options Pare, Sebastien 5 11/02/2016 50 0.105 4,033,333 700,000
VIQ Solutions Inc. Common Shares Taylor, Larry Douglas 4 16/02/2016 10 0.1 3,082,300 5,000
VIQ Solutions Inc. Rights DSU Taylor, Larry Douglas 4 12/02/2016 56 0.105 666,666 66,666
Vista Gold Corp. RSU Clark, John 4 08/01/2016 58 - Expiration of rights
159,400 -4,800
West Fraser Timber Co. Ltd.
Common Shares Balkwill, Brian Allen 5 15/02/2016 00 160
West Fraser Timber Co. Ltd.
Common Shares Balkwill, Brian Allen 5 15/02/2016 00 892
West Fraser Timber Co. Ltd.
Options Balkwill, Brian Allen 5 15/02/2016 00 11,090
West Fraser Timber Co. Ltd.
Rights Balkwill, Brian Allen 5 15/02/2016 00 3,560
West Fraser Timber Co. Ltd.
Options Carter, Keith Darren 5 15/02/2016 00 8,700
West Fraser Timber Co. Ltd.
Rights Carter, Keith Darren 5 15/02/2016 00 3,075
West Fraser Timber Co. Ltd.
Common Shares Ferris, Raymond William
5 16/02/2016 10 42 9,000 2,700
West Fraser Timber Co. Ltd.
Options Ferris, Raymond William
5 15/02/2016 50 99,620 22,435
West Fraser Timber Co. Ltd.
Rights Ferris, Raymond William
5 15/02/2016 56 15,707 107
West Fraser Timber Co. Ltd.
Rights Ferris, Raymond William
5 15/02/2016 59 12,404 -3,303
West Fraser Timber Co. Ltd.
Rights Ferris, Raymond William
5 15/02/2016 59 9,050 -3,354
West Fraser Timber Co. Ltd.
Rights Ferris, Raymond William
5 15/02/2016 56 17,140 8,090
West Fraser Timber Co. Ltd.
Common Shares Gardner, Larry Earl 5 15/02/2016 00 1,800
West Fraser Timber Co. Ltd.
Common Shares Gardner, Larry Earl 5 15/02/2016 00 128
West Fraser Timber Co. Ltd.
Options Gardner, Larry Earl 5 15/02/2016 00 9,966
West Fraser Timber Co. Ltd.
Rights Gardner, Larry Earl 5 15/02/2016 00 2,870
West Fraser Timber Co. Ltd.
Options Gorman, James William
5 19/05/2015 00
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1918
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
West Fraser Timber Co. Ltd.
Options Gorman, James William
5 15/02/2016 50 10,275 10,275
West Fraser Timber Co. Ltd.
Rights Gorman, James William
5 15/02/2016 56 5,210 3,710
West Fraser Timber Co. Ltd.
Options Hughes, Larry Sanford 5 15/02/2016 50 205,130 18,645
West Fraser Timber Co. Ltd.
Rights Hughes, Larry Sanford 5 15/02/2016 56 14,661 101
West Fraser Timber Co. Ltd.
Rights Hughes, Larry Sanford 5 15/02/2016 59 11,561 -3,100
West Fraser Timber Co. Ltd.
Rights Hughes, Larry Sanford 5 15/02/2016 59 8,410 -3,151
West Fraser Timber Co. Ltd.
Rights Hughes, Larry Sanford 5 15/02/2016 56 15,130 6,720
West Fraser Timber Co. Ltd.
Common Shares Hutchinson, Rodger 5 19/03/2003 00
West Fraser Timber Co. Ltd.
Common Shares Hutchinson, Rodger 5 16/02/2016 10 41.64 1,000 1,000
West Fraser Timber Co. Ltd.
Options Hutchinson, Rodger 5 15/02/2016 50 41,810 10,375
West Fraser Timber Co. Ltd.
Rights Hutchinson, Rodger 5 15/02/2016 56 8,217 57
West Fraser Timber Co. Ltd.
Rights Hutchinson, Rodger 5 15/02/2016 59 6,489 -1,728
West Fraser Timber Co. Ltd.
Rights Hutchinson, Rodger 5 15/02/2016 59 4,710 -1,779
West Fraser Timber Co. Ltd.
Rights Hutchinson, Rodger 5 15/02/2016 56 3,740
West Fraser Timber Co. Ltd.
Rights Hutchinson, Rodger 5 15/02/2016 56 8,450 3,740
West Fraser Timber Co. Ltd.
Rights KETCHAM, HENRY HOLMAN III
4, 5 15/02/2016 56 12,074 94
West Fraser Timber Co. Ltd.
Rights KETCHAM, HENRY HOLMAN III
4, 5 15/02/2016 59 9,228 -2,846
West Fraser Timber Co. Ltd.
Rights KETCHAM, HENRY HOLMAN III
4, 5 15/02/2016 59 6,280 -2,948
West Fraser Timber Co. Ltd.
Options Kuper, Maureen Faye 5 15/02/2016 50 11,850 2,565
West Fraser Timber Co. Ltd.
Rights Kuper, Maureen Faye 5 15/02/2016 56 2,125 15
West Fraser Timber Co. Ltd.
Rights Kuper, Maureen Faye 5 15/02/2016 59 1,210 -915
West Fraser Timber Co. Ltd.
Rights Kuper, Maureen Faye 5 15/02/2016 56 2,130 920
West Fraser Timber Co. Ltd.
Options Lehane, David Patrick 5 15/02/2016 50 85,790 11,700
West Fraser Timber Co. Ltd.
Rights Lehane, David Patrick 5 15/02/2016 56 9,142 62
West Fraser Timber Co. Ltd.
Rights Lehane, David Patrick 5 15/02/2016 59 7,211 -1,931
West Fraser Timber Co. Ltd.
Rights Lehane, David Patrick 5 15/02/2016 59 5,280 -1,931
West Fraser Timber Co. Ltd.
Rights Lehane, David Patrick 5 15/02/2016 56 9,490 4,210
West Fraser Timber Co. Ltd.
Options McIver, Christopher Daryl
5 15/02/2016 50 90,420 15,565
West Fraser Timber Co. Ltd.
Rights McIver, Christopher Daryl
5 15/02/2016 56 12,315 85
West Fraser Timber Co. Ltd.
Rights McIver, Christopher Daryl
5 15/02/2016 59 9,703 -2,612
West Fraser Timber Co. Ltd.
Rights McIver, Christopher Daryl
5 15/02/2016 59 7,060 -2,643
West Fraser Timber Co. Ltd.
Rights McIver, Christopher Daryl
5 15/02/2016 56 12,670 5,610
West Fraser Timber Co. Ltd.
Options McLaren, Sean Peter 5 15/02/2016 50 68,720 12,240
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1919
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
West Fraser Timber Co. Ltd.
Rights McLaren, Sean Peter 5 15/02/2016 56 9,586 66
West Fraser Timber Co. Ltd.
Rights McLaren, Sean Peter 5 15/02/2016 59 7,553 -2,033
West Fraser Timber Co. Ltd.
Rights McLaren, Sean Peter 5 15/02/2016 59 5,520 -2,033
West Fraser Timber Co. Ltd.
Rights McLaren, Sean Peter 5 15/02/2016 56 9,930 4,410
West Fraser Timber Co. Ltd.
Options Rippon, Peter Arthur 5 15/02/2016 50 53,680 12,240
West Fraser Timber Co. Ltd.
Rights Rippon, Peter Arthur 5 15/02/2016 56 9,586 66
West Fraser Timber Co. Ltd.
Rights Rippon, Peter Arthur 5 15/02/2016 59 7,553 -2,033
West Fraser Timber Co. Ltd.
Rights Rippon, Peter Arthur 5 15/02/2016 59 5,520 -2,033
West Fraser Timber Co. Ltd.
Rights Rippon, Peter Arthur 5 15/02/2016 56 9,930 4,410
West Fraser Timber Co. Ltd.
Common Shares Seraphim, Edward 4 16/02/2016 10 42.5 16,504 12,500
West Fraser Timber Co. Ltd.
Options Seraphim, Edward 4 15/02/2016 50 225,005 54,745
West Fraser Timber Co. Ltd.
Rights Seraphim, Edward 4 15/02/2016 56 38,895 245
West Fraser Timber Co. Ltd.
Rights Seraphim, Edward 4 15/02/2016 59 31,373 -7,522
West Fraser Timber Co. Ltd.
Rights Seraphim, Edward 4 15/02/2016 59 23,800 -7,573
West Fraser Timber Co. Ltd.
Rights Seraphim, Edward 4 15/02/2016 56 43,530 19,730
West Fraser Timber Co. Ltd.
Options Watkins, Jr., Charles Henry
5 15/02/2016 00 10,845
West Fraser Timber Co. Ltd.
Rights Watkins, Jr., Charles Henry
5 15/02/2016 00 5,480
West Fraser Timber Co. Ltd.
Options Wiggins, Russell Lewis 5 15/02/2016 50 24,170 9,460
West Fraser Timber Co. Ltd.
Rights Wiggins, Russell Lewis 5 15/02/2016 56 3,765 15
West Fraser Timber Co. Ltd.
Rights Wiggins, Russell Lewis 5 15/02/2016 59 2,850 -915
West Fraser Timber Co. Ltd.
Rights Wiggins, Russell Lewis 5 15/02/2016 56 6,250 3,400
Western Energy Services Corp.
Common Shares Bowers, Jeffrey Keith 5 31/12/2015 30 22,429 8,323
Western Energy Services Corp.
Common Shares Harrison, Richard Merle
5 31/12/2015 30 18,191 6,267
Western Energy Services Corp.
Common Shares Reinboldt, Darcy Donald
5 18/12/2013 00
Western Energy Services Corp.
Common Shares Reinboldt, Darcy Donald
5 31/12/2015 30 2,476 2,476
Western Energy Services Corp.
Common Shares Sebastian, Timothy John
5 31/12/2015 30 6,817 4,766
Western Energy Services Corp.
Common Shares Trann, David George 5 31/12/2015 30 26,439 5,428
Western Energy Services Corp.
Common Shares Vathje, Jeffery Allen 5 31/12/2015 30 1,607 1,255
Western Potash Corp. Common Shares Western Potash Corp. 1 16/02/2016 38 0.18 2,293,500 53,000
Western Potash Corp. Common Shares Western Potash Corp. 1 18/02/2016 38 0.18 2,346,500 53,000
Western Potash Corp. Common Shares Western Potash Corp. 1 19/02/2016 38 0.185 2,399,500 53,000
Western Uranium Corporation (formerly known as Homeland Uranium Inc.)
Common Shares Skutezky, Ernest Michael Rhodes
4 17/02/2016 10 1.99 2,500 500
Whitecap Resources Inc.
Common Shares Armstrong, Joel Maxwell
5 18/02/2016 10 7.18 163,568 7,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1920
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Whitecap Resources Inc.
Common Shares Dunlop, Darin Roy 5 18/02/2016 10 7.1 181,920 6,700
Whitecap Resources Inc.
Common Shares Dunlop, Darin Roy 5 18/02/2016 10 7.09 182,220 300
Whitecap Resources Inc.
Common Shares Fagerheim, Grant Bradley
4, 5 16/02/2016 10 6.37 1,932,240 20,000
Whitecap Resources Inc.
Common Shares Kang, Thanh Chan 5 18/02/2016 10 6.92 52,178 1,200
Whitecap Resources Inc.
Common Shares Kang, Thanh Chan 5 18/02/2016 10 6.95 455,902 7,700
Whitecap Resources Inc.
Common Shares Kang, Thanh Chan 5 18/02/2016 10 6.91 456,752 850
Whitecap Resources Inc.
Common Shares Kang, Thanh Chan 5 18/02/2016 10 6.92 458,452 1,700
Whitecap Resources Inc.
Common Shares Lebsack, Peter Gary 5 18/02/2016 10 6.85 78,978 4,700
Whitecap Resources Inc.
Common Shares Lebsack, Peter Gary 5 18/02/2016 10 6.84 259,582 2,600
Whitecap Resources Inc.
Common Shares Mombourquette, David Michael
5 19/02/2016 10 6.65 719,705 7,500
Whitecap Resources Inc.
Common Shares Zdunich, Jeffery Byron 5 18/02/2016 10 7.09 78,622 5,100
Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 12/02/2016 10 1.783 141,000 141,000
Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 16/02/2016 10 1.8874 282,000 141,000
Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 17/02/2016 10 1.9844 423,000 141,000
Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 18/02/2016 10 2.0592 528,200 105,200
Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 19/02/2016 10 20.504 669,200 141,000
X-Terra Resources Inc.
Common Shares Champagne, Sylvain 4, 5 11/02/2016 10 0.09 95,500 30,000
X-Terra Resources Inc.
Common Shares Champagne, Sylvain 4, 5 11/02/2016 10 0.105 100,000 4,500
Yellow Pages Limited Performance Share Unit
Billot, Julien 4, 5 11/02/2016 56 15.485 146,541 56,506
Yellow Pages Limited Restricted Share Unit
Billot, Julien 4, 5 11/02/2016 56 15.485 56,053 22,602
Yellow Pages Limited Performance Share Unit
Blundell, Jamie 5 11/02/2016 56 15.485 22,668 8,427
Yellow Pages Limited Restricted Share Unit
Blundell, Jamie 5 11/02/2016 56 15.485 11,813 3,358
Yellow Pages Limited Common Shares Clarke, Douglas 5 16/02/2016 57 17.5 20,918
Yellow Pages Limited Common Shares Clarke, Douglas 5 16/02/2016 57 17.5 20,971 20,918
Yellow Pages Limited Common Shares Clarke, Douglas 5 16/02/2016 10 17.5 53 -20,918
Yellow Pages Limited Performance Share Unit
Clarke, Douglas 5 11/02/2016 56 15.485 58,591 17,436
Yellow Pages Limited Performance Share Unit
Clarke, Douglas 5 16/02/2016 57 17.5 44,064 -14,527
Yellow Pages Limited Restricted Share Unit
Clarke, Douglas 5 11/02/2016 56 15.485 16,856 6,974
Yellow Pages Limited Performance Share Unit
Gowett, Alexandre 5 11/02/2016 00 395
Yellow Pages Limited Restricted Share Unit
Gowett, Alexandre 5 11/02/2016 00 395
Yellow Pages Limited Common Shares Maillé, Ginette 5 16/02/2016 57 17.5 9,825 9,588
Yellow Pages Limited Performance Share Unit
Maillé, Ginette 5 11/02/2016 56 15.485 62,881 18,889
Yellow Pages Limited Performance Share Unit
Maillé, Ginette 5 16/02/2016 57 17.5 48,354 -14,527
Yellow Pages Limited Restricted Share Unit
Maillé, Ginette 5 11/02/2016 56 15.485 18,502 7,555
Yellow Pages Limited Performance Share Unit
Paradis, Dany 5 11/02/2016 56 15.485 18,512 7,555
Yellow Pages Limited Restricted Share Unit
Paradis, Dany 5 11/02/2016 56 15.485 7,395 3,035
Yellow Pages Limited Common Shares Ramsay, François 5 16/02/2016 57 17.5 9,407 8,806
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1921
Issuer Name Security Insider Name Rel’n Transaction Date
T/O Unit Price
Date/Month End Holdings
Acquired/ Disposed
Yellow Pages Limited Performance Share Unit
Ramsay, François 5 11/02/2016 56 15.485 52,167 14,271
Yellow Pages Limited Performance Share Unit
Ramsay, François 5 16/02/2016 57 17.5 38,826 -13,341
Yellow Pages Limited Restricted Share Unit
Ramsay, François 5 11/02/2016 56 15.485 14,837 5,715
Yellow Pages Limited Performance Share Unit
Robillard, Sophie 5 11/02/2016 56 15.485 9,919 5,327
Yellow Pages Limited Restricted Share Unit
Robillard, Sophie 5 11/02/2016 56 15.485 3,968 2,131
Yellow Pages Limited Performance Share Unit
Sciannamblo, Franco 5 11/02/2016 56 15.485 11,330 4,455
Yellow Pages Limited Restricted Share Unit
Sciannamblo, Franco 5 11/02/2016 56 15.485 10,841 4,455
Yellow Pages Limited Performance Share Unit
Thomas, Pascal 5 11/02/2016 56 15.485 17,375 9,622
Yellow Pages Limited Restricted Share Unit
Thomas, Pascal 5 11/02/2016 56 15.485 6,943 3,842
Zephyr Minerals Ltd. Common Shares Felderhof, David Hugh 3, 4, 5 19/02/2016 10 0.14 1,028,500 4,000
Zephyr Minerals Ltd. Common Shares Tufford, Sean Alfred 5 15/02/2016 00 15,900
Zephyr Minerals Ltd. Options Tufford, Sean Alfred 5 15/02/2016 00
Zephyr Minerals Ltd. Options Tufford, Sean Alfred 5 16/02/2016 50 0.15 100,000 100,000
Zephyr Minerals Ltd. Options Tufford, Sean Alfred 5 16/02/2016 50 0.2 200,000 100,000
Zephyr Minerals Ltd. Options Tufford, Sean Alfred 5 16/02/2016 50 0.25 300,000 100,000
Insider Reporting
February 25, 2016
(2016), 39 OSCB 1922
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February 25, 2016
(2016), 39 OSCB 1923
Chapter 11
IPOs, New Issues and Secondary Financings Issuer Name: Algonquin Power & Utilities Corp. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated February 15, 2016 NP 11-202 Receipt dated February 16, 2016 Offering Price and Description: $1,000,000,000.00 - 5.00% Convertible Unsecured Subordinated Debentures represented by Instalment Receipts Price: $1,000 per Debenture to yield 5.00% per annum (each Debenture is convertible into Common Shares at a Conversion Price of $10.60) Underwriter(s) or Distributor(s): CIBC WORLD MARKETS INC. SCOTIA CAPITAL INC. BMO NESBITT BURNS INC. NATIONAL BANK FINANCIAL INC. RBC DOMINION SECURITIES INC. TD SECURITIES INC. DESJARDINS SECURITIES INC. RAYMOND JAMES LTD. J.P. MORGAN SECURITIES CANADA INC. WELLS FARGO SECURITIES CANADA, LTD. INDUSTRIAL ALLIANCE SECURITIES INC. CANACCORD GENUITY CORP. CORMARK SECURITIES INC. Promoter(s): - Project #2442267 _______________________________________________ Issuer Name: Alternate Health Corp. Type and Date: Preliminary Long Form Prospectus dated February 11, 2016 Receipted on February 17, 2016 Offering Price and Description: - Underwriter(s) or Distributor(s): - Promoter(s): - Project #2443553 _______________________________________________
Issuer Name: Cardiome Pharma Corp. Principal Regulator - British Columbia Type and Date: Preliminary Shelf Prospectus dated February 19, 2016 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: U.S. $250,000,000.00 - Common Shares, Preferred Shares, Debt Securities, Warrants, Subscription Receipts, Units Underwriter(s) or Distributor(s): - Promoter(s): - Project #2445266 _______________________________________________ Issuer Name: CI G5|20 2041 Q2 Fund Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus dated February 12, 2016 NP 11-202 Receipt dated February 16, 2016 Offering Price and Description: Class A, F, and O Units Underwriter(s) or Distributor(s): - Promoter(s): CI Investments Inc. Project #2443363 _______________________________________________ Issuer Name: Commerce Resources Corp. Principal Regulator - British Columbia Type and Date: Amendment dated February 18, 2016 to Preliminary Short Form Prospectus dated August 31, 2015 NP 11-202 Receipt dated February 18, 2016 Offering Price and Description: Minimum Offering: $1,000,000.00 - 10,000,000 Units Maximum Offering: $3,000,000.00 - 30,000,000 Units Price: $0.10 per Unit Underwriter(s) or Distributor(s): Secutor Capital Management Corporation Promoter(s): - Project #2394910 _______________________________________________
IPOs, New Issues and Secondary Financings
February 25, 2016
(2016), 39 OSCB 1924
Issuer Name: IA Clarington Montage Balanced Portfolio IA Clarington Montage Conservative Portfolio IA Clarington Montage Growth Portfolio IA Clarington Montage Maximum Growth Portfolio IA Clarington Montage Moderate Portfolio Principal Regulator - Quebec Type and Date: Preliminary Simplified Prospectus dated February 9, 2016 NP 11-202 Receipt dated February 16, 2016 Offering Price and Description: Series A, B, B5, E, E5, F, F5, FE, FE5, L, L5 and T5 Underwriter(s) or Distributor(s): - Promoter(s): IA Clarington Investments Inc. Project #2442951 _______________________________________________ Issuer Name: Mercal Capital Corp. Principal Regulator - Ontario Type and Date: Preliminary CPC Prospectus dated February 16, 2016 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: $500,000.00 - 5,000,000 common shares Price: $0.10 per common share Underwriter(s) or Distributor(s): INDUSTRIAL ALLIANCE SECURITIES INC. Promoter(s): - Project #2444848 _______________________________________________ Issuer Name: Roxgold Inc. Principal Regulator - Ontario Type and Date: Preliminary Short Form Prospectus dated February 19, 2016 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: $20,000,000.00 - 25,000,000 Common Shares Price: $0.80 per Common Share Underwriter(s) or Distributor(s): CORMARK SECURITIES INC. MACQUARIE CAPITAL MARKETS CANADA LTD. RAYMOND JAMES LTD. RBC DOMINION SECURITIES INC. CANACCORD GENUITY CORP. HAYWOOD SECURITIES INC. Promoter(s): - Project #2443397 _______________________________________________
Issuer Name: Willoughby Investment Pool Principal Regulator - British Columbia Type and Date: Preliminary Simplified Prospectus dated February 16, 2016 NP 11-202 Receipt dated February 17, 2016 Offering Price and Description: Series A and Series F Units Underwriter(s) or Distributor(s): Harbourfront Wealth Management Inc. Promoter(s): Willoughby Asset Management Inc. Project #2444350 _______________________________________________ Issuer Name: Allbanc Split Corp. II Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated February 17, 2016 NP 11-202 Receipt dated February 17, 2016 Offering Price and Description: $17,649,845.00 - 687,567 Class B Preferred Shares, Series 2 Price: $25.67 per Class B Preferred Share, Series 2 Underwriter(s) or Distributor(s): Scotia Capital Inc. National Bank Financial Inc. CIBC World Markets Inc. BMO Nesbitt Burns Inc. Promoter(s): Scotia Managed Companies Administration Inc. Project #2437867 _______________________________________________ Issuer Name: Fidelity Global Intrinsic Value Class Principal Regulator - Ontario Type and Date: Amendment #1 dated February 12, 2016 to Final Simplified Prospectus dated December 16, 2015 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: - Underwriter(s) or Distributor(s): Fidelity Investments Canada ULC Promoter(s): FIDELITY INVESTMENTS CANADA ULC Project #2318045 _______________________________________________
IPOs, New Issues and Secondary Financings
February 25, 2016
(2016), 39 OSCB 1925
Issuer Name: Fidelity North American Equity Class Principal Regulator - Ontario Type and Date: Amendment #1 dated February 12, 2016 to Final Simplified Prospectus dated December 16, 2015 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: - Underwriter(s) or Distributor(s): Fidelity Investments Canada ULC Promoter(s): Fidelity Investments Canada ULC Project #2398086 _______________________________________________ Issuer Name: GreenSpace Brands Inc. (formerly Aumento IV Capital Corporation) Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated February 22, 2016 NP 11-202 Receipt dated February 22, 2016 Offering Price and Description: Up to $8,383,500.00 - 9,315,000 Units @ $0.90 per Unit Underwriter(s) or Distributor(s): Canaccord Genuity Corp. GMP Securities L.P. Beacon Securities Limited Dundee Securities Ltd. Promoter(s): Matthew von Teichman Project #2429700 _______________________________________________ Issuer Name: OSISKO GOLD ROYALTIES LTD Principal Regulator - Quebec Type and Date: Final Short Form Prospectus dated February 19, 2016 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: $150,094,000.00 - 9,940,000 Units at a price of $15.10 per Unit Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. RBC DOMINION SECURITIES INC. NATIONAL BANK FINANCIAL INC. MACQUARIE CAPITAL MARKETS CANADA LTD. CIBC WORLD MARKETS INC. HAYWOOD SECURITIES INC. SCOTIA CAPITAL INC. TD SECURITIES INC. CORMARK SECURITIES INC. DUNDEE SECURITIES LTD. PARADIGM CAPITAL INC. Promoter(s): - Project #2442148 _______________________________________________
Issuer Name: VidWRX Inc. (previously SoMedia Networks Inc.) Principal Regulator - British Columbia Type and Date: Final Short Form Prospectus dated February 19, 2016 NP 11-202 Receipt dated February 19, 2016 Offering Price and Description: - Underwriter(s) or Distributor(s): Euro Pacific Canada Inc. Promoter(s): George Fleming Project #2419771 _______________________________________________
IPOs, New Issues and Secondary Financings
February 25, 2016
(2016), 39 OSCB 1926
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February 25, 2016
(2016), 39 OSCB 1927
Chapter 12
Registrations 12.1.1 Registrants
Type Company Category of Registration Effective Date
Name Change From: Brix Exchange Inc. To: Brix RCR Inc.
Exempt Market Dealer February 12, 2016
Voluntary Surrender Morguard Financial Corp. Investment Fund Manager, Portfolio Manager, and Exempt Market Dealer
February 17, 2016
Change in Registration Category
Vision Wealth Management Ltd
From: Portfolio Manager To: Portfolio Manager and Investment Fund Manager
February 17, 2016
Registrations
February 25, 2016
(2016), 39 OSCB 1928
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February 25, 2016
(2016), 39 OSCB 1929
Chapter 13
SROs, Marketplaces, Clearing Agencies and Trade Repositories
13.1 SROs 13.1.1 IIROC – Proposed Amendments Respecting the Audit Requirement to Send Second Positive Confirmation
Requests – Request for Comment
REQUEST FOR COMMENT
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
PROPOSED AMENDMENTS RESPECTING THE AUDIT REQUIREMENT TO SEND SECOND POSITIVE CONFIRMATION REQUESTS
IIROC is publishing for public comment proposed amendments to Dealer Member Rule 300.2(a)(vii) regarding the audit requirement to send second positive confirmation requests (“proposed amendments”). The primary objective of the proposed amendments is to provide independent auditors with a practical solution to address their concern that the current IIROC audit requirement to send second positive confirmation requests to all of a Dealer Member’s clients, who did not reply to the initial positive confirmation request, is onerous and redundant. The proposed amendments would give an independent auditor the option (rather than it being a requirement) to send second positive confirmation requests to the Dealer Member’s clients, who did not reply to the initial positive confirmation request, and would require the independent auditor use appropriate alternative verification procedures to obtain relevant and reliable audit evidence where second positive confirmation requests are not sent. A copy of the IIROC Notice including the amended documents is also published on our website at www.osc.gov.on.ca. The comment period ends on May 25, 2016.
SROs, Marketplaces, Clearing Agencies and Trade Repositories
February 25, 2016
(2016), 39 OSCB 1930
13.2 Marketplaces 13.2.1 Canadian Securities Exchange – Variation of Recognition Order – Notice
CANADIAN SECURITIES EXCHANGE
VARIATION OF RECOGNITION ORDER
NOTICE 1. INTRODUCTION The Canadian Securities Exchange (CSE or the Exchange) is a recognized exchange pursuant to section 21 of the Securities Act (Ontario) (the Act). OSC staff (Staff or we) are publishing this notice to give an update on a number of initiatives aimed at strengthening listings requirements. These initiatives include a variation to the CSE’s recognition order (Recognition Order), which is also published today. 2. BACKGROUND The CSE was recognized as an exchange in 2004. It has a unique model for listing issuers in Canada, as it is restricted to listing only reporting issuers and it is intended that the Exchange relies on the review by a Canadian securities regulatory authority of documents associated with initial public offerings and ongoing disclosure. This restriction is reflected in its Recognition Order, which states that only reporting issuers may be listed on the Exchange. The CSE’s Recognition Order also has other requirements relating to CSE’s listing function, including: • a requirement that it maintain its ability to regulate and discipline issuers; • a requirement that the CSE carry out appropriate review procedures to monitor and enforce issuer compliance with its
rules; and • certain reporting requirements pertaining to listing activities.
The CSE also has policies setting out listing requirements, which include: • Policy 2 – Qualification for Listing, which sets out the minimum standards for listing on the Exchange; and • Policy 8 – Fundamental Changes, which covers fundamental changes to a listed issuer’s business, such that the issuer
effectively changes to a different issuer. 3. DISCUSSION Recently, there has been an increase in the number of issuers listed on the CSE, with a relatively small percentage arising by way of an initial public offering. Where an issuer seeks to list on the CSE without concurrently filing a prospectus with a securities regulatory authority, the CSE will not have the benefit of the issuer having been concurrently reviewed by another regulator. To address this issue within the regulatory framework for the CSE’s listing function, a number of steps have been taken, including the following: • On January 23, 2015, the CSE published Notice 2015-003 Regulatory Guidance on Plans or Arrangement and Capital
Structure, where it set out its expectations for issuers that become reporting issuers through a statutory plan of arrangement;
• The Commission has amended the CSE’s Recognition Order to (i) specifically reference the CSE’s public interest
mandate, (ii) reinforce that the CSE’s rules will not be contrary to the public interest and they address risks associated with the listing and continued listing of issuers, (iii) require the CSE to ensure that it takes into consideration the public interest and risks associated with the listing and continued listing of issuers when it carries out its listing function, and (iv) establish additional reporting requirements; and
• Concurrent with this staff notice, the CSE is publishing for comment proposed amendments to enhance its initial listing
requirements and add restrictions on listed issuers undergoing fundamental changes in their business.
SROs, Marketplaces, Clearing Agencies and Trade Repositories
February 25, 2016
(2016), 39 OSCB 1931
4. CONCLUSION Staff are of the view that the amendments to the CSE’s Recognition Order, together with the upcoming amendments to the CSE’s requirements applicable to listed issuers, are important steps in establishing a regulatory framework that addresses risks associated with the increasing number of issuers that access the Exchange through listing avenues other than initial public offerings. We will continue to monitor additional enhancements that CSE will make to its listing standards to ensure they align with how the Exchange has grown over the past several years and may continue to grow in the future.
SROs, Marketplaces, Clearing Agencies and Trade Repositories
February 25, 2016
(2016), 39 OSCB 1932
13.2.2 CNSX Markets Inc. – Proposed Amendments to Policy 2 Qualifications for Listing – OSC Staff Notice of Proposed Changes and Request for Comment
CNSX MARKETS INC.
OSC STAFF NOTICE OF PROPOSED CHANGES AND REQUEST FOR COMMENT
CNSX Markets Inc. (CSE) is publishing for comment proposed amendments to Policy 2 Qualifications for Listing in accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto. The changes relate to revisions to the minimum requirements that must be met as a pre-requisite of listing securities on the CSE. A copy of the CSE notice including the proposed changes is published on our website at www.osc.gov.on.ca.
SROs, Marketplaces, Clearing Agencies and Trade Repositories
February 25, 2016
(2016), 39 OSCB 1933
13.2.3 CNSX Markets Inc. – Proposed Amendments to Policy 8 Fundamental Changes – OSC Staff Notice of Proposed Changes and Request for Comment
CNSX MARKETS INC.
OSC STAFF NOTICE OF PROPOSED CHANGES AND REQUEST FOR COMMENT
CNSX Markets Inc. (CSE) is publishing for comment proposed amendments to Policy 8 Fundamental Changes in accordance with the Process for the Review and Approval of Rules and the Information Contained in Form 21-101F1 and the Exhibits Thereto. A copy of the CSE notice including the proposed changes is published on our website at www.osc.gov.on.ca.
SROs, Marketplaces, Clearing Agencies and Trade Repositories
February 25, 2016
(2016), 39 OSCB 1934
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February 25, 2016 (2016), 39 OSCB 1935
Index
Advantaged Canadian High Yield Bond Fund Decision .................................................................... 1678 AMTE Services Inc. Notice from the Office of the Secretary ..................... 1672 Order – s. 127(8) ....................................................... 1720 Angel Immigration Inc. Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Aon Hewitt Investment Management Inc. Decision .................................................................... 1684 Boomerang Oil, Inc. Cease Trading Order ................................................ 1743 Brix Exchange Inc. Name Change ........................................................... 1927 Brix RCR Inc. Name Change ........................................................... 1927 Canadian National Railway Company Order – s. 104(2)(c) .................................................. 1723 Canadian Securities Exchange Marketplaces – Variation of Recognition Order – Notice ........................................................................ 1930 Canamax Energy Ltd. Decision – s. 1(10)(a)(ii) ............................................ 1677 Cenith Air Inc., Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Cenith Energy Corporation Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Central GoldTrust Decision – s. 1(10)(a)(ii) ............................................ 1681 Cerro Grande Mining Corporation Cease Trading Order ................................................ 1743 Chaggares, Robert Notice of Hearing with Related Statement of Allegations – s. 127, 127.1 ........................................ 1667 Notice from the Office of the Secretary ..................... 1671 Notice from the Office of the Secretary ..................... 1672 Order with Related Settlement Agreement – ss. 127, 127.1 ....................................................... 1730
CI Investments Inc. Notice from the Office of the Secretary ..................... 1673 OSC Reasons: Oral Ruling and Reasons ................. 1739 CNSX Markets Inc. Marketplaces – Proposed Amendments to Policy 2 Qualifications for Listing – OSC Staff Notice of Proposed Changes and Request for Comment .................................................................. 1932 Marketplaces – Proposed Amendments to Policy 8 Fundamental Changes – OSC Staff Notice of Proposed Changes and Request for Comment .................................................................. 1933 CNSX Markets Inc. Order – s. 144........................................................... 1700 Colbert, Phillip Notice from the Office of the Secretary ..................... 1672 Order – s. 127(8) ...................................................... 1720 Companion Policy 43-101CP Standards of Disclosure for Mineral Projects Rules and Policies .................................................... 1791 Companion Policy 55-104CP Insider Reporting Requirements and Exemptions Supplement #1 ............................................................... 1 Companion Policy 61-101CP Protection of Minority Security Holders in Special Transactions Supplement #1 ............................................................... 1 Companion Policy 94-101CP Mandatory Central Counterparty Clearing of Derivatives Request for Comments ............................................. 1797 Danier Leather Inc. Cease Trading Order ................................................ 1743 Downing, Sharon Notice from the Office of the Secretary ..................... 1671 Order – ss. 127(1), 127(10) ...................................... 1698 Dunbar, Glenn Francis Notice from the Office of the Secretary ..................... 1674 Order ........................................................................ 1729 Enerdynamic Hybrid Technologies Corp. Cease Trading Order ................................................ 1743 Form 94-101F1 Intragroup Exemption Request for Comments ............................................. 1797 Form 94-101F2 Derivatives Clearing Services Request for Comments ............................................. 1797
Index
February 25, 2016 (2016), 39 OSCB 1936
Future Solar Developments Inc. Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Grewal, Ranjit Notice from the Office of the Secretary ..................... 1672 Order – s. 127(8) ....................................................... 1720 IIROC SROs – Proposed Amendments Respecting the Audit Requirement to Send Second Positive Confirmation Requests – Request for Comment .................................................................. 1929 Invesco Canada Ltd. Decision .................................................................... 1694 Killam Properties Inc. Decision – s. 1(10)(a)(ii) ............................................ 1680 Liahona Administration Inc. Notice of Hearing with Related Statement of Allegations – s. 127, 127.1 ........................................ 1667 Notice from the Office of the Secretary ..................... 1671 Notice from the Office of the Secretary ..................... 1672 Order with Related Settlement Agreement – ss. 127, 127.1 ....................................................... 1730 Liahona Mortgage Investment Corp. Notice of Hearing with Related Statement of Allegations – s. 127, 127.1 ........................................ 1667 Notice from the Office of the Secretary ..................... 1671 Notice from the Office of the Secretary ..................... 1672 Order with Related Settlement Agreement – ss. 127, 127.1 ....................................................... 1730 MI 11-102 Passport System Supplement #1 ................................................................ 1 MI 13-102 System Fees for SEDAR and NRD Supplement #1 ................................................................ 1 MI 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets Supplement #1 ................................................................ 1 MI 61-101 Protection of Minority Security Holders in Special Transactions Supplement #1 ................................................................ 1 MI 62-104 Take-Over Bids and Issuer Bids Rules and Policies .................................................... 1745 Supplement #1 ................................................................ 1 Morguard Financial Corp. Voluntary Surrender .................................................. 1927 NI 43-101 Standards of Disclosure for Mineral Projects Supplement #1 ................................................................ 1
NI 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Rules and Policies .................................................... 1745 Supplement #1 ............................................................... 1 NI 62-104 Take-Over Bids and Issuer Bids Supplement #1 ............................................................... 1 NI 94-101 Mandatory Central Counterparty Clearing of Derivatives Request for Comments ............................................. 1797 NP 62-203 Take-Over Bids and Issuer Bids Rules and Policies .................................................... 1745 Supplement #1 ............................................................... 1 OSC Rule 13-502 Fees Supplement #1 ............................................................... 1 OSC Rule 14-501 Definitions Supplement #1 ............................................................... 1 OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions Supplement #1 ............................................................... 1 OSC Rule 62-504 Take-Over Bids and Issuer Bids Supplement #1 ............................................................... 1 OSC Rule 71-801 Implementing the Multijurisdictional Disclosure System Supplement #1 ............................................................... 1 OSC Rule 71-802 Implementing National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers Supplement #1 ............................................................... 1 OSC Rule 91-502 Trades in Recognized Options Supplement #1 ............................................................... 1 Osler Energy Corporation Notice from the Office of the Secretary ..................... 1672 Order – s. 127(8) ...................................................... 1720 Ozga, Edward Notice from the Office of the Secretary ..................... 1672 Order – s. 127(8) ...................................................... 1720 Perimeter Markets Inc. Decision .................................................................... 1675 Order – s. 6.1 of OSC Rule 13-502 Fees ................. 1697 Petroamerica Oil Corp. Decision – s. 1(10)(a)(ii) ........................................... 1693 Petrus Resources Inc. Decision – s. 1(10)(a)(ii) ........................................... 1682
Index
February 25, 2016 (2016), 39 OSCB 1937
Qin, Sam Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Qin, Xundong Notice from the Office of the Secretary ..................... 1673 Order – ss. 127, 127.1 .............................................. 1722 Rumley, Aaron Notice of Hearing with Related Statement of Allegations – s. 127, 127.1 ........................................ 1667 Notice from the Office of the Secretary ..................... 1671 Notice from the Office of the Secretary ..................... 1672 Order with Related Settlement Agreement – ss. 127, 127.1 ....................................................... 1730 Rumley, Robert Notice of Hearing with Related Statement of Allegations – s. 127, 127.1 ........................................ 1667 Notice from the Office of the Secretary ..................... 1671 Notice from the Office of the Secretary ..................... 1672 Order with Related Settlement Agreement – ss. 127, 127.1 ....................................................... 1730 Scotia Managed Companies Administration Inc. Decision .................................................................... 1678 Starrex International Ltd. Cease Trading Order ................................................ 1743 Tango Mining Limited Cease Trading Order ................................................ 1743 TD Split Inc. Order – s. 1(6) of the OBCA ...................................... 1719 Vision Wealth Management Ltd. Change in Registration Category .............................. 1927 West Red Lake Gold Mines Inc. Cease Trading Order ................................................ 1743 West Red Lake Gold Mines Ltd. Cease Trading Order ................................................ 1743
Index
February 25, 2016 (2016), 39 OSCB 1938
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