OSC Bulletin, Volume 44, Issue 33
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The Ontario Securities Commission OSC Bulletin August 19, 2021 Volume 44, Issue 33 (2021), 44 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 Thomson Reuters 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 42869967 The OSC Bulletin is published weekly by Thomson Reuters Canada, under the authority of the Ontario Securities Commission. Thomson Reuters Canada offers every issue of the Bulletin, from 1994 onwards, fully searchable on SecuritiesSource™, Canada’s pre-eminent web-based securities resource. SecuritiesSource™ also features comprehensive securities legislation, expert analysis, precedents and a weekly Newsletter. For more information on SecuritiesSource™, as well as ordering information, please go to: https://www.westlawnextcanada.com/westlaw-products/securitiessource/ or call Thomson Reuters Canada Customer Support at 1-416-609-3800 (Toronto & International) or 1-800-387-5164 (Toll Free Canada & U.S.). Claims from bona fide subscribers for missing issues will be honoured by Thomson Reuters Canada up to one month from publication date. Space is available in the Ontario Securities Commission Bulletin for advertisements. The publisher will accept advertising aimed at the securities industry or financial community in Canada. Advertisements are limited to tombstone announcements and professional business card announcements by members of, and suppliers to, the financial services industry. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior written permission of the publisher. The publisher is not engaged in rendering legal, accounting or other professional advice. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Printed in the United States by Thomson Reuters. © Copyright 2021 Ontario Securities Commission ISSN 0226-9325 Except Chapter 7 ©CDS INC. Address Customer Support One Corporate Plaza 1-416-609-3800 (Toronto & International) 2075 Kennedy Road 1-800-387-5164 (Toll Free Canada & U.S.) Toronto, Ontario Fax 1-416-298-5082 (Toronto) M1T 3V4 Fax 1-877-750-9041 (Toll Free Canada Only) Email [email protected] Table of Contents Chapter 1 Notices ................................................... 7015 Chapter 13 SROs, Marketplaces, 1.1 Notices .......................................................... 7015 Clearing Agencies and 1.1.1 OSC Staff Notice 33-752 Summary Report for Trade Repositories ............................... 7189 Dealers, Advisers and Investment Fund 13.1 SROs ............................................................... (nil) Managers ....................................................... 7015 13.2 Marketplaces ................................................ 7189 1.2 Notices of Hearing ......................................... (nil) 13.2.1 GLMX Technologies, LLC – Application for an 1.3 Notices of Hearing with Related Exemption from the Marketplace Rules – Statements of Allegations ............................ (nil) Notice and Request for Comment .................. 7189 1.4 Notices from the Office 13.2.2 TSX Inc. – TSX Closing Price, TSX Last Ask of the Secretary ............................................ 7017 Price, TSX Last Bid Price – Notice of 1.4.1 First Global Data Ltd. et al. ............................. 7017 Approval ......................................................... 7220 1.5 Notices from the Office 13.3 Clearing Agencies ......................................... (nil) of the Secretary with Related 13.4 Trade Repositories ........................................ (nil) Statements of Allegations ............................ (nil) Chapter 25 Other Information ................................. 7225 Chapter 2 Decisions, Orders and Rulings ............ 7019 25.1 Approvals ..................................................... 7225 2.1 Decisions ...................................................... 7019 25.1.1 Canada Life U.S. Small-Mid Cap Growth 2.1.1 Sustainable Agriculture & Wellness Dividend Fund et al. ...................................................... 7225 Fund ............................................................... 7019 2.1.2 Jefferies International Limited et al. ................ 7022 Index ................................................................ 7227 2.1.3 CI Investments Inc. ......................................... 7029 2.1.4 Nexus Real Estate Investment Trust .............. 7036 2.1.5 Mackenzie Financial Corporation ................... 7042 2.1.6 Canada Life Investment Management Ltd. ..... 7049 2.2 Orders............................................................ 7053 2.2.1 INV Metals Inc. ............................................... 7053 2.2.2 Pinnacle Renewable Energy Inc. .................... 7054 2.3 Orders with Related Settlement Agreements .................................................... (nil) 2.4 Rulings ........................................................... (nil) Chapter 3 Reasons: Decisions, Orders and Rulings .................................................... (nil) 3.1 OSC Decisions ............................................... (nil) 3.2 Director’s Decisions ...................................... (nil) Chapter 4 Cease Trading Orders ........................... 7057 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ......................... 7057 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders .............. 7057 4.2.2 Outstanding Management & Insider Cease Trading Orders .................................... 7057 Chapter 5 Rules and Policies.................................. (nil) Chapter 6 Request for Comments .......................... (nil) Chapter 7 Insider Reporting................................... 7059 Chapter 9 Legislation .............................................. (nil) Chapter 11 IPOs, New Issues and Secondary Financings ............................................. 7181 Chapter 12 Registrations ......................................... 7187 12.1.1 Registrants ..................................................... 7187 August 19, 2021 (2021), 44 OSCB Chapter 1 Notices 1.1 Notices 1.1.1 OSC Staff Notice 33-752 Summary Report for Dealers, Advisers and Investment Fund Managers OSC Staff Notice 33-752 Summary Report for Dealers, Advisers and Investment Fund Managers is reproduced on the following separately numbered pages. Bulletin pagination resumes at the end of the Summary Report. August 19, 2021 (2021), 44 OSCB 7015 Notices This page intentionally left blank August 19, 2021 (2021), 44 OSCB 7016 Summary Report for Dealers, Advisers and Investment Fund Managers Compliance OSC Staff Notice 33-752 and Registrant Regulation August 10, 2021 CONTENTS - 3 - Director’s message - 4 - Introduction - 8 - Part 1: Outreach - 14 - Part 2: Information for dealers, advisers and investment fund managers - 39 - Part 3: Initiatives impacting registrants - 46 - Part 4: Acting on registrant misconduct - 54 - Staff directory OSC Staff Notice 33-752 Director’s message We are pleased to continue our important outreach Our Registrant Outreach program remains a priority through this year’s Summary Report for Dealers, for the OSC. We continue to provide tools and Advisers and Investment Fund Managers (Summary programs to help registrants with their compliance Report). It provides an overview of our work during obligations. The Registrant Advisory Committee was the 2020-2021 fiscal year. re-constituted, welcoming some new members for a two-year term. Visit the Registrant Outreach program What a year it’s been! Along with the rest of the webpage to access the Topical Guide for Registrants, financial industry, staff of the Compliance and a listing of Director’s decisions or to obtain information Registrant Regulation Branch (CRR) and from about upcoming educational webinars, which are across the Ontario Securities Commission (OSC, posted in the calendar of events. Commission) have been working remotely for more than a year. I am proud of the entire CRR Team for With the publication of regulatory notices on March their flexibility and ability to pivot to our new work 29, 2021 setting out the requirements for crypto- situation, while continuing to serve our markets. asset trading platforms to commence registration as either a dealer and/or marketplace, there will be a This year, we completed our compliance, financial significant amount of work to bring these firms into the disclosure and conduct reviews remotely through a regulatory framework. We are working to implement combination of telephone/video conferencing and an efficient process to onboard these firms and will be desk reviews. Mindful of how our processing times transparent with them regarding our progress. impact registered firms and individuals (collectively, registrants), we strived to process registration Our compliance review activity will prioritize the and exemptive relief applications as efficiently