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Cease Trading Orders The Ontario Securities Commission OSC Bulletin January 23, 2020 Volume 43, Issue 4 (2020), 43 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 42711420 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: http://www.westlawecarswell.com/SecuritiesSource/News/default.htm 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 2020 Ontario Securities Commission ISSN 0226-9325 Except Chapter 7 ©CDS INC. One Corporate Plaza Customer Support 2075 Kennedy Road 1-416-609-3800 (Toronto & International) Toronto, Ontario 1-800-387-5164 (Toll Free Canada & U.S.) M1T 3V4 Fax 1-416-298-5082 (Toronto) Fax 1-877-750-9041 (Toll Free Canada Only) Email [email protected] Table of Contents Chapter 1 Notices ................................................ 847 Chapter 6 Request for Comments ..................... (nil) 1.1 Notices ....................................................... 847 1.1.1 CSA Notice 23-325 Trading Fee Rebate Chapter 7 Insider Reporting ................................ 917 Pilot Study ................................................... 847 1.2 Notices of Hearing ..................................... 874 Chapter 9 Legislation .......................................... (nil) 1.2.1 BDO Canada LLP – ss. 127, 127.1 ............. 874 1.3 Notices of Hearing with Related Chapter 11 IPOs, New Issues and Secondary Statements of Allegations ....................... (nil) Financings ......................................... 1007 1.4 Notices from the Office of the Secretary ......................................... 874 Chapter 12 Registrations ..................................... 1015 1.4.1 MOAG Copper Gold Resources Inc. et al.... 874 12.1.1 Registrants ................................................. 1015 1.4.2 Miner Edge Inc. et al. .................................. 875 1.4.3 BDO Canada LLP ........................................ 875 Chapter 13 SROs, Marketplaces, 1.5 Notices from the Office Clearing Agencies and of the Secretary with Related Trade Repositories ........................... 1017 Statements of Allegations ....................... (nil) 13.1 SROs .......................................................... (nil) 13.2 Marketplaces ............................................ 1017 Chapter 2 Decisions, Orders and Rulings ......... 877 13.2.1 CSE – Amendments to Trading System 2.1 Decisions ................................................... 877 Functionality & Features – Notice of 2.1.1 BMO Investments Inc. ................................. 877 Approval ..................................................... 1017 2.1.2 Frontenac Mortgage Investment 13.2.2 Canadian Securities Exchange – Corporation .................................................. 883 Proposed Amendments to Trading System 2.1.3 Capital International Asset Management – Notice of Withdrawal ............................... 1018 (Canada), Inc. .............................................. 884 13.3 Clearing Agencies .................................... (nil) 2.1.4 Franklin Templeton Investments Corp. ........ 886 13.4 Trade Repositories ................................... (nil) 2.1.5 Vertex One Asset Management Inc. et al. ... 890 2.2 Orders......................................................... 897 Chapter 25 Other Information ............................. 1019 2.2.1 Neurocords Corporation .............................. 897 25.1 Consents .................................................. 1019 2.2.2 Avesoro Resources Inc. .............................. 898 25.1.1 Mexican Gold Corp. – s. 4(b) of the 2.2.3 Blackrock Asset Management Canada Regulation .................................................. 1019 Limited and Blackrock Financial Management, Inc. – s. 80 of the CFA .......... 899 Index ............................................................ 1021 2.2.4 Pengrowth Energy Corporation ................... 903 2.2.5 Iplayco Corporation Ltd. .............................. 904 2.2.6 Miner Edge Inc. et al. – ss. 127, 127.1 ........ 905 2.2.7 Aethon Minerals Corporation ...................... 905 2.3 Orders with Related Settlement Agreements ............................................... (nil) 2.4 Rulings ...................................................... (nil) Chapter 3 Reasons: Decisions, Orders and Rulings ................................................ 907 3.1 OSC Decisions ........................................... 907 3.1.1 MOAG Copper Gold Resources Inc. et al. – s. 127(1) ................................................... 907 3.2 Director’s Decisions ................................. (nil) Chapter 4 Cease Trading Orders ........................ 915 4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders ...................... 915 4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders ........... 915 4.2.2 Outstanding Management & Insider Cease Trading Orders ................................. 915 Chapter 5 Rules and Policies............................. (nil) January 23, 2020 (2020), 43 OSCB Chapter 1 Notices 1.1 Notices 1.1.1 CSA Notice 23-325 Trading Fee Rebate Pilot Study CSA Notice 23-325 Trading Fee Rebate Pilot Study January 23, 2020 I. INTRODUCTION The Canadian Securities Administrators (the CSA or we) have either approved or not objected to1 the Trading Fee Rebate Pilot Study that applies temporary pricing restrictions on marketplace transaction fees applicable to trading in certain interlisted and non-interlisted securities (the Pilot Study). The implementation of the Pilot Study will be conditional on the implementation of a similar study in the United States (the SEC Fee Pilot).2 In the event the SEC Fee Pilot does not proceed, the CSA will not move forward with the implementation of the Pilot Study. We are publishing the design of the Pilot Study (the Final Design Report) at Appendix A and the form of an order for the implementation of the Pilot Study at Appendix B to this Notice. The Final Design Report will also be available on the websites of other CSA jurisdictions, including: www.lautorite.qc.ca www.albertasecurities.com www.bcsc.bc.ca www.fcnb.ca nssc.novascotia.ca www.osc.gov.on.ca www.fcaa.gov.sk.ca www.mbsecurities.ca The Pilot Study will begin on a date concurrent with the implementation of the SEC Fee Pilot. Once we have confirmation that the SEC Fee Pilot is proceeding, we will publish a notice of implementation that will provide additional details including the start date of the Pilot Study. See Part IV of this Notice for additional information regarding timing and duration. II. PURPOSE OF THE PILOT STUDY The CSA is concerned that the payment of rebates by marketplaces may be affecting the behaviour of marketplace participants by: 1. creating conflicts of interest for dealer routing decisions that may be difficult to manage; 2. contributing to increased segmentation of order flow; and 1 The Autorité des marchés financiers and the Ontario Securities Commission have approved the Trading Fee Rebate Pilot Study. In addition, the Alberta Securities Commission, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Prince Edward Island Office of the Superintendent of Securities, the Department of Justice of the Government of Nunavut,
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