The Ontario Securities Commission
OSC Bulletin
December 13, 2012
Volume 35, Issue 50
(2012), 35 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 Suite 1903, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4
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© Copyright 2012 Ontario Securities Commission ISSN 0226-9325 Except Chapter 7 ©CDS INC.
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Chapter 1 Notices / News Releases ...... 11125 2.2.6 Nest Acquisitions and Mergers and 1.1 Notices ...... 11125 Caroline Frayssignes 1.1.1 Current Proceedings before the – ss. 127(1), 127(8)...... 11192 Ontario Securities Commission ...... 11125 2.2.7 Nest Acquisitions and Mergers et al...... 11193 1.1.2 Caroline Frayssignes Cotton ...... 11132 2.2.8 International Strategic Investments et al...... 11195 1.1.3 Nest Acquisitions and Mergers et al...... 11133 2.2.9 Maple Group Acquisition Corporation 1.1.4 Multilateral CSA Staff Notice 23-313 et al. – s. 144 ...... 11197 – Blanket Orders Exempting 2.2.10 TD Securities Inc. and Marketplace Participants from Certain 1802146 Ontario Limited – s. 144...... 11199 Provisions of National Instrument 23-103 2.2.11 Happy Creek Minerals Ltd. Electronic Trading and Related – s. 1(11)(b) ...... 11200 OSC Staff Position ...... 11134 2.2.12 Plexmar Resources Inc. – s. 144 ...... 11201 1.2 Notices of Hearing...... 11136 2.2.13 Parametric Portfolio Associates LLC 1.2.1 Newer Technologies Limited et al. – s. 80 of the CFA...... 11203 – ss. 127, 127.1...... 11136 2.3 Rulings...... (nil) 1.3 News Releases ...... 11140 1.3.1 Canadian Securities Regulators Seek Chapter 3 Reasons: Decisions, Orders and Comment on Model Rules Relating to Rulings...... 11211 Derivatives: Product Determination and 3.1 OSC Decisions, Orders and Rulings...... 11211 Derivatives Trade Repositories and 3.1.1 Nest Acquisitions and Mergers et al...... 11211 Data Reporting...... 11140 3.1.2 Jory Capital Inc. – s. 28 ...... 11217 1.3.2 Canadian Securities Regulators Publish 3.1.3 Shane Suman and Monie Rahman Discussion Paper on Mutual Fund Fees...... 11142 – ss. 127, 127.1 ...... 11218 1.4 Notices from the Office 3.2 Court Decisions, Order and Rulings ...... (nil) of the Secretary ...... 11143 1.4.1 Jowdat Waheed and Bruce Walter ...... 11143 Chapter 4 Cease Trading Orders ...... 11229 1.4.2 Newer Technologies Limited et al...... 11143 4.1.1 Temporary, Permanent & Rescinding 1.4.3 Nest Acquisitions and Mergers et al...... 11144 Issuer Cease Trading Orders...... 11229 1.4.4 Practice Guideline on the use of the 4.2.1 Temporary, Permanent & Rescinding Commission’s Book of Authorities in Management Cease Trading Orders ...... 11229 proceedings before the Commission ...... 11145 4.2.2 Outstanding Management & Insider 1.4.5 Caroline Frayssignes Cotton ...... 11146 Cease Trading Orders ...... 11229 1.4.6 OSC Securities Proceedings Advisory Committee – Request for Applications ...... 11147 Chapter 5 Rules and Policies...... 11231 1.4.7 Nest Acquisitions and Mergers et al...... 11150 5.1.1 Practice Guideline – December 4, 2012 – 1.4.8 Children’s Education Funds Inc...... 11150 Commission’s Book of Authorities ...... 11231 1.4.9 Nest Acquisitions and Mergers et al...... 11151 1.4.10 Nest Acquisitions and Mergers et al...... 11151 Chapter 6 Request for Comments ...... 11233 1.4.11 International Strategic Investments et al...... 11152 6.1.1 CSA Discussion Paper and Request for Comment 81-407 Mutual Fund Fees ...... 11233 Chapter 2 Decisions, Orders and Rulings ...... 11153 2.1 Decisions ...... 11153 Chapter 7 Insider Reporting...... 11283 2.1.1 Fidelity Investments Canada ULC ...... 11153 2.1.2 Brookfield Infrastructure Partners L.P...... 11155 Chapter 8 Notice of Exempt Financings...... 11391 2.1.3 La Mancha Resources Inc...... 11163 Reports of Trades Submitted on 2.1.4 Credit Suisse AG...... 11164 Forms 45-106F1 and 45-501F1...... 11391 2.1.5 Tyco International Ltd. et al...... 11167 2.1.6 Karmin Exploration Inc...... 11173 Chapter 9 Legislation...... (nil) 2.1.7 20-20 Technologies Inc...... 11175 2.2 Orders...... 11177 Chapter 11 IPOs, New Issues and Secondary 2.2.1 Jowdat Waheed and Bruce Walter ...... 11177 Financings...... 11397 2.2.2 Sensato Investors, LLC – s. 80 of the CFA ...... 11178 Chapter 12 Registrations...... 11405 2.2.3 Nest Acquisitions and Mergers et al. 12.1.1 Registrants...... 11405 – s. 127(1) ...... 11186 2.2.4 theScore, Inc. – s. 1(11)(b)...... 11187 2.2.5 Children’s Education Funds Inc...... 11190
December 13, 2012 (2012) 35 OSCB Table of Contents
Chapter 13 SROs, Marketplaces and Clearing Agencies...... 11407 13.1 SROs...... 11407 13.1.1 OSC Staff Notice – Notice of Revocation of the 2008 Commission Approval to Proposed Amendments to Sections 1 (Definitions) and 3 (Directors) of MFDA By-Law No. 1...... 11407 13.1.2 OSC Staff Notice of Approval – IIROC Rules Notice 12-0363 – Notice of Approval – UMIR – Provisions Respecting Electronic Trading...... 11408 13.1.3 OSC Staff Notice of Approval – Amendments to the Universal Market Integrity Rules Respecting Electronic Trading ...... 11435 13.2 Marketplaces...... (nil) 13.3 Clearing Agencies ...... 11436 13.3.1 Material Amendments to CDS Rules – Multi-Classification of Limited Purpose Participants – Request for Comments...... 11436
Chapter 25 Other Information...... 11445 25.1 Exemptions...... 11445 25.1.1 First Asset Management Inc. and First Asset DEX Provincial Bond ETF – s. 19.1 of NI 41-101 General Prospectus Requirements ...... 11445
Index ...... 11447
December 13, 2012 (2012) 35 OSCB Chapter 1 Notices / News Releases
1.1 Notices SCHEDULED OSC HEARINGS
1.1.1 Current Proceedings Before The Ontario Securities Commission December 17 Rezwealth Financial Services Inc., and December Pamela Ramoutar, Justin December 13, 2012 19, 2012 Ramoutar, Tiffin Financial Corporation, Daniel Tiffin, CURRENT PROCEEDINGS 10:00 a.m. 2150129 Ontario Inc., Sylvan Blackett, 1778445 Ontario Inc. and BEFORE Willoughby Smith ONTARIO SECURITIES COMMISSION s. 127(1) and (5) ------A. Heydon/Y. Chisholm in Temporary Change of Location of attendance for Staff Ontario Securities Commission Proceedings Panel: EPK All hearings scheduled to be heard between November 22, 2012 and March 15, 2013 will take place at the following location: December 19, Vincent Ciccone and Cabo 2012 Catoche Corp. (a.k.a. Medra Corp. ASAP Reporting Services Inc. and Medra Corporation) Bay Adelaide Centre 3:30 p.m. 333 Bay Street s. 127 Suite 900 Toronto, Ontario M. Vaillancourt in attendance for M5H 2T4 Staff
Telephone: 416-597-0681 Telecopier: 416-593-8348 Panel: VK CDS TDX 76 December 20, New Hudson Television Late Mail depository on the 19th Floor until 6:00 p.m. 2012 Corporation, New Hudson Television L.L.C. & James Dmitry ------10:00 a.m. Salganov
THE COMMISSIONERS s. 127
Howard I. Wetston, Chair — HIW C. Watson in attendance for Staff James E. A. Turner, Vice Chair — JEAT Lawrence E. Ritchie, Vice Chair — LER Panel: MGC Mary G. Condon, Vice Chair — MGC Sinan O. Akdeniz — SOA December 20, New Hudson Television LLC & 2012 Dmitry James Salganov James D. Carnwath — JDC Margot C. Howard — MCH 10:00 a.m. s. 127 Sarah B. Kavanagh — SBK C. Watson in attendance for Staff Kevin J. Kelly — KJK Paulette L. Kennedy — PLK Panel: MGC Edward P. Kerwin — EPK Vern Krishna __ VK Christopher Portner — CP Judith N. Robertson — JNR Charles Wesley Moore (Wes) Scott — CWMS
December 13, 2012 (2012) 35 OSCB 11125 Notices / News Releases
December 20, Knowledge First Financial Inc. January 14, Jowdat Waheed and Bruce Walter 2012 January 16-28, s. 127 January 30- s. 127 11:00 a.m. February 11 D. Ferris in attendance for Staff and February J. Lynch in attendance for Staff 13-22, 2013 Panel: JEAT Panel: CP/SBK/PLK 10:00 a.m. December 20, Heritage Education Funds Inc. 2012 January 15, Nest Acquisitions and Mergers, s. 127 2013 IMG International Inc., Caroline 11:30 a.m. Myriam Frayssignes, David D. Ferris in attendance for Staff 3:00 p.m. Pelcowitz, Michael Smith, and Robert Patrick Zuk Panel: JEAT s. 37, 127 and 127.1
January 7, 2013 Ernst & Young LLP C. Price in attendance for Staff
10:00 a.m. s. 127 and 127.1 Panel: JDC/MCH A. Clark in attendance for Staff January 17, Global Consulting and Financial Panel: TBA 2013 Services, Crown Capital Management Corporation, 9:00 a.m. Canadian Private Audit Service, January 10-11, MBS Group (Canada) Ltd., Balbir Executive Asset Management, 2013 Ahluwalia and Mohinder Michael Chomica, Peter Siklos Ahluwalia (also known as Peter Kuti), Jan 10:00 a.m. Chomica, and Lorne Banks s. 37, 127 and 127.1 s. 127 C. Rossi in attendance for staff H. Craig/C. Rossi in attendance for Panel: CP Staff
January 11, Newer Technologies Limited, Panel: CP 2013 Ryan Pickering and Rodger Frey January 17, Sino-Forest Corporation, Allen 11:00 a.m. s. 127 and 127.1 2013 Chan, Albert Ip, Alfred C.T. Hung, George Ho, Simon Yeung and B. Shulman in attendance for staff 10:00 a.m. David Horsley
Panel: TBA s. 127
January 14, Roger Carl Schoer H. Craig in attendance for Staff 2013 s. 21.7 Panel: TBA 10:00 a.m. C. Johnson in attendance for Staff January 17, Sino-Forest Corporation, Allen 2013 Chan, Albert Ip, Alfred C.T. Hung, Panel: JEAT George Ho and Simon Yeung 10:00 a.m. s. 127
H. Craig in attendance for Staff
Panel: TBA
December 13, 2012 (2012) 35 OSCB 11126 Notices / News Releases
January 17, Firestar Capital Management February 1, Ground Wealth Inc., Armadillo 2013 Corp., Kamposse Financial Corp., 2013 Energy Inc., Paul Schuett, Doug Firestar Investment Management DeBoer, James Linde, Susan 2:00 p.m. Group, Michael Ciavarella and 10:00 a.m. Lawson, Michelle Dunk, Adrion Michael Mitton Smith, Bianca Soto and Terry Reichert s. 127 s. 127 H. Craig in attendance for Staff S. Schumacher in attendance for Panel: EPK Staff
Panel: TBA January 18, Oversea Chinese Fund Limited 2013 Partnership, Weizhen Tang and Associates Inc., Weizhen Tang February 4-11 Alexander Christ Doulis (aka 10:00 a.m. Corp., and Weizhen Tang and February Alexander Christos Doulis, aka 13, 2013 Alexandros Christodoulidis) and s. 127 and 127.1 Liberty Consulting Ltd. 10:00 a.m. H. Craig in attendance for Staff s. 127
Panel: TBA J. Feasby in attendance for Staff
Panel: VK January 21-28 Moncasa Capital Corporation and and January 30 John Frederick Collins – February 1, February 11, David Charles Phillips and John 2013 s. 127 February 13-15, Russell Wilson February 19-25 10:00 a.m. T. Center in attendance for Staff and February s. 127 27 – March 6, Panel: EPK 2013 Y. Chisholm in attendance for Staff
10:00 a.m. Panel: TBA January 23-25 Sage Investment Group, C.A.D.E and January Resources Group Inc., 30-31, 2013 Greenstone Financial Group, February 27, Global Energy Group, Ltd., New Fidelity Financial Group, Antonio 2013 Gold Limited Partnerships, 10:00 a.m. Carlos Neto David Oliveira, and Christina Harper, Howard Rash, Anne Marie Ridley 10:00 a.m. Michael Schaumer, Elliot Feder, Vadim Tsatskin, Oded Pasternak, s. 127 Alan Silverstein, Herbert Groberman, Allan Walker, Peter C. Watson in attendance for Staff Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce Cohen and Panel: TBA Andrew Shiff s. 127 January 28, AMTE Services Inc., Osler Energy 2013 Corporation, Ranjit Grewal, Phillip C. Watson in attendance for Staff Colbert and Edward Ozga 10:00 a.m. Panel: EPK s. 127
C. Rossi in attendance for Staff February 28, Children’s Education Funds Inc. 2013 Panel: TBA s. 127 10:00 a.m. D. Ferris in attendance for Staff
Panel: JEAT
December 13, 2012 (2012) 35 OSCB 11127 Notices / News Releases
March 18-25, Peter Sbaraglia April 15-22, Heir Home Equity Investment March 27-28, April 25 – May Rewards Inc.; FFI First Fruit April 1-5 and s. 127 6 and May Investments Inc.; Wealth Building April 24-25, 8-10, 2013 Mortgages Inc.; Archibald 2013 J. Lynch in attendance for Staff Robertson; Eric Deschamps; 10:00 a.m. Canyon Acquisitions, LLC; 10:00 a.m. Panel: CP Canyon Acquisitions International, LLC; Brent Borland; Wayne D. Robbins; Marco March 18-25 2196768 Ontario Ltd carrying on Caruso; Placencia Estates and March business as Rare Investments, Development, Ltd.; Copal Resort 27-28, 2013 Ramadhar Dookhie, Adil Sunderji Development Group, LLC; and Evgueni Todorov Rendezvous Island, Ltd.; The 10:00 a.m. Placencia Marina, Ltd.; and The s. 127 Placencia Hotel and Residences Ltd. D. Campbell in attendance for Staff s. 127 Panel: EPK B. Shulman in attendance for Staff April 8, April Energy Syndications Inc. 10-16, April 22, Green Syndications Inc., Panel: TBA April 24, April Syndications Canada Inc., Daniel 29-30, May 6 Strumos, Michael Baum and April 29 – May North American Financial Group and May 8, Douglas William Chaddock 6 and May 8- Inc., North American Capital Inc., 2013 10, 2013 Alexander Flavio Arconti, and s. 127 Luigino Arconti 10:00 a.m. 10:00 a.m. C. Johnson in attendance for Staff s. 127
Panel: TBA M. Vaillancourt in attendance for Staff April 11-22 and Morgan Dragon Development April 24, 2013 Corp., John Cheong (aka Kim Panel: TBA Meng Cheong), Herman Tse, 10:00 a.m. Devon Ricketts and Mark Griffiths May 9, 2013 New Solutions Capital Inc., New Solutions Financial Corporation, s. 127 10:00 a.m. New Solutions Financial (II) Corporation, New Solutions J. Feasby in attendance for Staff Financial (III) Corporation, New Solutions Financial (VI) Panel: EPK Corporation and Ron Ovenden
s. 127
Y. Chisholm in attendance for Staff
Panel: TBA
December 13, 2012 (2012) 35 OSCB 11128 Notices / News Releases
September Eda Marie Agueci, Dennis Wing, TBA Frank Dunn, Douglas Beatty, 16-23, Santo Iacono, Josephine Raponi, Michael Gollogly September 25 – Kimberley Stephany, Henry October 7, Fiorillo, Giuseppe (Joseph) s. 127 October 9-21, Fiorini, John Serpa, Ian Telfer, October 23 – Jacob Gornitzki and Pollen K. Daniels in attendance for Staff November 4, Services Limited November 6-18, Panel: TBA November 20 – s. 127 December 2, December 4-16 J, Waechter/U. Sheikh in attendance TBA MRS Sciences Inc. (formerly and December for Staff Morningside Capital Corp.), 18-20, 2013 Americo DeRosa, Ronald Panel: TBA Sherman, Edward Emmons and 10:00 a.m. Ivan Cavric s. 127 and 127(1) To be held In- Sandy Winick, Andrea Lee Writing McCarthy, Kolt Curry, Laura D. Ferris in attendance for Staff Mateyak, Gregory J. Curry, American Heritage Stock Transfer Panel: TBA Inc., American Heritage Stock Transfer, Inc., BFM Industries Inc., Liquid Gold International TBA Gold-Quest International, 1725587 Corp., (aka Liquid Gold Ontario Inc. carrying International Inc.) and Nanotech on business as Health and Industries Inc. Harmoney, Harmoney Club Inc., Donald Iain Buchanan, Lisa Buchanan and Sandra Gale s. 127 s. 127 J. Feasby in attendance for Staff H. Craig in attendance for Staff Panel: JDC Panel: TBA
TBA Yama Abdullah Yaqeen TBA Gold-Quest International, Health s. 8(2) and Harmoney, Iain Buchanan and Lisa Buchanan J. Superina in attendance for Staff s. 127 Panel: TBA H. Craig in attendance for Staff
TBA Microsourceonline Inc., Michael Panel: TBA Peter Anzelmo, Vito Curalli, Jaime S. Lobo, Sumit Majumdar and Jeffrey David Mandell TBA Brilliante Brasilcan Resources Corp., York Rio Resources Inc., s. 127 Brian W. Aidelman, Jason Georgiadis, Richard Taylor and J. Waechter in attendance for Staff Victor York
Panel: TBA s. 127 H. Craig in attendance for Staff
Panel: TBA
December 13, 2012 (2012) 35 OSCB 11129 Notices / News Releases
TBA Paul Azeff, Korin Bobrow, TBA David M. O’Brien Mitchell Finkelstein, Howard Jeffrey Miller and Man Kin Cheng s. 37, 127 and 127.1 (a.k.a. Francis Cheng) B. Shulman in attendance for Staff s. 127 Panel: TBA T. Center/D. Campbell in attendance for Staff TBA Bunting & Waddington Inc., Panel: TBA Arvind Sanmugam, Julie Winget and Jenifer Brekelmans
TBA Uranium308 Resources Inc., s. 127 Michael Friedman, George Schwartz, Peter Robinson, and S. Schumacher in attendance for Shafi Khan Staff
s. 127 Panel: TBA
H. Craig/C.Rossi in attendance for Staff TBA Global Energy Group, Ltd., New Gold Limited Partnerships, Panel: TBA Christina Harper, Vadim Tsatskin, Michael Schaumer, Elliot Feder, Oded Pasternak, Alan Silverstein, TBA FactorCorp Inc., FactorCorp Herbert Groberman, Allan Walker, Financial Inc. and Mark Twerdun Peter Robinson, Vyacheslav Brikman, Nikola Bajovski, Bruce s. 127 Cohen and Andrew Shiff
C. Price in attendance for Staff s. 37, 127 and 127.1
Panel: TBA C. Watson in attendance for Staff
Panel: TBA TBA York Rio Resources Inc., Brilliante Brasilcan Resources Corp., Victor York, Robert Runic, TBA Colby Cooper Capital Inc., Colby George Schwartz, Peter Cooper Inc., Pac West Minerals Robinson, Adam Sherman, Ryan Limited John Douglas Lee Mason Demchuk, Matthew Oliver, Gordon Valde and Scott s. 127 Bassingdale B. Shulman in attendance for Staff s. 127 Panel: TBA H. Craig/C. Watson in attendance for Staff TBA Normand Gauthier, Gentree Asset Panel: TBA Management Inc., R.E.A.L. Group Fund III (Canada) LP, and CanPro Income Fund I, LP TBA Innovative Gifting Inc., Terence Lushington, Z2A Corp., and s. 127 Christine Hewitt B. Shulman in attendance for Staff s. 127 Panel: TBA M. Vaillancourt in attendance for Staff
Panel: TBA
December 13, 2012 (2012) 35 OSCB 11130 Notices / News Releases
TBA Beryl Henderson TBA Portus Alternative Asset Management Inc., Portus Asset s. 127 Management Inc., Boaz Manor, Michael Mendelson, Michael S. Schumacher in attendance for Labanowich and John Ogg Staff s. 127 Panel: TBA H Craig in attendance for Staff
TBA International Strategic Panel: TBA Investments, International Strategic Investments Inc., Somin Holdings Inc., Nazim Gillani and TBA Bernard Boily Ryan J. Driscoll. s. 127 and 127.1 s. 127 M. Vaillancourt/U. Sheikh in C. Watson in attendance for Staff attendance for Staff Panel: TBA Panel: TBA TBA Majestic Supply Co. Inc., Suncastle Developments TBA New Found Freedom Financial, Corporation, Herbert Adams, Ron Deonarine Singh, Wayne Steve Bishop, Mary Kricfalusi, Gerard Martinez, Pauline Levy, Kevin Loman and CBK David Whidden, Paul Swaby and Enterprises Inc. Zompas Consulting
s. 37, 127 and 127.1 s. 127
D. Ferris in attendance for Staff A. Heydon/S. Horgan in attendance for Staff Panel: TBA Panel: TBA TBA Juniper Fund Management Corporation, Juniper Income TBA Irwin Boock, Stanton Defreitas, Fund, Juniper Equity Growth Jason Wong, Saudia Allie, Alena Fund and Roy Brown (a.k.a. Roy Dubinsky, Alex Khodjaiants, Brown-Rodrigues) Select American Transfer Co., Leasesmart, Inc., Advanced s. 127 and 127.1 Growing Systems, Inc., International Energy Ltd., D. Ferris in attendance for Staff Nutrione Corporation, Pocketop Corporation, Asia Telecom Ltd., Panel: TBA Pharm Control Ltd., Cambridge Resources Corporation, Compushare Transfer TBA Crown Hill Capital Corporation Corporation, Federated and Wayne Lawrence Pushka Purchaser, Inc., TCC Industries, Inc., First National Entertainment s. 127 Corporation, WGI Holdings, Inc. and Enerbrite Technologies A. Perschy/A. Pelletier in attendance Group for Staff s. 127 and 127.1 Panel: TBA D. Campbell in attendance for Staff
Panel: TBA
December 13, 2012 (2012) 35 OSCB 11131 Notices / News Releases
TBA Systematech Solutions Inc., 1.1.2 Caroline Frayssignes Cotton April Vuong and Hao Quach IN THE MATTER OF s. 127 THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED D. Ferris in attendance for Staff AND Panel: TBA IN THE MATTER OF CAROLINE FRAYSSIGNES COTTON TBA Global RESP Corporation and Global Growth Assets Inc. NOTICE OF WITHDRAWAL
s. 127 WHEREAS on October 9, 2012, the Ontario Securities Commission (the "Commission") issued a Notice D. Ferris in attendance for Staff of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended, to Panel: TBA consider whether it is in the public interest to make orders, as specified therein, in respect of Caroline Frayssignes Cotton. The Notice of Hearing was issued in connection with the allegations as set out in the Statement of ADJOURNED SINE DIE Allegations (the “Statement of Allegations”) filed by Staff of the Commission (“Staff”) dated September 28, 2012.
Global Privacy Management Trust and Robert TAKE NOTICE that Staff hereby withdraw the Cranston Statement of Allegations.
December 6, 2012 Livent Inc., Garth H. Drabinsky, Myron I. Gottlieb, Gordon Eckstein, Robert Topol Staff of the Ontario Securities Commission 20 Queen Street West LandBankers International MX, S.A. De C.V.; PO Box 55, 19th Floor Sierra Madre Holdings MX, S.A. De C.V.; L&B Toronto, ON M5H 3S8 LandBanking Trust S.A. De C.V.; Brian J. Wolf Zacarias; Roger Fernando Ayuso Loyo, Alan Hemingway, Kelly Friesen, Sonja A. McAdam, Ed Moore, Kim Moore, Jason Rogers and Dave Urrutia
Hollinger Inc., Conrad M. Black, F. David Radler, John A. Boultbee and Peter Y. Atkinson
December 13, 2012 (2012) 35 OSCB 11132 Notices / News Releases
1.1.3 Nest Acquisitions and Mergers et al.
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK
NOTICE OF WITHDRAWAL
WHEREAS on January 18, 2010, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 37, 127, and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended, to consider whether it is in the public interest to make orders, as specified therein, in respect of Nest Acquisitions and Mergers, IMG International Inc., Caroline Myriam Frayssignes (“Frayssignes”), David Pelcowitz, Michael Smith and Robert Patrick Zuk. The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission ("Staff") dated January 18, 2010 (the “Statement of Allegations”).
TAKE NOTICE that Staff hereby withdraw the allegations in the Statement of Allegations solely with respect to Frayssignes.
December 6, 2012
Staff of the Ontario Securities Commission 20 Queen Street West PO Box 55, 19th Floor Toronto, ON M5H 3S8
December 13, 2012 (2012) 35 OSCB 11133 Notices / News Releases
1.1.4 Multilateral CSA Staff Notice 23-313 – Blanket Orders Exempting Marketplace Participants from Certain Provisions of National Instrument 23-103 Electronic Trading and Related OSC Staff Position
MULTILATERAL CSA STAFF NOTICE 23-313
BLANKET ORDERS EXEMPTING MARKETPLACE PARTICIPANTS FROM CERTAIN PROVISIONS OF NATIONAL INSTRUMENT 23-103 ELECTRONIC TRADING AND RELATED OSC STAFF POSITION
Background
National Instrument 23-103 Electronic Trading (NI 23-103) introduces a framework that addresses risks associated with electronic trading. It comes into effect on March 1, 2013.
Since the publication1 of the final version of NI 23-103, the Canadian Securities Administrators (the CSA or we) have received comments and inquiries about the implementation of certain provisions of NI 23-103. To better understand the level of preparedness of marketplace participants in implementing NI 23-103, the CSA and the Investment Industry Regulatory Organization of Canada (IIROC) conducted a survey of members of the Investment Industry Association of Canada (IIAC) on the implementation of NI 23-103.
Certain IIAC members responded that they had concerns about their ability to adequately complete testing of the automated pre-trade risk controls required under paragraph 3(3)(a) of NI 23-103 by March 1, 2013. Paragraph 3(3)(a) requires that a marketplace participant’s risk management and supervisory controls, policies and procedures must be reasonably designed to systematically limit the financial exposure of the marketplace participant, including, for greater certainty, preventing:
(i) the entry of one or more orders that would result in exceeding pre-determined credit or capital thresholds for the marketplace participant and, if applicable, its client with marketplace access provided by the marketplace participant, and
(ii) the entry of one or more orders that exceed pre-determined price or size parameters.
While we are of the view that the automated pre-trade risk controls required under paragraph 3(3)(a) of NI 23-103 are important to address the risks of electronic trading, we are also of the view that these automated controls may pose other risks to our markets if they are introduced before they have been adequately tested. Therefore, certain CSA members have issued parallel blanket orders (orders) or related staff positions regarding the testing and implementation of these automated pre-trade risk controls.
Interim relief for marketplace participants from implementing automated pre-trade risk controls
CSA members in Quebec, British Columbia and Alberta have issued parallel orders, effective March 1, 2013, that provide temporary relief to marketplace participants. The relief from paragraph 3(3)(a) of NI 23-103 applies if a marketplace participant is testing the automated pre-trade risk controls required under paragraph 3(3)(a) of NI 23-103 by March 1, 2013. The orders grant relief until May 31, 2013.
The orders are available on the following websites: www.lautorite.qc.ca www.albertasecurities.com www.bcsc.bc.ca
We note that staff in the other CSA jurisdictions, other than Ontario, are considering recommending to their decision makers that they also issue blanket orders that would provide relief from paragraph 3(3)(a) of NI 23-103.
OSC Staff Position
The Ontario Securities Commission (OSC) will not be issuing a blanket order given that orders of general application are not authorized under Ontario securities law.
OSC staff expect marketplace participants to use best efforts to comply with the requirement for automated pre-trade risk controls under paragraph 3(3)(a) of NI 23-103 by March 1, 2013; however, OSC staff are of the view that it is not in the public interest to recommend or pursue an enforcement action against a marketplace participant for failure to fully implement an automated pre-trade risk control where the marketplace participant:
1 (2012) 35 OSCB 6037
December 13, 2012 (2012) 35 OSCB 11134 Notices / News Releases
(a) is testing the automated pre-trade risk controls required under paragraph 3(3)(a) of NI 23-103 by March 1, 2013; and
(b) has completed its testing and fully implemented the automated pre-trade risk controls required under paragraph 3(3)(a) of NI 23-103 by May 31, 2013.
All other requirements under NI 23-103 must be fully implemented by March 1, 2013.
We note that IIROC has followed a comparable approach to the Universal Market Integrity Rule requirements related to the testing and implementation of automated pre-trade risk controls.
In order to address other inquiries about NI 23-103, CSA members expect to publish shortly a Frequently Asked Questions document for NI 23-103 as a CSA Staff Notice.
Questions
If you have questions regarding this notice or the blanket orders please direct them to any of the following:
Sonali GuptaBhaya Tracey Stern Ontario Securities Commission Ontario Securities Commission [email protected] [email protected] 416-593-2331 416-593-8167
Paul Romain Meg Tassie Ontario Securities Commission British Columbia Securities Commission [email protected] [email protected] 416-204-8991 604-899-6819
Élaine Lanouette Serge Boisvert Autorité des marchés financiers Autorité des marchés financiers [email protected] [email protected] 514- 395-0337 ext. 4321 514-395-0337 ext. 4358
Shane Altbaum Alberta Securities Commission [email protected] 403-355-3889
December 7, 2012
December 13, 2012 (2012) 35 OSCB 11135 Notices / News Releases
1.2 Notices of Hearing
1.2.1 Newer Technologies Limited 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 NEWER TECHNOLOGIES LIMITED, RYAN PICKERING AND RODGER FREY
NOTICE OF HEARING (Sections 127 and 127.1)
TAKE NOTICE THAT the Ontario Securities Commission (the "Commission") will hold a hearing pursuant to sections 127 and 127.1 of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) at the temporary offices of the Commission, 333 Bay Street, Suite 900, Toronto, ON, M5H 2T4 on January 11, 2013 at 11:00 a.m., or as soon thereafter as the hearing can be held:
TO CONSIDER whether, in the Commission’s opinion, it is in the public interest for the Commission to make the following orders against Newer Technologies Ltd (“NTL”), Ryan Pickering (“Pickering”) and Rodger Frey (“Frey”) (collectively the “Respondents”):
(a) that trading in any securities by the Respondents cease permanently or for such period as is specified by the Commission, pursuant to paragraph 2 of section 127(1) of the Act;
(b) that the acquisition of any securities by the Respondents is prohibited, permanently or for such other period as is specified by the Commission, pursuant to paragraph 2.1 of section 127(1) of the Act;
(c) that any exemptions contained in Ontario securities law do not apply to the Respondents permanently or for such period as is specified by the Commission, pursuant to paragraph 3 of section 127(1) of the Act;
(d) that the Respondents be reprimanded, pursuant to paragraph 6 of section 127(1) of the Act;
(e) that Pickering and Frey resign one or more positions that either holds as a director or officer of any issuer, registrant or investment fund manager, pursuant to paragraphs 7, 8.1 and 8.3 of section 127(1) of the Act;
(f) that Pickering and Frey be prohibited from becoming or acting as a director or officer of any issuer, a registrant or investment fund manager, pursuant to paragraphs 8, 8.2 and 8.4 of section 127(1) of the Act;
(g) that the Respondents be prohibited from becoming or acting as a registrant, as an investment fund manager or as a promoter, pursuant to paragraph 8.5 of section 127(1) of the Act;
(h) that each Respondent pay an administrative penalty of not more than $1 million for each failure by that Respondent to comply with Ontario securities law, pursuant to paragraph 9 of section 127(1) of the Act;
(i) that each of the Respondents disgorge to the Commission any amounts obtained as a result of non- compliance by that Respondent with Ontario securities law, pursuant to paragraph 10 of section 127(1) of the Act;
(j) that the Respondents be ordered to pay the costs of the Commission investigation and the hearing, pursuant to section 127.1 of the Act; and
(k) such other order as the Commission may deem appropriate.
BY REASON OF the allegations as set out in the Statement of Allegations of Staff of the Commission dated December 4, 2012 and such additional allegations as counsel may advise and the Commission may permit;
AND TAKE FURTHER NOTICE that any party to the proceedings may be represented by counsel at the hearing;
December 13, 2012 (2012) 35 OSCB 11136 Notices / News Releases
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.
DATED at Toronto this 4th day of December, 2012
“John Stevenson”
December 13, 2012 (2012) 35 OSCB 11137 Notices / News Releases
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF NEWER TECHNOLOGIES LIMITED, RYAN PICKERING AND RODGER FREY
STATEMENT OF ALLEGATIONS OF STAFF OF THE ONTARIO SECURITIES COMMISSION
Staff of the Ontario Securities Commission (the "Commission") make the following allegations:
I. OVERVIEW
1. Between 2006 and 2010 (the “Material Time”), Newer Technologies Ltd (“NTL”), Ryan Pickering (“Pickering”) and Rodger Frey (“Frey”) sold promissory notes in the amount of approximately $11,900,000 to approximately 140 investors when they were not registered with the Commission and when no exemptions from registration were available to them under the Securities Act, R.S.O. 1990, as amended (the “Act”).
2. The sale of NTL Promissory Notes were trades in securities not previously issued and were therefore distributions. NTL has never filed a preliminary prospectus or a prospectus with the Commission, and no prospectus receipt has ever been issued to qualify the sale of NTL securities.
3. During the Relevant Period, the Respondents breached sections 25 and 53 of the Act, and Pickering breached section 129.2 of the Act. The Respondents have therefore acted in a manner contrary to Ontario securities law and contrary to the public interest.
II. BACKGROUND
a. The Respondents
4. NTL is an Ontario company incorporated on October, 2003. NTL is an automated teller machine (“ATM”) management company that owns, sells, operates and services white label ATMs in Ontario that are found in corner stores, bars and other locations. It operates and services approximately 1315 ATMs, of which it owns approximately 365.
5. Pickering is a resident of Conestogo, Ontario. He is the President and only signing officer of NTL.
6. Frey is a resident of Elmira, Ontario.
7. NTL, Pickering and Frey have never been registered to trade in securities in Ontario and were not registered with the Commission in any capacity during the Material Time or at any other time.
b. Trading of NTL Promissory Notes without Registration and/or Distribution of Securities without a Prospectus
8. During the Material Time, NTL, Pickering and Frey sold NTL Promissory Notes in the amount of approximately $11,901,895 to approximately 140 investors offering interest rates ranging from 8% to 15%. Many of those investors have since redeemed their promissory notes and NTL has repaid approximately $6,111,818 in principal, plus interest, to those investors. As of June 12, 2012, NTL had $5,790,077 outstanding in NTL Promissory Notes that were owing to approximately 75 different investor entities.
9. From October 2006 through to September 2011, Frey received in excess of $489,000 as commissions or other payments from NTL in connection with his involvement in the sale of NTL Promissory Notes.
10. Each NTL Promissory Note evidenced indebtedness and/or was an investment contract, and the NTL Promissory Notes were thereby securities under the Act.
11. The sale of NTL Promissory Notes were trades in securities not previously issued and were therefore distributions. NTL has never filed a preliminary prospectus or a prospectus with the Commission, and no prospectus receipt has ever been issued to qualify the sale of NTL securities.
December 13, 2012 (2012) 35 OSCB 11138 Notices / News Releases
12. Not all of the 140 investors qualified as accredited investors or met applicable exemptions from the prospectus requirement. Further, NTL, Pickering and Frey failed to make any appropriate inquiries relating to investors’ financial condition.
13. NTL, Pickering and Frey therefore traded in NTL Promissory Notes when they were not registered with the Commission and when no exemptions from the registration prospectus requirements were available to them under the Act.
III. STAFF’S ALLEGATIONS – Conduct Contrary to Ontario Securities Law and Contrary to the Public Interest
14. The specific allegations advanced by Staff are:
(a) NTL, Pickering and Frey traded and engaged in, or held themselves out as engaging in, the business of trading in securities without being registered to do so in circumstances in which no exemption was available, contrary to subsection 25(1)(a) of the Act as that section existed at the time the conduct at issue commenced in 2006, and, after September 28, 2009, contrary to subsection 25(1) of the Act;
(b) NTL, Pickering and Frey distributed NTL Securities where no preliminary prospectus and prospectus were issued nor receipted by the Director, and where no exemptions were available, contrary to section 53 of the Act; and
(c) Pickering, as a director and officer of NTL, authorized, permitted or acquiesced in the commission of the violations of sections 25 and 53 of the Act, as set out above, contrary to section 129.2 of the Act.
15. By reason of the forgoing, the Respondents violated the requirements of Ontario securities law and/or engaged in conduct contrary to the public interest.
16. Staff reserve the right to make such other allegations as Staff may advise and the Commission may permit.
Dated at Toronto this 4th day of December, 2012
December 13, 2012 (2012) 35 OSCB 11139 Notices / News Releases
1.3 News Releases
1.3.1 Canadian Securities Regulators Seek Comment on Model Rules Relating to Derivatives: Product Determination and Derivatives Trade Repositories and Data Reporting
FOR IMMEDIATE RELEASE December 6, 2012
CANADIAN SECURITIES REGULATORS SEEK COMMENT ON MODEL RULES RELATING TO DERIVATIVES: PRODUCT DETERMINATION AND DERIVATIVES TRADE REPOSITORIES AND DATA REPORTING
Toronto – The Canadian Securities Administrators (CSA) today published CSA Staff Consultation 91-301 requesting comment for Model Provincial Rule Derivatives: Product Determination (Product Determination Rule) and Model Provincial Rule Trade Repositories and Derivatives Data Reporting (TR Rule), collectively referred to as the “Model Reporting Rules”.
The proposed Model Reporting Rules:
• define the types of contracts or instruments that are required to be reported to a trade repository;
• establish requirements for the operation of trade repositories; and,
• establish requirements for transaction data reporting.
The reporting of derivatives transactions to trade repositories is one of the most important components of the G-20 commitments to global reform of the over-the-counter (OTC) derivatives markets. Since November 2010, the CSA has published for comment a series of Consultation Papers that recommend proposals to regulate the OTC derivatives markets in Canada. These Model Reporting Rules mark the first policy action resulting from the consultation and will pave the way for other future rules that are essential to the regulation of OTC derivatives transactions and the improvement of market transparency.
“Trade repositories and the requirement to report OTC derivatives contracts to trade repositories will improve transparency in the derivatives markets, mitigate systemic risk and protect against market abuse,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.
The Product Determination Rule identifies the contracts or instruments that are required to be reported to a trade repository. The TR Rule describes requirements for the operation and ongoing regulation of designated or recognized trade repositories, and the mandatory reporting of derivatives transaction data by market participants. In addition to these Model Reporting Rules, a number of future proposed model rules will be published for comment that relate to the key areas addressed by the Consultation Papers. Together, all the model rules will formulate a proposed regime for the regulation of the OTC derivatives markets. The model rule process is further described in CSA Staff Consultation 91-301, which accompanies the Model Reporting Rules.
The proposed Model Reporting Rules can be found on CSA members’ websites and the comment period is open until February 4, 2013.
The CSA, the umbrella organization comprising the securities regulators of Canada’s provinces and territories, coordinates and harmonizes the regulation the Canadian capital markets.
For more information:
Carolyn Shaw-Rimmington Mark Dickey Ontario Securities Commission Alberta Securities Commission 416-593-2361 403-297-4481
Sylvain Théberge Richard Gilhooley Autorité des marchés financiers British Columbia Securities Commission 514-940-2176 604-899-6713
Ainsley Cunningham Wendy Connors-Beckett Manitoba Securities Commission New Brunswick Securities Commission 204-945-4733 506-643-7745
December 13, 2012 (2012) 35 OSCB 11140 Notices / News Releases
Tanya Wiltshire Dean Murrison Nova Scotia Securities Commission Financial and Consumer Affairs Authority of Saskatchewan 902-424-8586 306-787-5879
Janice Callbeck Doug Connolly PEI Securities Office Financial Services Regulation Div. Office of the Attorney General Newfoundland and Labrador 902-368-6288 709-729-2594
Rhonda Horte Louis Arki Office of Yukon Superintendent of Securities Nunavut Securities Office 867-633-7969 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984
December 13, 2012 (2012) 35 OSCB 11141 Notices / News Releases
1.3.2 Canadian Securities Regulators Publish Discussion Paper on Mutual Fund Fees
FOR IMMEDIATE RELEASE December 13, 2012
CANADIAN SECURITIES REGULATORS PUBLISH DISCUSSION PAPER ON MUTUAL FUND FEES
Toronto – The Canadian Securities Administrators (CSA) today published for comment CSA Discussion Paper 81-407 Mutual Fund Fees, which examines the mutual fund fee structure in Canada and identifies potential investor protection issues arising from that structure. The Discussion Paper sets out various topics for discussion in order to evaluate the appropriate structure for Canada.
Canada’s mutual fund fees have been the subject of much debate in recent years. Some research studies examining Canada’s mutual fund fees, along with international reforms, have prompted greater interest in reviewing the issue of mutual fund fees in Canada.
“Mutual funds are a key investment in the portfolios of many Canadians,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “It is important that we look at Canada’s mutual fund fee structure carefully in determining what changes could or should be considered to enhance investor protection and foster confidence in our market.”
To date, the CSA has focused its efforts on enhancing the transparency of mutual fund fees and commissions through initiatives such as the Point of Sale, and Cost Disclosure and Performance Reporting projects. While these initiatives remain a priority on behalf of investors, the CSA has determined that it is also necessary to consult extensively with investors and market participants to explore whether further issues remain.
The CSA welcomes feedback on the Discussion Paper, which can be found on CSA members’ websites. The comment period is open until April 12, 2013. All comments will be considered in the CSA’s decision and next steps, and also assist in the development of a roundtable the CSA plans to hold with investors and industry participants in 2013.
The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
For more information:
Carolyn Shaw-Rimmington Mark Dickey Ontario Securities Commission Alberta Securities Commission 416-593-2361 403-297-4481
Sylvain Théberge Richard Gilhooley Autorité des marchés financiers British Columbia Securities Commission 514-940-2176 604-899-6713
Ainsley Cunningham Wendy Connors-Beckett Manitoba Securities Commission New Brunswick Securities Commission 204-945-4733 506-643-7745
Tanya Wiltshire Dean Murrison Nova Scotia Securities Commission Financial and Consumer Affairs Authority of Saskatchewan 902-424-8586 306-787-5879
Janice Callbeck Doug Connolly PEI Securities Office Financial Services Regulation Div. Office of the Attorney General Newfoundland and Labrador 902-368-6288 709-729-2594
Rhonda Horte Louis Arki Office of Yukon Superintendent of Securities Nunavut Securities Office 867-633-7969 867-975-6587
Donn MacDougall Northwest Territories Securities Office 867-920-8984
December 13, 2012 (2012) 35 OSCB 11142 Notices / News Releases
1.4 Notices from the Office of the Secretary 1.4.2 Newer Technologies Limited et al.
1.4.1 Jowdat Waheed and Bruce Walter FOR IMMEDIATE RELEASE December 5, 2012 FOR IMMEDIATE RELEASE December 5, 2012 IN THE MATTER OF THE SECURITIES ACT, IN THE MATTER OF R.S.O. 1990, c. S.5, AS AMENDED THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED AND
AND IN THE MATTER OF NEWER TECHNOLOGIES LIMITED, IN THE MATTER OF RYAN PICKERING AND RODGER FREY JOWDAT WAHEED AND BRUCE WALTER I TORONTO – The Office of the Secretary issued a Notice of TORONTO – The Commission issued an Order with certain Hearing setting the matter down to be heard on January provisions in the above matter. 11, 2013 at 11:00 a.m. or as soon thereafter as the hearing can be held in the above named matter. A copy of the Order dated November 29, 2012 is available at www.osc.gov.on.ca. A copy of the Notice of Hearing dated December 4, 2012 and Statement of Allegations of Staff of the Ontario OFFICE OF THE SECRETARY Securities Commission dated December 4, 2012 are JOHN P. STEVENSON available at www.osc.gov.on.ca. SECRETARY OFFICE OF THE SECRETARY For media inquiries: JOHN P. STEVENSON [email protected] SECRETARY
Carolyn Shaw-Rimmington For media inquiries: Manager, Public Affairs [email protected] 416-593-2361 Carolyn Shaw-Rimmington Alison Ford Manager, Public Affairs Media Relations Specialist 416-593-2361 416-593-8307 Alison Ford For investor inquiries: Media Relations Specialist 416-593-8307 OSC Contact Centre 416-593-8314 For investor inquiries: 1-877-785-1555 (Toll Free) OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11143 Notices / News Releases
1.4.3 Nest Acquisitions and Mergers et al.
FOR IMMEDIATE RELEASE December 5, 2012
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION AND ROBERT PATRICK ZUK
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 Ontario Securities Commission and Robert Patrick Zuk.
A copy of the Order dated December 5, 2012 and Settlement Agreement dated December 4, 2012 are available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY
For media inquiries: [email protected]
Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307
For investor inquiries:
OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11144 Notices / News Releases
1.4.4 Practice Guideline on the use of the Commission’s Book of Authorities in proceedings before the Commission
FOR IMMEDIATE RELEASE December 4, 2012
PRACTICE GUIDELINE ON THE USE OF THE COMMISSION’S BOOK OF AUTHORITIES IN PROCEEDINGS BEFORE THE COMMISSION
TORONTO – A Book of Authorities containing cases frequently relied on by parties appearing before the Commission (the “Book of Authorities”), has been developed by the Office of the Secretary to the Commission and approved for use in proceedings before the Commission effective January 1, 2013.
Copies of the Book of Authorities will be maintained in each hearing room used by the Commission, and will be available in electronic format on the Commission’s website.
In accordance with the Practice Guideline dated December 4, 2012, a party relying on an authority contained in the Book of Authorities need not reproduce the authority as part of the materials filed for matters before the adjudicative panels of the Ontario Securities Commission.
There will be additions to, and deletions from, the Book of Authorities from time to time. Any questions or comments concerning the Book of Authorities, including any recommendations for additions to or deletions from the list, should be directed to the Office of the Secretary to the Commission.
See the Commission’s Practice Guideline dated December 4, 2012 for details of the Commission’s practice with respect to the use of the Book of Authorities in adjudicative proceedings.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY For media inquiries: [email protected]
Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307
For investor inquiries:
OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11145 Notices / News Releases
1.4.5 Caroline Frayssignes Cotton
FOR IMMEDIATE RELEASE December 6, 2012
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CAROLINE FRAYSSIGNES COTTON
TORONTO – Staff of the Ontario Securities Commission filed a Notice of Withdrawal against the Respondent, Caroline Frayssignes Cotton in the above noted matter.
The hearing scheduled to take place on December 7, 2012 is vacated.
A copy of the Notice of Withdrawal dated December 6, 2012 is available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY
For media inquiries: [email protected]
Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307
For investor inquiries:
OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11146 Notices / News Releases
1.4.6 OSC Securities Proceedings Advisory Committee – Request for Applications
FOR IMMEDIATE RELEASE December 6, 2012
ONTARIO SECURITIES COMMISSION SECURITIES PROCEEDINGS ADVISORY COMMITTEE Request for Applications
TORONTO – The Ontario Securities Commission (“Commission”) invites applications for appointment to the Securities Proceedings Advisory Committee (“SPAC”). SPAC is a new advisory committee to the Office of the Secretary to the Commission with a mandate to provide comment and advice on policy and procedural initiatives relating to the Commission’s administrative tribunal proceedings.
SPAC will consist of up to ten securities litigation counsel, two staff members of the Commission’s Enforcement Branch, the Secretary and the Deputy Secretary.
Experienced securities litigation counsel who wish to be considered for appointment to SPAC should indicate their interest by contacting the Secretary at [email protected] and providing a brief summary of their background and relevant qualifications. Applications will be received until December 31, 2012.
A copy of the mandate of SPAC is available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY
For media inquiries: [email protected]
Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307
For investor inquiries:
OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11147 Notices / News Releases
ONTARIO SECURITIES COMMISSION SECURITIES PROCEEDINGS ADVISORY COMMITTEE
General
1. The “Securities Proceedings Advisory Committee” (“SPAC” or “Committee”) is an advisory committee to the Office of the Secretary to the Commission (“Secretary”). SPAC provides comment and advice on a variety of policy and procedural initiatives relating to proceedings before the Ontario Security Commission’s administrative tribunal (“Tribunal”).
Terms of Reference
2. SPAC serves as a source of informed, balanced and timely advice and comment in the following areas relating to Tribunal proceedings:
• proposed revisions of or amendments to the Ontario Securities Commission Rules of Procedure;
• proposed Practice Guidelines and Directives;
• the administrative policies, practices and procedures of the registrar’s office; and
• best practices for administrative tribunals to ensure fairness, transparency and accessibility.
3. Matters for consideration by SPAC are generally proposed by the Secretary. However, SPAC members are encouraged to identify matters within SPAC’s mandate that would be suitable for consideration.
4. SPAC generally meets at least quarterly.
Composition of SPAC
5. SPAC consists of up to 10 members who are members in good standing of the Law Society of Upper Canada and who are currently practicing, or have within the last three years practiced, in the area of securities litigation. In addition, up to two staff members of the Enforcement Branch of the Commission may be appointed as SPAC members. The Secretary to the Commission and the Deputy Secretary will also be members of SPAC. The Secretary acts as the chair of SPAC.
Terms of Appointment
6. Other than the Secretary, Deputy Secretary and Enforcement Branch appointees, members of SPAC will generally be requested to serve minimum terms of two years, except where they are appointed for the purpose of completing the unexpired term of a former member. Terms may be staggered so that a certain number of the members may retire in any one year. Members may be reappointed on the expiry of their term.
Appointment Criteria
7. Members appointed to SPAC should have an excellent knowledge of Ontario securities law and have significant practice experience in securities litigation. Expertise in an area of special interest to the Commission at the time an appointment is made may also be a factor in selection. SPAC members are expected to have excellent technical knowledge and experience and a strong interest in the development of securities regulatory proceedings policy.
8. SPAC members will be selected with a view to ensuring that SPAC is reasonably representative of the full spectrum of securities litigation practice.
9. SPAC members should be in a position to make the time commitment that SPAC work entails. Members who find themselves unable to make the time commitment may be asked to resign in order that their places may be filled by more active members.
Application and Appointment Process
10. The Office of the Secretary will publish a notice soliciting applications for membership and setting a deadline for submissions.
11. Applicants interested in serving on SPAC should apply in writing to the Secretary, indicating areas of practice and relevant experience.
December 13, 2012 (2012) 35 OSCB 11148 Notices / News Releases
12. The Secretary, in consultation with the Adjudicative Committee, will make the final decision on all appointments.
Liaison Between SPAC and the Commission
13. The Secretary acts as liaison between SPAC and the Commission.
Confidentiality
14. All material submitted by the Commission to SPAC is confidential, as are all SPAC meetings. Materials shall not be distributed to or discussed with anyone who is not a member of SPAC, unless the prior consent of the Secretary has been obtained.
December 13, 2012 (2012) 35 OSCB 11149 Notices / News Releases
1.4.7 Nest Acquisitions and Mergers et al. 1.4.8 Children’s Education Funds Inc.
FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE December 6, 2012 December 7, 2012
IN THE MATTER OF IN THE MATTER OF THE SECURITIES ACT, THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED R.S.O. 1990, c. S.5, AS AMENDED
AND AND
IN THE MATTER OF IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, CHILDREN’S EDUCATION FUNDS INC. IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, TORONTO – The Commission issued an Order in the DAVID PELCOWITZ, MICHAEL SMITH, above named matter with certain provisions pursuant to AND ROBERT PATRICK ZUK section 127 of the Act. The Temporary Order is extended to March 1, 2013 or until such further order of the TORONTO – Staff of the Ontario Securities Commission Commission; and the hearing is adjourned to February 28, filed a Notice of Withdrawal solely against the Respondent, 2013 at 10:00 a.m. for the purpose of providing the Caroline Myriam Frayssignes in the above noted matter. Commission with an update on the work completed by the Monitor and the Consultant and to consider whether any A copy of the Notice of Withdrawal dated December 6, changes are required to the Terms and Conditions. 2012 is available at www.osc.gov.on.ca. A copy of the Order dated December 6, 2012 is available at OFFICE OF THE SECRETARY www.osc.gov.on.ca. JOHN P. STEVENSON SECRETARY OFFICE OF THE SECRETARY JOHN P. STEVENSON For media inquiries: SECRETARY [email protected] For media inquiries: Carolyn Shaw-Rimmington [email protected] Manager, Public Affairs 416-593-2361 Carolyn Shaw-Rimmington Manager, Public Affairs Alison Ford 416-593-2361 Media Relations Specialist 416-593-8307 Alison Ford Media Relations Specialist For investor inquiries: 416-593-8307
OSC Contact Centre For investor inquiries: 416-593-8314 1-877-785-1555 (Toll Free) OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11150 Notices / News Releases
1.4.9 Nest Acquisitions and Mergers et al. 1.4.10 Nest Acquisitions and Mergers et al.
FOR IMMEDIATE RELEASE FOR IMMEDIATE RELEASE December 7, 2012 December 7, 2012
IN THE MATTER OF IN THE MATTER OF THE SECURITIES ACT, THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED R.S.O. 1990, c. S.5, AS AMENDED
AND AND
IN THE MATTER OF IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, CAROLINE MYRIAM FRAYSSIGNES, DAVID PELCOWITZ, MICHAEL SMITH, DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK AND ROBERT PATRICK ZUK
TORONTO – The Commission issued an Order which TORONTO – The Commission issued an Order which provides that the Temporary Order is revoked in respect of provides that: Frayssignes; and pursuant to subsections 127(1) and 127(8) that the Temporary Order is extended in respect of 1. the hearing on the merits dates Nest until the completion of the proceeding, including the scheduled for December 11 and 14, 2012 sanctions hearing, if any. be vacated;
A copy of the Order dated December 7, 2012 is available at 2. on or before December 19, 2012, Staff www.osc.gov.on.ca. shall serve and file with the Commission final submissions with respect to allega- OFFICE OF THE SECRETARY tions against the remaining respondents; JOHN P. STEVENSON SECRETARY 3. on or before January 7, 2013, the remaining respondents shall serve and For media inquiries: file with the Commission final submis- [email protected] sions, if any; and
Carolyn Shaw-Rimmington 4. the hearing on the merits shall continue Manager, Public Affairs on January 15, 2013 at 3:00 p.m. for 416-593-2361 closing submissions from the parties.
Alison Ford A copy of the Order dated December 7, 2012 is available at Media Relations Specialist www.osc.gov.on.ca. 416-593-8307 OFFICE OF THE SECRETARY For investor inquiries: JOHN P. STEVENSON SECRETARY OSC Contact Centre 416-593-8314 For media inquiries: 1-877-785-1555 (Toll Free) [email protected]
Carolyn Shaw-Rimmington Manager, Public Affairs 416-593-2361
Alison Ford Media Relations Specialist 416-593-8307
For investor inquiries:
OSC Contact Centre 416-593-8314 1-877-785-1555 (Toll Free)
December 13, 2012 (2012) 35 OSCB 11151 Notices / News Releases
1.4.11 International Strategic Investments et al.
FOR IMMEDIATE RELEASE December 10, 2012
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF INTERNATIONAL STRATEGIC INVESTMENTS, INTERNATIONAL STRATEGIC INVESTMENTS INC., SOMIN HOLDINGS INC., NAZIM GILLANI AND RYAN J. DRISCOLL
TORONTO – The Commission issued an Order in the above named matter which provides that the confidential pre-hearing conference will continue on January 16, 2013 at 2:00 p.m. at which time the panel anticipates scheduling dates for a hearing on the merits in this matter.
The pre-hearing conference will be in camera.
A copy of the Order dated December 3, 2012 is available at www.osc.gov.on.ca.
OFFICE OF THE SECRETARY JOHN P. STEVENSON SECRETARY
For media inquiries: [email protected]
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December 13, 2012 (2012) 35 OSCB 11152 Chapter 2 Decisions, Orders and Rulings
2.1 Decisions under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) for relief from the 2.1.1 Fidelity Investments Canada ULC requirement under section 4.1(1)(b) of National Instrument 31-103 Registration Requirements, Exemptions and Under paragraph 4.1(1)(b) of National Instrument 31-103 Ongoing Registrant Obligations ("NI 31-103") (the "Multiple Registration Requirements, Exemptions and Ongoing Registration Restriction") to permit advising Registrant Obligations a registered firm must not permit an representatives and associate advising representatives of a individual to act as a dealing, advising or associate Filer and any future advising representatives and future advising representative of the registered firm if the associate advising representatives employed by that Filer individual is registered as a dealing, advising or associate (the "Representatives") to be registered as an advising advising representative of another registered firm. The representative or associate advising representative (as the three Filers are affiliated entities and as a result of the case may be) for the other Filers (the "Requested Relief"). ability to register individuals with affiliated entities prior to July 11, 2011, the Filers structured their business so that Interpretation the same team advises or sub-advises funds with similar mandates managed by each Filer. The Filers have policies Terms defined in National Instrument 14-101 Definitions in place to handle potential conflicts of interest. The Filers have the same meaning in this decision unless otherwise are exempted from the prohibition for all current and future defined. representatives. Representations Applicable Legislative Provisions This decision is based on the following facts represented National Instrument 31-103 Registration Requirements, by the Filers: Exemptions and Ongoing Registrant Obligations, ss. 4.1, 15.1. 1. FIC is registered under the Legislation as a mutual fund dealer, portfolio manager and investment December 4, 2012 fund manager and under the Commodity Futures Act (Ontario) ("CFA") as a commodity trading IN THE MATTER OF manager; and under the securities legislation of THE SECURITIES LEGISLATION OF each other province and territory in Canada as a ONTARIO portfolio manager and mutual fund dealer. The (the Jurisdiction) head office of FIC is in Toronto, Ontario.
AND 2. PGA LLC is registered under the Legislation as a portfolio manager and under the CFA as a IN THE MATTER OF commodity trading manager. PGA LLC is also FIDELITY INVESTMENTS CANADA ULC registered as an investment adviser with the U.S. (FIC) Securities and Exchange Commission. The head office of PGA LLC is in Smithfield, Rhode Island. AND 3. PGA Canada is registered under the Legislation PYRAMIS GLOBAL ADVISORS, LLC as a portfolio manager and under the CFA as a (PGA LLC) commodity trading manager; and under the securities legislation of Quebec as a portfolio AND manager. The head office of PGA Canada is in Toronto, Ontario. PYRAMIS GLOBAL ADVISORS (CANADA) ULC (PGA CANADA) 4. The Filers are not, to the best of their knowledge, (FIC, PGA LLC and PGA Canada in default of any requirement of securities collectively, the Filers) legislation in the Jurisdiction.
DECISION 5. The Filers are majority-owned subsidiaries (indirect) of the same ultimate parent company, Background FMR LLC, and, therefore, are affiliates for purposes of the Legislation. The regulator in the Jurisdiction (the "Decision Maker") has received an application from the Filers for a decision
December 13, 2012 (2012) 35 OSCB 11153 Decisions, Orders and Rulings
6. FIC acts as investment fund manager for a wide will be able to appropriately deal with these variety of mutual fund and pooled funds under the conflicts. Because FIC, PGA LLC and PGA Fidelity name (collectively, the "Fidelity Funds"). Canada have, in general, the same Canadian Each of the Filers acts as portfolio manager or as client base (but with different roles) there is no sub-adviser for a number of the Fidelity Funds in conflicting relationship to be managed. addition to providing discretionary portfolio management services for other institutional clients 14. The relationship between the Filers is disclosed in such as pension plans and endowments (together the Filers’ relationship disclosure document. with the Fidelity Funds, the Clients). 15. In the absence of the Requested Relief, each Filer 7. Each of the current Representatives is currently would be prohibited under the Multiple Regis- registered in Ontario under the Legislation as an tration Restriction from permitting their Repre- advising representative of either FIC, PGA LLC or sentatives from acting as an advising repre- PGA Canada. Each of the future Representatives sentative (or associate advising representative) for will be registered in Ontario with a Filer as an another Filer even though the Filers are affiliates. advising representative or as an associate advising representative under the Legislation. Decision
8. The Representatives provide portfolio manage- The Decision Maker is satisfied that the decision meets the ment services for Clients of the Filer with whom test set out in the Legislation for the Decision Maker to that Representative is currently registered with. It make the decision. is now proposed that the Representatives provide portfolio management services in respect of The decision of the Decision Maker under the Legislation is Clients of the other Filers in the Representative's that the Requested Relief is granted. capacity as an advising representative (or associate advising representative) of the other “Erez Blumberger” Filers. Deputy Director, Compliance and Registrant Regulation Ontario Securities Commission 9. The multiple registration of the Representatives will not create significant additional work for the Representatives and the Representatives will continue to have sufficient time to adequately serve each of the Filers. This is because the Filers take an integrated approach to the management of the Fidelity Funds to ensure the consistency of mandates and compliance oversight. All three Filers may advise the same Fidelity Fund as required by each of its specific mandate and based on its area of expertise and it is therefore more efficient to allocate expertise among the Filers.
10. As of the date hereof, there are three advising representatives that are currently registered with each of the Filers. The business of the Filers has been structured around this model to maximize efficiency and consistency across the mandates of the Fidelity Funds, while maintaining adequate control over potential conflicts of interests.
11. The Representatives will be subject to supervision by, and the applicable compliance requirements of, each Filer with whom that Representative is registered with. Existing compliance and super- visory structures will apply depending on which Filer the Client assets are held with.
12. The Filers are subject to Part 13 of NI 31-103 concerning conflicts of interest.
13. The Filers have in place policies and procedures to address any potential conflicts of interest that may arise in their business, and believe that they
December 13, 2012 (2012) 35 OSCB 11154 Decisions, Orders and Rulings
2.1.2 Brookfield Infrastructure Partners L.P.
Headnote
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Filer wants to put in place a credit support issuer structure, but is unable to rely on the exemption for credit support issuers in applicable securities legislation – Relief granted from continuous disclosure requirements, certification requirements, insider reporting requirement, audit committee requirements and corporate governance requirements – Relief also granted from short form prospectus requirements, incorporation by reference requirement, earnings coverage requirements and subsidiary credit supporter requirements – Filer unable to rely on exemption for credit support issuers in applicable securities legislation since Filer only owns 71% of an intermediate holding entity (a limited partnership) that indirectly owns 100% of the voting securities of each Issuer – When the characteristics of the limited partnership units of the holding limited partnership (including that the majority are held by the parent) are viewed together with a voting agreement, control and direction of the holding limited partnership is held by the Filer’s parent as if the parent beneficially owned all the outstanding voting securities of holding limited partnership – Filer unable to rely on the exemption since the issuer proposes to issue convertible preferred shares that are convertible into other preferred shares of the Issue – Relief subject to conditions, including conditions relating to minority interest in holding limited partnership.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, ss. 107, 121(2)(a)(ii). National Instrument 44-101 Short Form Prospectus Distributions, s. 8.1. National Instrument 51-102 Continuous Disclosure Obligations, ss. 13.1, 13.4. National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, s. 8.6. National Instrument 52-110 Audit Committees, s. 8.1. National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI), s. 6.1. National Instrument 55-104 Insider Reporting Requirements and Exemptions, s. 10.1(2). National Instrument 58-101 Disclosure of Corporate Governance Practices, s. 3.1.
June 26, 2012
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 BROOKFIELD INFRASTRUCTURE PARTNERS L.P. (THE FILER)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) exempting:
(a) the Issuers (as defined below) from the requirements of National Instrument 51-102 – Continuous Disclosure Obligations (NI 51-102) (the Continuous Disclosure Requirements);
(b) the Issuers from the requirements of National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109) (the Certification Requirements);
(c) insiders of the Issuers from the insider reporting requirement (as defined in National Instrument 14-101 – Definitions (NI 14-101)) (the Insider Reporting Requirements);
December 13, 2012 (2012) 35 OSCB 11155 Decisions, Orders and Rulings
(d) the Issuers from the requirements of National Instrument 52-110 Audit Committees (NI 52-110) (the Audit Committee Requirements);
(e) the Issuers from the requirements of National Instrument 58-101 – Disclosure of Corporate Governance Practices (NI 58-101) (the Corporate Governance Requirements);
(f) the Issuers from the requirement in section 2.8 of National Instrument 44-101 – Short Form Prospectus Distributions (NI 44-101) to file a notice of intention to file a short form prospectus no fewer than 10 business days prior to a filing of a preliminary short form prospectus (the Notice of Intention Requirement);
(g) the CDN Pref Issuer (as defined below) from the qualification requirements (the Qualification Requirements) of Part 2 of NI 44-101, such that the CDN Pref Issuer is qualified to file a prospectus in the form of a short form prospectus;
(h) the Issuers from the requirement to incorporate by reference into a short form prospectus the documents under paragraphs 1 to 4 and 6 to 8 of subsection 11.1(1) of Form 44-101F1 – Short Form Prospectus (Form 44-101F1) (the Incorporation by Reference Requirements);
(i) the Issuers from the requirement to include in a short form prospectus the earnings coverage ratios under section 6.1 of Form 44-101F1 (the Earnings Coverage Requirements); and
(j) the Issuers from the requirement to include in a short form prospectus the disclosure of one or more subsidiary credit supporters required by section 12.1 of Form 44-101F1 (the Subsidiary Credit Supporter Requirements and together with the Incorporation by Reference Requirements and the Earnings Coverage Requirements, the Prospectus Disclosure Requirements), in each case to accommodate: (a) the issuance by the Debt Issuers (as defined below) of debt securities (the Debt Securities) guaranteed by the Guarantors (as defined below); and (b) the issuance by the CDN Pref Issuer of preferred shares (the Preferred Shares and together with the Debt Securities, the Securities) guaranteed by the Guarantors (collectively, the Exemption Sought).
Furthermore, the principal regulator in the Jurisdiction has received a request from the Filer for a decision that the application and this decision be kept confidential and not be made public until the earlier of: (a) the date on which any Issuer and/or the Filer issues a news release announcing that the Issuers have entered into an agreement relating to an offering of Securities; (b) the date on which an Issuer and/or the Filer otherwise publicly announces an offering of Securities; (c) the date on which any Issuer files a preliminary short form prospectus relating to an offering of Securities; (d) the date on which the Filer advises the principal regulator that there is no longer any need for the application and this decision to remain confidential; and (e) the date that is 90 days after the date of this decision (the Confidentiality Sought).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for 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, Manitoba, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, the Northwest Territories, Yukon and Nunavut.
Interpretation
Terms defined in NI 14-101 and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. In this decision, “Filer’s Related Entities” means, collectively, the Holding LP and subsidiary entities (as this term is defined in Multilateral Instrument 61-101 – Take-Over Bids and Special Transactions) of the Holding LP.
Representations
This decision is based on the following facts represented by the Filer:
The Filer
1. The Filer is a Bermuda exempted limited partnership that was established on May 21, 2007.
2. The limited partnership units (the Units) of the Filer are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbols “BIP” and “BIP.UN”, respectively.
December 13, 2012 (2012) 35 OSCB 11156 Decisions, Orders and Rulings
3. The Filer is a reporting issuer in all of the provinces and territories of Canada and is an SEC foreign issuer within the meaning of section 1.1 of National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers (NI 71-102).
4. The Filer’s sole asset is an approximate 71% limited partnership interest in Brookfield Infrastructure L.P. (the Holding LP), a Bermuda exempted limited partnership that was established on August 17, 2007.
5. Brookfield Infrastructure Partners Limited (the Managing General Partner) holds the general partner interest in the Filer.
6. The Filer, the Holding LP and the Holding Entities (as defined below) all retained Brookfield Asset Management Inc. (together with its subsidiaries other than the Filer and its subsidiaries, Brookfield) and its related entities to provide management, administrative and advisory services under a master services agreement.
7. The Filer is, to the best of its knowledge, not in default of any requirement of the Legislation or equivalent legislation in any of the provinces and territories of Canada.
The Issuers and the Holding LP
8. The Debt Securities will be: (a) issued by an Alberta unlimited liability company (the CDN Debt Issuer), a Delaware limited liability company (the US Issuer), a proprietary company limited by shares incorporated in Australia (the AUS Issuer) and a Bermuda corporation (the BRM Issuer, together with the CDN Debt Issuer, the US Issuer and the AUS Issuer, the Debt Issuers), each an entity that is in effect an indirect subsidiary of the Filer; and (b) guaranteed by the Guarantors.
9. The Preferred Shares will be: (a) issued by an Ontario business corporation (the CDN Pref Issuer and together with the Debt Issuers, the Issuers) that is in effect an indirect subsidiary of the Filer; and (b) guaranteed by the Guarantors.
10. The Issuers were formed under the laws of their respective jurisdictions in May 2012 prior to the filing of a preliminary short form prospectus for an offering of Securities.
11. The CDN Debt Issuer and the CDN Pref Issuer will each be a wholly-owned subsidiary of Brookfield Infrastructure Holdings (Canada) Inc., a company incorporated under the laws of the Province of Ontario (Can Holdco); the US Issuer will be a wholly-owned subsidiary of Brookfield Infrastructure Corporation, a company incorporated under the laws of the State of Delaware (US Holdco); and the BRM Issuer and the AUS Issuer will be wholly-owned subsidiaries of BIP Bermuda Holdings I Limited, a company incorporated under the laws of Bermuda (BRM Holdco, and together with Can Holdco and US Holdco, the Holding Entities).
12. Prior to the issuance of a receipt for a final short form prospectus of the Issuers qualifying the distribution of the Securities, none of the Issuers will be a reporting issuer in any of the provinces and territories of Canada.
13. The Holding LP owns all of the common shares of the Holding Entities. Brookfield owns all of the preferred shares of the Holding Entities (the Holding Entity Preferred Shares). The Holding Entity Preferred Shares are redeemable for cash at the option of the Holding Entities, subject to certain limitations, and are not entitled to vote, except as required by law. The Holding Entity Preferred Shares are not equity securities as such term is defined in the Securities Act (Ontario).
14. Each of the Issuers will operate as a financing company and will have no significant assets or liabilities unrelated to the Securities and will not have any ongoing business operations of its own. Each of the Issuers will be wholly-owned by the Holding Entities, which are in effect subsidiaries of the Holding LP. The Holding LP owns all the equity and voting securities of the Holding Entities. The Filer owns approximately 71% of the outstanding limited partnership interest in the Holding LP with the remaining limited partnership interest held by Brookfield. The limited partnership units of the Holding LP held by Brookfield are subject to a redemption-exchange mechanism pursuant to which Brookfield has the right to require that the Holding LP redeem all or a portion of its limited partnership units of the Holding LP for a cash amount equal to the fair market value of one Unit multiplied by the number of limited partnership units of the Holding LP to be redeemed. In connection with the redemption, the Filer has the right to purchase all the limited partnership units of the Holding LP to be redeemed in exchange for Units on a one for one basis.
15. The Managing General Partner has a 0.01% general partnership interest in the Filer and acts as the general partner of the Filer and Brookfield Infrastructure GP L.P. (the Infrastructure General Partner) has a 1% general partnership interest in the Holding LP and acts as the general partner of the Holding LP.
16. The Managing General Partner and the Infrastructure General Partner are wholly-owned by Brookfield.
December 13, 2012 (2012) 35 OSCB 11157 Decisions, Orders and Rulings
17. In December 2010, the Filer and Brookfield executed a voting agreement (the Voting Agreement) pursuant to which Brookfield agreed that any voting rights with respect to the Holding LP and the Infrastructure General Partner (including its general partner) will be voted in accordance with the direction of the Filer with respect to: (a) the election of directors of the general partner of the Infrastructure General Partner (provided such directors meet the eligibility requirements stipulated in the by-laws of the general partner); and (b) the approval or rejection of the following matters relating to any such entity, as applicable: (i) any sale of all or substantially all of its assets; (ii) any merger, amalgamation, consolidation, business combination or other material corporate transaction, except in connection with any internal reorganization that does not result in a change of control; (iii) any plan or proposal for a complete or partial liquidation or dissolution, or any reorganization or any case, proceeding or action seeking relief under any existing laws or future laws relating to bankruptcy or insolvency; (iv) any amendment to the limited partnership agreement of the Filer or the Holding LP; or (v) any commitment or agreement to do any of the foregoing. As a result, the Filer has consolidated the Holding LP (and all of the Holding LP’s assets, including the Holding Entities) into its financial statements.
18. All of the outstanding voting securities of each Issuer, when issued, will be held directly or indirectly by the respective Holding Entity that is its parent.
19. The Guarantors will be “credit supporters” (as defined in NI 51-102).
20. Each Issuer will be a “credit support issuer” (as defined in NI 51-102).
21. The Filer does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102) as a result of the indirect ownership of the Issuers through the Holding LP. Therefore, the Securities will not be “designated credit support securities” (as defined in NI 51-102). If the Exemption Sought is granted, the Filer and each Issuer will: (a) treat the Filer as a parent credit supporter and comply with the conditions in section 13.4(2.1) of NI 51-102 that apply to parent credit supporters; and (b) treat the Debt Securities, the Preferred Shares and the Resulting Preferred Shares (as defined below) as designated credit support securities and comply with the conditions in section 13.4(2.1) of NI 51-102 that apply to designated credit support securities, in accordance with the terms and conditions of the decision.
22. The Preferred Shares will be issuable in one or more series having such rights, restrictions and privileges determined by the directors of CDN Pref Issuer.
23. The Preferred Shares will satisfy the definition of “designated credit support securities” (as defined in NI 51-102), but for: (a) the fact that the Filer does not directly satisfy the definition of “parent credit supporter” (as defined in NI 51-102); and (b) the Preferred Shares may be convertible, in certain circumstances, at the option of the holder or the CDN Pref Issuer, into Preferred Shares of another series (the Resulting Preferred Shares).
24. The CDN Pref Issuer does not directly satisfy the eligibility criteria in Part 2 of NI 44-101 in order to be able to file a prospectus in the form of a short form prospectus for Preferred Shares that are convertible into Resulting Preferred Shares.
25. The Filer does not meet the test set forth in section 13.4(2)(a) of NI 51-102 and by virtue of section 13.4(4) of NI 51- 102, is unable to meet the test set forth in section 13.4(2)(b)(ii) of NI 51-102.
26. It is proposed that the Issuers distribute the Securities to the public pursuant to a short form prospectus in respect of the distribution of the Securities, filed in each of the provinces and territories of Canada, in reliance upon sections 2.4 of NI 44-101 and, if applicable, National Instrument 44-102 – Shelf Distributions (NI 44-102). The short form prospectus will be prepared pursuant to the short form procedures contained in NI 44-101 and, if applicable, NI 44–102 and will comply with the requirements set out in Form 44-101F1 and, if applicable, NI 44-102, other than the Prospectus Disclosure Requirements.
27. The Debt Securities will be governed by a trust indenture (the Indenture), to be entered into among the Issuers and a trustee. Under the terms of the Indenture, the Issuers will be jointly and severally liable for the Debt Securities.
28. The Filer, the Holding LP and each of the Holding Entities (collectively, the Guarantors) will provide full and unconditional joint and several guarantees (the Guarantees) of the payments to be made by the Issuers in respect of the Debt Securities, the Preferred Shares and Resulting Preferred Shares (if applicable) as stipulated in agreements governing the rights of holders of the Debt Securities, the Preferred Shares and Resulting Preferred Shares (if applicable), that result in the holders of such securities being entitled to receive payment from the Guarantors within 15 days of any failure by the Issuers to make a payment, as contemplated by paragraph (d) of the definition of “designated credit support security” in NI 51-102.
December 13, 2012 (2012) 35 OSCB 11158 Decisions, Orders and Rulings
Offering of Securities
29. At the time of the filing of any short form prospectus or shelf prospectus supplement in connection with an offering of Securities:
(a) each Issuer will comply with all of the filing requirements and procedures set out in NI 44-101, other than the Qualification Requirements in the case of the CDN Pref Issuer, and, if applicable, NI 44-102 other than the Notice of Intention Requirement, except as permitted by the Legislation;
(b) the prospectus will be prepared in accordance with the short form prospectus requirements of NI 44-101 and, if applicable, NI 44-102 other than the Prospectus Disclosure Requirements, except as permitted by the Legislation;
(c) the Filer will continue to exercise its voting rights in accordance with the Voting Agreement;
(d) the Filer will continue to be a reporting issuer under the Legislation;
(e) the prospectus will incorporate by reference the documents of the Filer set forth under Item 11.1 of Form 44- 101F1;
(f) the prospectus disclosure required by Item 11 of Form 44-101F1 will be addressed by incorporating by reference the Filer’s public disclosure documents referred to in paragraph 29(e) above; and
(g) the Filer will continue to satisfy all of the criteria in section 2.2 of NI 44-101, as applicable, pursuant to Part 4 of NI 71-102.
30. Prior to issuing any Debt Securities:
(a) the Filer will provide the Guarantees in respect of the Debt Securities; and
(b) the Issuers will be jointly and severally liable for the Debt Securities under the Indenture.
31. Prior to issuing any Preferred Shares, the Filer will provide the Guarantees in respect of such Preferred Shares and any Resulting Preferred Shares (if applicable).
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 Exemption Sought is granted provided that:
1. in respect of the Continuous Disclosure Requirements, each Issuer and the Filer continue to satisfy the conditions set out in subsection 13.4(2.1) of NI 51-102, except as modified as follows:
(a) any reference to parent credit supporter in section 13.4 shall be deemed to include the Filer notwithstanding its indirect ownership of the Issuers through the Holding LP,
(b) any reference to subsidiary credit supporter in section 13.4 of NI 51-102 shall be deemed to include the Holding Entities and their affiliates, including the Filer and the Filer’s Related Entities, notwithstanding the Filer’s indirect ownership of such entities through the Holding LP,
(c) the Filer does not have to comply with the conditions in section 13.4(2)(a) and section 13.4(2.1)(b) of NI 51- 102 if:
(i) the Voting Agreement remains in force with the terms described in paragraph 17 above and the Voting Agreement is disclosed in the Filer’s AIF (as defined in NI 51-102),
(ii) the aggregate ownership interest of Brookfield and the Infrastructure General Partner in the Holding LP does not exceed 49.99%,
(iii) no party other than the Filer, Brookfield and the Infrastructure General Partner will have any direct or indirect ownership of, or control or direction over, voting securities of the Holding LP,
December 13, 2012 (2012) 35 OSCB 11159 Decisions, Orders and Rulings
(iv) no party other than the Filer, Brookfield, the Infrastructure General Partner and the Holding LP will have any direct or indirect ownership of, control or direction over, voting securities of the Holding Entities,
(v) no party other than the Filer, Brookfield, the Infrastructure General Partner, the Holding LP and the Holding Entities and their affiliates, including the Filer and the Filer’s Related Entities, will have any direct or indirect ownership of, or control or direction over, voting securities of the Issuers,
(vi) the Filer consolidates in its financial statements the Holding LP, the Holding Entities and the Issuers as well as any entities consolidated by any of the foregoing and, if any Issuer has issued Debt Securities, Preferred Shares or Resulting Preferred Shares that remain outstanding, files its financial statements pursuant to Part 4 of NI 51-102, except that the Filer does not have to comply with the conditions in section 4.2 of NI 51-102 if it files such financial statements on or before the date that it is required to file its Form 20-F with the U.S. Securities and Exchange Commission (SEC), and
(vii) the issued and outstanding voting securities of the Holding Entities and the Issuers are 100% owned, directly or indirectly, by their respective parent companies or entities,
(d) section 13.4(4) of NI 51-102 does not apply to the Filer (the SEC Foreign Issuer Relief) if:
(i) the Filer continues to be a reporting issuer,
(ii) the Filer continues to be a SEC foreign issuer (as defined in NI 71-102) and only relies on the exemptions in Part 4 of NI 71-102,
(iii) to the extent that the Filer complies with the foreign private issuer disclosure regime under U.S. securities law, it does not rely on any exemption from that regime,
(iv) if any Issuer has issued Debt Securities, Preferred Shares or Resulting Preferred Shares that remain outstanding, the summary financial information referred to in section 13.4(2.1)(c) of NI 51-102 will be reconciled to the consolidated financial statements of the Filer, including any minority interest adjustments,
(v) if any Issuer has issued Debt Securities, Preferred Shares or Resulting Preferred Shares that remain outstanding, the Filer files a material change report as set out in Part 7 of NI 51-102 in respect of any material change in the affairs of the Filer that is not reported or filed by the Filer on SEC Form 6-K,
(vi) if any Issuer has issued Debt Securities, Preferred Shares or Resulting Preferred Shares that remain outstanding, the Filer files an interim financial report as set out in Part 4 of NI 51-102 and the Management Discussion and Analysis as set out in Part 5 of NI 51-102 for each period commencing on the first day of the financial year and ending nine, six or three months before the end of the financial year,
(vii) the Filer includes in the prospectus of each Issuer financial statements or other information about any acquisition that would have been or would be a significant acquisition for the purposes of Part 8 of NI 51-102 that the Filer has completed or has progressed to a state where a reasonable person would believe that the likelihood of the Filer completing the acquisition is high if the inclusion of the financial statements is necessary for the prospectus to contain full, true and plain disclosure of all material facts relating to the securities being distributed. The requirement to include financial statements or other information must be satisfied by including or incorporating by reference (a) the financial statements or other information as set out in Part 8 of NI 51-102, or (b) satisfactory alternative financial statements or other information, unless at least 9 months of the operations of the acquired business or related businesses are incorporated into the Filer’s current annual financial statements included or incorporated by reference in the prospectus of each Issuer,
(viii) if the Debt Issuers complete a public offering of Debt Securities in Canada prior to the CDN Pref Issuer completing a public offering of Preferred Shares in Canada, the SEC Foreign Issuer relief will expire on the date that is the earlier of the day after the maturity date of the first series of Debt Securities or the date that is seven years and six months after the date of this decision,
(ix) if the CDN Pref Issuer completes a public offering of Preferred Shares in Canada prior to the Debt Issuers completing a public offering of Debt Securities in Canada, the SEC Foreign Issuer relief will
December 13, 2012 (2012) 35 OSCB 11160 Decisions, Orders and Rulings
expire on the date that is the earlier of the day after the first at par redemption date of the first series of Preferred Shares or the date that is seven years and six months after the date of this decision, and
(x) if the Issuers have not completed a public offering of Preferred Shares or Debt Securities in Canada by the date that is five years after the date of this decision, the SEC Foreign Issuer relief will expire on the date that is five years after the date of this decision.
(e) the Issuers do not have to comply with the conditions in section 13.4(2)(c) of NI 51-102 if each Issuer does not issue any securities and does not have any securities outstanding other than:
(i) designated credit support securities,
(ii) securities issued to and held by the Filer or the Filer’s Related Entities,
(iii) debt securities issued to and held by banks, loan corporations, loan and investment corporations, savings companies, trust corporations, treasury branches, saving or credit unions, financial services cooperatives, insurance companies or other financial institutions,
(iv) securities issued under exemptions from the prospectus requirements in section 2.35 of National Instrument 45-106 – Prospectus and Registration Exemptions, and
(v) Debt Securities or Preferred Shares and Resulting Preferred Shares, provided that the Filer has provided Guarantees in respect of such securities.
2. in respect of the Certification Requirements, the Audit Committee Requirements and the Corporate Governance Requirements, the Filer and each Issuer continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above.
3. in respect of the Insider Reporting Requirements, an insider of an Issuer can only rely on the Exemption Sought so long as:
(a) the insider complies with the conditions in sections 13.4(3)(b) and (c) of NI 51-102, and
(b) the Filer and each Issuer continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above.
4. in respect of the Qualification Requirements, the Notice of Intention Requirement, the Incorporation by Reference Requirement, the Earnings Coverage Requirements and the Subsidiary Credit Supporter Requirements so long as:
(a) the preliminary short form prospectus of the Issuers is in respect of an offering of Securities,
(b) the Issuers are qualified to file the preliminary short form prospectus under section 2.4 or section 2.5 of NI 44- 101, except modified as follows:
(i) the CDN Pref Issuer does not have to comply with the condition in section 2.4 of NI 44-101 that the securities being distributed be non-convertible preferred shares if, on completion of any offering of Preferred Shares, it meets the conditions in paragraph 1(e) of this decision above,
(c) the Issuers become, on or before the filing of the preliminary short form prospectus, and thereafter remain so long as any of the Securities issued to the public remain outstanding, electronic filers under National Instrument 13-101 – System for Electronic Document Analysis and Retrieval (SEDAR),
(d) the Issuers create profiles on SEDAR and file the notices required by section 2.8 of NI 44-101 prior to filing the preliminary short form prospectus,
(e) the Issuers and the Filer satisfy the conditions set out in section 13.3 of Form 44-101F1, except as modified as follows:
(i) any reference to parent credit supporter in section 13.3 of Form 44-101F1 shall be deemed to include the Filer notwithstanding its indirect ownership of the Issuers through the Holding LP,
December 13, 2012 (2012) 35 OSCB 11161 Decisions, Orders and Rulings
(ii) any reference to subsidiary credit supporter in section 13.3 of Form 44-101F1 shall be deemed to include the Holding Entities and their affiliates, including the Filer and the Filer’s Related Entities, notwithstanding the Filer’s direct ownership of such entities through the Holding LP,
(iii) the Filer does not have to comply with the conditions in sections 13.3(1)(e) and 13.3(1)(f) of Form 44- 101F1 if it meets the conditions in paragraph 1(c) of this decision above,
(iv) the CDN Pref Issuer does not have to comply with the condition in section 13.3(1)(d) of Form 44- 101F1 if, on completion of any offering of Preferred Shares, it meets the conditions in paragraph 1(e) of this decision above, and
(v) the summary financial information referred to in section 13.3(1)(g) of Form 44-101F1 will be reconciled to the consolidated financial statements of the Filer, including any minority interest adjustments,
(f) any preliminary short form prospectus and final short form prospectus of the Issuers contain (or incorporate by reference a document containing) a corporate organizational chart showing the ownership and control relationships among Brookfield, the Filer, the Managing General Partner, the Infrastructure General Partner, the Holding LP, the Holding Entities and the Issuers,
(g) the Filer and each Issuer continue to satisfy the conditions for relief from the Continuous Disclosure Requirements set forth above,
(h) the Issuers and the Filer, as applicable, comply with paragraphs 29, 30 and 31 above, as applicable,
(i) each of the Issuers will operate as a financing company and will have no significant assets or liabilities unrelated to the Securities and will not have any ongoing business operations of its own,
(j) all of the outstanding voting securities of each Issuer are held directly or indirectly by the respective Holding Entity that is its parent, and
(k) the Issuers will issue a news release and file a material change report as set out in Part 7 of NI 51-102 in respect of any material change in the affairs of the Issuers that is not also a material change in the affairs of the Filer.
Furthermore, the decision of the principal regulator is that the Confidentiality Sought is granted.
As to the Exemption Sought (other than from the Insider Reporting Requirements in the Securities Act (Ontario)) and the Confidentiality Sought in this regard.
“Shannon O’Hearn” Manager, Corporate Finance Ontario Securities Commission
As to the Exemption Sought from the Insider Reporting Requirements in the Securities Act (Ontario) and the Confidentiality Sought in this regard.
“Christopher Portner” Commissioner Ontario Securities Commission
“Edward P Kerwin” Commissioner Ontario Securities Commission
December 13, 2012 (2012) 35 OSCB 11162 Decisions, Orders and Rulings
2.1.3 La Mancha Resources Inc. 1. the Filer is a corporation governed by the Business Corporations Act (British Columbia) with Headnote its registered and record office located at 550 Burrard Street, Suite 2900, Vancouver, British Coordinated Review for Exemptive Relief Applications – Columbia, Canada V6C 0A3 and its head office issuer deemed to have ceased to be a reporting issuer located in Montreal, Quebec; the Filer is not a under applicable securities laws. reporting issuer or the equivalent in Quebec and therefore does not require the Exemption Relief Applicable Ontario Statutory Provisions Sought in Quebec;
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii). 2. the Filer is a reporting issuer in the Jurisdictions;
November 14, 2012 3. the Filer is authorized to issue an unlimited number of common shares without par value (the IN THE MATTER OF Shares); THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA AND ONTARIO 4. Weather Investments II S.a.r.l. through its indirect (THE JURISDICTIONS) wholly-owned subsidiary, 0944289 B.C. Ltd. (the Offeror), made an offer (the Offer) to acquire all of AND the Shares at a price of $3.50 per Share; on September 10, 2012, the Offeror acquired a total IN THE MATTER OF of 141,289,646 Shares pursuant to the Offer, THE PROCESS FOR EXEMPTIVE RELIEF representing approximately 98.99%, of the APPLICATIONS IN MULTIPLE JURISDICTIONS outstanding Shares on a fully diluted basis;
AND 5. the Filer’s issued and outstanding share capital immediately prior to the Offer was 142,725,850 IN THE MATTER OF Shares; LA MANCHA RESOURCES INC. (THE FILER) 6. as the Offer was accepted by holders of more than 90% of the Shares (other than Shares held DECISION by the Offeror and its affiliates and associates at the date of the Offer), the Offeror exercised its Background rights under the compulsory acquisition provisions (the Compulsory Acquisition) of the Business The securities regulatory authority or regulator in each of Corporations Act (British Columbia) to acquire all the Jurisdictions (the Decision Maker) has received an remaining outstanding Shares; a notice of application from the Filer for a decision under the securities compulsory acquisition was mailed to all legislation of the Jurisdictions (the Legislation) that the Filer remaining holders of Shares and the Compulsory is not a reporting issuer in the Jurisdictions (the Exemption Acquisition closed on November 12, 2012 at Relief Sought). which time the Filer became a wholly-owned subsidiary of the Offeror; Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a coordinated review application): 7. the Shares of the Filer were de-listed from TSX on November 12, 2012; (a) the British Columbia Securities Commission is the principal regulator for this application; and 8. the outstanding securities of the Filer, including debt securities, are beneficially owned, directly or (b) the decision is the decision of the principal indirectly, by fewer than 15 securityholders in regulator and evidences the decision of each each of the jurisdictions of Canada and fewer than other Decision Maker. 51 securityholders in total worldwide;
Interpretation 9. no securities of the Filer, including debt securities, are traded in Canada or another country on a Terms defined in National Instrument 14-101 Definitions marketplace as defined in National Instrument 21- and Mulilateral Instrument 11-102 Passport System have 101 Marketplace Operation or any other facility for the same meaning if used in this decision, unless otherwise bringing together buyers and sellers of securities defined. where trading data is publicly reported;
Representations 10. the Filer is applying for a decision that it is not a reporting issuer in all of the jurisdictions of This decision is based on the following facts represented Canada in which it is currently a reporting issuer; by the Filer:
December 13, 2012 (2012) 35 OSCB 11163 Decisions, Orders and Rulings
11. the Filer is not in default of any of its obligations 2.1.4 Credit Suisse AG under the Legislation as a reporting issuer; Headnote 12. the Filer has no current intention to seek public financing by way of an offering of securities; National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – relief from eligibility 13. the Filer did not voluntarily surrender its status as requirements under NI 44-102 for reporting issuer whose a reporting issuer in British Columbia pursuant to equity securities are not listed on a short form eligible British Columbia Instrument 11-502 Voluntary exchange – issuer is a wholly-owned subsidiary – issuer is Surrender of Reporting Issuer Status because it a substantial global financial services provider – securities wants to avoid the 10-day waiting period under of the issuer are listed and posted for trading on NYSE, that Instrument; NYSE Amex and NYSE Arca – the business and consolidated results and financial position of the issuer and 14. the Filer is not eligible to use simplified procedure the parent are substantially similar – equity securities of under CSA Notice 12-307 Applications for a parent listed on SIX Swiss Exchange and American Decision that an Issuer is not a Reporting Issuer Depository Shares representing equity securities of parent because it is a reporting issuer in British listed on NYSE Columbia; and Applicable Legislative Provisions 15. the Filer, upon granting the Exemptive Relief Sought, will no longer be a reporting issuer or the National Instrument 44-102 Shelf Distributions, ss. 2.2, equivalent in any jurisdiction in Canada. 11.1.
Decision November 21, 2012
Each of the Decision Makers is satisfied that the decision IN THE MATTER OF meets the test set out in the Legislation for the Decision THE SECURITIES LEGISLATION OF Maker to make the decision. ONTARIO (the “Jurisdiction”) The decision of the Decision Makers under the Legislation is that the Exemption Relief Sought is granted. AND
“Peter Brady” IN THE MATTER OF Director, Corporate Finance THE PROCESS FOR EXEMPTIVE RELIEF British Columbia Securities Commission APPLICATIONS IN MULTIPLE JURISDICTIONS
AND
IN THE MATTER OF CREDIT SUISSE AG (the “Filer”)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer for a decision (the “Exemption Sought”) under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) for an exemption from the qualification requirements in subsection 2.2(1) and clause 2.2(3)(b)(iii) of National Instrument 44- 102 Shelf Distributions (“NI 44-102”) which would otherwise require that the Filer’s equity securities be listed and posted for trading on a short form eligible exchange as defined in National Instrument 44-101 Short Form Prospectus Distributions (“NI 44-101”) in order for the Filer to distribute under its base shelf short form prospectus dated June 28, 2012 (the “Prospectus”) medium term notes (“Notes”) with the principal amount payable at maturity or interest to be paid on such tranche of Notes, or both, to be determined with reference to the price or prices of specified commodities, stocks or indices, any statistical measure of
December 13, 2012 (2012) 35 OSCB 11164 Decisions, Orders and Rulings economic or financial performance, the exchange rate of a 6. The Filer’s business is to operate as a bank, with specified currency relative to one or more other currencies, all related banking, finance, consultancy, service currency units, composite currencies or units of account and trading activities in Switzerland and abroad. specified in an applicable prospectus supplement (“indexed Notes”) which are not principal protected. 7. Together with CSG, the Filer consists of three operating divisions; Private Banking, Investment Under the Process for Exemptive Relief Applications in Banking and Asset Management. The three Multiple Jurisdictions (for a passport application): divisions are complemented by Shared Services and a regional management structure. (a) the Ontario Securities Commission (“OSC”) is the principal regulator for this application, 8. As of December 31, 2011, the Filer had total assets of CHF11,023,175 million and total (b) the Filer has provided notice that section 4.7(1) of shareholders equity of CHF27,502 million. As at Multilateral Instrument 11-102 Passport System December 31, 2011, the Filer was the second (“MI 11-102”) is intended to be relied upon in all largest Swiss bank and among the fifteen largest provinces and territories of Canada other than European banks measured by total assets. Ontario. 9. The main listing and principal trading market for Interpretation the common shares of CSG is The SIX Swiss Exchange. American Depositary Shares (“ADS”) Terms defined in MI 11-102 or National Instrument 14-101 representing CSG’s common shares are also Definitions have the same meaning if used in this decision, listed and posted for trading on the New York unless otherwise defined herein. Stock Exchange (“NYSE”).
Representations 10. Each of the Filer and CSG has securities registered under Section 12(b) of the United This decision is based upon the following facts represented States Securities Exchange Act of 1934 and the by the Filer: Filer has classes of securities listed and posted for trading on the NYSE, NYSE Amex and NYSE 1. The Filer selected the OSC as the principal Arca. regulator in respect to the Prospectus in accordance with subsection 3.4(5) of National 11. The Filer is a “well-known seasoned issuer” in the Policy 11-202 Process for Prospectus Reviews in United States and a “foreign private issuer” as Multiple Jurisdictions as the Canadian branch of defined in Rule 405 within the meaning of the the Filer has its principal office in Ontario and United States Securities Act of 1933. therefore the Filer has the most significant connection with Ontario. 12. The Filer currently is and has been a reporting issuer, or the equivalent, in all the provinces and 2. In accordance with subsection 3.6(1) of National territories of Canada since April 16, 2008. Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, the OSC is 13. The Filer satisfies the qualification criteria of NI the principal regulator for the Exemption Sought. 44-102 under the alternative qualification criteria for issuers of approved rating non-convertible 3. The Filer is a corporation established under the securities set out in section 2.3 of NI 44-102 and laws of the Canton of Zurich, Switzerland. The NI 44-102. registered and main offices of the Filer are located at Paradeplatz 8, CH-8001, Zurich, Switzerland. 14. The Filer filed and obtained a receipt for the Prospectus qualifying the issuance of, among 4. The Filer is a wholly-owned subsidiary of Credit other Notes, non-principal protected indexed Suisse Group AG (“CSG”) and is CSG’s principal Notes (as defined in the Prospectus). operating subsidiary. The business and consolidated results and financial position of the 15. The Filer’s Canadian long-term senior unsecured Filer and CSG are substantially similar. However, medium term note program qualified by the Neue Aargauer Bank AG and BANK – now Bank Prospectus has been rated A and its Canadian AG, both based in Switzerland, are owned by short-term senior unsecured medium term note CSG directly and their results are not consolidated program qualified by the Prospectus has been in the Filer’s results. rated F1 by Fitch Ratings Ltd. and Fitch, Inc. (“Fitch”). The Filer is not aware of any pending 5. The Filer is licensed as a bank in Switzerland and downgrades of such ratings. The ratings are has additional executive offices and principal assigned to the program generally and not to any branches in London, New York, Hong Kong, specific issuances of Notes. In May 2010, Fitch Singapore and Tokyo.
1 Swiss francs.
December 13, 2012 (2012) 35 OSCB 11165 Decisions, Orders and Rulings
announced that it will no longer rate market-linked c) any non issue specific credit rating notes which have variable principal protection. applicable to Notes issued under the Moody’s Investors Services Ltd. (“Moody’s”) and Prospectus does not apply to non- Standard & Poor’s, a division of The McGraw Hill principal protected indexed Notes and, Companies Inc. (“S&P”) had each previously for so long as Fitch, Moody’s and S&P announced in June and December 2009, continue not to rate non-principal respectively, that it would no longer rate market- protected indexed Notes, an explanation linked notes which have variable principal to that effect; and protection. d) an investor’s principal is at risk as a 16. Absent the grant of the exemption sought, the result of non credit-related factors such Filer would not be qualified under Part 2 of NI 44- as the performance of the underlying 102 to issue non-principal protected indexed reference asset. Notes under the Prospectus. v) the Filer complies with its undertaking filed 17. The Filer satisfies the basic qualification criteria concurrently with the Prospectus that it will not set forth in section 2.2 of NI 44-101 and section distribute in any local jurisdiction under the 2.2 of NI 44-102 other than the requirement that Prospectus specified derivatives, that, that the its equity securities be listed and posted for time of distribution, are novel without pre-clearing trading on a short-form eligible exchange. with the regulator the disclosure contained in a shelf prospectus supplement pertaining to the 18. The Filer does not plan to seek ratings for the distribution of the novel specified derivatives, in specific issuances of non-principal protected accordance with subsection 4.1(2) of NI 44-102. indexed Notes under the Prospectus. “Jo-Anne Matear” Decision Manager, Corporate Finance Ontario Securities Commission The principal regulator is satisfied that the decision meets the tests 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 Exemption Sought is granted so long as: i) the Filer satisfies the criteria in paragraphs 2.2(a), (b), (c) and (d) of NI 44-101; ii) the Filer is not an issuer whose operations have ceased or whose principal asset is cash, cash equivalents or an exchange listing; iii) the common shares of CSG, the Filer’s parent company, are listed and posted for trading on The SIX Swiss Exchange and ADSs representing the common shares of CSG are listed and posted for trading on the NYSE. iv) each shelf prospectus supplement qualifying non- principal protected indexed Notes distributed under the Prospectus will includes cover page disclosure that:
a) the non-principal protected indexed Notes qualified under the Prospectus are not rated;
b) any non issue specific credit rating applicable to Notes issued under the Prospectus only applies to credit-related factors such as the Filer’s ability to make any payments it would be obligated to make under the Notes;
December 13, 2012 (2012) 35 OSCB 11166 Decisions, Orders and Rulings
2.1.5 Tyco International Ltd. et al.
Headnote
National Policy 11-203 – Process for Exemptive Relief Applications in Multiple Jurisdictions – relief from prospectus requirements to allow parent company to spin-off shares of its subsidiary to investors and to allow the parent company and subsidiary to distribute certain options and stocks to existing Canadian option and stockholders in connection with the spin-off – spin-off not technically covered by prescribed legislative exemptions – parent company having a de minimis shareholder presence in Canada – no investment decision from Canadian shareholders in order to receive the spin-off shares or to receive options or stock units
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 53, 74(1).
September 25, 2012
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 TYCO INTERNATIONAL LTD. (“Tyco”), PENTAIR LTD. formerly known as Tyco Flow Control International Ltd.) (“Tyco Flow Control”) AND THE ADT CORPORATION (“ADT” and, together with Tyco and Tyco Flow Control, the “Filers”)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction of the principal regulator (the “Legislation”) exempting the Filers from the prospectus requirements of section 53 of the Securities Act (Ontario) (the “Prospectus Requirements”) in connection with:
(a) the proposed distribution by Tyco of:
(i) adjusted options to acquire common shares of Tyco (“Tyco Options”) to holders of options to purchase common shares of Tyco resident in Canada (the “Tyco Canadian Optionholders”) who, at the time of the distribution, are not employees of Tyco or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (the “Tyco Non-Employee Canadian Optionholders”);
(ii) adjusted restricted stock units of Tyco (“Tyco RSUs”) to holders of restricted stock units of Tyco resident in Canada (the “Tyco Canadian RSU Holders”) who, at the time of the distribution, are not employees of Tyco or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (the “Tyco Non-Employee Canadian RSU Holders”); and
(iii) adjusted participating stock units of Tyco (“Tyco PSUs”)” to holders of participating stock units of Tyco resident in Canada (“Tyco Canadian PSU Holders”) who, at the time of the distribution, are not employees of Tyco or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available; and
December 13, 2012 (2012) 35 OSCB 11167 Decisions, Orders and Rulings
(b) the proposed distribution by Tyco and Tyco Flow Control of:
(i) adjusted options to acquire common shares of Tyco Flow Control (“Tyco Flow Control Options”) (A) by Tyco to Tyco Canadian Optionholders and (B) by Tyco Flow Control to Tyco Canadian Optionholders who, at the time of the distribution, are not employees of Tyco Flow Control or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (collectively, the “New Tyco Flow Control Canadian Optionholders”);
(ii) adjusted restricted stock units of Tyco Flow Control (“Tyco Flow Control RSUs”) (A) by Tyco to Tyco Canadian RSU Holders and (B) by Tyco Flow Control to Tyco Canadian RSU Holders who, at the time of the distribution, are not employees of Tyco Flow Control or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (collectively, the “New Tyco Flow Control Canadian RSU Holders”); and
(iii) adjusted participating stock units of Tyco Flow Control (“Tyco Flow Control PSUs”) (A) by Tyco to Tyco Canadian PSU Holders and (B) by Tyco Flow Control to Tyco Canadian PSU Holders who, at the time of the distribution, are not employees of Tyco Flow Control or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available; and
(c) the proposed distribution by Tyco and ADT of:
(i) adjusted options to acquire common stock of ADT (“ADT Options”) (A) by Tyco to Tyco Canadian Optionholders and (B) by ADT to Tyco Canadian Optionholders who, at the time of the distribution, are not employees of ADT or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (collectively, the “New ADT Canadian Optionholders”);
(ii) adjusted restricted stock units of ADT (“ADT RSUs”) (A) by Tyco to Tyco Canadian RSU Holders and (B) by ADT to Tyco Canadian RSU Holders who, at the time of the distribution, are not employees of ADT or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available (collectively the “New ADT Canadian RSU Holders”); and
(iii) adjusted participating stock units of ADT (“ADT PSUs”) (A) by Tyco to Tyco Canadian PSU Holders and (B) by ADT to Tyco Canadian PSU Holders who, at the time of the distribution, are not employees of ADT or a related entity and in respect of whom exemptions from the Prospectus Requirement would not otherwise be available; and
(d) the resale of:
(i) common shares of Tyco (“Tyco Common Shares”) acquired by Tyco Non-Employee Canadian Optionholders on exercise of Tyco Options; common shares of Tyco Flow Control (“Tyco Flow Control Common Shares”) acquired by New Tyco Flow Control Canadian Optionholders on exercise of Tyco Flow Control Options; and common stock of ADT (“ADT Common Shares”) acquired by New ADT Canadian Optionholders on exercise of ADT Options; and
(ii) Tyco Common Shares acquired by Tyco Non-Employee Canadian RSU Holders represented by Tyco RSUs; Tyco Flow Control Common Shares acquired by New Tyco Flow Control Canadian RSU Holders represented by Tyco Flow Control RSUs; and ADT Common Shares acquired by New ADT Canadian RSU Holders represented by ADT RSUs
(collectively, the “Exemption Sought”).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application): a. the Ontario Securities Commission is the principal regulator for this application; and b. the Filers have 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 British Columbia, Alberta, Manitoba, Québec, Nova Scotia and Newfoundland and Labrador (together with Ontario, the “Jurisdictions”).
Interpretation
Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meanings if used in this decision, unless otherwise defined.
December 13, 2012 (2012) 35 OSCB 11168 Decisions, Orders and Rulings
Representations
The decision is based on the following facts represented by the Filers:
1. Tyco is a corporation limited by shares organized under the laws of Switzerland. Tyco is a diversified, global company that is a leading provider of security products and services, fire protection and detection products and services, valves and controls, and other industrial products. Tyco’s registered and principal office is located in Schaffhausen, Switzerland. Its management office in the United States is located in Princeton, New Jersey.
2. Tyco Flow Control is a corporation limited by shares organized under the laws of Switzerland and is a wholly owned subsidiary of Tyco, formed to hold Tyco’s flow control business. Its principal executive offices are located in Schaffhausen, Switzerland.
3. ADT is a corporation incorporated under the laws of Delaware and is a wholly owned indirect subsidiary of Tyco, formed to hold Tyco’s residential and small business security business in the United States and Canada. Its principal executive offices in the United States are located in Boca Raton, Florida.
4. Tyco is a reporting issuer under the Legislation of Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Québec and Nova Scotia. Tyco became a reporting issuer in such jurisdictions in July, 1997 when a wholly-owned subsidiary of what was formerly known as ADT Limited merged with Tyco International Ltd. To its knowledge, none of Tyco, Tyco Flow Control nor ADT is in default of the securities legislation of the Jurisdictions.
5. As of June 30, 2012, there were 459,722,328 Tyco Common Shares outstanding (excluding shares held directly or indirectly in treasury).
6. The Tyco Common Shares are listed on the New York Stock Exchange (“NYSE”). The Tyco Common Shares are not listed on any Canadian stock exchange and Tyco has no intention of listing its securities on any Canadian stock exchange.
7. Tyco is currently subject to the U.S. Securities Exchange Act of 1934, as amended, and the rules, regulations and orders promulgated thereunder (the “U.S. Exchange Act”).
8. Neither Tyco Flow Control nor ADT is a reporting issuer under the legislation of the Jurisdictions and to Tyco’s knowledge, they have no current intention of becoming a reporting issuer under the legislation of the Jurisdictions or to list any of their securities on any Canadian stock exchange.
9. As of June 30, 2012, there were approximately 535 registered holders of Tyco Common Shares resident in Canada (“Tyco Canadian Shareholders”). There may be registered and beneficial Tyco Canadian Shareholders resident in each province of Canada. The Tyco Canadian Shareholders constituted less than 0.002% of the approximately 24,000,734 holders of Tyco Common Shares (“Tyco Shareholders”) of record globally as of June 30, 2012. As of June 30, 2012, the Tyco Canadian Shareholders collectively held approximately 18,026 Tyco Common Shares, constituting less than 0.0039% of the 459,722,328 Tyco Common Shares outstanding as of such date.
10. As of June 30, 2012, there were 82 Tyco Canadian Optionholders. The Tyco Canadian Optionholders constituted approximately 4.3% of the approximately 1894 holders of Tyco options worldwide on June 30, 2012. As of June 30, 2012, Tyco Canadian Optionholders collectively held approximately 348,334 Tyco options, constituting approximately 1.66% of the approximately 20,991,042 outstanding Tyco options.
11. As of June 30, 2012, there were 122 Tyco Canadian RSU Holders. The Tyco Canadian RSU Holders constituted approximately 4.35% of the approximately 2803 holders of Tyco restricted stock units worldwide on June 30, 2012. As of June 30, 2012, Tyco Canadian RSU Holders collectively held approximately 84,752 Tyco restricted stock units, constituting approximately 2.51% of the approximately 3,381,327 outstanding Tyco restricted stock units.
12. As of June 30, 2012, there was one Tyco Canadian PSU Holder. The Tyco Canadian PSU Holder constituted approximately 0.68% of the approximately 147 holders of Tyco participating stock units worldwide on June 30, 2012. As of June 30, 2012, the Tyco Canadian PSU Holder held approximately 2774 Tyco participating stock units, constituting approximately 0.15% of the approximately 1,815,315 outstanding Tyco participating stock units.
13. On September 19, 2011, Tyco announced its intention to separate into three independent, publicly traded companies. Tyco’s residential and small business security business in the United States and Canada will be spun off by means of a pro rata distribution of 100% of the outstanding ADT Common Shares to Tyco Shareholders. Tyco’s flow control business will be spun off by means of a pro rata distribution of 100% of the outstanding Tyco Flow Control Common Shares to Tyco Shareholders. The distributions are intended to be made as special dividends out of qualifying
December 13, 2012 (2012) 35 OSCB 11169 Decisions, Orders and Rulings
contributed surplus. Tyco will continue to operate its commercial fire and security businesses and the residential and small business security business of Tyco outside the United States and Canada. The spin-off of ADT and the spin-off of Tyco Flow Control are not conditional on each other.
14. The Spin-Offs will be effected under the laws of Switzerland. Under the Swiss Federal Code of Obligations, approval of Tyco Shareholders is required to effect the special dividends in connection with the Spin-Offs. The Spin-Offs were approved at a special general meeting of Tyco Shareholders on September 17, 2012.
15. Subject to the satisfaction of certain conditions, it is currently anticipated that the Spin-Offs will become effective on September 28, 2012. At such time, ADT will cease to be a wholly owned subsidiary of Tyco and will become an independent, publicly traded company.
16. Tyco Flow Control and certain subsidiaries of Tyco Flow Control have entered into a merger agreement with Pentair, Inc. (“Pentair”) providing that immediately following the distribution of the outstanding Tyco Flow Control Common Shares, a subsidiary will merge with and into Pentair, Inc., with Pentair, Inc. surviving the merger as a wholly-owned subsidiary of Tyco Flow Control. Tyco Flow Control will cease to be a wholly owned subsidiary of Tyco and Tyco Flow Control will be an independent, publicly-traded company. Tyco Flow Control International Ltd. changed its name to Pentair Ltd. effective September 14, 2012.
17. A definitive proxy statement for Tyco Shareholders will be filed with the United States Securities and Exchange Commission (the "SEC"). Tyco will mail the final proxy statement to Tyco Shareholders.
18. The final version of ADT’s information statement will be distributed to Tyco Shareholders who hold Tyco Common Shares as of the record date for the ADT distribution. The information statement will contain information such as the audited combined financial statements of ADT, pro forma financial information for ADT after giving effect to the ADT spin-off, as well as certain risks involved in holding ADT Common Shares following the ADT distribution and risks associated with ADT’s business.
19. In connection with the shareholder meeting, a prospectus pertaining to Tyco Flow Control was distributed to Tyco Shareholders who hold Tyco Common Shares as of the record date for the shareholder meeting. The prospectus contains information such as the audited financial statements of each of Tyco Flow Control and Pentair, pro forma financial information for Tyco Flow Control after giving effect to the Tyco Flow Control spin-off and the merger with Pentair, as well as certain risks involved in holding Tyco Flow Control Common Shares following the Tyco Flow Control distribution and the merger and risks associated with Tyco Flow Control and Pentair’s businesses.
20. All materials relating to the Spin-Offs and the distributions sent by or on behalf of Tyco, Tyco Flow Control or ADT in the United States will be sent concurrently to the Tyco Canadian Shareholders. Subsequent to the Spin-Offs, Tyco Flow Control and ADT will send, concurrently to the holders of Tyco Flow Control Common Shares and ADT Common Shares resident in Canada, the same disclosure materials that it sends to holders of Tyco Flow Control Common Shares and ADT Common Shares resident in the United States.
21. Tyco expects that the Tyco Flow Control Common Shares and the ADT Common Shares will be qualified for public distribution in the United States and will be listed on the NYSE. Subsequent to the Spin-Offs, Tyco Common Shares will continue to trade on the NYSE.
22. Under existing stock and incentive plans under which Tyco’s outstanding Tyco Options, Tyco RSUs and Tyco PSUs (collectively, the “Equity Awards”) were issued, the Tyco Compensation Committee has authorized various adjustments to outstanding Equity Awards be made to prevent the dilution or enlargement of the benefits or potential benefits intended to be made available under the applicable Equity Awards as a result of the Spin-Offs. The adjustments vary depending on several factors, including the type of award, the nature of the employee’s post spin-off employment and whether the Equity Award was granted prior to October 12, 2011 (the date of the annual grant for fiscal year 2012). The Tyco Compensation Committee has also modified the terms of outstanding Equity Awards to make certain provisions for employees who are terminated in connection with the Spin-Offs.
23. The Equity Award adjustments are generally designed to cause the intrinsic value of each converted Equity Award immediately after the distributions to be the same as the intrinsic value of such Equity Award immediately prior to the distributions, such that the financial position of the holder with respect to the Equity Award remains the same immediately prior to and immediately after the distributions (the “intrinsic value methodology”).
24. The adjustments that are expected to be made to the Equity Awards on the date of the distributions, prior to the distribution of shares in the Spin-Offs, include:
December 13, 2012 (2012) 35 OSCB 11170 Decisions, Orders and Rulings
(a) for each employee who was an employee of Tyco’s corporate segment on the date the Spin-Offs were announced, all outstanding Equity Awards following the distribution date:
(i) that were granted prior to October, 2011 will, as of the distribution date, convert into like-kind Equity Awards of the three separately traded companies resulting from the Spin-Offs at equivalent value determined using the intrinsic value methodology; and
(ii) that were granted on or after October, 2011 will, as of the distribution date, convert into like kind Equity Awards of the separately traded company that is the employer of such employee immediately following the distribution date at equivalent value determined using the intrinsic value methodology;
(b) for each employee that was not an employee in Tyco’s corporate segment on the date the Spin-Offs were announced:
(i) all Equity Awards (other than restricted stock units granted prior to October, 2011) held by such employee will, as of the distribution date, convert into like-kind Equity Awards of the separately traded company that is the employer of such employee immediately following the distribution date at equivalent value determined using the intrinsic value methodology; and
(ii) with respect to restricted stock units granted prior to October, 2011, such awards will, as of the distribution date, convert into like-kind Equity Awards of the three separately traded companies resulting from the Spin-Offs at equivalent value determined using the intrinsic value methodology;
(c) for all persons who are former employees of Tyco as of the distribution date because they cease employment with Tyco as a result of the Spin-Offs or were former employees of Tyco prior to the Spin-Offs:
(i) all Equity Awards (other than restricted stock units granted on or after October, 2011) held by such former employees will, as of the distribution date, convert into like-kind Equity Awards of the three separately traded companies resulting from the Spin-Offs at equivalent value determined using the intrinsic value methodology; and
(ii) all restricted stock units granted on or after October, 2011 held by such former employees will, in accordance with the award certificates governing such restricted stock units, be reduced on a time- pro-rated basis and, as of the distribution date, convert into like-kind restricted stock units of the three separately traded companies resulting from the Spin-Offs at equivalent value determined using the intrinsic value methodology; and
(d) following the adjustments above, all performance share units will convert into restricted stock units as the applicable performance conditions will have been met.
25. Canadian Equity Award holders will receive written communications describing the adjustments made to the Equity Awards.
26. The issuance of Tyco Common Shares, Tyco Flow Control Common Shares and ADT Common Shares on the exercise, conversion or exchange of the Tyco Options, the Tyco RSUs, the Tyco Flow Control Options, the Tyco Flow Control RSUs, the ADT Options and the ADT RSUs will be made in accordance with all applicable laws of Switzerland and the United States. As there will be no active trading market for the Tyco Common Shares, the Tyco Flow Control Common Shares or the ADT Common Shares in Canada and none is expected to develop, it is expected that any resale of the Tyco Common Shares, the Tyco Flow Control Common Shares and the ADT Common Shares issued on such exercise, conversion or exchange will occur through the facilities of the NYSE.
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 Exemption Sought is granted provided that:
(a) the first trade in
(i) Tyco Common Shares acquired by Tyco Non-Employee Canadian Optionholders on exercise of Tyco Options; Tyco Flow Control Common Shares acquired by New Tyco Flow Control Canadian
December 13, 2012 (2012) 35 OSCB 11171 Decisions, Orders and Rulings
Optionholders on exercise of Tyco Flow Control Options; and ADT Common Shares acquired by New ADT Canadian Optionholders on exercise of ADT Options; and
(ii) Tyco Common Shares acquired by Tyco Non-Employee Canadian RSU Holders represented by Tyco RSUs; Tyco Flow Control Common Shares acquired by New Tyco Flow Control Canadian RSU Holders represented by Tyco Flow Control RSUs; and ADT Common Shares acquired by New ADT Canadian RSU Holders represented by ADT RSUs will be deemed to be a distribution unless the conditions in section 2.6 or 2.14 of National Instrument 45-102 – Resale of Securities (NI 45-102) are satisfied.
“Vern Krishna” Commissioner Ontario Securities Commission
“Wesley M. Scott” Commissioner Ontario Securities Commission
December 13, 2012 (2012) 35 OSCB 11172 Decisions, Orders and Rulings
2.1.6 Karmin Exploration Inc. legislation of the Jurisdiction of the principal regulator (the Legislation) for relief from the requirement in the definition Headnote of “venture issuer” in section 1.1 of each of National Instrument 51-102 Continuous Disclosure Obligations, National Policy 11-203 Process for Exemptive Relief National Instrument 52-109 Certification of Disclosure in Applications in Multiple Jurisdictions – National Instrument Issuer’s Annual and Interim Filings, National Instrument 52- 51-102 Continuous Disclosure Obligations, s. 13.1 – 110 Audit Committees and National Instrument 58-101 National Instrument 52-109 Certification of Disclosure in Disclosure of Corporate Governance Practices that a Issuers’ Annual and Interim Filings, s. 4.5 – National reporting issuer not, at the relevant time, have any of its Instrument 52-110 Audit Committees, s. 8.1 – National securities listed or quoted on any of the Toronto Stock Instrument 58-101 Disclosure of Corporate Governance Exchange, a U.S. marketplace or a marketplace outside of Practices, s. 3.1 – General – Filer seeks relief from the Canada and the United States of America other than the requirement in s. 1.1 definition of “venture issuer”, that a Alternative Investment Market of the London Stock reporting issuer not have any of its securities listed or Exchange or the PLUS markets operated by PLUS Markets quoted on a marketplace outside of Canada and the United Group plc (the Exemption Sought). States of America, in order to remain listed on the Risk Capital Segment of the Lima Stock Exchange Segmento de Under the Process for Exemptive Relief Applications in Capital de Riesgo da la Bolsa de Valores de Lima) (the Multiple Jurisdictions (for a passport application): Exchange) – A venture issuer with common shares listed on the TSXV wants to list on an exchange that does not 1. the Ontario Securities Commission is the principal meet the requirements of the definition of a venture issuer; regulator for this application; and the Exchange is a junior market that has less onerous requirements than the TSXV; the Exchange requires the 2. the Filer has provided notice that section 4.7(1) of Filer to comply with TSXV requirements in order to maintain Multilateral Instrument 11-102 Passport System listing on the Exchange; to remain a venture issuer, the (MI 11-102) is intended to be relied upon in British Filer must continue to have its common shares listed on the Columbia, Alberta, and Nova Scotia. TSXV and the Exchange must remain a junior market. Interpretation Applicable Legislative Provisions Terms defined in National Instrument 14-101 Definitions National Instrument 51-102 Continuous Disclosure and MI 11-102 have the same meaning if used in this Obligations, s. 13.1. decision, unless otherwise defined. National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings, s. 8.6. In this decision, National Instrument 52-110 Audit Committees, s. 8.1. National Instrument 58-101 Disclosure of Corporate “Exchange” means the Risk Capital Segment of Governance Practices, s. 3.1. the Lima Stock Exchange (Segmento de Capital de Riesgo de la Bolsa de Valores de Lima) in November 19, 2012 Peru; and
IN THE MATTER OF “TSXV” means the TSX Venture Exchange. THE SECURITIES LEGISLATION OF ONTARIO Representations (the Jurisdiction) This decision is based on the following facts represented AND by the Filer:
IN THE MATTER OF 1. the Filer is a corporation incorporated under the THE PROCESS FOR EXEMPTIVE RELIEF Business Corporations Act (Alberta) and its APPLICATIONS IN MULTIPLE JURISDICTIONS registered and head office is in Toronto, Ontario;
AND 2. the Filer is a reporting issuer in British Columbia, Alberta, Ontario and Nova Scotia (the Reporting IN THE MATTER OF Jurisdictions); KARMIN EXPLORATION INC. (the Filer) 3. the Filer owns 100% of the Cushuro Gold Project in Peru, 100% of the Aripuanã Gold Project in DECISION Brazil and 30% of the Aripuanã Zinc Project in Brazil; Background 4. the common shares of the Filer (the Shares) are The principal regulator in the Jurisdiction has received an listed on the TSXV under the trading symbol application from the Filer for a decision under the securities
December 13, 2012 (2012) 35 OSCB 11173 Decisions, Orders and Rulings
“KAR” and, since June 25, 2012, on the (d) the Filer does not have any securities Exchange; listed or quoted on any of the Toronto Stock Exchange, a U.S. marketplace or a 5. the Filer listed its common shares on the marketplace outside of Canada and the Exchange due to the Filer’s connection to Peru United States of America other than the and to facilitate the sale and transfer of its Exchange, the Alternative Investment common shares in Peru; Market of the London Stock Exchange or the PLUS markets operated by PLUS 6. from June 25, 2012 to the date of this decision, Markets Group plc. the Filer has been in default of securities legislation requirements in the Reporting “Sonny Randhawa” Jurisdictions that apply to a non-venture issuer. Manager, Corporate Finance Branch Specifically, the Filer did not file its interim Ontario Securities Commission financial reports and management discussion and analysis for the period ending July 31, 2012 (the Interim Financial Report) within the 45-day filing deadline. The Interim Financial Report was subsequently filed within the 60-day filing deadline for venture issuers;
7. the Filer acknowledges that any right of action, remedy, penalty and/or sanction available to any person or company or to a securities regulatory authority against the Filer from June 25, 2012 until the date of this decision are not terminated or altered as a result of this decision;
8. the Exchange is a junior market;
9. the Exchange is similar to the TSXV in terms of its requirements as the requirements of the Exchange were modelled after those of the TSXV;
10. the Exchange requires the Filer to comply with TSXV requirements in order to maintain its listing; the Exchange also requires that the Filer file with the Exchange copies of all public disclosure documents filed with Canadian securities regulators; and
11. the information that the Filer has provided about the Exchange (and its status as a junior market) is accurate as the date of this decision.
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 Exemption Sought is granted, provided that :
(a) the Exchange is not restructured in a manner that makes it unreasonable to conclude that it is still a junior market;
(b) the representations listed in Sections 8 to 11 above continue to be true;
(c) the Filer continues to have the Shares listed on the TSXV; and
December 13, 2012 (2012) 35 OSCB 11174 Decisions, Orders and Rulings
2.1.7 20-20 Technologies Inc. Interpretation
Headnote Terms defined in National Instrument 14-101 – Definitions have the same meaning if used in this decision, unless National Policy 11-203 Process for Exemptive Relief otherwise defined. Applications in Multiple Jurisdictions – application for an order that the issuer is not a reporting issuer under Representations applicable securities laws. Requested relief granted. This decision is based on the following facts represented Applicable Legislative Provisions by the Filer:
Securities Act,R.S.O. 1990, c.S.5, as am., s. 1(10)(a)(ii). 1. 20-20 Technologies Inc. (“20-20”) was incorpor- CSA Staff Notice 12-307 – Applications for a Decision that ated under the Companies Act (Québec) on an Issuer is Not a Reporting Issuer. September 30, 1987. It then proceeded with an amalgamation under the Companies Act (Québec) October 22, 2012 with its parent on November 1, 2000. Pursuant to an arrangement under Chapter XVI – Division II of [Translation] the Business Corporations Act (Québec) completed on September 12, 2012 (the "Arrange- IN THE MATTER OF ment"), 20-20, 9266-7674 Québec Inc. ("Vector") THE SECURITIES LEGISLATION OF and 9267-7749 Québec Inc. amalgamated and QUÉBEC, BRITISH COLUMBIA, ALBERTA, continued as one entity (the “Amalgamation”). SASKATCHEWAN, MANITOBA, ONTARIO, The Filer is the company resulting from the NEW BRUNSWICK, NOVA SCOTIA, Amalgamation. PRINCE EDWARD ISLAND AND NEWFOUNDLAND AND LABRADOR 2. The Filer's head and registered office is located at (the "Jurisdictions") 400 Armand-Frappier Blvd., Suite 2020, Laval, Québec, H7V 4B4. AND 3. The Filer is a reporting issuer in all Jurisdictions. IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF 4. Pursuant to the Arrangement, Vector acquired all APPLICATIONS IN MULTIPLE JURISDICTIONS of the outstanding shares of 20-20 for $4.00 in cash per Share, other than shares held by AND Mignault Holding Inc. (“Holding”), a company controlled by Jean Mignault, the founder and IN THE MATTER OF Executive Chairman of the board of 20-20. 20-20 TECHNOLOGIES INC. (the "Filer") 5. In connection with the Arrangement, Mr. Mignault, sold, through Holding, approximately 80% of his DECISION interest in 20-20 to Vector for consideration of $4.00 in cash per share, and the remainder of his Background shares of 20-20 were transferred to 9266-7708 Québec Inc. in exchange for an equity interest of The securities regulatory authority or regulator in each of approximately 9.92% in 9266-7708 Québec Inc., the Jurisdictions (the "Decision Maker") has received an which indirectly owned all of Vector’s shares. application from the Filer for a decision under the securities legislation of the Jurisdictions (the "Legislation") that the 6. The issued and paid-up capital account for the Filer is not a reporting issuer (the "Exemptive Relief common shares of the Filer following the Sought"). Amalgamation is equal to the issued and paid-up capital account of the issued and outstanding Under the Process for Exemptive Relief Applications in common shares of Vector immediately prior to the Multiple Jurisdictions (for a coordinated review application): effective time of the Amalgamation.
(a) the Autorité des marchés financiers is the principal 7. At the time of the Amalgamation, Vector and regulator for this application, and 9267-7749 Québec Inc. were not reporting issuers. Each of Vector, 9266-7708 Québec Inc. (b) the decision is the decision of the principal and 9267-7749 Québec Inc. were formed solely regulator and evidences the decision of each for the purpose of consummating the transactions other Decision Maker. contemplated by the Arrangement. Prior to the Amalgamation, Vector was an indirect wholly- owned subsidiary of 9266-7708 Québec Inc. and
December 13, 2012 (2012) 35 OSCB 11175 Decisions, Orders and Rulings
9267-7749 Québec Inc. was a direct wholly- Application for a Decision that an Issuer is not a owned subsidiary of Holding. Reporting Issuer because it is a reporting issuer in British Columbia. 8. Under the terms of the Arrangement, 20-20 also acquired and cancelled all outstanding options to 16. Prior to the completion of the Arrangement, the acquire shares of 20-20 issued under 20-20’s shares of 20-20 were listed on The Toronto Stock share option plans (the “Options”) and deferred Exchange under the symbol “TWT”. The shares of share units issued under 20-20’s deferred share 20-20 were delisted as of the close of business on unit plan (the “DSUs”). The consideration paid for September 17, 2012. Options was a cash payment per Option equal to $4.00 less the applicable exercise price of such 17. The Filer has no current intention to seek public Option, except for Options with an exercise price financing by way of an offering of its securities in of more than $4.00 for which no consideration was Canada or to list its securities on any marketplace paid. The consideration paid for DSUs was a cash in Canada. payment of $4.00 per DSU. 18. The Filer is applying for a decision that it is not a 9. The Arrangement was approved by the reporting issuer in all of the jurisdictions of shareholders of 20-20, holding approximately Canada in which it is currently a reporting issuer. 93.7% of the outstanding shares of 20-20 represented, in person or by proxy, at a special 19. Upon the granting of the Exemptive Relief Sought, meeting of shareholders of 20-20 held on the Filer will no longer be a reporting issuer or the September 5, 2012. The Arrangement was also equivalent in any jurisdiction in Canada. approved by a simple majority of the votes cast by the holders of the shares of 20-20 present in Decision person or represented by proxy at the meeting. Each of the Decision Makers is satisfied that the decision 10. The Arrangement was sanctioned by the Superior meets the test set out in the Legislation for the Decision Court of Québec on September 7, 2012. Maker to make the decision.
11. The Filer is not in default of any of its obligations The decision of the Decision Makers under the Legislation applicable to a reporting issuer under the is that the Exemptive Relief Sought is granted. Legislation, except for the obligation arising after the Amalgamation to file its interim financial “Josée Deslauriers” statements and related management's discussion Senior Director and analysis for the three-month period ended Investment Funds and Continuous Disclosure July 31, 2012, as required under National Autorité des marchés financiers Instrument 51-102 Continuous Disclosure Obligations and the related certification of such financial statements as required under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings.
12. The outstanding securities of the Filer, including debt securities, are beneficially owned, directly or indirectly, by fewer than 15 security holders in each of the jurisdictions of Canada and fewer than 51 security holders in total worldwide.
13. No securities of the Filer, including debt securities, are traded in Canada or another country on a marketplace as defined in National Instrument 21- 101 Marketplace Operation or any other facility for bringing together buyers and sellers of securities where trading data is publicly reported.
14. The Filer did not surrender its status as a reporting issuer in British Columbia pursuant to BC Instrument 11-502 – Voluntary Surrender of Reporting Issuer Status in order to avoid the 10- day waiting period under this Instrument.
15. The Filer is not eligible to use the simplified procedure under CSA Staff Notice 12-307 –
December 13, 2012 (2012) 35 OSCB 11176 Decisions, Orders and Rulings
2.2 Orders referred to in the summary that have been previously disclosed, and if there are any 2.2.1 Jowdat Waheed and Bruce Walter documents referred to in the summary which have not been previously disclosed, Staff will disclose IN THE MATTER OF such documents as soon as reasonably THE SECURITIES ACT, practicable. R.S.O. 1990, c. S.5, AS AMENDED DATED at Toronto this 29th day of November, AND 2012.
IN THE MATTER OF “Mary G. Condon” JOWDAT WAHEED AND BRUCE WALTER
ORDER
WHEREAS on January 9, 2012, the Ontario Securities Commission (“the Commission”) issued a 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 connection with a Statement of Allegations filed by Staff of the Commission (“Staff”) on January 9, 2012 with respect to Jowdat Waheed and Bruce Walter (collectively, the “Respondents”);
AND WHEREAS the Respondents brought a motion before the Commission with respect to Staff’s disclosure obligations which was scheduled for November 29, 2012;
AND WHEREAS the Respondents and Staff were able to resolve the motion on a consent basis as set out in paragraphs 1 to 3 below;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED that:
1. Staff will advise the Respondents as soon as reasonably practicable as to whether they have interviewed any individuals as potential witnesses for whom a transcript or summary of information has not already been disclosed;
2. If Staff interviews a new witness for whom a transcript or summary of information has not already been disclosed, Staff will provide the Respondents as soon as reasonably practicable with a typewritten summary of relevant information of the witness and Staff will identify any documents referred to in the summary that have been previously disclosed, and if there are any documents referred to in the summary which have not been previously disclosed, Staff will disclose such documents as soon as reasonably practicable;
3. If Staff interviews a witness for whom a transcript or summary of evidence has been previously disclosed, Staff will provide the Respondents as soon as reasonably practicable with a typewritten summary of any new relevant information of the witness and Staff will identify any documents
December 13, 2012 (2012) 35 OSCB 11177 Decisions, Orders and Rulings
2.2.2 Sensato Investors, LLC – s. 80 of the CFA
Headnote
Section 80 of the Commodity Futures Act (Ontario) – Foreign adviser exempted from the adviser registration requirement in section 22(1)(b) of the CFA where such adviser acts as an adviser in respect of commodity futures contracts or commodity futures options (commodities) for certain individual and institutional investors in Ontario who meet the definition of “permitted client” in NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Commodities are primarily traded on commodity futures exchanges outside of Canada and primarily cleared outside of Canada.
Terms and conditions on exemption correspond to the relevant terms and conditions on the comparable exemption from the adviser registration requirement available to international advisers in respect of securities set out in section 8.26 of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Exemption also subject to a “sunset clause” condition.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am. Commodity Futures Act, R.S.O. 1990, c. C.20. as am., ss. 1(1), 22(1)(b), 80.
Instruments Cited
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 1.1, 8.26.
December 4, 2012
IN THE MATTER OF THE COMMODITY FUTURES ACT, R.S.O. 1990, CHAPTER C.20, AS AMENDED (the CFA)
AND
IN THE MATTER OF SENSATO INVESTORS, LLC
ORDER (Section 80 of the CFA)
UPON the application (the Application) of Sensato Investors, LLC (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to section 80 of the CFA that the Applicant and any individuals engaging, in or holding themselves out as engaging in, the business of advising others on the Applicant's behalf (the Representatives) be exempt, for a period of five years, from the adviser registration requirements in paragraph 22(1)(b) of the CFA, subject to certain terms and conditions;
AND UPON considering the Application and the recommendation of staff of the Commission;
AND WHEREAS for the purposes of this Order;
“CFA Adviser Registration Requirement” means the requirement in the CFA that prohibits a person or company from acting as an adviser unless the person or company is registered in the appropriate category of registration under the CFA;
“CFTC” means the United States Commodity Futures Trading Commission;
“Contract” has the meaning ascribed to that term in subsection 1(1) of the CFA;
“International Adviser Exemption” means the exemption set out in section 8.26 of NI 31-103 from the OSA Adviser Registration Requirement;
“NI 31-103” means National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, as amended;
December 13, 2012 (2012) 35 OSCB 11178 Decisions, Orders and Rulings
“OSA” means the Securities Act, R.S.O. 1990, c. S.5, as amended;
“OSA Adviser Registration Requirement” means the requirement in the OSA that prohibits a person or company from acting as an adviser unless the person or company is registered in the appropriate category of registration under the OSA;
“Permitted Client” means a client in Ontario that is a “permitted client”, as that term is defined in section 1.1. of NI 31- 103, except that for purposes of the Order such definition shall exclude a person or company registered under the securities or commodities legislation of a jurisdiction of Canada as an adviser or dealer;
“SEC” means the United States Securities and Exchange Commission; and
“U.S. Advisers Act” means the United States Investment Advisers Act of 1940.
AND UPON the Applicant having represented to the Commission that:
1. The Applicant is a limited liability company organized under the laws of the State of Delaware, United States of America. The Applicant's head office and principal place is located in the State of California, United States of America.
2. The Applicant is an investment advisor that is specialized in managing Asia Pacific equity long short strategies. As at August 31, 2012, the Applicant had over US $780 million in assets under management.
3. The Applicant is registered in the United States with the SEC as an investment adviser under the U.S. Advisers Act.
4. The Applicant is not registered under the OSA and relies on the International Adviser Exemption to advise Permitted Clients in Ontario with respect to foreign securities.
5. The Applicant is currently exempt from the CFTC’s registration requirements for commodity pool operators under CFTC Rule 4.13(a)(3) and commodity trading advisors under Section 4m(1) of the Commodity Exchange Act.
6. The Applicant is not registered in any capacity under the CFA.
7. In Ontario, institutional investors that are Permitted Clients seek to engage the Applicant as a discretionary investment manager for purposes of implementing certain specialized investment strategies.
8. The Applicant seeks to act as a discretionary investment manager on behalf of prospective institutional investors that are Canadian Permitted Clients. The proposed advisory services would include the use of specialized investment strategies employing commodity futures contracts and/or commodity futures options traded primarily on one or more organized exchanges located outside of Canada and primarily cleared through one or more clearing corporations that are located outside of Canada(collectively, the "Foreign Contracts") to construct and manage global portfolios of foreign currency, interest rate, stock index and commodity sector futures, options and forwards.
9. Were the proposed advisory services limited to securities, the Applicant could rely on the International Adviser Exemption and carry out such activities on behalf of Permitted Clients on a basis that would be exempt from the OSA Adviser Registration Requirement.
10. There is currently no exemption from the CFA Adviser Registration Requirement that is equivalent to the International Adviser Exemption. Consequently, in order to advise Permitted Clients as to trading in Foreign Contracts, the Applicant would be required to satisfy the CFA Adviser Registration Requirement and would have to apply for registration in Ontario as an adviser under the CFA in the category of commodity trading manager.
11. The Applicant submits that it would not be prejudicial to the public interest for the Commission to grant the requested relief because:
(a) the Applicant will only advise Permitted Clients as to trading in Foreign Contracts;
(b) Permitted Clients seek to access certain specialized portfolio management services provided by the Applicant, including advice as to trading in Foreign Contracts;
(c) the Applicant meets the prescribed conditions to rely on the International Adviser Exemption in connection with the provision of advice to Permitted Clients with respect to foreign securities; and
December 13, 2012 (2012) 35 OSCB 11179 Decisions, Orders and Rulings
(d) the Applicant would provide advice to Permitted Clients as to trading in Foreign Contracts on terms and conditions that are analogous to the prescribed terms and conditions of the International Adviser Exemption.
AND UPON being satisfied that it would not be prejudicial to the public interest for the Commission to grant the exemption requested on the basis of the terms and conditions proposed,
IT IS ORDERED pursuant to section 80 of the CFA that the Applicant and its Representatives are exempt, for a period of five years, from the adviser registration requirements of paragraph 22(1)(b) of the CFA in respect of providing advice to Permitted Clients as to the trading of Foreign Contracts provided that:
1. the Applicant provides advice to Permitted Clients only as to trading in Foreign Contracts and does not advise Permitted Clients as to trading in Contracts that are not Foreign Contracts, unless providing such advice is incidental to its providing advice on Foreign Contracts;
2. the Applicant's head office or principal place of business remains in the United States;
3. the Applicant is registered, or operates under an exemption from registration, under the applicable securities or commodity futures legislation in the United States in a category of registration that permits it to carry on the activities in the United States that registration as an adviser under the CFA Adviser Registration Requirement would permit it to carry on in Ontario;
4. the Applicant continues to engage in the business of an adviser, as defined in the CFA, in the United States;
5. as at the end of the Applicant's most recently completed financial year, not more than 10% of the aggregate consolidated gross revenue of the Applicant, its affiliates and its affiliated partnerships is derived from the portfolio management activities of the Applicant, its affiliates and its affiliated partnerships in Canada;
6. before advising a Permitted Client with respect to Foreign Contracts, the Applicant notifies the Permitted Client of all of the following:
(i) the Applicant is not registered in the local jurisdiction to provide the advice described under paragraph 1 of this Order;
(ii) the foreign jurisdiction in which the Applicant's head office or principal place of business is located;
(iii) all or substantially all of the Applicant's assets may be situated outside of Canada;
(iv) there may be difficulty enforcing legal rights against the Applicant because of the above; and
(v) the name and address of the Applicant's agent for service of process in Ontario;
7. the Applicant has submitted to the Commission a completed Submission to jurisdiction and appointment of agent for service in the form attached as Appendix “A”;
8. the Applicant notifies the Commission of any regulatory action initiated with respect to the Applicant by completing and filing Appendix “B” within 10 days of the commencement of such action; and
9. by December 1 of each year, the Applicant notifies the Commission if it is relying on the exemption from registration granted pursuant to this order.
Dated this 4th of December, 2012.
“C. Wesley M. Scott” Commissioner Ontario Securities Commission
“James D. Carnwath” Commissioner Ontario Securities Commission
December 13, 2012 (2012) 35 OSCB 11180 Decisions, Orders and Rulings
APPENDIX “A”
SUBMISSION TO JURISDICTION AND APPOINTMENT OF AGENT FOR SERVICE
INTERNATIONAL DEALER OR INTERNATIONAL ADVISER EXEMPTED FROM REGISTRATION UNDER THE COMMODITY FUTURES ACT, ONTARIO
1. Name of person or company (“International Firm”):
2. If the International Firm was previously assigned an NRD number as a registered firm or an unregistered exempt international firm, provide the NRD number of the firm:
3. Jurisdiction of incorporation of the International Firm:
4. Head office address of the International Firm:
5. The name, e-mail address, phone number and fax number of the International Firm's individual(s) responsible for the supervisory procedure of the International Firm, its chief compliance officer, or equivalent.
Name:
E-mail address:
Phone:
Fax:
6. The International Firm is relying on an exemption order under section 38 or section 80 of the Commodity Futures Act (Ontario) that is similar to the following exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (the "Relief Order"):
[ ] Section 8.18 [international dealer]
[ ] Section 8.26 [international adviser]
[ ] Other [specify]:
7. Name of agent for service of process (the “Agent for Service”):
8. Address for service of process on the Agent for Service:
9. The International Firm designates and appoints the Agent for Service at the address stated above as its agent upon whom may be served a notice, pleading, subpoena, summons or other process in any action, investigation or administrative, criminal, quasi-criminal or other proceeding (a “Proceeding”) arising out of or relating to or concerning the International Firm's activities in the local jurisdiction and irrevocably waives any right to raise as a defence in any such proceeding any alleged lack of jurisdiction to bring such Proceeding.
10. The International Firm irrevocably and unconditionally submits to the non-exclusive jurisdiction of the judicial, quasi-judicial and administrative tribunals of the local jurisdiction in any Proceeding arising out of or related to or concerning the International Firm's activities in the local jurisdiction.
11. Until 6 years after the International Firm ceases to rely on the Relief Order, the International Firm must submit to the regulator
a. a new Submission to Jurisdiction and Appointment of Agent for Service in this form no later than the 30th day before the date this Submission to Jurisdiction and Appointment of Agent for Service is terminated; and
b. an amended Submission to Jurisdiction and Appointment of Agent for Service no later than the 30th day before any change in the name or above address of the Agent for Service.
12. This Submission to Jurisdiction and Appointment of Agent for Service is governed by and construed in accordance with the laws of the local jurisdiction.
December 13, 2012 (2012) 35 OSCB 11181 Decisions, Orders and Rulings
Dated: ______
______(Signature of the International Firm or authorized signatory)
______(Name of signatory)
______(Title of signatory)
Acceptance
The undersigned accepts the appointment as Agent for Service of ______[Insert name of International Firm] under the terms and conditions of the foregoing Submission to Jurisdiction and Appointment of Agent for Service.
Dated: ______
______(Signature of the Agent for Service or authorized signatory)
______(Name of signatory)
______(Title of signatory)
This form is to be submitted to the following address:
Ontario Securities Commission Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8 Attention: Senior Registration Supervisor, Portfolio Manager Team Telephone: (416) 593-8164 email: [email protected]
December 13, 2012 (2012) 35 OSCB 11182 Decisions, Orders and Rulings
APPENDIX B
NOTICE OF REGULATORY ACTION
1. Has the firm, or any predecessors or specified affiliates1 of the firm entered into a settlement agreement with any financial services regulator, securities or derivatives exchange, SRO or similar agreement with any financial services regulator, securities or derivatives exchange, SRO or similar organization?
Yes _____ No _____
If yes, provide the following information for each settlement agreement:
Yes _____ No _____
If yes, provide the following information for each settlement agreement:
Name of entity
Regulator/organization
Date of settlement (yyyy/mm/dd)
Details of settlement
Jurisdiction
2. Has any financial services regulator ,securities or derivatives exchange, SRO or similar organization:
Yes No
(a) Determined that the firm, or any predecessors or specified affiliates of the firm violated any securities regulations or any rules of a securities or derivatives exchange, SRO or similar organization?
(b) Determined that the firm, or any predecessors or specified affiliates of the firm made a false statement or omission?
(c) Issued a warning or requested an undertaking by the firm, or any predecessors or specified affiliates of the firm?
(d) Suspended or terminated any registration, licensing or membership of the firm, or any predecessors or specified affiliates of the firm?
(e) Imposed terms or conditions on any registration or membership of the firm, or predecessors or specified affiliates of the firm?
(f) Conducted a proceeding or investigation involving the firm, or any predecessors or specified affiliates of the firm?
1 In this Appendix, the term “specified affiliate” has the meaning ascribed to that term in Form 33-109F6 to National Instrument 33-109 – Registration Information.
December 13, 2012 (2012) 35 OSCB 11183 Decisions, Orders and Rulings
Yes No
(g) Issued an order (other than en exemption order) or a sanction to the firm, or any predecessors or specified affiliates of the firm for securities or derivatives-related activity (e.g. cease trade order)?
If yes, provide the following information for each action:
Name of Entity
Type of Action
Regulator/organization
Date of action (yyyy/mm/dd) Reason for action
Jurisdiction
3. Is the firm aware of any ongoing investigation of which the firm or any of its specified affiliate is the subject?
Yes _____ No _____
If yes, provide the following information for each investigation:
Name of entity
Reason or purpose of investigation
Regulator/organization
Date investigation commenced (yyyy/mm/dd)
Jurisdiction
Name of firm
Name of firm’s authorized signing officer or partner
December 13, 2012 (2012) 35 OSCB 11184 Decisions, Orders and Rulings
Title of firm’s authorized signing officer or partner
Signature
Date (yyyy/mm/dd)
Witness
The witness must be a lawyer, notary public or commissioner of oaths.
Name of witness
Title of witness
Signature
Date (yyyy/mm/dd)
This form is to be submitted to the following address:
Ontario Securities Commission Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8 Attention: Senior Registration Supervisor, Portfolio Manager Team Telephone: (416) 593-8164 email: [email protected]
December 13, 2012 (2012) 35 OSCB 11185 Decisions, Orders and Rulings
2.2.3 Nest Acquisitions and Mergers et al. – s. 127(1) approval of the Settlement Agreement, pursuant to s. 127(1)2 of the Act; IN THE MATTER OF THE SECURITIES ACT, (c) acquisition of any securities by Zuk R.S.O. 1990, c. S.5, AS AMENDED cease for a period of 20 years from the date of the approval of the Settlement AND Agreement, pursuant to s. 127(1)2.1 of the Act; IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, (d) any exemptions contained in Ontario IMG INTERNATIONAL INC., securities law do not apply to Zuk for a CAROLINE MYRIAM FRAYSSIGNES, period of 20 years from the date of the DAVID PELCOWITZ, MICHAEL SMITH, AND approval of the Settlement Agreement, ROBERT PATRICK ZUK pursuant to s. 127(1)3 of the Act;
AND (e) Zuk be reprimanded, pursuant to s. 127(1)6 of the Act; IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF (f) Zuk is prohibited from becoming or acting OF THE ONTARIO SECURITIES COMMISSION as a director or officer of any issuer for a AND ROBERT PATRICK ZUK period of 20 years from the date of the approval of the Settlement Agreement, ORDER pursuant to s. 127(1)8 of the Act; (Section 127(1)) (g) Zuk is prohibited from becoming or acting WHEREAS on January 18, 2010, the Ontario as a director or officer of a registrant for a Securities Commission (the “Commission”) issued a Notice period of 20 years from the date of the of Hearing pursuant to sections 37, 127, and 127.1 of the approval of the Settlement Agreement, Securities Act, R.S.O. 1990, c.S.5, as amended (the “Act”) pursuant to s. 127(1)8.2 of the Act; to consider whether it is in the public interest to make orders, as specified therein, against in respect of Robert (h) Zuk is prohibited from becoming or acting Patrick Zuk (“Zuk”) and others. The Notice of Hearing was as a director or officer of an investment issued in connection with the allegations as set out in the fund manager for a period of 20 years Statement of Allegations of Staff of the Commission from the date of the approval of the ("Staff") dated January 18, 2010; Settlement Agreement, pursuant to s. 127(1)8.4 of the Act; AND WHEREAS Zuk entered into a Settlement Agreement with Staff of the Commission dated December (i) Zuk is prohibited from becoming or acting 4, 2012 (the "Settlement Agreement") in which Zuk agreed as a registrant, an investment fund to a proposed settlement of the proceeding commenced by manager or a promoter, as defined in s. the Notice of Hearing dated January 18, 2010, subject to 1(1) of the Act, for a period of 20 years the approval of the Commission; from the date of the approval of the Settlement Agreement, pursuant to WHEREAS on December 4, 2012, the Commis- s.127(1)8.5 of the Act; and sion issued a Notice of Hearing pursuant to section 127 of the Act to announce that it proposed to hold a hearing to (j) Zuk shall disgorge to the Commission the consider whether it is in the public interest to approve a amount of $36,176.67 obtained as a settlement agreement entered into between Staff and Zuk; result of his non-compliance with Ontario securities law, pursuant to s. 127(1)10 of AND UPON reviewing the Settlement Agreement, the Act, to be designated for allocation or the Notices of Hearing, and the Statement of Allegations of for use by the Commission in accordance Staff of the Commission, and upon hearing submissions with subsections 3.4(2)(b)(i) or (ii) of the from Staff of the Commission; Act.
AND WHEREAS the Commission is of the opinion DATED AT TORONTO this 5th day of December that it is in the public interest to make this Order; 2012.
IT IS HEREBY ORDERED THAT: “Paulette L. Kennedy”
(a) the Settlement Agreement is approved;
(b) trading in any securities by Zuk cease for a period of 20 years from the date of the
December 13, 2012 (2012) 35 OSCB 11186 Decisions, Orders and Rulings
2.2.4 theScore, Inc. – s. 1(11)(b)
Headnote
Subsection 1(11)(b) – Order that the Issuer is a reporting issuer for the purposes of Ontario securities law – Issuer already a reporting issuer in each of British Columbia, Alberta, Manitoba, Saskatchewan, Quebec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (the "Remaining Provinces") – Issuer's securities listed for trading on the TSX Venture Exchange – Continuous disclosure requirements in the Remaining Provinces substantially the same as those in Ontario – Issuer has a significant connection to Ontario.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(11)(b).
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (the Act)
AND
IN THE MATTER OF theSCORE, INC.
ORDER (Clause 1(11)(b))
UPON the application of theScore, Inc. (the “Applicant”) to the Ontario Securities Commission (the “Commission”) for a designation order pursuant to clause 1(11)(b) of the Act that, for the purposes of Ontario securities law, the Applicant is a reporting issuer in Ontario;
AND UPON considering the application and the recommendation of the staff of the Commission;
AND UPON the Applicant having represented to the Commission as follows:
1. The Applicant is a company governed by the Business Corporations Act (Ontario) (the “OBCA”).
2. The Applicant was incorporated under the OBCA on August 30, 2012.
3. The registered office of the Applicant is located at 66 Wellington Street West, Toronto Dominion Bank Tower, Suite 5300, Toronto, ON M5K 1E6.
4. The authorized capital of the Applicant consists of an unlimited number of Class A Subordinate Voting Shares (“Class A Shares”), 5,566 Special Voting Share and an unlimited number of preference shares, issuable in series, of which 95,015,276 Class A Shares, 5,566 Special Voting Shares and no preference shares are issued and outstanding. An aggregate of 9,500,000 Class A Shares of the Applicant are also reserved for issuance on the exercise of stock options that may be granted by the Applicant.
5. The Applicant became a reporting issuer or reporting issuer equivalent on October 19, 2012, pursuant to applicable securities legislation in each of British Columbia, Alberta, Manitoba, Saskatchewan, Québec, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador (the “Remaining Provinces”) as a result of a court approved statutory plan of arrangement under section 192 of the Canada Business Corporations Act completed on October 19, 2012.
6. The Applicant is not on the list of defaulting reporting issuers maintained pursuant to applicable securities legislation in the Remaining Provinces and, to the best of its knowledge, is not in default of any of its obligations under applicable securities legislation in the Remaining Provinces.
7. The continuous disclosure materials filed by the Applicant under the applicable securities legislation in the Remaining Provinces are available on the System for Electronic Document Analysis and Retrieval (SEDAR) under the Applicant’s profile.
December 13, 2012 (2012) 35 OSCB 11187 Decisions, Orders and Rulings
8. The continuous disclosure requirements under the applicable securities legislation in the Remaining Provinces are substantially the same as the requirements under the Act.
9. The Applicant's Class A Shares are listed and posted for trading on the TSX Venture Exchange (the “TSXV”) and currently trade under the trading symbol “SCR”.
10. The Applicant is not in default under any of the rules, regulations or policies of the TSXV.
11. Pursuant to the policies of the TSXV, a listed-issuer, which is not otherwise a reporting issuer in Ontario, must assess on an annual basis whether it has a “Significant Connection to Ontario” (as defined in the policies of the TSXV) and, upon becoming aware that it has a significant connection to Ontario, promptly make a bona fide application to the Commission to be deemed a reporting issuer in Ontario.
12. The Applicant has determined that it has a “Significant Connection to Ontario” as its mind and management are principally located in Toronto, Ontario and it has registered and beneficial shareholders resident in Ontario who beneficially own more than 10% of the issued and outstanding equity securities of the Applicant.
13. Neither the Applicant nor any of its officers, directors or, to the knowledge of the Applicant and its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, has:
(a) been the subject of any penalties or sanctions imposed by a court relating to Canadian securities legislation or by a Canadian securities regulatory authority;
(b) entered into a settlement agreement with a Canadian securities regulatory authority; or
(c) been the subject to any other penalties or sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision.
14. Other than as set forth in paragraph 15 of this Order, neither the Applicant nor any of its officers, directors or, to the knowledge of the Applicant and its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, is or has been subject to:
(a) any known or ongoing or concluded investigations by:
(i) a Canadian securities regulatory authority; or
(ii) a court or regulatory body, other than the Canadian securities regulatory authority, that would be likely to be considered important to a reasonable investor making an investment decision; or
(b) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or the appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.
15. The statement in paragraph 14, is qualified by the following disclosure:
(a) Mr. William Thomson was a director of Imperial PlasTech Inc., which was subject to certain orders under the Companies Creditors Arrangement Act (Canada) and the Bankruptcy and Insolvency Act (Canada) from the period from June 12, 2003 to April 11, 2006. Mr. Thomson resigned as a director of Imperial PlasTech Inc. in January 2005.
16. Other than as set forth in paragraph 17 of this Order, neither any of the officers or directors of the Applicant nor, to the knowledge of the Applicant and its officers and directors, any shareholder holding sufficient securities of the Applicant to affect materially the control of the Applicant, is or has been at the time of such event an officer or director of any other issuer which is or has been subject to:
(a) any cease trade order or similar order, or order that denied access to any exemptions under Ontario securities law, for a period of more than 30 consecutive days, within the preceding 10 years; or
(b) any bankruptcy or insolvency proceedings, or other proceedings, arrangements or compromises with creditors, or appointment of a receiver, receiver-manager or trustee, within the preceding 10 years.
17. The statement in paragraph 16, is qualified by the following disclosure:
December 13, 2012 (2012) 35 OSCB 11188 Decisions, Orders and Rulings
(a) Mr. William Thomson was the Chairman of Asia Media Group Corporation, a TSXV listed company, at the time it had its shares cease traded on November 25, 2002 for failure to file certain financial statements. The cease trade order has not been revoked and Asia Media Group Corporation was voluntarily dissolved in November 2006;
(b) Mr. William Thomson was a director of Open EC Technologies Inc. (“Open EC”), a TSXV listed company from November 2005 to November 2009. In September 2008, the United States Securities and Exchange Commission (the “SEC”) revoked the registration of each class of registered securities of Open EC for failure to make required periodic filings with the SEC; and
(c) Mr. Ralph Lean was a director of National Construction Inc., a TSXV listed company, from 2002 to 2003. National Construction Inc. had its shares cease traded on July 23, 2003, after Mr. Lean had ceased to be a director, for failure to file certain financial statements during the time Mr. Lean was acting in his capacity as director.
AND UPON the Commission being satisfied that granting this Order would not be prejudicial to the public interest;
IT IS ORDERED pursuant to clause 1(11)(b) of the Act that the Applicant is a reporting issuer for the purposes of Ontario securities law.
DATED at Toronto, this 7th day of November, 2012.
“Jo-Anne Matear” Manager, Corporate Finance Ontario Securities Commission
December 13, 2012 (2012) 35 OSCB 11189 Decisions, Orders and Rulings
2.2.5 Children’s Education Funds Inc.
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF CHILDREN’S EDUCATION FUNDS INC.
ORDER WHEREAS on September 14, 2012, the Ontario Securities Commission (the “Commission”) ordered pursuant to subsections 127(1) and (5) of the Securities Act, R.S.O. 1990, c. S.5 as amended (the “Act”) and with the consent of Children’s Education Funds Inc. (“CEFI”) that the terms and conditions (the “Terms and Conditions”) set out in Schedule “A” to the Commission order dated September 14, 2012 be imposed on CEFI (the “Temporary Order”);
AND WHEREAS on September 14, 2012, the Commission ordered that the Temporary Order shall take force immediately and shall expire on the fifteenth day after its making unless extended by order of the Commission and ordered that the matter be brought back before the Commission on September 26, 2012 at 10:00 a.m.;
AND WHEREAS on September 20, 2012, the Commission issued a Notice of Hearing pursuant to section 127 in respect of a hearing to be held on September 26, 2012 at 10:00 a.m. to consider whether, in the opinion of the Commission, it is in the public interest, pursuant to subsection 127(7) and (8) of the Act to extend the Temporary Order;
AND WHEREAS on September 26, 2012, Staff filed the Affidavit of Maria Carelli sworn September 18, 2012 with the Commission in support of the extension of the Temporary Order;
AND WHEREAS on September 26, 2012, the Commission extended the Temporary Order against CEFI until December 7, 2012 and ordered that the matter be brought back before the Commission on December 6, 2012 at 10:00 a.m.;
AND WHEREAS the Terms and Conditions required CEFI to retain a consultant (the “Consultant”) to prepare and assist CEFI in implementing plans to strengthen their compliance systems and to retain a monitor (the “Monitor”) to review all applications of new clients and contact new clients as set out in the Terms and Conditions;
AND WHEREAS CEFI retained Compliance Support Services Inc. (“Compliance Support”) as both its Monitor and its Consultant;
AND WHEREAS Compliance Support filed its Consultant’s plan on October 2, 2012 and filed an addendum to the Consultant’s plan with the OSC manager on November 12, 2012;
AND WHEREAS Staff has filed an Affidavit of Lina Creta sworn December 3, 2012 setting out the work completed to date by Compliance Support;
AND WHEREAS Staff has advised that Staff’s investigation of CEFI is ongoing;
AND WHEREAS Staff requests that the Temporary Order be extended until March 1, 2013 and counsel for CEFI has advised that CEFI consents to the terms of this Order;
AND WHEREAS the Commission considers that it is in the public interest to make this Order;
IT IS HEREBY ORDERED pursuant to section 127 of the Act that:
1. Paragraph 5 of the Terms and Conditions is deleted and replaced as follows:
“5. As of December 3, 2012, the Monitor will:
(a) review a random sample of 50% of applications from New Clients of CEFI with an income less than $50,000 for the purpose of ensuring adequate KYC Information in order to determine suitability of the investment and should the Monitor not be satisfied with the KYC Information for this purpose, contact the New Client; and
December 13, 2012 (2012) 35 OSCB 11190 Decisions, Orders and Rulings
(b) review a random sample of 10% of applications from New Clients of CEFI with an income greater than $50,000 for the purpose of ensuring adequate KYC Information in order to determine suitability of the investment and should the Monitor not be satisfied with the KYC Information for this purpose, contact the New Client.”
2. The Temporary Order is extended to March 1, 2013 or until such further order of the Commission; and
3. The hearing is adjourned to February 28, 2013 at 10:00 a.m. for the purpose of providing the Commission with an update on the work completed by the Monitor and the Consultant and to consider whether any changes are required to the Terms and Conditions.
DATED at Toronto this 6th day of December, 2012.
“James E. A. Turner”
December 13, 2012 (2012) 35 OSCB 11191 Decisions, Orders and Rulings
2.2.6 Nest Acquisitions and Mergers and Caroline AND WHEREAS the Commission held a Hearing Frayssignes – ss. 127(1), 127(8) on June 16, 2009, where counsel for Staff and counsel for the respondents attended in person and consented to an IN THE MATTER OF order extending the Temporary Order until October 7, 2009 THE SECURITIES ACT, and adjourning the hearing to October 6, 2009; R.S.O. 1990, c. S.5, AS AMENDED AND WHEREAS on June 16, 2009 the AND Commission ordered pursuant to subsection 127(8) of the Act, that the Temporary Order be extended as against the IN THE MATTER OF respondents to October 7, 2009 and that the hearing be NEST ACQUISITIONS AND MERGERS, adjourned to October 6, 2009; AND CAROLINE FRAYSSIGNES AND WHEREAS the Commission held a Hearing on October 6, 2009, where counsel for Staff and counsel ORDER for the respondents attended in person and consented to (Subsections 127(1) & 127(8) of the Securities Act) an order extending the Temporary Order to December 10, 2009 and adjourning the hearing to December 9, 2009; WHEREAS on April 8, 2009, the Ontario Securities Commission (the "Commission") issued a AND WHEREAS the Commission held a Hearing temporary cease trade order (the “Temporary Order”) on December 9, 2009, where counsel for Staff attended in pursuant to subsections 127(1) and 127(5) of the Securities person and counsel for the respondents did not attend; Act, R.S.O. 1990, c. S.5, as amended (the "Act") ordering that all trading in securities by Nest Acquisitions and AND WHEREAS Counsel for Staff advised that Mergers (“Nest”) and Caroline Frayssignes (“Frayssignes”) proceedings would likely be commenced prior to January 7, shall cease; 2010;
AND WHEREAS on April 8, 2009, the AND WHEREAS the parties consented to an Commission ordered that the Temporary Order shall expire order extending the Temporary Order to January 8, 2010 on the 15th day after its making unless extended by order and adjourning the hearing to January 7, 2010 at 10:00 of the Commission; a.m.;
AND WHEREAS on April 15, 2009, the AND WHEREAS on December 9, 2009, the Commission issued a Notice of Hearing to consider, among Commission extended the Temporary Order to January 8, other things, the extension of the Temporary Order, to be 2010, and adjourned the hearing to January 7, 2010; held on April 22, 2009 at 2:00 p.m; AND WHEREAS the Commission held a Hearing AND WHEREAS Staff served Nest and on January 7, 2010, where counsel for Staff attended in Frayssignes with the Notice of Hearing on April 16, 2009 by person and the respondents, although on notice of the sending a copy by email to counsel for Nest and hearing, did not attend; Frayssignes; AND WHEREAS Staff advised that the AND WHEREAS the Commission held a Hearing commencement of proceedings had been delayed by virtue on April 22, 2009 and counsel for Staff and an agent for of continued discussion with a potential respondent; counsel for the respondents attended before the Commission; AND WHEREAS on January 7, 2010, the Commission extended the Temporary Order to January 25, AND WHEREAS counsel for Staff provided the 2010, and adjourned the hearing to January 22, 2010; Commission with a signed consent to an order extending the Temporary Order until May 21, 2009; AND WHEREAS the Commission held a Hearing on January 22, 2010, where counsel for Staff attended in AND WHEREAS on April 22nd, 2009, a panel of person and the respondents did not attend; the Commission ordered, pursuant to subsection 127(8) of the Act, that the Temporary Order be extended as against AND WHEREAS Staff advised that Staff have the respondents to May 22, 2009 and that the hearing be filed a Statement of Allegations dated January 18, 2010 adjourned to May 21, 2009 at 2:00 p.m.; and the Commission has issued a Notice of Hearing dated January 18, 2010; AND WHEREAS the Commission held a Hearing on May 21, 2009, in writing, and counsel for Staff and AND WHEREAS Staff advised that the counsel for the respondents consented to an order respondents consented to an order extending the extending the Temporary Order until June 17th, 2009 and Temporary Order until the end of the hearing on the merits; adjourning the Hearing until June 16th, 2009 at 2:00 p.m.;
December 13, 2012 (2012) 35 OSCB 11192 Decisions, Orders and Rulings
AND WHEREAS on January 22, 2010, the 2.2.7 Nest Acquisitions and Mergers et al. Commission extended the Temporary Order to the end of the hearing on the merits; IN THE MATTER OF THE SECURITIES ACT, AND WHEREAS the hearing on the merits began R.S.O. 1990, c. S.5, AS AMENDED on May 16, 2012 and continued thereafter periodically; AND AND WHEREAS on December 6, 2012, Staff filed a Notice of Withdrawal solely in respect of the allegations IN THE MATTER OF against Frayssignes; NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., AND WHEREAS the Commission is of the opinion CAROLINE MYRIAM FRAYSSIGNES, that it is in the public interest to make this Order; DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK IT IS ORDERED that the Temporary Order is ORDER revoked in respect of Frayssignes; WHEREAS on January 18, 2010, the Secretary to IT IS FURTHER ORDERED pursuant to the Ontario Securities Commission (the "Commission") subsections 127(1) and 127(8) that the Temporary Order is issued a Notice of Hearing, pursuant to sections 37, 127 extended in respect of Nest until the completion of the and 127.1 of the Ontario Securities Act, R.S.O. 1990, c. proceeding, including the sanctions hearing, if any. S.5, as amended (the “Act”), for a hearing to commence at the offices of the Commission at 20 Queen Street West, DATED at Toronto this 7th day of December, 17th Floor Hearing Room on Monday, January 28th, 2010 2012. at 10 a.m., or as soon thereafter as the hearing can be held; “James D. Carnwath” AND WHEREAS on January 18, 2010, Staff of the “Margot C. Howard” Commission (“Staff”) filed with the Commission a Statement of Allegations in this matter;
AND WHEREAS on January 25, 2011, counsel for Staff, counsel for Robert Patrick Zuk (“Zuk”), and counsel for Caroline Myriam Frayssignes (“Frayssignes”) and Nest Acquisitions and Mergers (“Nest”) appeared before the Commission for the purpose of a further pre-hearing conference;
AND WHEREAS on January 25, 2011, no one appeared on behalf of David Paul Pelcowitz (“Pelcowitz”), Michael Smith (“Smith”) and IMG International Inc. (“IMG”), and the Commission was satisfied that Pelcowitz, Smith and IMG had been provided with notice of the pre-hearing conference;
AND WHEREAS on January 25, 2011, the Commission heard submissions by counsel for Staff, counsel for Frayssignes and Nest, and counsel for Zuk as to the unavailability of certain documents from a third party and to an anticipated motion to be brought by Frayssignes, Nest and Zuk;
AND WHEREAS on January 25, 2011, counsel for Staff, counsel for Zuk, and counsel for Frayssignes and Nest consented that the dates for the hearing on the merits set for January 31, 2011 to February 11, 2011 (except for February 8, 2011) be vacated and agreed to tentative dates for the hearing on the merits from June 20, 2011 to June 30, 2011 (except June 21, 2011);
AND WHEREAS on January 25, 2011, counsel for Staff, counsel for Zuk, and counsel for Frayssignes and Nest consented to a hearing for the anticipated motion to be held on June 6, 2011;
December 13, 2012 (2012) 35 OSCB 11193 Decisions, Orders and Rulings
AND WHEREAS the Commission wished to allow AND WHEREAS on December 16, 2011, upon Pelcowitz a further opportunity to make submissions on the hearing submissions from Frayssignes and upon tentative dates for the hearing on the merits prior to making considering the written submissions of Frayssignes and an order; Staff, the Commission dismissed Frayssignes’ Motion, with written reasons and decision to follow and ordered that the AND WHEREAS on January 25, 2011, the hearing on the merits be set on a date to be fixed by the Commission ordered that the dates for the hearing on the Office of the Secretary, upon consultation with the parties; merits set for January 31, 2011 to February 11, 2011 be vacated and that the motion by Zuk, Frayssignes and Nest AND WHEREAS on January 26, 2012, the be heard on June 6, 2011; Commission was advised that Staff, Zuk, Frayssignes, and Pelcowitz consent that the hearing on the merits be set for AND WHEREAS Pelcowitz consented to the May 16, 17, 18, 23, 24, and 25, and June 4 and 6, 2012; scheduling of the hearing on the merits from June 20, 2011 to June 30, 2011 (except June 21, 2011); AND WHEREAS on February 1, 2012, the Commission ordered the hearing on the merits is set for AND WHEREAS on March 4, 2011, the May 16, 17, 18, 23, 24, and 25, and June 4 and 6, 2012; Commission ordered that the hearing on the merits be set for June 20, 2011 to June 30, 2011 (except June 21, 2011); AND WHEREAS on February 3, 2012, the Commission issued written reasons for dismissing AND WHEREAS on June 20, 2011, Pelcowitz, Frayssignes’ Motion; counsel for Staff and counsel for Zuk attended before the Commission and no one attended on behalf of the other AND WHEREAS the hearing on the merits began respondents; on May 16, 2012 and continued thereafter periodically;
AND WHEREAS counsel for Staff requested that AND WHEREAS on December 5, 2012, the the hearing on the merits be adjourned to June 27, 2011; Commission approved a settlement agreement between Staff and Zuk; AND WHEREAS Zuk, through his counsel, and Pelcowitz consented to the adjournment; AND WHEREAS on December 6, 2012, Staff filed a Notice of Withdrawal solely in respect of the allegations AND WHEREAS on June 27, 2011, Zuk, against Frayssignes; Frayssignes and counsel for Staff attended before the Commission and no one attended on behalf of the other AND WHEREAS the Commission is of the opinion respondents; that it is in the public interest to make this order;
AND WHEREAS on June 27, 2011, Frayssignes IT IS ORDERED that: requested that she be provided with a simultaneous French translation of the hearing on the merits and a translation of 1. the hearing on the merits dates sche- the documents Staff proposes to tender at the hearing on duled for December 11 and 14, 2012 be the merits; vacated;
AND WHEREAS on June 27, 2011, upon hearing 2. on or before December 19, 2012, Staff submissions from Staff counsel and Zuk, on behalf of shall serve and file with the Commission Frayssignes, the Commission ordered, inter alia, that the final submissions with respect to allega- hearing on the merits be adjourned to a date to be fixed by tions against the remaining respondents; the Office of the Secretary, the Commission will provide a simultaneous translation into French of the hearing on the 3. on or before January 7, 2013, the merits, and that a motion be heard in respect of remaining respondents shall serve and Frayssignes’ request for translation of the documents file with the Commission final submis- sought to be tendered by Staff on September 26, 2011 at sions, if any; and 2:00 p.m. (“Frayssignes’ Motion”); 4. the hearing on the merits shall continue AND WHEREAS on September 26, 2011, Zuk, on January 15, 2013 at 3:00 p.m. for Frayssignes and counsel for Staff attended before the closing submissions from the parties. Commission; DATED at Toronto this 7th day of December, AND WHEREAS on September 26, 2011, the 2012. Commission adjourned the hearing of Frayssignes’ Motion to a date to be fixed by the Office of the Secretary, upon “James D. Carnwath” consultation with the parties; “Margot C. Howard” AND WHEREAS on December 16, 2011, Zuk, Frayssignes and counsel for Staff attended before the Commission for the hearing of Frayssignes’ Motion;
December 13, 2012 (2012) 35 OSCB 11194 Decisions, Orders and Rulings
2.2.8 International Strategic Investments et al. AND WHEREAS on April 30, 2012, Staff provided the Commission with the Affidavit of Peaches A. Barnaby, IN THE MATTER OF sworn April 27, 2012; THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED AND WHEREAS on April 30, 2012, Staff undertook to continue to serve Somin through David F. AND Munro and Nazim Gillani;
IN THE MATTER OF AND WHEREAS on April 30, 2012, the INTERNATIONAL STRATEGIC INVESTMENTS, Commission was satisfied that Somin had been served and INTERNATIONAL STRATEGIC INVESTMENTS INC., accepted Staff’s undertaking for future service; SOMIN HOLDINGS INC., NAZIM GILLANI AND RYAN J. DRISCOLL AND WHEREAS on June 6, 2012, a confidential pre-hearing conference was held and Staff, counsel for ORDER Gillani and counsel for Driscoll appeared and made submissions and no one appeared on behalf of Somin or WHEREAS on March 6, 2012, the Ontario ISI; Securities Commission (the “Commission”) issued a Notice of Hearing, pursuant to sections 127 and 127.1 of the AND WHEREAS on June 6, 2012, Staff agreed to Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) continue to serve Somin through David F. Munro and (the “Notice of Hearing”) in connection with a Statement of Nazim Gillani personally; Allegations filed by Staff of the Commission (“Staff”) on March 5, 2012, to consider whether it is in the public AND WHEREAS on June 6, 2012, the interest to make certain orders as against International Commission ordered that the confidential pre-hearing Strategic Investments, International Strategic Investments conference be adjourned to August 20, 2012; Inc., (collectively, “ISI”), Nazim Gillani (“Gillani”), Ryan J. Driscoll (“Driscoll”) and Somin Holdings Inc. (“Somin”); AND WHEREAS on August 20, 2012, a confidential pre-hearing conference was held and Staff, AND WHEREAS on April 3, 2012, a hearing was counsel for Gillani and counsel for Driscoll appeared and held before the Commission and Staff appeared and filed made submissions and no one appeared on behalf of the Affidavit of Peaches A. Barnaby, sworn on March 29, Somin or ISI; 2012, evidencing service of the Notice of Hearing and the Statement of Allegations on ISI, Gillani and Driscoll; AND WHEREAS on August 20, 2012, the Commission ordered that the confidential pre-hearing AND WHEREAS counsel for ISI and Gillani and conference be adjourned to October 9, 2012; counsel for Driscoll appeared and made submissions; AND WHEREAS on October 9, 2012, a AND WHEREAS on April 3, 2012, the confidential pre-hearing conference was held and Staff, Commission ordered that a status hearing take place on counsel for Gillani and counsel for Driscoll appeared and April 13, 2012, for Staff to update the Commission on the made submissions and no one appeared on behalf of status of service on Somin (the “Status Hearing”) and that a Somin or ISI; pre-hearing conference is scheduled for Wednesday, June 6, 2012; AND WHEREAS on October 9, 2012, the Commission ordered that the confidential pre-hearing AND WHEREAS on April 13, 2012, the Status conference be adjourned to November 20, 2012; Hearing was held and Staff provided the Commission with the Affidavit of Peaches A. Barnaby, sworn April 10, 2012, AND WHEREAS on November 20, 2012, the outlining efforts of service on Somin; Commission was not available to hold the confidential pre- hearing conference, Staff, counsel for Gillani and counsel AND WHEREAS on April 13, 2012, Staff and for Driscoll consented via email to adjourning the counsel for Gillani appeared and made submissions; confidential pre-hearing conference to December 3, 2012 and no one responded on behalf of Somin or ISI although AND WHEREAS on April 13, 2012, the Status duly notified via email; Hearing was adjourned to April 30, 2012 at 10:00 a.m. to determine whether service had been effected on Somin AND WHEREAS on November 20, 2012, the pursuant to Rule 1.5.1 of the Commission’s Rules of Commission ordered that the confidential pre-hearing Procedure (2010), 33 O.S.C.B. 8017; conference be adjourned to December 3, 2012;
AND WHEREAS on April 30, 2012, Staff and AND WHEREAS on December 3, 2012, a counsel for Gillani appeared and made submissions and no confidential pre-hearing conference was held and Staff, one appeared on behalf of Somin or ISI; counsel for Gillani and International Strategic Investments Inc. and counsel for Driscoll appeared and made
December 13, 2012 (2012) 35 OSCB 11195 Decisions, Orders and Rulings submissions and no one appeared on behalf of Somin or International Strategic Investments;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS ORDERED that the confidential pre-hearing conference will continue on January 16, 2013 at 2:00 p.m. at which time the panel anticipates scheduling dates for a hearing on the merits in this matter.
DATED at Toronto this 3rd day of December, 2012.
“Edward P. Kerwin”
December 13, 2012 (2012) 35 OSCB 11196 Decisions, Orders and Rulings
2.2.9 Maple Group Acquisition Corporation et al. – s. 144
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (Act) AND
IN THE MATTER OF MAPLE GROUP ACQUISITION CORPORATION AND TMX GROUP INC. AND TSX INC. AND ALPHA TRADING SYSTEMS LIMITED PARTNERSHIP ALPHA TRADING SYSTEMS INC. ALPHA MARKET SERVICES INC. AND ALPHA EXCHANGE INC.
AND
IN THE MATTER OF TD SECURITIES INC. AND 1802146 ONTARIO LIMITED
ORDER (Section 144 of the Act)
WHEREAS the Ontario Securities Commission (Commission) issued an order dated July 4, 2012, recognizing each of Maple Group Acquisition Corporation (Maple), TMX Group Inc. (TMX Group), TSX Inc. (TSX), Alpha Trading Systems Limited Partnership (Alpha LP) and Alpha Exchange Inc. (Alpha Exchange) as an exchange pursuant to section 21 of the Act (the Exchange Recognition Order);
AND WHEREAS at the time of granting the Exchange Recognition Order, TD Securities Inc. (TDSI) was an investor in Maple and is included in the definition of “original Maple shareholder” in subsection 1(a) of Schedule 2 to the Exchange Recognition Order;
AND WHEREAS TDSI wishes to transfer those shares of TMX Group Limited (formerly, Maple) acquired by it in connection with the takeover bid and subsequent arrangement of TMX Group to 1802146 Ontario Limited, an affiliate of TDSI;
AND WHEREAS TDSI has applied to the Commission (the Application) for an order amending the Exchange Recognition Order to include 1802146 Ontario Limited in the definition of “original Maple shareholder” in the Exchange Recognition Order;
AND WHEREAS 1802146 Ontario Limited agrees to be bound by the applicable terms and conditions of the Exchange Recognition Order and TDSI agrees to continue to be bound by the applicable terms and conditions of the Exchange Recognition Order;
AND WHEREAS based on the Application and the representations that TDSI has made to the Commission, the Commission has determined that it is not prejudicial to the public interest to amend the Exchange Recognition Order pursuant to section 144 of the Act;
IT IS ORDERED that:
(a) pursuant to section 144 of the Act, the definition of “original Maple shareholder” in subsection 1(a) of Schedule 2 to the Exchange Recognition Order is deleted and replaced with the following:
“original Maple shareholder” means each of the AIMCo, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Corporation, Dundee Capital Markets Inc., Fonds de solidarité des travailleurs du Québec (F.T.Q.), The Manufacturers Life Insurance
December 13, 2012 (2012) 35 OSCB 11197 Decisions, Orders and Rulings
Company, National Bank Financial & Co. Inc., National Bank Financial Inc., Ontario Teachers’ Pension Plan Board, Scotia Capital Inc., TD Securities Inc. and 1802146 Ontario Limited;
DATED this 7th day of December, 2012.
“Sarah B. Kavanagh” “Vern Krishna” Commissioner Commissioner
December 13, 2012 (2012) 35 OSCB 11198 Decisions, Orders and Rulings
2.2.10 TD Securities Inc. and 1802146 Ontario Limited – s. 144
IN THE MATTER OF THE SECURITIES ACT R.S.O. 1990, CHAPTER S.5, AS AMENDED (“Act”)
AND
IN THE MATTER OF THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED AND CDS CLEARING AND DEPOSITORY SERVICES INC.
AND
IN THE MATTER OF TD SECURITIES INC. AND 1802146 ONTARIO LIMITED
ORDER (Section 144 of the Act)
WHEREAS the Ontario Securities Commission (Commission) issued an order dated July 4, 2012, recognizing each of The Canadian Depository for Securities Limited (CDS Ltd.) and CDS Clearing and Depository Services Inc. (CDS Clearing) as a clearing agency pursuant to section 21.2 of the Act (the Clearing Agency Recognition Order);
AND WHEREAS TMX Group Limited (formerly, Maple Group Acquisition Corporation or Maple) owns all of the issued and outstanding voting securities of CDS Ltd. and, indirectly, CDS Clearing;
AND WHEREAS on the effective date of the Clearing Agency Recognition Order, TD Securities Inc. (TDSI) was a beneficial owner of issued and outstanding voting securities of TMX Group Limited;
AND WHEREAS TDSI is included in the definition of “original Maple shareholder” in Part I of Schedule “B” to the Clearing Agency Recognition Order;
AND WHEREAS TDSI wishes to transfer its holding of the issued and outstanding voting securities of TMX Group Limited to 1802146 Ontario Limited, an affiliate of TDSI;
AND WHEREAS TDSI has applied to the Commission (the Application) for an order amending the Clearing Agency Recognition Order to include 1802146 Ontario Limited in the definition of “original Maple shareholder” in the Clearing Agency Recognition Order;
AND WHEREAS 1802146 Ontario Limited agrees to be bound by the applicable terms and conditions of the Clearing Agency Recognition Order and TDSI agrees to continue to be bound by the applicable terms and conditions of the Clearing Agency Recognition Order;
AND WHEREAS based on the Application and the representations that TDSI has made to the Commission, the Commission has determined that it is not prejudicial to the public interest to amend the Clearing Agency Recognition Order;
IT IS HEREBY ORDERED that:
(a) pursuant to section 144 of the Act, the definition of “original Maple shareholder” in Part I of Schedule “B” to the Clearing Agency Recognition Order is deleted and replaced with the following:
“original Maple shareholder” means each of the AIMCo, Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board, CIBC World Markets Inc., Desjardins Financial Corporation, Dundee Capital Markets Inc., Fonds de solidarité des travailleurs du Québec (F.T.Q.), The Manufacturers Life Insurance Company, National Bank Financial & Co. Inc., National Bank Financial Inc., Ontario Teachers’ Pension Plan Board, Scotia Capital Inc., TD Securities Inc. and 1802146 Ontario Limited;
DATED this 7th day of December, 2012.
“Sarah B. Kavanagh” “Howard Wetston” Commissioner Commissioner
December 13, 2012 (2012) 35 OSCB 11199 Decisions, Orders and Rulings
2.2.11 Happy Creek Minerals Ltd. – s. 1(11)(b) 5. The Applicant is not currently a reporting issuer or equivalent in any jurisdiction in Canada other than Headnote British Columbia and Alberta.
Subsection 1(11)(b) – Order that the issuer is a reporting 6. The Applicant is not on the lists of defaulting issuer for the purposes of Ontario securities law – Issuer reporting issuers maintained pursuant to the BC already a reporting issuer in Alberta and British Columbia – Act and Alberta Act and is not in default of any Issuer's securities listed for trading on the TSX Venture requirement of either the BC Act or Alberta Act or Exchange – Continuous disclosure requirements in Alberta the rules and regulations made thereunder. and British Columbia substantially the same as those in Ontario – Issuer has a significant connection to Ontario. 7. The continuous disclosure document requirements of the BC Act and Alberta Act are Statutes Cited substantially the same as the continuous disclosure requirements under the Act. Securities Act, R.S.O. 1990, c. S.5, as am. s. 1(11)(b). 8. The continuous disclosure materials filed by the IN THE MATTER OF Applicant under the BC Act and Alberta Act are THE SECURITIES ACT, available on the System for Electronic Document R.S.O. 1990, CHAPTER S.5, AS AMENDED Analysis and Retrieval. (the Act) 9. The Applicant’s Common Shares are listed and AND posted for trading on the TSX Venture Exchange (the “Exchange”) under the trading symbol “HPY”. IN THE MATTER OF HAPPY CREEK MINERALS LTD. 10. The Applicant is not in default of any of the rules, regulations or policies of the Exchange. ORDER (Clause 1(11)(b) of the Act) 11. Pursuant to the policies of the Exchange, a listed issuer, which is not otherwise a reporting issuer in UPON the application of Happy Creek Minerals Ontario, must assess whether it has a “significant Ltd. (the “Applicant”) to the Ontario Securities Commission connection to Ontario” (as defined in the policies (the “Commission”) for an order pursuant to clause 1(11)(b) of the Exchange) and upon becoming aware that it of the Act that, for the purposes of Ontario securities law, has a significant connection to Ontario, the issuer the Applicant is a reporting issuer in Ontario; must promptly make a bona fide application to the Commission to be deemed a reporting issuer in AND UPON considering the application and the Ontario. recommendation of the staff of the Commission; 12. The Applicant has determined that it has a AND UPON the Applicant representing to the “significant connection to Ontario” (as defined in Commission as follows: Exchange policies) because beneficial holders of the Applicant resident in Ontario hold more than 1. The Applicant was incorporated in the Province of 20% of the Applicant’s common shares. British Columbia on November 17, 2004. 13. Neither the Applicant nor any of its officers, 2. Applicant’s registered office is located at #1200 – directors, nor, to the knowledge of the Applicant or 750 West Pender Street, Vancouver, British its officers and directors, any shareholder holding Columbia, V6C 2T8, and its head office is located sufficient securities of the Applicant to affect at #460 – 789 West Pender Street, Vancouver, materially the control of the Applicant, has: British Columbia, V6C 1H2. (a) been the subject of any penalties or 3. The authorized share capital of the Applicant sanctions imposed by a court relating to consists of an unlimited number of common voting Canadian securities legislation or by a shares without par value of which a total of Canadian securities regulatory authority; 55,546,629 are issued and outstanding; (b) entered into a settlement agreement with 4. The Applicant became a reporting issuer in British a Canadian securities regulatory author- Columbia under the Securities Act (British ity; or Columbia) (the “BC Act”) and Alberta under the Securities Act (Alberta) (the “Alberta Act”) on July (c) been subject to any other penalties or 5, 2006. sanctions imposed by a court or regulatory body that would be likely to be considered important to a reasonable investor making an investment decision.
December 13, 2012 (2012) 35 OSCB 11200 Decisions, Orders and Rulings
14. Neither the Applicant nor any of its officers, 2.2.12 Plexmar Resources Inc. – s. 144 directors, nor, to the knowledge of the Applicant or its officers and directors, any shareholder holding IN THE MATTER OF sufficient securities of the Applicant to affect THE SECURITIES ACT, materially the control of the Applicant, is or has R.S.O. 1990, CHAPTER S.5, AS AMENDED been subject to: (The "Act")
(a) any known ongoing or concluded AND investigations by: IN THE MATTER OF (i) a Canadian securities regulatory PLEXMAR RESOURCES INC. authority; or ORDER (ii) a court or regulatory body, other (Section 144) than a Canadian securities regulatory authority, that would WHEREAS the securities of Plexmar Resources be likely to be considered Inc. (the "Applicant") are subject to a temporary cease important to a reasonable trade order dated May 7, 2012 issued by the Director of the investor making an investment Ontario Securities Commission (the "Commission"), decision; or pursuant to paragraph 2 of subsection 127(1) and subsection 127(5) of the Act, as extended by a further (b) any bankruptcy or insolvency cease trade order dated May 18, 2012 made by the proceedings, or other proceedings, Director, pursuant to paragraph 2 of subsection 127(1) of arrangements or compromises with the Act (collectively, the "Ontario Cease Trade Order"), creditors, or appointment of a receiver, ordering that all trading in the securities of the Applicant, receiver-manager or trustee, within the whether direct or indirect, cease until the Ontario Cease preceding 10 years. Trade Order is revoked by the Director;
15. Neither any of the officers or directors of the AND WHEREAS the Ontario Cease Trade Order Applicant, nor, to the knowledge of the Applicant was made on the basis that the Applicant was in default of or its officers and directors, any shareholder certain filing requirements under Ontario securities law as holding sufficient securities of the Applicant to described in the Ontario Cease Trade Order; affect materially the control of the Applicant, is or has been at the time of such event an officer or AND WHEREAS the Applicant is also subject to a director of any other issuer which is or has been temporary cease trade order dated May 3, 2012 made by subject to: the Autorité des marchés financiers pursuant to section 318 of the Securities Act (Québec), as extended by a further (a) any cease trade order or similar order, or cease trade order dated May 18, 2012 made by the order that denied access to any Autorité des marchés financiers pursuant to section 265 of exemptions under Ontario securities law, the Securities Act (Québec) (collectively, the "Québec for a period of more than 30 consecutive Cease Trade Order"), ordering that the trading in the days, within the preceding 10 years; or securities of the Applicant cease until the Québec Cease Trade Order is revoked by the Autorité des marchés (b) any bankruptcy or insolvency financiers; proceedings, or other proceedings, arrangements or compromises with AND WHEREAS the Applicant is also subject to a creditors, or appointment of a receiver, cease trade order dated May 9, 2012 made by the receiver-manager or trustee, within the Executive Director pursuant to section 164(1) of the preceding 10 years. Securities Act (British Columbia) (the "B.C. Cease Trade Order") ordering that all trading in the securities of the AND UPON the Commission being satisfied that Applicant cease until it files the required records and the granting this Order would not be prejudicial to the public B.C. Cease Trade Order is revoked by the Executive interest; Director;
IT IS ORDERED pursuant to clause 1(11)(b) of AND WHEREAS the Applicant has applied to the the Act that the Applicant is a reporting issuer for the Commission for a revocation of the Ontario Cease Trade purposes of Ontario securities law. Order (the “Application”) pursuant to section 4.1 of National Policy 12-202 Revocation of a Compliance- DATED this 30th day of November, 2012. Related Cease Trade Order;
“Jo-Anne Matear” AND WHEREAS the Applicant has concurrently Manager, Corporate Finance applied to the Autorité des marchés financiers for an order Ontario Securities Commission for revocation of the Québec Cease Trade Order and the
December 13, 2012 (2012) 35 OSCB 11201 Decisions, Orders and Rulings
British Columbia Securities Commission for an order for Trade Order, the Applicant is not in default of its revocation of the B.C. Cease Trade Order; continuous disclosure obligations under Ontario / Québec / British Columbia securities laws; AND UPON the Applicant having represented to the Commission as follows: 11. Upon the issuance of this revocation order, the Applicant will issue a news release and file a 1. The Applicant was incorporated on June 20, 1951, material change report on SEDAR to announce under the name of Parquet Mines Limited. On the revocation of the Ontario Cease Trade Order June 21, 1984, the Applicant changed its name for and to outline the Applicant’s future plans; Parquet Resources Inc. and on July 13, 1993, it changed its name for Plexmar Resources Inc. The AND UPON considering the Application and the Applicant is currently governed by the Canada recommendation of the staff of the Commission; Business Corporations Act. The Applicant's head and registered offices are located at 2505 AND UPON the Director being satisfied that it Boulevard Laurier, Suite 240, Québec, QC G1V would not be prejudicial to the public interest to revoke the 2L2; Ontario Cease Trade Order;
2. The Applicant is a reporting issuer in Québec, IT IS ORDERED pursuant to section 144 of the Ontario, Alberta and British Columbia; Act that the Ontario Cease Trade Order is hereby revoked.
3. The Applicant’s common shares are listed on the DATED this 2nd day of October, 2012. TSX Venture Exchange Inc. and are suspended from trading since May 3, 2012; “Shannon O’Hearn” Manager, Corporate Finance Branch 4. The Ontario Cease Trade Order was issued as a Ontario Securities Commission result of the Applicant's failure to file with the Commission its audited annual financial statements for the year ended December 31, 2011, the management’s discussion and analysis relating to the audited annual financial statements for the year ended December 31, 2011 as well as the certification of the foregoing filings as required by National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim Filings for the corresponding period (collectively, the “2011 Annual Filings”);
5. The Applicant has concurrently applied to the Autorité des marchés financiers and the British Columbia Securities Commission for orders for revocation of the Québec Cease Trade Order and the B.C. Cease Trade Order, respectively;
6. On May 22, 2012, the Applicant filed on SEDAR the 2011 Annual Filings, copies of which are available under the Applicant’s profile at www.sedar.com (“SEDAR”);
7. The Applicant has undertaken and agreed to hold an annual meeting of shareholders within three months of the date hereof;
8. The Applicant has paid all outstanding participation fees, filing fees and late fees owing to the Commission, the Autorité des marchés financiers and the British Columbia Securities Commission;
9. The Applicant’s SEDAR and SEDI profiles are up- to-date;
10. Other than the Ontario Cease Trade Order, the Québec Cease Trade Order and the B.C. Cease
December 13, 2012 (2012) 35 OSCB 11202 Decisions, Orders and Rulings
2.2.13 Parametric Portfolio Associates LLC – s. 80 of the CFA
Headnote
Section 80 of the Commodity Futures Act (Ontario) – Foreign adviser exempted from the adviser registration requirement in section 22(1)(b) of the CFA where such adviser acts as an adviser in respect of commodity futures contracts or commodity futures options (commodities) for certain individual and institutional investors in Ontario who meet the definition of “permitted client” in NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Commodities are primarily traded on commodity futures exchanges outside of Canada and primarily cleared outside of Canada.
Terms and conditions on exemption correspond to the relevant terms and conditions on the comparable exemption from the adviser registration requirement available to international advisers in respect of securities set out in section 8.26 of NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Exemption also subject to a “sunset clause” condition.
Statutes Cited
Securities Act, R.S.O. 1990, c. S.5, as am. Commodity Futures Act, R.S.O. 1990, c. C.20. as am., ss. 1(1), 22(1)(b), 80.
Instruments Cited
National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, ss. 1.1, 8.26.
IN THE MATTER OF THE COMMODITY FUTURES ACT, R.S.O. 1990, CHAPTER C. 20, AS AMENDED (the CFA)
AND
IN THE MATTER OF PARAMETRIC PORTFOLIO ASSOCIATES LLC
ORDER (Section 80 of the CFA)
UPON the application (the Application) of Parametric Portfolio Associates LLC (the Applicant) to the Ontario Securities Commission (the Commission) for an order pursuant to section 80 of the CFA that the Applicant and any individuals engaging in, or holding themselves out as engaging in, the business of advising others on the Applicant's behalf (the Representatives) be exempt, for a period of five years, from the adviser registration requirements in paragraph 22(1)(b) of the CFA, subject to certain terms and conditions;
AND UPON considering the Application and the recommendation of staff of the Commission;
AND WHEREAS for the purposes of this Order;
"CFA Adviser Registration Requirement" means the requirement in the CFA that prohibits a person or company from acting as an adviser unless the person or company is registered in the appropriate category of registration under the CFA;
"CFTC" means the United States Commodity Futures Trading Commission;
"Contract" has the meaning ascribed to that term in subsection 1(1) of the CFA;
"Foreign Contract" means a Contract that is primarily traded on one or more organized exchanges that are located outside of Canada and primarily cleared through one or more clearing corporations that are located outside of Canada;
"International Adviser Exemption" means the exemption set out in section 8.26 of NI 31-103 from the OSA Adviser Registration Requirement;
"NFA" means the United States National Futures Association;
December 13, 2012 (2012) 35 OSCB 11203 Decisions, Orders and Rulings
"NI 31-103" means National Instrument 31-103 Registration Requirements and Exemptions and Ongoing Registrant Obligations, as amended;
"OSA" means the Securities Act, R.S.O. 1990, c. S.5, as amended;
"OSA Adviser Registration Requirement" means the requirement in the OSA that prohibits a person or company from acting as an adviser unless the person or company is registered in the appropriate category of registration under the OSA;
“Permitted Client” means a client in Ontario that is a “permitted client”, as that term is defined in section 1.1. of NI 31- 103, except that for purposes of the Order such definition shall exclude a person or company registered under the securities or commodities legislation of a jurisdiction of Canada as an adviser or dealer;
"SEC" means the United States Securities and Exchange Commission; and
"U.S. Advisers Act" means the United States Investment Advisers Act of 1940.
AND UPON the Applicant having represented to the Commission that:
1. The Applicant is a corporation formed under the laws of the State of Delaware in the United States. The head office of the Applicant is located in Seattle, Washington, United States.
2. The Applicant is a portfolio manager that manages investments primarily for institutional investors across multiple strategies and financial instruments.
3. The Applicant is registered in the United States with the SEC as an investment adviser under the U.S. Advisers Act.
4. The Applicant is registered with the CFTC as a commodity trading advisor and is an approved member of the NFA. The Applicant engages in the business of commodity trading advising in the United States.
5. The Applicant is not registered in any capacity under the CFA or the OSA.
6. In Ontario, institutional investors that are Permitted Clients seek to engage the Applicant as a discretionary investment manager for purposes of implementing certain specialized investment strategies.
7. The Applicant seeks to act as a discretionary portfolio manager on behalf of prospective institutional investors that are Permitted Clients. The proposed advisory services would primarily include the use of specialized investment strategies employing Foreign Contracts.
8. Were the proposed advisory services limited to securities, the Applicant could rely on the International Adviser Exemption and carry out such activities on behalf of Permitted Clients on a basis that would be exempt from the OSA Adviser Registration Requirement.
9. There is currently no exemption from the CFA Adviser Registration Requirement that is equivalent to the International Adviser Exemption. Consequently, in order to advise Permitted Clients in Ontario as to trading in Foreign Contracts, the Applicant would be required to satisfy the CFA Adviser Registration Requirement and would have to obtain registration in Ontario as an adviser under the CFA in the category of commodity trading manager.
10. The Applicant submits that it would not be prejudicial to the public interest for the Commission to grant the requested relief because:
(a) the Applicant will only advise Permitted Clients as to trading in Foreign Contracts;
(b) Permitted Clients seek to access certain specialized portfolio management services provided by the Applicant, including advice as to trading in Foreign Contracts;
(c) the Applicant meets the prescribed conditions to rely on the International Adviser Exemption in connection with the provision of advice to Permitted Clients with respect to foreign securities; and
(d) the Applicant would provide advice to Permitted Clients as to trading in Foreign Contracts on terms and conditions that are analogous to the prescribed terms and conditions of the International Adviser Exemption.
December 13, 2012 (2012) 35 OSCB 11204 Decisions, Orders and Rulings
AND UPON being satisfied that it would not be prejudicial to the public interest for the Commission to grant the exemption requested on the basis of the terms and conditions proposed,
IT IS ORDERED pursuant to section 80 of the CFA that the Applicant and its Representatives are exempt, for a period of five years, from the adviser registration requirements of paragraph 22(1)(b) of the CFA in respect of the provision of advice to Permitted Clients as to the trading of Foreign Contracts, provided that:
1. the Applicant provides advice to Permitted Clients only as to trading in Foreign Contracts and does not advise Permitted Clients as to trading in Contracts that are not Foreign Contracts, unless providing such advice is incidental to its providing advice on Foreign Contracts;
2. the Applicant's head office or principal place of business remains in the United States;
3. the Applicant remains registered in the United States in a category of registration that permits it to carry on the activities in the United States that registration as an adviser under the CFA Adviser Registration Requirement would permit it to carry on in Ontario;
4. the Applicant continues to engage in the business of an adviser, as defined in the CFA, in the United States;
5. as at the end of the Applicant's most recently completed financial year, not more than 10% of the aggregate consolidated gross revenue of the Applicant, its affiliates and its affiliated partnerships is derived from the portfolio management activities of the Applicant, its affiliates and its affiliated partnerships in Canada;
6. before advising a Permitted Client with respect to Foreign Contracts, the Applicant notifies the Permitted Client of all of the following:
(i) the Applicant is not registered in the local jurisdiction to provide the advice described under paragraph 1 of this Order;
(ii) the foreign jurisdiction in which the Applicant's head office or principal place of business is located;
(iii) all or substantially all of the Applicant's assets may be situated outside of Canada;
(iv) there may be difficulty enforcing legal rights against the Applicant because of the above; and
(v) the name and address of the Applicant's agent for service of process in Ontario;
7. the Applicant has submitted to the Commission a completed Submission to jurisdiction and appointment of agent for service in the form attached as Appendix “A”;
8. the Applicant notifies the Commission of any regulatory action initiated with respect to the Applicant by completing and filing Appendix “B” within 10 days of the commencement of such action; and
9. by December 1 of each year, the Applicant notifies the Commission if it is relying on the exemption from registration granted pursuant to this order.
Dated this 7th of December, 2012.
“Sarah B. Kavanagh” Commissioner Ontario Securities Commission
“Vern Krishna” Commissioner Ontario Securities Commission
December 13, 2012 (2012) 35 OSCB 11205 Decisions, Orders and Rulings
APPENDIX “A”
SUBMISSION TO JURISDICTION AND APPOINTMENT OF AGENT FOR SERVICE
INTERNATIONAL DEALER OR INTERNATIONAL ADVISER EXEMPTED FROM REGISTRATION UNDER THE COMMODITY FUTURES ACT, ONTARIO
1. Name of person or company (“International Firm”):
2. If the International Firm was previously assigned an NRD number as a registered firm or an unregistered exempt international firm, provide the NRD number of the firm:
3. Jurisdiction of incorporation of the International Firm:
4. Head office address of the International Firm:
5. The name, e-mail address, phone number and fax number of the International Firm's individual(s) responsible for the supervisory procedure of the International Firm, its chief compliance officer, or equivalent.
Name:
E-mail address:
Phone:
Fax:
6. The International Firm is relying on an exemption order under section 38 or section 80 of the Commodity Futures Act (Ontario) that is similar to the following exemption in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (the "Relief Order"):
[ ] Section 8.18 [international dealer]
[ ] Section 8.26 [international adviser]
[ ] Other [specify]:
7. Name of agent for service of process (the “Agent for Service”):
8. Address for service of process on the Agent for Service:
9. The International Firm designates and appoints the Agent for Service at the address stated above as its agent upon whom may be served a notice, pleading, subpoena, summons or other process in any action, investigation or administrative, criminal, quasi-criminal or other proceeding (a “Proceeding”) arising out of or relating to or concerning the International Firm's activities in the local jurisdiction and irrevocably waives any right to raise as a defence in any such proceeding any alleged lack of jurisdiction to bring such Proceeding.
10. The International Firm irrevocably and unconditionally submits to the non-exclusive jurisdiction of the judicial, quasi-judicial and administrative tribunals of the local jurisdiction in any Proceeding arising out of or related to or concerning the International Firm's activities in the local jurisdiction.
11. Until 6 years after the International Firm ceases to rely on the Relief Order, the International Firm must submit to the regulator
a. a new Submission to Jurisdiction and Appointment of Agent for Service in this form no later than the 30th day before the date this Submission to Jurisdiction and Appointment of Agent for Service is terminated; and
b. an amended Submission to Jurisdiction and Appointment of Agent for Service no later than the 30th day before any change in the name or above address of the Agent for Service.
12. This Submission to Jurisdiction and Appointment of Agent for Service is governed by and construed in accordance with the laws of the local jurisdiction.
December 13, 2012 (2012) 35 OSCB 11206 Decisions, Orders and Rulings
Dated: ______
______(Signature of the International Firm or authorized signatory)
______(Name of signatory)
______(Title of signatory)
Acceptance
The undersigned accepts the appointment as Agent for Service of ______[Insert name of International Firm] under the terms and conditions of the foregoing Submission to Jurisdiction and Appointment of Agent for Service.
Dated: ______
______(Signature of the Agent for Service or authorized signatory)
______(Name of signatory)
______(Title of signatory)
This form is to be submitted to the following address:
Ontario Securities Commission Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8 Attention: Senior Registration Supervisor, Portfolio Manager Team Telephone: (416) 593-8164 email: [email protected]
December 13, 2012 (2012) 35 OSCB 11207 Decisions, Orders and Rulings
APPENDIX B
NOTICE OF REGULATORY ACTION
1. Has the firm, or any predecessors or specified affiliates1 of the firm entered into a settlement agreement with any financial services regulator, securities or derivatives exchange, SRO or similar agreement with any financial services regulator, securities or derivatives exchange, SRO or similar organization?
Yes _____ No _____
If yes, provide the following information for each settlement agreement:
Yes _____ No _____
If yes, provide the following information for each settlement agreement:
Name of entity
Regulator/organization
Date of settlement (yyyy/mm/dd)
Details of settlement
Jurisdiction
2. Has any financial services regulator ,securities or derivatives exchange, SRO or similar organization:
Yes No
(a) Determined that the firm, or any predecessors or specified affiliates of the firm violated any securities regulations or any rules of a securities or derivatives exchange, SRO or similar organization?
(b) Determined that the firm, or any predecessors or specified affiliates of the firm made a false statement or omission?
(c) Issued a warning or requested an undertaking by the firm, or any predecessors or specified affiliates of the firm?
(d) Suspended or terminated any registration, licensing or membership of the firm, or any predecessors or specified affiliates of the firm?
(e) Imposed terms or conditions on any registration or membership of the firm, or predecessors or specified affiliates of the firm?
(f) Conducted a proceeding or investigation involving the firm, or any predecessors or specified affiliates of the firm?
1 In this Appendix, the term “specified affiliate” has the meaning ascribed to that term in Form 33-109F6 to National Instrument 33-109 – Registration Information.
December 13, 2012 (2012) 35 OSCB 11208 Decisions, Orders and Rulings
Yes No
(g) Issued an order (other than en exemption order) or a sanction to the firm, or any predecessors or specified affiliates of the firm for securities or derivatives-related activity (e.g. cease trade order)?
If yes, provide the following information for each action:
Name of Entity
Type of Action
Regulator/organization
Date of action (yyyy/mm/dd) Reason for action
Jurisdiction
3. Is the firm aware of any ongoing investigation of which the firm or any of its specified affiliate is the subject?
Yes _____ No _____
If yes, provide the following information for each investigation:
Name of entity
Reason or purpose of investigation
Regulator/organization
Date investigation commenced (yyyy/mm/dd)
Jurisdiction
Name of firm
Name of firm’s authorized signing officer or partner
December 13, 2012 (2012) 35 OSCB 11209 Decisions, Orders and Rulings
Title of firm’s authorized signing officer or partner
Signature
Date (yyyy/mm/dd)
Witness
The witness must be a lawyer, notary public or commissioner of oaths.
Name of witness
Title of witness
Signature
Date (yyyy/mm/dd)
This form is to be submitted to the following address:
Ontario Securities Commission Suite 1903, Box 55 20 Queen Street West Toronto, ON M5H 3S8 Attention: Senior Registration Supervisor, Portfolio Manager Team Telephone: (416) 593-8164 email: [email protected]
December 13, 2012 (2012) 35 OSCB 11210 Chapter 3 Reasons: Decisions, Orders and Rulings
3.1 OSC Decisions, Orders and Rulings
3.1.1 Nest Acquisitions and Mergers et al.
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5 AS AMENDED
AND
IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK
SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION AND ROBERT PATRICK ZUK
PART I – INTRODUCTION
1. By Notice of Hearing dated January 18, 2010, the Ontario Securities Commission (the “Commission”) announced that it proposed to hold a hearing, commencing on January 28, 2010, pursuant to sections 37, 127, and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”), to consider whether it is in the public interest to make orders, as specified therein, against Robert Patrick Zuk (“Zuk”) and the other named respondents. The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission dated January 18, 2010.
2. The Commission will issue a Notice of Hearing to announce that it will hold a hearing to consider whether, pursuant to section 127 of the Act, it is in the public interest for the Commission to approve this Settlement Agreement and to make certain orders in respect of Zuk.
PART II – JOINT SETTLEMENT RECOMMENDATION
3. Staff agree to recommend settlement of the proceeding initiated by the Notice of Hearing dated January 18, 2010 against Zuk (the “Proceeding”) in accordance with the terms and conditions set out below. Zuk consents to the making of an order in the form attached as Schedule “A”, based on the facts set out below.
PART III – AGREED FACTS
4. For this proceeding, and any other regulatory proceeding commenced by a securities regulatory authority, Zuk agrees with the facts as set out in Part III of this Settlement Agreement.
I. OVERVIEW
5. This proceeding, as it relates to Zuk, centres on the use of an Ontario bank account for the receipt of funds from various residents of the United Kingdom (the “U.K. Residents”).
6. The funds were obtained in furtherance of an “advance-fee” scheme operated by individuals, including David Pelcowitz (“Pelcowitz”), purporting to act on behalf of a fictional company called Nest Acquisitions and Mergers (“Nest A&M”). The solicitations in connection with the “advance-fee” scheme spanned the period from August 14, 2008 to April 8, 2009 (the “Material Time”).
7. During the Material Time, representatives of Nest A&M made false, inaccurate and misleading representations to the U.K. Residents to induce the U.K. Residents to send funds (the “Advanced Fees”) to a bank account in Ontario. The U.K. Residents were told the Advanced Fees were required to facilitate and guarantee the completion of the sale of the securities already held by them for a substantial premium.
December 13, 2012 (2012) 35 OSCB 11211 Reasons: Decisions, Orders and Rulings
8. Zuk was not a representative of Nest A&M and did not communicate with the U.K. Residents. Zuk provided Pelcowitz with access to a bank account in Ontario in to which funds could be sent by the U.K. Residents, withdrew those funds, and provided them to Pelcowitz in cash less a fee paid to Zuk in compensation to him for the use of the Nest Account.
II. BACKGROUND
A. Zuk
9. Zuk is a resident of Oakville, Ontario. He is the subject of an order of the Commission dated March 1, 2007. Zuk was registered with the Commission in the category of salesperson from February 13, 1987 to November 15, 1990.
10. From 2006, Zuk had access and control over a business banking account at a Royal Bank of Canada branch in Oakville, Ontario which was in the name of a sole proprietorship business called Nest (the “Nest Account”).
11. In or about the end of August 2008, Pelcowitz approached Zuk and requested Zuk’s assistance in obtaining access to a bank account into which funds could be deposited. Zuk agreed to provide Pelcowitz with access to the Nest Account. Pelcowitz and Zuk agreed that Zuk would advise Pelcowitz when funds were deposited into the Nest Account. They also agreed that Zuk would withdraw those funds and provide them to Pelcowitz less a fee. To facilitate the agreement, Zuk obtained and then provided to Pelcowitz the wire transfer details for the Nest Account.
12. On April 8, 2009, the Commission issued a direction pursuant to subsection 126(1) of the Act, to the Royal Bank of Canada (“RBC”) directing that they retain all funds in the Nest Account (the “Freeze Direction”).
13. The Freeze Direction was extended on consent by order of the Superior Court of Justice on April 15, 2009, May 20, 2009, June 19, 2009, and, on December 7, 2009, the Freeze Direction was extended until the completion of proceedings commenced by the Commission if not revoked or varied by the Commission or until further order of the Superior Court of Justice.
14. At the time the Freeze Direction was issued, there was $36,390.67 in the Nest Account. As of November 23, 2012, there is $36,176.67 in the Nest Account (the “Frozen Funds”).
15. The Frozen Funds were obtained through non-compliance with the Act.
III. THE ADVANCE-FEE SCHEMES
16. During the Material Time, the U.K. Residents received unsolicited phone calls from representatives of Nest A&M and were told that Nest A&M had buyers for securities already held by the U.K. Residents for a substantial premium to their original purchase price.
17. The U.K. Residents were then told that they would have to pay “performance bonds”, “non-resident taxes” and/or fees to remove “share restrictions” to Nest A&M before Nest A&M could complete the sale of the securities.
18. The U.K. Residents sent their “performance bond” or other advance-fee funds via wire transfer to the Nest Account. The Nest Account received $366,234.42 from U.K. Residents solicited by Nest A&M. Certain of the U.K. Residents were repaid $47,666.00 from funds provided by other U.K. residents to a company called IMG International Inc., which had a bank account controlled by Pelcowitz.
19. None of the transactions for which the U.K. Residents wired funds to the Nest Account have been completed as promised by Nest A&M and save for the $47,666 referenced above, none of the funds have been repaid to the U.K. Residents.
20. After funds were deposited in the Nest Account, Zuk withdrew the funds and provided Pelcowitz the funds in cash less a fee paid to Zuk in compensation to Zuk for the use of the Nest Account.
PART IV – CONDUCT CONTRARY TO ONTARIO SECURITIES LAW AND THE PUBLIC INTEREST
21. By engaging in the conduct described above, Zuk admits and acknowledges that he contravened Ontario securities law and acted contrary to the public interest by trading in securities through participating in acts or conduct directly or indirectly in furtherance of trades by Nest A&M, contrary to subsection 25(1)(a) of the Act as enacted during the Material Time.
PART V – TERMS OF SETTLEMENT
22. Zuk agrees to the terms of settlement listed below.
December 13, 2012 (2012) 35 OSCB 11212 Reasons: Decisions, Orders and Rulings
23. The Commission will make an order, pursuant to section 127(1) of the Act, that:
(a) the Settlement Agreement is approved;
(b) trading in any securities by Zuk cease for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)2 of the Act;
(c) acquisition of any securities by Zuk cease for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)2.1 of the Act;
(d) any exemptions contained in Ontario securities law do not apply to Zuk for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)3 of the Act;
(e) Zuk be reprimanded, pursuant to s. 127(1)6 of the Act;
(f) Zuk is prohibited from becoming or acting as a director or officer of any issuer for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)8 of the Act;
(g) Zuk is prohibited from becoming or acting as a director or officer of a registrant for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)8.2 of the Act;
(h) Zuk is prohibited from becoming or acting as a director or officer of an investment fund manager for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)8.4 of the Act;
(i) Zuk is prohibited from becoming or acting as a registrant, an investment fund manager or a promoter, as defined in s. 1(1) of the Act, for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s. 127(1)8.5 of the Act; and
(j) Zuk shall disgorge to the Commission the amount of $36,176.67 obtained as a result of his non-compliance with Ontario securities law to be designated for allocation or for use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act.
24. Zuk undertakes to consent to a regulatory Order made by any provincial or territorial securities regulatory authority in Canada containing any or all of the prohibitions set out in sub-paragraphs 23(b) to (i) above.
25. Zuk undertakes to provide Staff with an irrevocable direction to RBC to pay the Frozen Funds to the Commission to be designated for allocation or for use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act.
PART VI – STAFF COMMITMENT
26. If this Settlement Agreement is approved by the Commission, Staff will not initiate any other proceeding under the Act against Zuk in relation to the facts set out in Part III herein, subject to the provisions of paragraph 27 below.
27. If this Settlement Agreement is approved by the Commission, and at any subsequent time Zuk fails to honour the terms of the Settlement Agreement, Staff reserve the right to bring proceedings under Ontario securities law against Zuk based on, but not limited to, the facts set out in Part III herein as well as the breach of the Settlement Agreement.
PART VII – PROCEDURE FOR APPROVAL OF SETTLEMENT
28. Approval of this Settlement Agreement will be sought at a hearing of the Commission scheduled on a date to be determined by the Secretary to the Commission, or such other date as may be agreed to by Staff and Zuk for the scheduling of the hearing to consider the Settlement Agreement.
29. Staff and Zuk agree that this Settlement Agreement will constitute the entirety of the agreed facts to be submitted at the settlement hearing regarding Zuk’s conduct in this matter, unless the parties agree that further facts should be submitted at the settlement hearing.
30. If this Settlement Agreement is approved by the Commission, Zuk agrees to waive all rights to a full hearing, judicial review or appeal of this matter under the Act.
31. If this Settlement Agreement is approved by the Commission, neither party will make any public statement that is inconsistent with this Settlement Agreement or inconsistent with any additional agreed facts submitted at the settlement hearing.
December 13, 2012 (2012) 35 OSCB 11213 Reasons: Decisions, Orders and Rulings
32. Whether or not this Settlement Agreement is approved by the Commission, Zuk agrees that he will not, in any proceeding, refer to or rely upon this Settlement Agreement or the settlement negotiations as the basis of any attack on the Commission's jurisdiction, alleged bias or appearance of bias, alleged unfairness or any other remedies or challenges that may otherwise be available.
PART VIII – DISCLOSURE OF SETTLEMENT AGREEMENT
33. If, for any reason whatsoever, this Settlement Agreement is not approved by the Commission or the order attached as Schedule "A" is not made by the Commission:
(a) this Settlement Agreement and its terms, including all settlement negotiations between Staff and Zuk leading up to its presentation at the settlement hearing, shall be without prejudice to Staff and Zuk; and
(b) Staff and Zuk shall be entitled to all available proceedings, remedies and challenges, including proceeding to a hearing on the merits of the allegations in the Notice of Hearing and Statement of Allegations of Staff, unaffected by the Settlement Agreement or the settlement discussions/negotiations.
34. The terms of this Settlement Agreement will be treated as confidential by all parties hereto until approved by the Commission. Any obligations of confidentiality shall terminate upon approval of this Settlement Agreement by the Commission. The terms of the Settlement Agreement will be treated as confidential forever if the Settlement Agreement is not approved for any reason whatsoever by the Commission, except with the written consent of Zuk and Staff or as may be required by law.
PART IX – EXECUTION OF SETTLEMENT AGREEMENT
35. This Settlement Agreement may be signed in one or more counterparts which together will constitute a binding agreement
36. A facsimile copy of any signature will be as effective as an original signature.
Dated this 4th day of December 2012.
Signed in the presence of:
“Michael Zuk” “Robert Zuk” Signature of witness Robert Patrick Zuk
Michael Zuk [print name of witness]
Dated this 4th day of December 2012.
STAFF OF THE ONTARIO SECURITIES COMMISSION
“Tom Atkinson” Tom Atkinson Director, Enforcement Branch
Dated this 4th day of December 2012.
December 13, 2012 (2012) 35 OSCB 11214 Reasons: Decisions, Orders and Rulings
Schedule “A”
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF NEST ACQUISITIONS AND MERGERS, IMG INTERNATIONAL INC., CAROLINE MYRIAM FRAYSSIGNES, DAVID PELCOWITZ, MICHAEL SMITH, AND ROBERT PATRICK ZUK
AND
IN THE MATTER OF A SETTLEMENT AGREEMENT BETWEEN STAFF OF THE ONTARIO SECURITIES COMMISSION AND ROBERT PATRICK ZUK
ORDER (Section 127(1))
WHEREAS on January 18, 2010, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 37, 127, and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) to consider whether it is in the public interest to make orders, as specified therein, against in respect of Robert Patrick Zuk (“Zuk”) and others. The Notice of Hearing was issued in connection with the allegations as set out in the Statement of Allegations of Staff of the Commission ("Staff") dated January 18, 2010;
AND WHEREAS Zuk entered into a Settlement Agreement with Staff of the Commission dated ______, 2012 (the "Settlement Agreement") in which Zuk agreed to a proposed settlement of the proceeding commenced by the Notice of Hearing dated January 18, 2010, subject to the approval of the Commission;
WHEREAS on ______, 2012, the Commission issued a Notice of Hearing pursuant to section 127 of the Act to announce that it proposed to hold a hearing to consider whether it is in the public interest to approve a settlement agreement entered into between Staff and Zuk;
AND UPON reviewing the Settlement Agreement, the Notices of Hearing, and the Statement of Allegations of Staff of the Commission, and upon hearing submissions from counsel for Zuk and from Staff of the Commission;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this Order;
IT IS HEREBY ORDERED THAT:
(a) the Settlement Agreement is approved;
(b) trading in any securities by Zuk cease for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)2 of the Act;
(c) acquisition of any securities by Zuk cease for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)2.1 of the Act;
(d) any exemptions contained in Ontario securities law do not apply to Zuk for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)3 of the Act;
(e) Zuk be reprimanded, pursuant to s.127(1)6 of the Act;
(f) Zuk is prohibited from becoming or acting as a director or officer of any issuer for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)8 of the Act;
(g) Zuk is prohibited from becoming or acting as a director or officer of a registrant for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)8.2 of the Act;
December 13, 2012 (2012) 35 OSCB 11215 Reasons: Decisions, Orders and Rulings
(h) Zuk is prohibited from becoming or acting as a director or officer of an investment fund manager for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)8.4 of the Act;
(i) Zuk is prohibited from becoming or acting as a registrant, an investment fund manager or a promoter, as defined in s. 1(1) of the Act, for a period of 20 years from the date of the approval of the Settlement Agreement, pursuant to s.127(1)8.5 of the Act; and
(j) Zuk shall disgorge to the Commission the amount of $36,176.67 obtained as a result of his non-compliance with Ontario securities law to be designated for allocation or for use by the Commission in accordance with subsections 3.4(2)(b)(i) or (ii) of the Act.
DATED AT TORONTO this ______day of ______, 2012.
December 13, 2012 (2012) 35 OSCB 11216 Reasons: Decisions, Orders and Rulings
3.1.2 Jory Capital Inc. – s. 28
IN THE MATTER OF THE REGISTRATION OFJORY CAPITAL INC.
SUSPENSION OF REGISTRATION UNDER SECTION 28 OF THE SECURITIES ACT (ONTARIO)
1. Jory Capital Inc. (Jory) is registered under the Securities Act (Ontario) (the Act) as a dealer in the category of investment dealer.
2. On November 22, 2012, Douglas R. Brown, Director - Registrations of the Manitoba Securities Commission (the MSC), wrote a letter (the Letter) to Patrick Michael Cooney, who is registered as the ultimate designated person of Jory in the category of investment dealer.
3. The Letter confirmed that Jory’s registration had been suspended by the MSC. The MSC is Jory’s principal regulator.
4. As a result of the Letter, Jory’s registration was also suspended in British Columbia, Alberta and Saskatchewan.
5. The allegations in the Letter raised serious concerns with whether Jory had the requisite solvency of a registered firm under the Act, and whether the directing minds of Jory had the requisite integrity of securities professionals under the Act.
6. It appears to me, in my capacity as Director, that it would be objectionable for Jory to be registered under the Act in light of the allegations raised in the Letter. I am concerned that it would be inconsistent with the OSC’s mandate to provide investor protection and to foster fair and efficient capital markets and confidence in capital markets to permit Jory to remain registered in Ontario.
7. On behalf of staff (Staff) of the Commission, George Gunn, Manager, Registrant Conduct and Risk Analysis, communicated Staff’s recommendation that Jory be suspended in a letter (the Notice) to Mr. Cooney dated November 29, 2012.
8. The Notice advised Jory that they were entitled to an opportunity to be heard before the Director decided to accept Staff’s recommendation. Jory did not respond to the Notice within the time period set out in the Notice for requesting an opportunity to be heard, and has still not responded to the Notice.
Decision
9. My decision is that the registration of Jory be suspended, effective immediately.
December 6, 2012
“Erez Blumberger” Deputy Director Compliance and Registrant Regulation Branch
December 13, 2012 (2012) 35 OSCB 11217 Reasons: Decisions, Orders and Rulings
3.1.3 Shane Suman and Monie Rahman – ss. 127, 127.1
[Editor’s Note: These reasons were released on August 22, 2012, but were inadvertently not published at that time. The accompanying Notice from the Office of the Secretary and Order were published on August 30, 2012 at (2012), 35 OSCB 8071 and 35 OSCB 8096 respectively.]
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
AND
IN THE MATTER OF SHANE SUMAN AND MONIE RAHMAN
REASONS AND DECISION ON SANCTIONS AND COSTS (Sections 127 and 127.1 of the Securities Act)
Sanctions Decision: August 22, 2012
Sanctions and Costs Hearing: July 16, 2012
Panel: James E. A. Turner – Vice-Chair and Chair of the Panel Paulette L. Kennedy – Commissioner
Counsel: Cullen Price Carlo Rossi – For Staff of the Ontario Securities Commission
Sara Erskine – For Shane Suman and Monie Rahman
TABLE OF CONTENTS
I. BACKGROUND
II. THE MERITS DECISION
III. THE U.S. JUDGMENT
IV. SANCTIONS AND COSTS REQUESTED BY STAFF
V. THE POSITION OF THE RESPONDENTS
VI. SANCTIONS (i) The Law on Sanctions (ii) Specific Sanctioning Factors Applicable in this Matter (iii) Previous Sanctions Decisions (iv) Trading and Other Bans (v) Disgorgement (vi) Administrative Penalty
VII. COSTS
VIII. CONCLUSION
Schedule “A” – Form of Sanctions and Costs Order
REASONS AND DECISION ON SANCTIONS AND COSTS
I. BACKGROUND
[1] This was a hearing before the Ontario Securities Commission (the “Commission”) to consider pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) whether it is in the public interest to make an
December 13, 2012 (2012) 35 OSCB 11218 Reasons: Decisions, Orders and Rulings order with respect to sanctions and costs against Shane Suman (“Suman”) and Monie Rahman (“Rahman”) (collectively, the “Respondents”).
[2] This proceeding was commenced by a Statement of Allegations and a Notice of Hearing dated July 24, 2007. An Amended Statement of Allegations was issued on October 7, 2008 and a Further Amended Statement of Allegations was issued on January 20, 2009.
[3] Staff of the Commission (“Staff”) alleged that Suman, who was at the time an employee of MDS Sciex (“MDS Sciex”), a division of MDS Inc. (“MDS”), communicated an undisclosed material fact to his wife, Rahman. The material fact was that MDS was proposing to acquire Molecular Devices Corporation (“Molecular”), a public company listed on NASDAQ in the United States (the “Proposed Acquisition”). Staff alleged that between January 24, 2007 and January 26, 2007, Suman and Rahman purchased Molecular securities with knowledge of the Proposed Acquisition. The Proposed Acquisition was publicly announced on January 29, 2007.
[4] There was no dispute at the hearing on the merits that the Respondents purchased 12,000 Molecular shares and 900 option contracts entitling the holder to purchase an aggregate of 90,000 Molecular shares (the Molecular shares and options purchased by the Respondents are referred to as the “Molecular Securities”) between January 24, 2007 and January 26, 2007, and sold them all by March 16, 2007 for a profit of $954,938.07 (USD). Nor was there any dispute that Suman was a “person in a special relationship” with MDS, a reporting issuer, or that the Proposed Acquisition was a material fact with respect to both MDS and Molecular that had not been generally disclosed at the relevant time. The key issues in dispute were whether Suman learned of the Proposed Acquisition through his IT role at MDS Sciex, whether he informed Rahman of it, and whether Suman and Rahman purchased the Molecular Securities with knowledge of the Proposed Acquisition.
[5] During the hearing on the merits, Suman represented himself. Rahman was represented by Randy Bennett, Sara Erskine and Mario Thomaidis. The decision on the merits was issued on March 19, 2012 (Re Suman (2012), 35 OSCB 2809) (the “Merits Decision”).
[6] Following the release of the Merits Decision, the Commission held a separate hearing on July 16, 2012 to consider submissions from Staff and counsel for the Respondents regarding sanctions and costs (the “Sanctions and Costs Hearing”). Staff appeared at the Sanctions and Costs Hearing and Sara Erskine represented both of the Respondents at that hearing. Staff provided written submissions with respect to the sanctions and costs Staff proposed in the circumstances. Those written submissions were made prior to the convening of the Sanctions and Costs Hearing. Counsel to the Respondents contacted the Office of the Secretary of the Commission prior to the hearing to inform Staff and the Panel that they were in agreement with Staff’s proposed sanctions and costs and therefore would not be providing written submissions. As a result, Staff requested that Staff’s written submissions be withdrawn from the record and instead asked the Panel to rely only on their oral submissions at the Sanctions and Costs Hearing.
[7] These are our reasons and decision as to the sanctions and costs to be ordered against the Respondents. A Sanctions and Costs Order giving effect to these reasons is attached as “Schedule A”.
II. THE MERITS DECISION
[8] The Merits Decision addressed the following issues:
(a) Did Suman learn of the Proposed Acquisition through his IT role at MDS Sciex?
(b) Did Suman inform Rahman of the Proposed Acquisition?
(c) Did Suman and Rahman purchase the Molecular Securities with knowledge of the Proposed Acquisition?
(d) Did the Respondents act contrary to the public interest?
[9] The Panel concluded in the Merits Decision that:
(a) Suman contravened subsection 76(2) of the Act by informing Rahman of the Proposed Acquisition. That conclusion was based on findings that:
(i) MDS was a “reporting issuer” within the meaning of the Act;
(ii) as an employee of MDS Sciex, a division of MDS, Suman was a person in a special relationship with MDS within the meaning of subsection 76(5)(c) of the Act;
December 13, 2012 (2012) 35 OSCB 11219 Reasons: Decisions, Orders and Rulings
(iii) MDS’s proposal to acquire Molecular was a fact that would reasonably be expected to have a significant effect on the market price or value of the MDS shares and options and was therefore a “material fact” with respect to MDS, within the meaning of the Act; and
(iv) Suman informed Rahman, other than in the necessary course of business, of the material fact referred to in paragraph (c) above before that material fact had been generally disclosed;
(b) Suman denied in a Staff interview making purchases of the Molecular Securities;
(c) it is likely that Suman intentionally deleted data and information from his office and home computers after he was expressly warned by Staff not to do so; and
(d) Suman and Rahman acted contrary to the public interest by purchasing the Molecular Securities with knowledge of a material fact with respect to Molecular that had not been generally disclosed.
[10] It is this conduct that we must consider in determining the appropriate sanctions to impose in this matter.
III. THE U.S. JUDGMENT
[11] We were informed at the Sanctions and Costs Hearing that the United States District Court, Southern District of New York, entered a final judgment against Suman and Rahman on March 12, 2010 (the “U.S. Judgment”). A copy of the U.S. Judgment was submitted to us in evidence.
[12] The U.S. Judgment resulted from a successful motion for summary judgment brought by the United States Securities and Exchange Commission (the “SEC”) in a civil enforcement proceeding against Suman and Rahman. The SEC civil enforcement action was commenced on the same day as the issue of the Notice of Hearing in this proceeding and relates to the same underlying misconduct by the Respondents in trading in the Molecular Securities.
[13] The Respondents unsuccessfully appealed the U.S. Judgment to the United States Court of Appeals, which issued a Summary Order on May 5, 2011 affirming the U.S. Judgment.
[14] The U.S. Judgment ordered that:
(a) the Respondents be permanently restrained and enjoined from violating United States securities laws related to securities fraud;
(b) the Respondents pay jointly and severally disgorgement of $1,039,440 (USD), representing the profits gained as a result of the trading in the Molecular Securities alleged in the SEC complaint;
(c) Suman pay a civil penalty in the amount of $2.0 million (USD); and
(d) Rahman pay a civil penalty in the amount of $1.0 million (USD).
[15] Staff requests sanctions, described below, that take into account the sanctions imposed on Suman and Rahman under the U.S. Judgment. But for the U.S. Judgment, Staff submits that they would have sought an order against Suman for full disgorgement of the Respondents’ trading profits as found in the Merits Decision ($954,938.07 (USD)) and an administrative penalty of $1,000,000. No disgorgement or administrative penalty can be imposed on Rahman because she was not found in the Merits Decision to have contravened Ontario securities law.
IV. SANCTIONS AND COSTS REQUESTED BY STAFF
[16] Staff requests the following sanctions and costs orders against the Respondents.
Suman
Cease trade and other prohibition orders
[17] Staff seeks an order:
(a) pursuant to clause 2 of subsection 127(1) of the Act, that trading in any securities by Suman cease permanently;
December 13, 2012 (2012) 35 OSCB 11220 Reasons: Decisions, Orders and Rulings
(b) pursuant to clause 2.1 of subsection 127(1) of the Act, that the acquisition of any securities by Suman cease permanently; and
(c) pursuant to clause 8 of subsection 127(1) of the Act, that Suman be prohibited permanently from becoming or acting as a director or officer of a reporting issuer.
Administrative Penalty
[18] Staff submits that an administrative penalty of $250,000 against Suman is appropriate in the circumstances. Staff submits that we found in the Merits Decision that Suman breached subsection 76(2) of the Act, a key provision of the Act prohibiting tipping of undisclosed material facts. Staff submits that a substantial administrative penalty is necessary to deter Suman from engaging in the same or similar conduct in the future and to send a clear deterrent message to other market participants.
Disgorgement
[19] Staff did not seek an order pursuant to clause 10 of subsection 127(1) of the Act requiring Suman to disgorge to the Commission all amounts obtained as a result of his non-compliance with Ontario securities law. Staff submits that but for the order against Suman under the U.S. Judgment that he pay full disgorgement and a substantial civil penalty, Staff would have requested an order for disgorgement of $954,938.07 (USD), the total amount obtained by Suman as a result of his non- compliance with the Act.
Rahman
Cease trade and other prohibition orders
[20] Staff also seeks an order:
(a) pursuant to clause 2 of subsection 127(1) of the Act, that trading in any securities by Rahman cease for a period of five years, after which she may trade in securities only if any costs awarded against her have been paid in full;
(b) pursuant to clause 2.1 of subsection 127(1) of the Act, that the acquisition of any securities by Rahman cease for a period of five years, after which she may acquire securities only if any costs awarded against her have been paid in full;
(c) pursuant to clause 8 of subsection 127(1) of the Act, that Rahman be prohibited permanently from becoming or acting as a director or officer of a reporting issuer.
Staff’s Conclusion on Sanctions
[21] Staff submits that the sanctions proposed by Staff are proportionate to the Respondents’ serious misconduct and will serve as a specific and general deterrent. An order permanently removing Suman from the capital markets and requiring Suman to pay a significant administrative penalty, will signal both to Suman and to like-minded individuals that the misconduct in this case was serious and that such conduct will result in severe administrative sanctions. Staff takes the same position with respect to the trading and other bans proposed against Rahman.
Costs
[22] Staff also seeks an order for the payment by the Respondents of the Commission’s investigation and hearing costs pursuant to section 127.1 of the Act. Staff submits that the Respondents should be ordered to pay costs of $250,000 in the aggregate; $150,000 to be paid by Suman and $100,000 to be paid by Rahman. Staff submits that those costs are only a portion of the total costs of $517,373.48 incurred by Staff in the investigation and hearing of this matter.
Sale of Securities
[23] We note that Rahman has agreed to sell any securities remaining in the trading account which was used by the Respondents to purchase the Molecular Securities. Counsel for the Respondents submits that approximately $30,000 of securities remains in that account. The proceeds from that sale are to be paid forthwith to the Commission and are to be applied against any costs we award against Rahman.
December 13, 2012 (2012) 35 OSCB 11221 Reasons: Decisions, Orders and Rulings
V. THE POSITION OF THE RESPONDENTS
[24] The Respondents agree with the sanctions and costs proposed by Staff.
VI. SANCTIONS
(i) The Law on Sanctions
[25] The Commission’s dual mandate is (a) to provide protection to investors from unfair, improper or fraudulent practices; and (b) to foster fair and efficient capital markets and confidence in capital markets (section 1.1 of the Act).
[26] The Commission’s objective when imposing sanctions is not to punish past conduct, but rather to restrain future conduct that may be harmful to investors or Ontario’s capital markets. This objective was described in Re Mithras Management Ltd. as follows:
… the role of this Commission is to protect the public interest by removing from the capital markets – wholly or partially, permanently or temporarily, as the circumstances may warrant – those whose conduct in the past leads us to conclude that their conduct in the future may well be detrimental to the integrity of those capital markets. We are not here to punish past conduct; that is the role of the courts, particularly under section 118 [now 122] of the Act. We are here to restrain, as best we can, future conduct that is likely to be prejudicial to the public interest in having capital markets that are both fair and efficient. In so doing we must, of necessity, look to past conduct as a guide to what we believe a person’s future conduct might reasonably be expected to be; we are not prescient, after all.
(Re Mithras Management Ltd. (1990), 13 OSCB 1600 at pp. 1610-1611)
[27] Further, the Supreme Court of Canada has recognized general deterrence as an additional factor that the Commission may consider when imposing sanctions. In Cartaway Resources Corp., [2004] 1 S.C.R. 672 at para. 60, the Supreme Court stated that: “… it is reasonable to view general deterrence as an appropriate and perhaps necessary consideration in making orders that are both protective and preventative”.
[28] The Commission must ensure that the sanctions imposed in each case are proportionate to the circumstances and conduct of each respondent. The Commission has previously identified the following as some of the factors that a panel should consider when imposing sanctions:
(a) the seriousness of the conduct and the breaches of the Act;
(b) the respondent’s experience in the marketplace;
(c) the level of a respondent’s activity in the marketplace;
(d) whether or not there has been recognition by a respondent of the seriousness of the improprieties;
(e) whether or not the sanctions imposed may serve to deter not only those involved in the matter being considered, but any like-minded people, from engaging in similar abuses of the capital markets;
(f) the size of any profit obtained or loss avoided from any illegal conduct;
(g) the size of any financial sanction or voluntary payment;
(h) the effect any sanctions may have on the ability of a respondent to participate without check in the capital markets;
(i) the reputation and prestige of the respondent;
(j) the remorse of the respondent; and
(k) any mitigating factors.
(Re Belteco Holdings Inc. (1998), 21 OSCB 7743 at p. 7746; and Re M.C.J.C. Holdings Inc. and Michael Cowpland (2002), 25 OSCB 1133 (“Re M.C.J.C.”))
December 13, 2012 (2012) 35 OSCB 11222 Reasons: Decisions, Orders and Rulings
The applicability and importance of such factors will vary according to the circumstances of each case.
[29] J oint submissions on sanctions and costs are being made by Staff and the Respondents. However, we have discretion to impose the sanctions and costs we consider appropriate in the circumstances. Nonetheless, we give significant weight to the joint submissions of Staff and the Respondents.
(ii) Specific Sanctioning Factors Applicable in this Matter
[30] Overall, the sanctions we impose must protect Ontario capital markets by barring or restricting the Respondents from participating in those markets in the future.
[31] In considering the various factors referred to in paragraph 28, we find the following factors and circumstances to be particularly relevant in this matter:
(a) The Seriousness of the Misconduct
[32] The allegations proven in this case involve very serious misconduct and a significant contravention of the Act, as well as conduct contrary to the public interest. As we noted in the Merits Decision, the Commission generally views insider tipping and insider trading as equally reprehensible. We stated in the Merits Decision that:
… insider tipping and insider trading are not only illegal under the Act but also significantly undermine confidence in our capital markets and are manifestly unfair to investors. Insider tipping of an undisclosed material fact is a fundamental misuse of non-public information that gives the tippee an informational advantage over other investors and may result in the tippee trading in securities of the relevant reporting issuer with knowledge of the undisclosed material fact, or tipping others.
(Merits Decision, supra, at paras. 21-23)
[33] The Commission has stated that:
Illegal insider trading by its very nature is a cancer that erodes public confidence in the capital markets. It is one of the most serious diseases our capital markets face. If we do not act in the public interest by sending an appropriate message in appropriate circumstances, then we fail in doing our duty.
(Re M.C.J.C., supra, at p. 4; see also Harper (Re) (2004), 27 OSCB 3937 at para. 49; Donnini (Re) (2002), 25 OSCB 6225 at para. 202)
[34] In this case, we found that Suman breached subsection 76(2) of the Act by tipping Rahman of the Proposed Acquisition and that Suman and Rahman would have breached the insider trading prohibition in subsection 76(1) of the Act if Molecular had been a reporting issuer. While Molecular was not a reporting issuer under the Act, it was a U.S. public company listed on NASDAQ.
[35] Further, we found in the Merits Decision that:
(a) Suman denied in a Staff interview making the purchases of the Molecular Securities, which denial was untrue;
(b) it is likely that Suman intentionally deleted data and information from his office and home computers after having been expressly warned by Staff not to do so;
(c) key aspects of Suman and Rahman’s testimony was not credible;
(d) Suman showed consciousness of guilt when he searched for information relating to insider trading and to Martha Stewart on the same day that the Respondents first purchased Molecular securities; and
(e) Suman and Rahman acted contrary to the public interest by purchasing the Molecular Securities with knowledge of a material fact with respect to Molecular that had not been generally disclosed.
[36] The conduct referred to in paragraphs 34 and 35 constitutes serious misconduct by the Respondents that deserves severe sanctions.
December 13, 2012 (2012) 35 OSCB 11223 Reasons: Decisions, Orders and Rulings
(b) The Respondents' Experience and Knowledge
[37] The Respondents each had significant experience in the capital markets as retail investors. Rahman became experienced in day-trading when she took over trading for the Respondents in July 2006.
[38] Further, Suman twice reviewed and certified his compliance with MDS’ global business practices policy (prior to his trading in the Molecular Securities) and was aware of the wrongful nature of illegal insider tipping and trading.
[39] Accordingly, the Respondents knew that their actions in purchasing the Molecular Securities with knowledge of an undisclosed material fact were wrongful.
(c) The Sanctions will Deter the Respondents and Like-Minded People from Engaging in Similar Abuses of the Capital Markets
[40] In this case, given the Respondents’ serious misconduct, severe sanctions are appropriate to deter the Respondents and like-minded individuals from engaging in similar misconduct. The role of a senior information technology professional within a reporting issuer is a role which places the individual in a position of trust. We must deter others in similar positions from abusing that trust.
(d) The Size of any Profit Made or Loss Avoided from the Illegal Conduct
[41] The size of the profit (almost $1,000,000) made by the Respondents through the wrongful tipping and trading was very substantial.
(e) The Restraint Any Sanctions May Have on the Ability of a Respondent to Participate Without Check in the Capital Markets
[42] The requested prohibitions on trading and acting as a director or officer of a reporting issuer will have the effect of restraining the Respondents’ participation in our capital markets in a way that is directly related to the Respondents’ misconduct in this matter. That misconduct related directly to trading in securities while the Respondents were in possession of an undisclosed material fact.
(f) Impact on Investors
[43] The informational advantage of the Respondents in purchasing the Molecular Securities with knowledge of an undisclosed material fact related to Molecular was manifestly unfair to other investors in Molecular securities.
(g) The Ability of the Respondents to Pay
[44] At the Sanctions and Costs Hearing, we were not provided with any affidavit or other evidence as to Suman’s ability to pay any monetary sanctions (as noted above, no such sanctions can be imposed on Rahman because she was not found to have contravened Ontario securities law). However, counsel for the Respondents submits that the Respondents currently have limited means. Further, counsel submits that Suman is currently unemployed and Rahman is unable to work outside of the home. Rahman testified at the hearing on the merits that the only income she earned was through her day-trading.
[45] Given the seriousness of the Respondents’ misconduct and the lack of evidence as to the Respondents’ financial resources, we do not consider the Respondents’ ability to pay as a significant factor in determining the appropriate monetary sanctions or costs.
(h) The Relevance of the U.S. Judgment in Determining the Appropriate Order for Disgorgement and Administrative Penalty
[46] Staff did not seek an order for disgorgement against Suman given the order for disgorgement made under the U.S. Judgment. That order is for the full amount of the illegal profits made by the Respondents from the trading that was the subject matter of this proceeding.
[47] Further, a civil penalty of $2.0 million (USD) was imposed under the U.S. Judgment against Suman and a civil penalty of $1.0 million (USD) was imposed on Rahman. But for the civil penalty against Suman, Staff advised us that they would have sought the maximum administrative penalty of $1.0 million available under clause 9 of subsection 127(1) of the Act.
[48] Viewed in the context of the U.S. Judgment, Staff submits that a $250,000 administrative penalty against Suman is appropriate and sends a strong general and specific deterrent message.
December 13, 2012 (2012) 35 OSCB 11224 Reasons: Decisions, Orders and Rulings
(iii) Previous Sanctions Decisions
[49] Staff submitted a number of previous Commission decisions with respect to sanctions for our consideration. Staff submits that the following two decisions may provide guidance to us and support Staff’s position that significant sanctions are appropriate and necessary in these circumstances. We note that both decisions are approvals of settlements in which a full hearing on the merits did not take place.
Re Thakur
[50] In Re Thakur (2009), 32 OSCB 4201, the Commission considered a settlement agreement relating to breaches of subsection 76(1) of the Act. Thakur had gained access to material undisclosed information of a reporting issuer through his sister, who was a technology infrastructure analyst at the reporting issuer. Thakur purchased and sold securities of the reporting issuer, obtaining $642,056.29 in profit. The Commission ordered permanent trading and officer and director bans, disgorgement in the amount of $642,056.29, as well as an administrative penalty of $481,542.22.
Re Kuszper
[51] In Re Kuszper (2011), 34 OSCB 9257, the Commission considered settlement agreements relating to breaches of subsections 76(1) and 76(2) of the Act by a mother and her son. Helen Kuszper was an employee of a reporting issuer who had access to material undisclosed information as a result of her position. She tipped her son Paul Kuszper and they both purchased and sold options in securities of the reporting issuer, obtaining approximately $350,000 in profits and losses avoided. The Commission ordered against Helen Kuszper, permanent trading and officer and director bans, disgorgement in the amount of $173,080, as well as an administrative penalty of $361,160, and against Paul Kuszper, a 15-year trading and director and officer ban, disgorgement in the amount of $148,692, and an administrative penalty of $340,530.
(iv) Trading and Other Bans
[52] Staff submits that it would be appropriate for us to order that Suman cease trading in and acquiring securities permanently and that Rahman cease trading for a period of five years and thereafter until payment of the costs awarded against her. In addition, Staff requests an order against each Respondent prohibiting them permanently from being an officer or director of a reporting issuer.
[53] In all of the circumstances, we have concluded that it is in the public interest to make the following orders (on the terms requested by Staff):
Suman
(a) an order pursuant to clause 2 of subsection 127(1) of the Act, that trading in any securities by Suman cease permanently;
(b) an order pursuant to clause 2.1 of subsection 127(1) of the Act, that the acquisition of any securities by Suman cease permanently;
(c) an order pursuant to clause 8 of subsection 127(1) of the Act, that Suman be prohibited permanently from becoming or acting as an officer or director of a reporting issuer;
Rahman
(d) an order pursuant to clause 2 of subsection 127(1) of the Act, that trading in any securities by Rahman cease for a period of five (5) years, after which time Rahman may trade in securities only if the costs ordered against her below have been paid in full to the Commission;
(e) an order pursuant to clause 2.1 of subsection 127(1) of the Act, that the acquisition by Rahman of any securities cease for a period of five (5) years, after which time Rahman may acquire securities only if the costs ordered against her below have been paid in full to the Commission; and
(f) an order pursuant to clause 8 of subsection 127(1) of the Act, that Rahman be prohibited permanently from becoming or acting as an officer or director of a reporting issuer.
(v) Disgorgement
[54] Clause 10 of subsection 127(1) of the Act provides that a person or company that has not complied with Ontario securities law can be ordered to disgorge to the Commission “any amounts obtained as a result of the non-compliance”. The
December 13, 2012 (2012) 35 OSCB 11225 Reasons: Decisions, Orders and Rulings disgorgement remedy is intended to ensure that respondents do not retain any financial benefit from their breaches of the Act and to provide specific and general deterrence.
[55] We have considered the following factors in determining whether to issue a disgorgement order against Suman:
(a) the amount obtained by Suman as a result of his non-compliance with the Act;
(b) the fact that the amount obtained as a result of his non-compliance is reasonably ascertainable;
(c) the seriousness of his misconduct and breach of the Act; and
(d) the deterrent effect of a disgorgement order on Suman and other market participants.
(See, for instance, Re Limelight Entertainment Inc. (2008), 31 OSCB 12030 at para. 52)
[56] The U.S. Judgment requires that the Respondents jointly and severally disgorge $1,039,440 (USD) for the trading that was also the subject matter of this proceeding.
[57] In the circumstances, we will order Suman to disgorge $954,938.07. That amount represents the total amount in Canadian dollars that we determined in the Merits Decision was obtained by Suman as a result of his non-compliance with the Act. Because Rahman was not found to have contravened the Act, we have no authority to order disgorgement against her. It would not be fair or appropriate, however, for Suman to have to pay as disgorgement substantially the same amount twice for the same misconduct. Therefore, we order that any amounts paid by Suman or Rahman to satisfy the disgorgement ordered under the U.S. Judgment shall be credited against the disgorgement order we make. Further, so long as the SEC is taking reasonable steps to obtain payment of disgorgement under the U.S. Judgment, there is no need for Staff to attempt to obtain payment of our disgorgement order. This recognises the fact that the improper trading profits obtained by the Respondents came from trading in U.S. capital markets in the securities of a U.S. public company. Notwithstanding, we believe that it is appropriate that we impose a disgorgement order against Suman (even though such an order was not requested by Staff) that can be directly enforced in this jurisdiction if doing so would be efficacious. We understand, however, that the Respondents are no longer residents of Ontario.
(vi) Administrative Penalty
[58] In our view, it is appropriate to impose a substantial administrative penalty against Suman in addition to our disgorgement order. We have accepted the submissions made by Staff and the Respondents as to the appropriate amount of the administrative penalty.
[59] In imposing the following administrative penalty, we have taken into account that the $2.0 million (USD) civil penalty imposed on Suman under the U.S. Judgment is approximately two times the trading profits from his illegal conduct. We also note that a civil penalty of $1.0 million (USD) was ordered against Rahman. That means that the aggregate amount of the civil penalties ordered against the Respondents under the U.S. Judgment are approximately three times the amount of their trading profits. Those are very substantial sanctions for the same misconduct that was the subject matter of this proceeding.
[60] We will order that an administrative penalty of $250,000 be paid by Suman to the Commission. He committed a very serious breach of the Act, he violated his position of trust as an employee of MDS, and he obtained a very substantial financial benefit from his breach of the Act. In our view, a substantial administrative penalty in addition to the monetary penalties imposed under the U.S. Judgment is appropriate and necessary in the circumstances.
VII. COSTS
[61] Section 127.1 of the Act gives the Commission discretion to order a person or company to pay the costs of an investigation and a hearing if the Commission is satisfied that the person or company has not complied with the Act or has not acted in the public interest. We held in the Merits Decision that Suman contravened subsection 76(2) of the Act and that the Respondents have not acted in the public interest.
[62] Staff seeks costs of $150,000 from Suman and of $100,000 from Rahman.
[63] Accordingly, Staff seeks an order for an aggregate payment by the Respondents of $250,000 of the costs of the investigation and of the hearing in this matter, including disbursements. Staff has submitted a bill of costs supporting that amount. Staff submits that they have used a reasonable and conservative approach in determining the amount of the requested costs (see Ochnik (Re) (2006), 29 OSCB 5917 at paras. 16, 18-19). Staff submits that the costs requested are only a portion of the total costs of $517,373.48 incurred by Staff in the investigation and the hearing of this matter.
December 13, 2012 (2012) 35 OSCB 11226 Reasons: Decisions, Orders and Rulings
[64] The bill of costs submitted by Staff reflects time spent investigating and litigating this matter, and includes copies of weekly timesheets supporting the hourly figures claimed.
[65] Staff submits that the aggregate amount of costs sought (of $250,000) reflects more than a 50% discount of the time spent by two senior professionals at the Commission, as well as a discount of a large disbursement. Staff submits that the large amount of costs incurred in this matter are justified because this proceeding involved a fully contested hearing on the merits over 19 hearing days and included complex expert evidence and several motions brought by the Respondents.
[66] In the circumstances, we order that costs in the amount of $250,000 shall be paid by the Respondents on a joint and several basis. We believe that a joint and several order for costs is appropriate given that both of the Respondents were actively involved in the misconduct that was the subject matter of this proceeding, both traded in the Molecular Securities and both participated actively in the hearing on the merits. As noted above, Rahman has agreed to sell the securities in her trading account and to apply the proceeds against our costs award.
VIII. CONCLUSION
[67] For the reasons discussed above, we have concluded that the sanctions we impose above are proportionate to the respective conduct and culpability of each of the Respondents in the circumstances and are in the public interest. We will issue a sanctions and costs order substantially in the form attached as Schedule “A” to these reasons.
Dated at Toronto, this 22nd day of August, 2012.
“James E. A. Turner”
“Paulette L. Kennedy”
December 13, 2012 (2012) 35 OSCB 11227 Reasons: Decisions, Orders and Rulings
Schedule “A”
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, c. S.5, AS AMENDED
-AND-
IN THE MATTER OF SHANE SUMAN AND MONIE RAHMAN
ORDER (Sections 127 and 127.1 of the Securities Act)
WHEREAS on July 24, 2007, a Statement of Allegations and a Notice of Hearing were issued pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) in the matter of Shane Suman (“Suman”) and Monie Rahman (“Rahman”) (collectively, the “Respondents”);
AND WHEREAS the Commission conducted a hearing on the merits in this matter; and issued its Reasons and Decision on the merits on March 19, 2012 (the “Merits Decision”);
AND WHEREAS the Commission concluded in the Merits Decision that Suman contravened Ontario securities law and that Suman and Rahman acted contrary to the public interest;
AND WHEREAS the Commission conducted a hearing with respect to the sanctions and costs to be imposed in this matter on July 16, 2012;
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
IT IS HEREBY ORDERED THAT:
(a) pursuant to clause 2 of subsection 127(1) of the Act, Suman shall cease trading in any securities permanently;
(b) pursuant to clause 2 of subsection 127(1) of the Act, Rahman shall cease trading in any securities for a period of five years from the date of this order, after which she may trade in securities only if the costs awarded against her jointly and severally with Suman have been paid in full to the Commission;
(c) pursuant to clause 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Suman is prohibited permanently;
(d) pursuant to clause 2.1 of subsection 127(1) of the Act, the acquisition of any securities by Rahman is prohibited for a period of five years from the date of this order, after which she may acquire securities only if the costs awarded against her jointly and severally with Suman have been paid in full to the Commission;
(e) pursuant to clause 8 of subsection 127(1) of the Act, each of the Respondents shall be prohibited permanently from becoming or acting as a director or officer of any reporting issuer;
(f) pursuant to clause 9 of subsection 127(1) of the Act, Suman shall pay an administrative penalty of $250,000 to the Commission, such amount to be allocated to or for the benefit of third parties;
(g) pursuant to clause 10 of subsection 127(1) of the Act, Suman shall disgorge $954,938.07 to the Commission, such amount to be allocated to or for the benefit of third parties; and
(h) pursuant to section 127.1 of the Act, Suman and Rahman shall jointly and severally pay costs of $250,000 to the Commission.
Dated at Toronto, Ontario this 22nd day of August, 2012.
“James E. A. Turner”
“Paulette L. Kennedy”
December 13, 2012 (2012) 35 OSCB 11228 Chapter 4 Cease Trading Orders
4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders
Company Name Date of Date of Hearing Date of Date of Temporary Permanent Order Lapse/Revoke Order
Ecosse Energy Corp. 06 Dec 12 18 Dec 12
Pure Energy Visions Corporation 06 Dec 12 18 Dec 12
Preo Software Inc. 06 Dec 12 18 Dec 12
Revolution Technologies Inc. 06 Dec 12 18 Dec 12
Akela Pharma Inc. 27 Nov 12 07 Dec 12 07 Dec 12
Nortel Networks Corporation 11 Dec 12 24 Dec 12
Nortel Networks Limited 11 Dec 12 24 Dec 12
4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders
Company Name Date of Date of Date of Date of Date of Order or Hearing Permanent Lapse/ Issuer Temporary Order Expire Temporary Order Order
Red Crescent Resources Ltd. 21 Nov 12 03 Dec 12 05 Dec 12
4.2.2 Outstanding Management & Insider Cease Trading Orders
Company Name Date of Date of Date of Date of Date of Issuer Order or Hearing Permanent Lapse/ Temporary Temporary Order Expire Order Order
Boyuan Construction Group, Inc. 02 Oct 12 15 Oct 12 15 Oct 12
December 13, 2012 (2012) 35 OSCB 11229 Cease Trading Orders
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December 13, 2012 (2012) 35 OSCB 11230 Chapter 5 Rules and Policies
5.1.1 Practice Guideline – December 4, 2012 – Commission’s Book of Authorities
PRACTICE GUIDELINE – DECEMBER 4, 2012
Commission’s Book of Authorities
(Cross-reference: Ontario Securities Commission Rules of Procedure (2012), 35 O.S.C.B. 10071)
Preamble
The Ontario Securities Commission (the “Commission” or the “OSC”) is issuing the following practice guideline in respect of the use of a Commission’s Book of Authorities in adjudicative proceedings before the Commission (the “Practice Guideline”).
The Practice Guideline varies the requirement established in Rule 10.9(4) of the Ontario Securities Commission Rules of Procedure (2012), 35 O.S.C.B. 10071 (the “OSC Rules”) that parties must provide the Commission with copies of all legal authorities referred to in their submissions. Parties will not be required to provide the Commission copies of legal authorities contained in the Commission’s Book of Authorities.
The Practice Guideline applies to all proceedings before the Commission where the Commission is required under the Securities Act, R.S.O. 1990, c. S.5, as amended and the Commodity Futures Act, R.S.O. 1990, c. C.20, or otherwise by law, to hold a hearing or to afford to the parties to the proceeding an opportunity for a hearing before making a decision. The Practice Guideline is issued pursuant to Rule 1.3 of the OSC Rules.
The Commission therefore issues the following Practice Guideline which, effective January 1, 2013, will apply to all proceedings before the Commission, including proceedings commenced by a Notice of Hearing issued prior to the issuance of the Practice Guideline:
1. The Commission’s Book of Authorities
1.1. A Commission’s Book of Authorities containing cases frequently relied on by parties appearing before the Commission (the “Book of Authorities”), has been developed by the Office of the Secretary to the Commission and approved for use in proceedings before the Commission. A copy of the Book of Authorities has been provided to all Commissioners, and additional copies will be maintained in each hearing room used by the Commission.
1.2. An Index to the Book of Authorities, with links to copies of the authorities contained therein, is available on the Commission’s website (www.osc.gov.on.ca). An up-to-date copy of the Index is also available from the Office of the Secretary to the Commission. The authorities are listed in the Index under headings which are not in any way intended to provide legal advice.
1.3. There will be additions to, and deletions from, the Book of Authorities from time to time. Any questions or comments concerning the Book of Authorities, including any recommendations for additions to or deletions from the list of cases, should be directed to the Office of the Secretary to the Commission.
2. Relief from the requirement to provide copies of legal authorities to the Panel
2.1. Rule 10.9(4) of the OSC Rules states that “A party referring to any court decision, legal article or authority shall provide a copy for each member of the Panel and each party.”
2.2. Notwithstanding Rule 10.9(4) or any other requirement in the OSC Rules to the contrary, a party relying on an authority that is contained in the Book of Authorities need not reproduce the authority as part of the materials filed for matters before the adjudicative panels of the Commission.
2.3. A party relying on an authority from the Book of Authorities in written submissions should identity the case by name and citation, with reference to the Tab Number of the authority as it appears in the Index to the Book of Authorities.
December 13, 2012 (2012) 35 OSCB 11231 Rules and Policies
3. Relief from the requirement to provide copies of legal authorities to each party
3.1. Notwithstanding Rule 10.9(4) of the OSC Rules or any other requirement in the OSC Rules to the contrary, where a party is relying on an authority from the Book of Authorities, the party is not required to provide copies of the authority to each party to the proceeding if the authority has been identified in the party’s written submissions as an authority contained in the Book of Authorities and the written submissions have been served on each party to the proceeding not later than 10 days prior to the hearing.
December 13, 2012 (2012) 35 OSCB 11232 Chapter 6 Request for Comments
6.1.1 CSA Discussion Paper and Request for Comment 81-407 Mutual Fund Fees
CANADIAN SECURITIES ADMINISTRATORS DISCUSSION PAPER AND REQUEST FOR COMMENT 81-407 MUTUAL FUND FEES
December 13, 2012
Table of Contents
I. INTRODUCTION
II. BACKGROUND
III. CANADIAN MUTUAL FUND INDUSTRY PARTICIPANTS
IV. MUTUAL FUND FEE STRUCTURE IN CANADA
V. CURRENT ISSUES ARISING FROM THE MUTUAL FUND FEE STRUCTURE IN CANADA
VI. GLOBAL REGULATORY REFORMS
VII. CURRENT REGULATORY INITIATIVES AND TOPICS FOR CONSIDERATION
VIII. COMMENT PROCESS
Annex I
December 13, 2012 (2012) 35 OSCB 11233 Request for Comments
CANADIAN SECURITIES ADMINISTRATORS DISCUSSION PAPER AND REQUEST FOR COMMENT 81-407 MUTUAL FUND FEES
I. INTRODUCTION
The Canadian Securities Administrators (CSA or we) are examining the mutual fund fee structure in Canada in order to see whether there are investor protection or fairness issues, and to determine whether any regulatory responses are needed to address any issues we find. This paper is intended to be a platform to begin a discussion on the current mutual fund fee structure in Canada.
This discussion paper is the first step in the CSA’s public consultations about this project. It:
• provides an overview of the roles of the market participants in the mutual fund industry (mutual fund manufacturers and advisors who distribute the funds)
• provides an overview of the current mutual fund fee structure
• identifies some investor protection and fairness issues we think arise from the current fee structure
• provides an overview of global regulatory reforms
• describes some regulatory options the CSA could potentially consider, either alone or in combination.
Some of the options would impact mutual funds or mutual fund manufacturers directly, and others would impact those who sell the product.
While the focus of this paper is on mutual funds, we recognize that there are other investment fund products whose fee structure may raise similar investor protection and fairness issues for investors. Accordingly, we anticipate that any regulatory initiative we might ultimately undertake would assess whether the same initiative should also apply to other investment funds and comparable securities products.
Before considering any of these regulatory options further, we intend to consult extensively with investors and industry participants, and will continue to closely monitor and assess the effects of related regulatory reforms in Canada and around the world. In particular, the CSA recognize this paper raises some novel and difficult issues. It will be important for the CSA to consider the unique features of the Canadian market as we examine what, if any, changes could or should be made.
We welcome comments from investors, participants in the mutual fund and financial services industries, and all other interested parties on the issues raised and regulatory options set out in this paper. We also invite suggestions for other possible regulatory responses to these issues. The comments will help inform a roundtable the CSA plans to hold with investors and industry participants in 2013. The comments and roundtable discussions will help the CSA determine what, if any, regulatory responses might be appropriate.
Please see Part VIII for information on how to submit comments. The comment period closes on April 12, 2013.
II. BACKGROUND
Mutual funds are a cornerstone investment for many Canadian investors. At the end of 2011, the mutual fund industry managed $762 billion in assets on behalf of Canadians. Those assets accounted for 73.8% of all Canadian investment fund industry assets under management.1
Mutual funds are the most commonly held investment product, with 62% of Canadians with savings or investments set aside holding this product in their investment portfolios.2 In addition, mutual funds make up the largest share of investable assets for the typical Canadian household. At June 2011, the average Canadian household held 36.1% of its investable assets in mutual funds.3
1 The remaining 26.2% of Canadian investment fund industry assets under management is made up of the following investment fund assets: hedge funds (1.7%), closed-end funds (3.1%), segregated funds (3.5%), exchange-traded funds (4.2%), pooled funds (4.6%) and insurance company pools (9.1%). The source for this data is Investor Economics at December 2011. ‘Wrapped assets’ have been removed to control for double-counting. 2 See Innovative Research Group, Inc., 2012 CSA Investor Index (October 2012), prepared for the CSA. That survey finds that the three most commonly held investment products are mutual funds (62% of those with savings or investments set aside), term deposits or GICs (45%) and individually held stocks (33%). 3 Source: Ipsos Reid Canadian Financial Monitor. For advised Canadian households, this figure increases to 41.7%. Ipsos Reid defines investable assets as including chequing and savings accounts, GICs, stocks, bonds and mutual funds.
December 13, 2012 (2012) 35 OSCB 11234 Request for Comments
In Canada, most mutual funds are purchased through an advisor. At the end of 2011, 91% of investment fund assets were acquired and held by investors through distribution channels involving the intermediation of an advisor,4 and over 80% of mutual fund investors said their last purchase was made through an advisor.5
Mutual fund investors in Canada primarily incur two kinds of fees and expenses to invest in and own mutual funds: sales charges and ongoing fund fees. Sales charges are transaction-based fees that investors pay directly either when they buy the fund or when they sell or redeem from the fund. Ongoing fund fees, which include the management fees and fund expenses (expressed together as the management expense ratio or MER), are paid from fund assets, which means that investors pay these fees indirectly. Embedded within the management fees of most Canadian mutual funds are ongoing trailing commissions paid to advisors.
A number of published research studies have compared mutual fund ownership costs globally, each concluding that Canadian mutual fund fees are among the highest in the world.6 Some members of the Canadian mutual fund industry and other commentators7 have challenged these studies, saying that they provide inaccurate comparisons or do not consider the value to investors of the advice that advisors provide.8
Over the last few years, there has been a wave of regulatory reforms and proposals in other major international jurisdictions that fundamentally change the way retail investors buy investment funds and other financial products, as well as how they pay for financial advice. These include:
• the ban in the United Kingdom (U.K.) and Australia of advisor commissions set by financial product providers or embedded in financial products,
• the imposition in Australia of a statutory best interest duty on advisors who sell financial products, and
• the consideration of similar reforms by regulators in Europe and the United States (U.S.).
These global regulatory changes, together with the comparative studies on fund fees, have prompted calls for greater scrutiny of fund fees in Canada.
The CSA have to date focused their regulatory efforts on enhancing transparency of fund fees for investors, including the cost of embedded trailing commissions, through such initiatives as the Point of Sale disclosure project and Client Relationship Model project (each discussed later in this paper). While we continue to move forward to implement these initiatives to help investors make more informed investment decisions, we are now examining whether the current mutual fund fee structure raises investor protection concerns that require additional regulatory action. As such, the CSA are looking at all aspects of the current mutual fund fee structure and regulatory framework to determine what changes could or should be made, to enhance investor protection and to foster confidence in our market.
In Annex I to this paper, we include an overview of the mutual fund fee structures that exist in other major jurisdictions, namely the U.S., the U.K. and Australia, and highlight certain aspects of their fund industries including differences in their mutual fund regulatory framework that could influence average fund fees in those jurisdictions. The data we set out and the observations we make in Annex I are intended to provide context for our examination of Canada’s mutual fund fee structure and current regulatory framework.
4 Investor Economics, Household Balance Sheet (update and rebased forecast) (June 2012), pages 156, 160 and 161. This total includes the Branch Direct, Branch Advice, Financial Advisors, Full-service Brokers and Private Investment Counsel distribution channels, each of which provide varying forms of advice and services through the intermediation of advisors. See “2. The advisors” in Part III for a description of the various distribution channels. 5 POLLARA, Canadian Investors’ Perceptions of Mutual Funds and The Mutual Fund Industry – 2011, Report prepared for the Investment Funds Institute of Canada (IFIC). The percentage of investors using an advisor for their last purchase has varied between 81% and 85% since IFIC began conducting this survey in 2006. 6 Examples of such studies include: B.N. Alpert, J. Rekenthaler, Morningstar Global Fund Investor Experience 2011 (March 2011); J. Rekenthaler, M. Swartzentruber, C. Tsai, Morningstar Global Fund Investor Experience 2009 (May 2009); and A. Khorana, H. Servaes, P. Tufano, Mutual Fund Fees Around the World (July 23, 2007); and K. Ruckman, Expense ratios of North American mutual funds, Canadian Journal of Economics (February 2003) p. 192-223. 7 Mackenzie Financial, Canadian Mutual Fund Ownership Costs: Competitive Relative to the U.S. (September 2010); D. Yanchus, A cross- border perspective on MERs (May 18, 2011) available at: http://cawidgets.morningstar.ca/ArticleTemplate/ArticleGL.aspx?id=381595; and Investor Economics, Attribution analysis of MERs explains cross-border gap, Investor Economics Insight Monthly Update (July 1996). 8 The Canadian mutual fund industry has commissioned several reports supporting the value of advice and what a relationship with an advisor can mean to Canadians’ wealth accumulation and overall financial health. These reports include: IFIC, The Value of Advice: Report (July 2010); IFIC, The Value of Advice: Report (November 2011); C. Montmarquette, N. Viennot-Briot, Econometric Models on the Value of Advice of a Financial Adviser, (Montreal: the Centre for Interuniversity Research and Analysis on Organizations (CIRANO)) (July 2012).
December 13, 2012 (2012) 35 OSCB 11235 Request for Comments
Defined terms
In this paper:
• The term “advisor” is a plain language term that is used in the same way that mutual fund industry participants and members of the public commonly use this term to refer to a mutual fund salesperson. The term “advisor” is not indicative of a mutual fund salesperson’s category of registration with Canadian securities regulators. Mutual fund salespersons that are registered with Canadian securities regulators to trade in mutual fund securities are, in most cases, registered as dealing representatives of mutual fund dealers or investment dealers. Unless otherwise specifically indicated in this paper, the term “advisor” should not be taken to imply registration as an advising representative of a portfolio manager firm with authority to trade for clients on a discretionary basis.
• The term “mutual fund manufacturer” means the entity that produces and promotes the mutual fund and that is also the registered investment fund manager responsible for directing the business, operations and affairs of the mutual funds.
III. CANADIAN MUTUAL FUND INDUSTRY PARTICIPANTS
The participants in the Canadian mutual fund industry include the mutual fund manufacturers who produce and promote mutual fund products and advisors who distribute those products to investors.
1. The mutual fund manufacturers9
There are currently 103 mutual fund manufacturers in Canada. They fall into the following four categories: i. Canadian banks/deposit-takers
The fund management arms of 7 Canadian chartered banks together with the Mouvement Desjardins in Québec currently account for 43% of mutual fund assets under management. These manufacturers largely distribute their mutual funds through their branch networks, full-service and discount brokerage networks. Most of them also distribute a separate series of securities of their mutual funds, known as the Advisor series, through third party advisors.
These manufacturers typically offer their mutual funds on a no-load basis (i.e. without a sales commission) when sold through their bank branches. Their Advisor fund series, distributed through third party advisors and through their own full-service brokerage networks, is sold on a load basis (i.e. subject to a sales commission) under various purchase options.10 ii. Life insurers
While Canadian life insurance companies primarily produce and promote segregated fund products, they are also involved in manufacturing mutual funds. These manufacturers currently represent 4.6% of mutual fund assets under management. Their mutual funds are largely sold on a load basis under various purchase options through their own licensed insurance agents who are typically dually licensed to sell both segregated funds and mutual funds. iii. Independents
Independent mutual fund manufacturers are those that are not a subsidiary of one of the large deposit-taker institutions. These independents manage the largest share of industry assets and currently represent 49.4% of mutual fund assets under management. Their mutual funds are typically sold on a load basis through third party advisor distribution networks that include the registered distribution arms of deposit-takers, life insurers and independent dealers. Some independents also have their own dealer network that typically focuses on their own funds.
A very small subset of the independent mutual fund manufacturers category consists of “direct sellers” who typically make their mutual funds available for sale on a no-load basis directly to the investor, without using a third party advisor. In this case, the direct seller or a related entity will be a registered dealer firm through which the direct seller may sell securities of its mutual
9 The source for the data on mutual fund manufacturers provided in this section is Investor Economics. The data is as of December 2011. See Figure 1. 10 In Part IV under “1. Current mutual fund fees”, we describe the various purchase options under which mutual fund manufacturers sell their funds.
December 13, 2012 (2012) 35 OSCB 11236 Request for Comments funds to investors.11 Direct sellers typically maintain websites and telephone service centres for their direct investors. Independent direct sellers currently account for 1.2% of mutual fund assets under management. iv. Unions and Associations
The remaining 3% of mutual fund industry assets are managed by unions and associations. Mutual funds produced and promoted by these manufacturers are generally organized for specific target groups (e.g. teachers, physicians) and generally only members of those groups can buy them. These mutual funds are typically sold on a no-load basis and often, are managed and priced on a cost recovery basis.
Figure 1 illustrates the share of Canadian mutual fund assets under management that each mutual fund manufacturer category currently holds, along with the categories’ growth rates over the last 5 years.
Figure 1: Mutual fund assets by mutual fund manufacturer category
Mutual fund assets by sponsor category (excludes ETFs) at December 2011 Unions & ($millions, %total) Associations Life Insurers 5 Year Growth Rates (annualized) 22,524 35,371 3% 5% Total 1.7%
Unions & Associations 1.6%
Deposit-takers 328,343 Life Insurers 10.4% 43% Independents* 377,043 49% Independents* -2.0%
Deposit-takers 6.1%
Source: Investor Economics *Includes both direct seller and broker fund sponsors who are not owned by a deposit-taker
2. The advisors12
The number of dealer firms involved in the distribution of investment funds includes 10 deposit-takers, 825 credit unions, 305 insurance distributors and hundreds of independent fund dealers and full service brokerages.13 These firms employ tens of thousands of individual advisors, who must each satisfy prescribed registration requirements in order to deal in mutual fund securities.14
11 In many cases however, mutual funds of direct sellers may be sold through other distribution channels as well, including the discount brokerage and full service brokerage channels, where loads or other fees may be applicable. 12 All data in this section refers to investment funds of which mutual funds make up the largest subset of assets under administration. See note 1. 13 Investor Economics, Retail Brokerage and Distribution Advisor Service, Spring 2012. 14 Anyone who deals in mutual fund securities must be registered with Canadian securities regulators in an appropriate category of registration or be exempted from registration. Most often, they will be registered as dealing representatives of firms registered in the “mutual fund dealer” or “investment dealer” categories under National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103). In addition, under NI 31-103, all investment dealer firms must be members of the Investment Industry Regulatory Organization of Canada (IIROC) and, except in Québec, all mutual fund dealer firms must be members of the Mutual
December 13, 2012 (2012) 35 OSCB 11237 Request for Comments
The types of products the advisor may sell and the scope of the services that advisor may provide, can vary widely across the various distribution channels. Some advisors may be registered to sell only mutual funds, while others may be registered to sell a broader range of securities. Some advisors may also be licensed to sell other financial products whose distribution is generally not regulated by the Canadian securities regulators. These include term deposits, life insurance and segregated funds, among others.15 In addition, some advisors may hold certain designations16 qualifying them to provide a range of financial services, including financial planning and estate planning.
Distribution channels: i. Branch direct
This distribution channel is made up of front line advisors at bank branches who are available to ‘walk-in’ clients. Generally, these advisors only sell mutual funds and traditional deposit products as demand arises. As a result, their services are primarily transaction focused. The dealer firms in this channel are registered as mutual fund dealers with the provincial securities regulators. ii. Branch advice
This distribution channel is made up of bank branch advisors who are actively engaged in providing investment recommendations and financial planning to the bank’s clients. These advisors typically sell proprietary mutual funds and deposit products. However, in some cases, they may also sell other types of financial products and non-proprietary investment funds. The dealer firms in this channel are generally registered as mutual fund dealers with the provincial securities regulators, although some may be registered as investment dealers. iii. Online/discount broker
This distribution channel serves the do-it-yourself (DIY) investor with a full shelf of securities products that includes equity and fixed income securities, options, exchange-traded funds (ETFs) and mutual funds. Advisors in this channel are primarily order- takers and generally do not offer investment recommendations or advice. Products in this channel are delivered largely through centrally managed technology platforms and call centres. The dealer firms in this channel are registered as investment dealers with the provincial securities regulators. iv. Direct to public
This distribution channel is made up of mutual fund manufacturers that sell investment funds directly to the investor.17 In this case, the mutual fund manufacturer or a related entity will itself be registered as a mutual fund dealer with the provincial securities regulators. The services the advisor provides in this channel are primarily transaction focused. v. Financial advisors
This distribution channel serves investors looking for a more comprehensive range of investment services. It administers the largest share of investment fund assets.18 It includes a wide range of dealer firms with varying degrees of independence and variety in their product shelves. Advisors in this channel typically offer their clients mutual funds and deposit products, as well as segregated funds and life insurance.19 The dealer firms in this channel are registered as mutual fund dealers with the provincial securities regulators, although some are registered as investment dealers.
Fund Dealers Association of Canada (MFDA). Under NI 31-103 and the rules of IIROC and the MFDA, all dealing representatives are subject to business conduct requirements, including know-your-client and suitability requirements. Unless they are registered as an advising representative of a firm registered in the “adviser” category, the advice they may provide to clients is limited to suitability advice that is incidental to their dealing activities. 15 The Autorité des marchés financiers and the Financial and Consumer Affairs Authority of Saskatchewan regulate the distribution of certain of those financial products in their respective jurisdictions. 16 These designations are earned through programs that are administered by various financial industry organizations or associations. 17 Note that while the constituents of the direct to public group would be the same as those included in the direct to client group in Figure 7 set out in Part IV of this paper under “2. Evolution of fund fees in Canada – a. Sales charges trends”, the assets under administration cited here are lower than the assets under management cited there. This is due to the fact that some of the assets sold by mutual fund manufacturers in the direct to client group will be sold through fee-based accounts and discount brokerages as well as being sold directly to the investor. 18 See Figure 2. Source: Investor Economics. 19 If dually licensed.
December 13, 2012 (2012) 35 OSCB 11238 Request for Comments vi. Full-service brokers
Like financial advisors, full-service brokers tend to serve investors looking for the full range of investment services. They may also provide discretionary investment management.20 This channel administers the second largest share of investment fund assets.21 Advisors in this channel typically offer the full shelf of financial products including equity and fixed income securities, options, ETFs, mutual funds, segregated funds and life insurance.22 The dealer firms in this channel are registered as investment dealers with the provincial securities regulators. vii. Private Investment Counsel
The Private Investment Counsel channel typically serves high net worth individuals and institutions. Investment funds make up a very small part of the offerings in this channel because the focus tends to be on separately managed accounts and estate management. The firms in this channel are generally registered as portfolio managers with the provincial securities regulators.
Figure 2 shows each distribution channel’s share of investment fund assets under administration along with the channels’ growth rates over the last five years. Figure 3 highlights the predominant services and the core financial products typically offered to clients in each distribution channel.
Figure 2: Retail investment fund assets under administration by distribution channel
Investment Fund and Fund Wrap Assets under Administration by Distribution Channel at December 2011 ($billions)
Direct to public $28 5 Year Growth Rates (Annualized) 3% Total 2.5% Online/ discount Branch advice Full-Service Brokers Private Investment Counsel -7.8% brokers $148 $175 $33 17% 20% Financial Advisors 3.3% 4% Full-Service Brokers 1.4%
Branch Direct Branch advice 7.9% $96 11% Direct to public -4.4%
Financial Advisors Online/ discount brokers 0.6% $390 44% Branch Direct -1.2% Private Investment Counsel $6 1%
Source: Investor Economics Household Balance Sheet Report, various years
20 An advisor in this channel may provide discretionary account management if its firm is a member of IIROC and the advising activities are conducted in accordance with the rules of IIROC. 21 See Figure 2. Source: Investor Economics. 22 If dually licensed.
December 13, 2012 (2012) 35 OSCB 11239 Request for Comments
Figure 3: Services and core products per distribution channel
Distribution Services Core product shelf channel
Branch direct Transaction-based services Mutual funds Deposits
Branch advice Investment recommendations Mutual funds Financial planning Deposits
Online/discount Order taking only Equity and fixed income securities brokerage Mutual funds ETFs Deposits Options/Futures
Direct to public Transaction-based services Mutual Funds
Financial Investment recommendations Mutual funds advisor Financial planning Segregated funds Insurance and estate planning Life insurance Deposits
Full-service Investment recommendations Equity and fixed income securities brokerage Discretionary investment management Mutual funds Financial Planning ETFs Insurance and estate planning Life insurance Holistic wealth management Segregated Funds Deposits Options/Futures
Private Discretionary investment management Separately managed accounts Investment Private wealth management Pooled funds Counsel
IV. MUTUAL FUND FEE STRUCTURE IN CANADA
Mutual fund investors in Canada incur primarily two kinds of fund fees when investing in mutual funds: sales charges and ongoing fund fees.
Sales charges are transaction-based fees paid directly by investors either at the time they buy the fund or at the time they exit or redeem from the fund.
Ongoing fund fees, which include management fees (in which are embedded trailing commissions paid to advisors) and fund expenses, are paid from fund assets. This means that investors pay these fees indirectly.
1. Current mutual fund fees a. Sales charges
Most Canadian mutual fund manufacturers sell funds under several different purchase options. The options relate generally to the method in which the sales charges are paid. The mutual fund manufacturers set the rate of sales charges that may be payable under the various purchase options.23
23 The purchase options available for a mutual fund, along with the sales charge applicable under each option and the compensation the advisor may receive under each option, must be disclosed in the mutual fund simplified prospectus and the Fund Facts document required under National Instrument 81-101 Mutual Fund Prospectus Disclosure. Disclosure of the advisor’s compensation in these documents must include disclosure of the trailing commission rate applicable to a mutual fund. We discuss trailing commissions paid to advisors later in this Part under “b. Ongoing fund fees”.
December 13, 2012 (2012) 35 OSCB 11240 Request for Comments
The different purchase options are: i. Front-end sales charge
Under this option, investors pay a sales commission directly to the advisor at the time they buy securities of the mutual fund. This is often referred to as a “front-end load”. The advisor’s sales commission is deducted from the total amount paid by the investor, which means only the remaining amount is invested in the fund.
While the sales commission set by the mutual fund manufacturer may be up to 5% of the purchase amount, investors may typically negotiate a lower sales commission with their advisor. Over the last few years, we understand that Canadian advisors have increasingly been waiving the front-end sales charge altogether or charging 1% or less.24 This is further discussed below under “2. Evolution of fund fees in Canada”.
At the end of 2011, front-end load mutual fund assets accounted for approximately 23% of the Canadian mutual fund industry’s asset base.25 ii. Deferred sales charge (DSC)
Under this option, investors pay a sales charge at the time they redeem from the mutual fund, rather than at the time of purchase. This is often called a “back-end load”. This allows the entire amount paid by the investor to be invested in the mutual fund at the time of purchase.
The rate of the DSC payable by investors when they redeem declines the longer they hold the investment and becomes nil after a specified holding period. This is known as the “redemption schedule”. The DSC paid by an investor is typically around 6% in the first year, declining by about 1% each year down to 0% after holding for 5 to 7 years. Mutual fund manufacturers generally offer investors the opportunity to redeem up to 10% (non-cumulative) of their DSC securities annually at no charge.
Depending on the mutual fund manufacturer’s DSC policy, the amount of the DSC an investor pays on a redemption can be based either on the original purchase price of the mutual fund securities or their current market value when they are redeemed.
Investors can avoid DSCs by holding their mutual investment until the end of the redemption schedule or redeeming no more than 10% of their DSC securities annually. Mutual fund manufacturers also often permit investors to switch from one mutual fund to another within the same fund family without a charge.26
While the investor does not directly pay a sales commission to the advisor at the time of purchase, the advisor typically receives a commission from the mutual fund manufacturer equivalent to 5% of the amount purchased. The mutual fund manufacturer will generally borrow the money necessary to pay these advisor commissions and therefore will incur financing costs. These costs are recouped by the mutual fund manufacturer through ongoing management fees charged to the fund. See the discussion of management fees below under “b. Ongoing fund fees”.
DSCs paid by investors who redeem before the end of the redemption schedule are not paid to the advisor or the mutual fund, but rather to the mutual fund manufacturer or third party financing services provider that paid the advisor’s sales commission at the time of purchase.
At the end of 2011, DSC mutual fund assets accounted for approximately 19% of the Canadian mutual fund industry’s asset base.27 iii. Low-load sales charge
Many mutual fund manufacturers offer a low-load sales charge option, which works like the DSC option described above, but on a shorter redemption schedule, typically three years or less.28 The rate of the DSC ranges from 2% to 3% in year one, declining by 1% each year, down to 0% after a holding period of 2 or 3 years. The commission paid by a mutual fund manufacturer to the
24 See note 54. 25 Investor Economics, Investor Economics Insight Monthly Update (March 2012) at p.3. 26 Usually, DSCs are only incurred if the investor leaves the ‘fund family’, not the fund. For example, a switch from mutual fund A to mutual fund B, both offered by the same fund manufacturer typically will not be considered a redemption triggering the application of the DSC. It may however be considered a disposition for tax purposes. 27 Investor Economics, supra note 25. 28 The low-load sales charge option in Canada varies more widely among mutual fund manufacturers who offer it than does the traditional DSC option. The length of the redemption schedule, the upfront commission paid to the advisor by the mutual fund manufacturer, the sales charges payable by the investor at any point along the redemption schedule, and the trailing commissions payable to advisors can be very different between manufacturers.
December 13, 2012 (2012) 35 OSCB 11241 Request for Comments advisor at the time the investor purchases securities of a fund on a low-load basis typically ranges from 2% to 3% of the purchase amount.
At the end of 2011, low-load mutual fund assets accounted for approximately 5% of the Canadian mutual fund industry’s asset base.29 iv. No-load
Funds sold on a no-load basis do not offer any sales commission to advisors (either one paid by the investor or the mutual fund manufacturer), nor do they charge a fee at the time the investor redeems.
Mutual funds purchased on a no-load basis in Canada are generally bought directly from the mutual fund manufacturer or an affiliate, either of which must be a registered dealer firm.
No-load mutual funds are offered by:
• direct sellers30
• Canadian banks/deposit takers31, and
• certain special no-load mutual fund series offered exclusively through online discount brokerages/e-banking platforms.32
No-load mutual funds accounted for approximately 31% of the Canadian mutual fund industry’s asset base as at the end of 2011.33 v. Fee-based
Some mutual fund manufacturers also offer a series of mutual fund securities, typically known as “Series F”, intended for purchase through fee-based accounts with advisors. Investors who select this option do not pay a sales charge to buy into or exit the mutual fund. In addition, they pay reduced ongoing management fees because there are no embedded trailing commissions. (See our discussion of management fees and trailing commissions below under “b. Ongoing fund fees”.)
Instead of sales commissions and embedded trailing commissions, the advisor’s compensation consists of a fee paid directly by the investor for the services rendered in connection with the account. This fee is typically calculated as a percentage of the investor’s assets under administration in the fee-based account.
At the end of 2011, fee-based mutual fund assets accounted for approximately 2.6% of the Canadian mutual fund industry’s asset base.34 vi. High Net Worth/Institutional
Many mutual fund manufacturers also offer series of mutual fund securities specifically intended for purchase by high net worth or institutional investors. These series are generally not sold through traditional retail distribution channels. Minimum account size is usually much larger than for the average retail account, tending to start at $100,000, with minimums for some mutual funds as high as $1 million or more.
Eligible investors who purchase under this option typically pay no or reduced sales charges to buy into the mutual fund. Buying under this option is typically possible only if the investor enters into a series account agreement directly with the mutual fund manufacturer, which specifies the fees applicable to the account. Investors buying under this option typically negotiate their own
29 Investor Economics, supra note 25. 30 See description of ‘direct sellers’ in Part III above under “1. The mutual fund manufacturers – iii. Independents”. In addition to those direct sellers that are independent, there is currently one direct seller that is owned by a Canadian bank. Mutual fund assets of direct sellers made up 4% of the total 31% of no-load mutual fund assets as at the end of 2011. See ‘Direct-to-client’ category in Figure 4. 31 See Part III under “1. The mutual fund manufacturers – i. Canadian banks/deposit takers”. Mutual fund assets of the Canadian bank no- load funds made up approximately 27% of the total 31% of no-load mutual fund assets as at the end of 2011. See ‘Retail no-load’ category in Figure 4. 32 Such online discount offerings typically use the D or E series designation and are currently available on select mutual funds offered by a few of the Canadian banks through their online/discount brokerage or e-banking platforms. Mutual fund assets of these series made up 0.3% of the total 31% of no-load mutual fund assets as at the end of 2011. See ‘Discount/E-banking category in Figure 4. 33 No-load assets data supplied by Investor Economics and obtained by them through various surveys. 34 Investor Economics, Investor Economics Insight Monthly Update (March 2012) at pages 11-12.
December 13, 2012 (2012) 35 OSCB 11242 Request for Comments management fee (described below under “b. Ongoing fund fees”) as well as an advisory fee35 that they pay directly to the mutual fund manufacturer.
Overall fund ownership costs for these series are much lower than for the retail mutual fund, largely due to the economies of scale that their sizeable minimum investments provide, as well as the greater bargaining power that their more sophisticated investors and larger investments often command.
As at the end of 2011, high net worth/institutional mutual fund assets accounted for approximately 19% of the Canadian mutual fund industry’s asset base.36
Figure 4 shows the respective share of Canadian mutual fund assets under management by purchase option as at December 2011.
Figure 4: Mutual fund assets by purchase option at December 2011
Mutual Fund Assets by Purchase Option at December 2011 ($millions, %total)
Fee-based, 19,684 3%
Low Load Institutional/HNW**, 38,964 143,323 5% 19%
Retail No Load, No Load 208,161 244,391 27% Front-end Load, 31% 173,040 23%
Back-end Load 143,831 19% Direct to Client 33,867 4% Discount/E-banking, 2,363 0.3%
Source: Investor Economics (various surveys) Load assets estimated from survey data collected from 19 fund companies representing 76% of industry assets **This category is reported as a residual to remove double-counting of the assets used in fund-of-fund products. Due to data constraints, assets held by high net worth investors cannot be broken out from assets held by true institutional investors. b. Ongoing fund fees
In Canada, mutual funds pay ongoing fees and expenses that are intended to cover the costs of their operation and distribution. These ongoing costs are paid from fund assets and as a consequence reduce investors’ net returns. When mutual funds disclose their fund performance, the performance information is net of these ongoing fees and expenses.
A mutual fund’s management expense ratio or MER tells investors the costs of operating and distributing a mutual fund. The MER is the total of a mutual fund’s annual operating costs (except brokerage commission paid by the fund for buying and selling securities the fund owns),37 expressed as a percentage of the fund’s average assets for that year.
35 This is a distinct fee for investment advisory services. Accordingly, trailing commissions (discussed below under “b. Ongoing fund fees”), are not paid to advisors under this option. 36 High net worth/institutional assets data supplied by Investor Economics and adjusted to remove double counting from fund-of-fund investments in stand-alone funds. 37 In order to determine the total operating costs of a mutual fund, the trading expense ratio (TER) must be added to the MER. The TER represents total commissions and other portfolio transaction costs expressed as a percentage of the fund’s average net assets for the year. Based on data from Investor Economics, the average TER for long-term mutual funds (Series A) was 0.14 as at December 2011. The TER
December 13, 2012 (2012) 35 OSCB 11243 Request for Comments
In Canada, the MER is made up of two major components:
i. management fees, and
ii. operating expenses.
Taxes, such as the Goods and Services Tax (GST) and the Harmonized Sales Tax (HST), apply to those components and consequently factor into the overall MER.
Figure 5 shows the two components of the MER and the extent to which each of them typically factors into the MER. It also shows the effect that taxes on those components have on the MER.
Figure 5: The components of the Management Expense Ratio
The Components of the Management Expense Ratio (MER)
Net Management Fee Taxes 0.96 0.24 40% Management Fee 10% Operating 1.92 Expenses 80% 0.24 Trailer Fee 10% 0.96 40%
*Reflects cost components of typical mutual fund with embedded trailer fees. Overall cost shown of 2.4% reflect asset-weightedaverage MER of load paying equity funds at December 2011 (Source: Investor Economics Insight Report - Jan 2012) i. Management fees
In Canada, mutual fund manufacturers charge a management fee to each of their funds, typically to cover the following services or costs:
• administration of fund operations;
• portfolio advisory services;
• marketing and promotion;
• financing costs of commissions paid to advisors for mutual fund securities sold on a DSC/low-load sales charge basis;
• trailing commissions (discussed further below under “Trailing commissions”) paid to advisors.
and MER of a mutual fund are disclosed in the annual and interim management reports of fund performance required under National Instrument 81-106 Investment Fund Continuous Disclosure and in the mutual fund’s Fund Facts disclosure document required under National Instrument 81-101 Mutual Fund Prospectus Disclosure.
December 13, 2012 (2012) 35 OSCB 11244 Request for Comments
Management fees are charged and calculated as a percentage of the net assets of a mutual fund. They are subject to the GST and HST in certain jurisdictions of Canada.38
The typical management fee rate varies depending on:
i. the type of mutual fund (i.e. money market, fixed income, balanced, equity)
ii. the portfolio management strategy utilized for the fund (i.e. passive vs. active management) 39 and
iii. the fund’s distribution costs (i.e. the trailing commission payable to the advisors who distribute the fund).
For example, for an actively managed mutual fund distributed through a commission-based advisor (as opposed to fee-based), the median management fee rate may range from 1.00% a year for a money market fund to 2.00% a year for an equity fund.40 Figure 6 sets out the typical management fee charged per type of mutual fund.
Figure 6: Typical management fee per mutual fund type
Typical Management Fee (with Embedded Trailers) Type Median Asset-Weighted Average Money Market 1.00 0.89 Fixed Income 1.50 1.38 Balanced 1.95 1.82 Equity 2.00 1.91
Source: Morningstar Direct at August 14, 2012
In addition to the management fee, some mutual funds may pay incentive or performance fees.41
– Trailing commissions
A significant portion of the management fees earned by most Canadian mutual fund manufacturers on the mutual funds they manage is used to pay an ongoing commission to dealer firms. This payment was originally intended to compensate dealer firms for the ongoing services their advisors provide to investors after the mutual fund purchase, including investment advice. This is generally referred to as the “trailer fee” or “trailing commission”.
The impact of this is that trailing commissions in Canada are generally embedded in the management fee charged by the mutual fund manufacturer rather than a separate fee charged to the mutual fund.42
As illustrated in Figure 5 above, trailing commissions make up about half of the management fees charged to a mutual fund. For example, out of a management fee of 2.00%, half of that amount or 1.00% of average net assets of the mutual fund is generally allocated by the mutual fund manufacturer to the payment of trailing commissions to dealer firms and their advisors.43 Mutual
38 Most mutual funds are sold nationally, however the GST/HST rate that applies is based on the residency of the investor. To deal with this issue, the majority of mutual fund manufacturers have opted to use a “blended rate” approach (one overall ‘residency weighted’ tax rate applied to all fund assets) to applying these taxes to the fund, although a small minority of mutual fund manufacturers have chosen to offer a separate series for non-harmonized and harmonized provinces. 39 Passively managed funds, such as index funds (i.e. mutual funds that aim to track the performance of a market index by mirroring the components of that index in their portfolio) are typically less costly to manage because they involve less research and less trading. They consequently tend to have lower management fees than actively managed funds who strive to outperform specific benchmarks. 40 Source: Morningstar Direct at August 14, 2012. Funds with minimum investments above $10,000 have been excluded from the sample. 41 These fees, where applicable, are paid as an incentive to the mutual fund manufacturer, the amount of which depends on the performance of the mutual fund, relative to a benchmark or index. A mutual fund manufacturer may charge an incentive fee to a mutual fund provided that fee is calculated in accordance with the requirements of Part 7 of National Instrument 81-102 Mutual Funds and the method of calculation of the incentive fee and details of the composition of the benchmark or index are described in the prospectus of the mutual fund. 42 This is different than in the U.S. where trailing commissions, known there as “12b-1 fees”, are charged as a separate fee to the mutual fund, and are therefore a distinct component of the MER. 43 In Investor Economics Insight Monthly Update (March 2012), Investor Economics states at p. 14 that “[t]oday advisor compensation typically represents more than one-half of the management fees collected by load funds.” See also article by Rob Carrick, Shedding light on a hidden mutual fund fee, Globe and Mail (June 29, 2012) at http://m.theglobeandmail.com/globe-investor/personal-finance/shedding-light-on-a-hidden-mutual-fund-fee/article4382237/?service=mobile.
December 13, 2012 (2012) 35 OSCB 11245 Request for Comments fund manufacturers must disclose to the public the portion of earned management fees that was allocated to the payment of trailing commissions.44
Trailing commissions are usually paid by mutual fund manufacturers to dealer firms quarterly for as long as their clients hold investments in the manufacturers’ mutual funds. Each dealer firm then pays out a portion of those trailing commissions to its advisors according to the firm’s own compensation grid. Generally, under this compensation grid, the more commission or fee revenue the advisor generates for the firm, the greater the portion of that revenue the advisor gets to keep.45
The amount of the trailing commission payment is determined by applying the specified trailing commission rate to the value of a fund investment held by the advisor’s clients at the calculation date. The mutual fund manufacturer sets the trailing commission rate applicable to each of its mutual funds and must disclose the rate in the mutual fund’s simplified prospectus and Fund Facts46 document in accordance with National Instrument 81-101 Mutual Fund Prospectus Disclosure.
The trailing commission rate typically varies depending on:
i. the type of mutual fund (i.e. money market, fixed income, balanced, equity) and
ii. the purchase option under which the fund investment is made.
For example, the trailing commission rate typically ranges from 0.25% a year for a money market fund, to as much as 1.50% a year for an equity fund sold under a front-end sales charge.47 The trailing commission rate on mutual funds sold under a front- end sales charge is generally double that paid to advisors for mutual funds sold under the DSC option.48
Even mutual funds sold on a no-load basis pay trailing commissions, which can be as high as 1.50% a year.49 ii. Operating expenses
In Canada, each mutual fund pays its own operating expenses, including:
• registrar and transfer agency fees
• safekeeping and custodial fees
• accounting, audit and legal fees
• fund valuation costs
• administration costs and trustee services relating to registered tax plans
• fees and expenses payable in connection with the independent review committee
44 A mutual fund investor may determine the portion of management fees that a mutual fund manufacturer allocates to the payment of trailing commissions by reviewing the mutual fund’s simplified prospectus and its management report of fund performance. A mutual fund must disclose in its simplified prospectus required under National Instrument 81-101 Mutual Fund Prospectus Disclosure the approximate percentage of management fees paid by mutual funds in the same family as the mutual fund that were used to fund commissions to advisors in the most recently completed financial year of the manager of the mutual fund. Similarly, in its management report of fund performance required under National Instrument 81-106 Investment Fund Continuous Disclosure, the mutual fund must provide a breakdown of the major services paid for out of the management fees, including trailing commissions and sales commissions, as a percentage of management fees. 45 See note 98 and related discussion in Part V under “2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels – ii. Advisor”. 46 The Fund Facts is a summary document that is designed to give investors key information about a mutual fund. We further discuss the Fund Facts, and its ongoing implementation under the CSA Point of Sale project, in Part VII under “1. Regulatory initiatives in Canada”. 47 Typically, equity funds sold on a front-end load and no-load basis carry trailing commissions of around 1%, fixed income funds carry trailing commissions of around 0.50%, and money market funds carry trailing commissions of 0.25%. In Investor Economics Insight Monthly Update (February 2010) at p.11, Investor Economics reports that in the case of Canadian equity, Canadian balanced and international equity funds, 70%-85% of the funds in those categories pay trailing commissions of 1%. For the Canadian long-term bond category, close to two-thirds of funds carry a trailer of 0.50%. An additional 30% of funds in the long-term bond category pay trailing commissions higher than the standard. 48 For example, while the trailing commission rate on an equity fund sold under the front-end sales charge option is typically around 1%, the trailing commission rate on that same fund sold under the DSC option will typically be around 0.50%. 49 The simplified prospectuses of mutual funds offered by some of the Canadian bank-owned mutual fund manufacturers disclose trailing commission rates as high as 1.50% payable on both mutual funds sold on a no-load basis through bank branches and mutual funds sold on a load basis through third party advisors (i.e. the Advisor series). One can encounter load paying funds offered for sale by non-bank owned mutual fund manufacturers with trailing commission rates as high as this as well.
December 13, 2012 (2012) 35 OSCB 11246 Request for Comments
• costs of preparing and distributing prospectuses, financial reporting, and other types of investor communications
• regulatory filing fees
• bank and interest charges
• taxes, such as GST/HST, applicable to the operating expenses of the fund.
Operating expense costs are usually allocated to a mutual fund as they are incurred, and can fluctuate from one year to the next. Over the last several years, some mutual fund manufacturers have capped operating expenses with a view to bringing stability and predictability to their mutual funds’ expenses and potentially reducing their MERs. They implemented the cap on operating expenses by charging a fixed rate “Administration Fee”, calculated as a percentage of net assets of the mutual fund, intended to cover most of the expenses of the mutual fund.50 The Administration Fee is paid to the mutual fund manufacturer in exchange for the manufacturer bearing the operating expenses of the mutual fund. Any operating expenses incurred by the mutual fund in any one year over and above the amount of the Administration Fee are absorbed by the mutual fund manufacturer.51 While the fixed rate Administration Fee can bring stability and predictability to the level of a mutual fund’s operating expenses, it can also effectively prevent mutual fund expenses from declining as a percentage of assets as the fund grows.
2. Evolution of fund fees in Canada52 a. Sales charges trends
Trending away from transaction-based sales commissions
In the early 1980s, advisors selling mutual fund securities were typically compensated by a front-end sales charge, then ranging between 8%-9% of the purchase amount, paid by the investor at the time of the purchase transaction. In the late 1980s, mutual fund manufacturers introduced the DSC option at about the same time they introduced trailing commissions. Both developments rapidly changed the dynamics of the fund industry and how the cost of distribution was funded. When a sale occurred under the DSC option, the mutual fund manufacturer, rather than the investor, paid the advisor a sales commission of generally 5% of the purchase amount at the time of the purchase, followed by an ongoing trailing commission of 0.5% per year based on the value of the investment for as long as the investor held the mutual fund. The mutual fund manufacturer funded the cost of both the sales and trailing commissions it paid on DSC sales from the management fees it earned on mutual fund assets. Consequently, the ongoing cost of trailing commissions was embedded in the management fee charged to a mutual fund.
The DSC option, together with the trailing commission, quickly became the popular alternative to the front-end sales charge option as it offered advisors a similar level of compensation, albeit paid in instalments. It also addressed investors’ growing aversion to the front-end sales charge which had the effect of reducing an investor’s initial investment in the mutual fund.
Mutual fund manufacturers eventually changed the commission structure of the front-end sales charge option. They decreased the front-end sales charge to a maximum of around 5% of the purchase amount, negotiable between the investor and the advisor, and added an ongoing trailing commission at double the rate paid on mutual funds sold under the DSC option.
Following the market crash of the late 1990s, the DSC option began to fall out of favour with investors, as mutual funds faced unsettled market conditions and a prolonged period of poor performance. The prospect of paying a sales charge to exit a mutual fund at that time became unpalatable to many investors, particularly as no-load funds became more widely available through the Canadian bank branches, thus presenting an attractive option for investors.
In response, the mutual fund industry began offering DSC funds with shortened redemption schedules (typically between two and four years), as a new ‘low-load’ sales charge option. This purchase option, first introduced by a mutual fund manufacturer in 1999, was quickly adopted by others in the first half of the 2000s. Under this purchase option, the advisor’s sales commission (paid by the mutual fund manufacturer at the time of the investor’s purchase) was reduced to between 2% and 3%. However, the accompanying trailing commission was typically set at the higher front-end load rate of around 1% per year.53
At the same time, the fund management arms of Canadian banks sought to expand their distribution network beyond their own branches and full-service dealers by permitting third party advisors to sell their mutual funds. To interest these third party
50 The Administration Fee often does not cover the fund’s independent review committee costs, taxes on fees and expenses paid by the fund, interest charges on borrowing, or certain governmental or regulatory costs. 51 Where the actual expenses incurred by the fund total less than the Administration Fee, the mutual fund manufacturer keeps the difference. 52 Information for our overview of the evolution of fund fees in Canada was largely sourced from the following Investor Economics Insight Monthly Updates: January 2003, January 2006, February 2010, September 2010 and March 2012. 53 See note 28. The trailing commission rate payable to advisors on mutual funds sold under the low-load sales charge option often varies from one mutual fund manufacturer to another.
December 13, 2012 (2012) 35 OSCB 11247 Request for Comments advisors in their funds, Canadian banks introduced their Advisor fund series, a load equivalent of their no-load fund series, that pays sales and trailing commissions to those who sell them.
Investors’ increasing avoidance of the cost of sales commissions, together with the Canadian banks’ inroads into the third-party distribution channel, put increasing competitive pressure on independent ‘load only’ mutual fund manufacturers and those selling their funds. This led many advisors to offer a ‘quasi no-load’ alternative to their clients in the form of a front-end sales charge option where the advisor agreed to waive the sales commission they would normally charge. This option continues to be offered today.54
Figure 7 shows the extent to which the use of the various purchase options has changed since 2006. It shows that, since 2006, the mutual fund industry has seen a steady decline in the use of the DSC option and an expansion in the use of both the low- load sales charge and high net worth/institutional purchase options. The front-end sales charge, retail no-load (i.e. bank no-load funds) and DSC purchase options continue to dominate the market however, and together, make up close to 70% of industry assets. Although growth rates in certain years may be high, the use of the fee-based series is still relatively low by market share. Use of the discount/e-banking purchase option is essentially unchanged since 2006, while the direct-to-client purchase option has declined slightly since that time.55
Figure 7: The evolution of purchase options in the mutual fund industry
The Evolution of Purchase Options in the Mutual Fund Industry 35%
30.3% 29.1% 30% 28.7% 28.3% 27.3% 25.4% 27.3% 25% 22.6% 21.7% 21.8% 21.8% 22.7% 20.1% 19.9% 20% 20.8% 20.1% 18.8% 16.4% 18.6% 18.8% 17.3% 15% 16.4% 14.0% 10%
5.0% 4.9% 4.6% 5.0% 5.1% 5% 2.5% 3.0% 3.2% 4.4% 2.6% 1.5% 0.3% 0.3% 0.3% 0.3% 0.3%
Percentage of Industry Assets Option in Purchaseheld Assets of Industry Percentage 0% 2006 2007 2008 2009 2010 2011 Back-end load Front-end load Low load Retail No Load Direct to Client Fee-based Discount/E-banking Institutional/HNW** Source: Investor Economics (various surveys) Load assets estimated from survey data collected from 19 number of fund companies represented 76% of industry assets **This category is reported as a residual to remove double-counting of the assets used in fund-of-fund products. Due to data constraints, assets held by high net worth investors cannot be broken out from assets held by true institutional investors.
54 See IFIC, Understanding Management Expense Ratios, (April 2011), at p.10 where IFIC states: “typically, 90% or more of the trades made [under the front-end load] purchase option each year incur no front end commission at all (the commission is waived by the advisor).”. Also see Investor Economics Insight Monthly Update (March 2012) at p.6 where Investor Economics reports, based on their interviews with a few fund manufacturers and survey data by themselves and by the Investment Funds Institute of Canada, that anything between two- thirds to three-quarters of front-end sales reportedly take place at 0% load. In the remaining cases when an investor is charged an upfront commission, the fee typically falls at 1% or less. 55 The discount/e-banking purchase option and direct-to-client purchase option are subsets of the broader no-load purchase option discussed above under “1. Current mutual fund fees – a. Sales charges – iv. No-load”. Also see Figure 4 for a breakdown of the no-load category in terms of assets under management.
December 13, 2012 (2012) 35 OSCB 11248 Request for Comments b. Ongoing fund fees trends i. MERs trending down
At the end of 2011, the asset-weighted average MER56 of all Canadian mutual funds was 1.93%.57
Figure 8 shows the asset-weighted MER trend since 1990 for long-term mutual funds58 (both no-load and load paying funds) and the market share for load paying funds over time.59 The graph also shows the asset-weighted MER trend for load paying and no-load series mutual funds individually.
Figure 8: Trends in MERs 1990-2011 – Long term funds only
Trends in Management Expense Ratios (MERs) 1990 - 2011 Long Term Funds Only 3.00
Load Paying Funds 2.50 2.33 2.28 2.20 2.16 2.15 2.12 2.09 2.04 2.06 1.99 All Long Term Funds 2.00 1.79 1.70 No Load Funds
1.50
1.00 73.8% 68.4% 65.7% 60.7% 55.8% Market Share (Load Paying) 0.50
0.00 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: Investor Economics Insight Reports - various years Long Term Funds: All mutual funds less Money Market funds, original series only
Figure 8 shows that overall MERs for long term mutual funds rose over the period from 1990 to 2001 but have been declining incrementally since 2001 due to a number of factors, which generally include:60
• tax changes (GST decline in 2006 and 2007, but application of HST in 2010 subsequently increased taxes on fund fees);
• changes in asset mix resulting in a lower weighting in higher MER equity funds and a higher weighting in lower MER fixed income funds (particularly after the financial crisis of 2007-2008);
• the popularity of no-load funds, which tend to have lower MERs than load mutual funds, and whose assets account for a substantial portion of mutual fund assets under management (see Figure 4);
56 An asset-weighted average MER is calculated by weighting each fund’s MER by its market share. 57 Investor Economics, Investor Economics Insight 2012 Annual Industry Review (January 2012) at p. 77. 58 Long-term mutual funds are all funds less money market funds. 59 Note that market share here refers to the share of the market for original series (i.e. not including fee-based, institutional or other newer series such as T or D series funds). Long term mutual funds are all funds less money market funds. 60 See Investor Economics, Investor Economics Insight Monthly Update (September 2011) for a discussion of factors triggering changes in the level of MERs.
December 13, 2012 (2012) 35 OSCB 11249 Request for Comments
• downward adjustments to management fee levels by some mutual fund manufacturers;
• the fixing of expenses on certain mutual funds through the introduction of the fixed rate Administration Fee.61
Load paying funds have seen a steeper decline in MERs since 2001 than have no-load funds.
Figure 9 shows the estimated mutual fund industry revenue generated from the application of MERs since 2007. In 2011, MERs generated an estimated $13.4 billion in revenue for mutual fund manufacturers. Over the last five years, MERs generated an estimated $12.2 billion in revenue for mutual fund manufacturers each year on average.62
The increase in revenue from MERs since 2009 is largely due to the rebound of the equity markets in 2009, which increased assets under management for the mutual fund industry.
Figure 9: Estimated Mutual Fund Industry Revenue from MERs and Trailing Commissions Paid 2007-2011
Estimated Industry Revenue from the application of Management Expense Ratios (MER) including trailing commissions ($billions) 2007-2011 Total Revenue $13.7 $13.4 from MERs $12.5
$4.3 $10.7 $10.8 Trailing $4.6 Commissions $4.4 Paid
$3.9 $3.6
$9.4 Total Revenue $8.2 $8.8 Net of Trailing $6.8 $7.2 Commissions
2007 2008 2009 2010 2011 Trailing Commissions Paid 31% 36% 34% 35% 34% as % of Total Revenue Sources: Total Revenue from MERs - Investor Economics Trailing Commissions Paid - OSC estimates using data from the Investment Funds Institute of Canada (IFIC), Investor Economics and Morningstar Direct ii. Trailing commissions generally remaining steady or increasing
Figure 9 above shows that, in 2011, mutual fund manufacturers paid an estimated $4.6 billion in trailing commissions to advisors and their firms, representing 34% of total revenue from MERs for that year.63 Over the last five years, trailing commissions paid by mutual fund manufacturers to advisors represented 34% of total revenue from MERs each year on average, thus remaining a relatively constant component of the MER throughout those years.
Figure 10 below shows that, since 2006, trailing commissions for stand-alone mutual funds64 have risen slightly. The trend appears to be towards higher average trailing commissions for both bank and non-bank mutual funds and across asset classes.
61 See discussion of the fixed rate Administration Fee above under “1. Current mutual fund fees – b. Ongoing fund fees – ii. Operating Expenses”. 62 According to estimates obtained from Investor Economics. 63 OSC estimates based on data from Investor Economics, IFIC and Morningstar Direct. 64 A stand-alone mutual fund is a mutual fund that invest in stocks, bonds and/or money market instruments.
December 13, 2012 (2012) 35 OSCB 11250 Request for Comments
For fund-of-fund products65, there has been a decrease in average trailing commissions; however they remain well above the amounts paid on stand-alone mutual funds. This suggests the payment of a premium to the advisor on the distribution of fund- of-fund products.
Figure 10: Trends in Asset-Weighted MERs and Trailing Commissions
Trends in Bank and Non-Bank Fund Asset Weighted MERs and Trailing Commissions 3.00 Stand - Alone Funds Only
2.46 2.50 2.41 2.43 2.34 2.23 2.25 2.13 2.05 2.00 2.01 Total Asset 2.00 Weighted 1.06 1.03 1.00 0.98 1.74 1.76 0.78 0.81 MER 1.67
1.49 1.48 1.19 1.50 1.08 1.00 1.04 1.38 Trailing 0.56 0.77 0.83 Commission Percent (%) Percent 0.59 0.53 0.62 1.00
1.45 1.40 1.38 1.36 1.43 1.44 MER net of 1.11 trailing 0.50 1.00 0.94 0.96 0.97 0.97 0.93 0.90 0.95 commission 0.76
0.00 2006 2011 2006 2011 2006 2011 2006 2011 2006 2011 2006 2011 2006 2011 2006 2011 Bank Non-Bank Bank Non-Bank Bank Non-Bank Bank Non-Bank Fund of Fund Equity Balanced Fixed Income
Fund Category - Fund Manufacturer Channel - Year Sources: (Stand Alone Funds) Investor Economics, MER and trailing commissions for front end load and no load paying series. (Fund of Funds) Fund documents - MER and trailing commissions for front end load and no load paying series - OSC calculations
The Canadian banks appear to be paying higher average trailing commissions relative to the non-bank mutual fund manufacturers, retaining less of the management fee and lowering or maintaining average MERs for their mutual funds in all categories with the exception of funds-of-funds where average MERs net of trailing commission have increased slightly.
The non-bank mutual fund manufacturers appear to be increasing average fund MERs in all stand-alone fund categories, increasing average trailing commissions and maintaining or increasing average MERs net of trailing commission. Average fund- of-fund MERs and trailing commissions have fallen, though both remain well above the amounts paid on similarly invested stand-alone funds.66 iii. Advisors increasingly relying on trailing commissions as source of revenue
The importance of trailing commissions as a source of revenue for advisors appears to have substantially increased over the years. As shown in Figure 11, in 1996, trailing commissions accounted for slightly more than one quarter of the advisor’s book of business. In 2011, their share is 64%.67
65 A fund-of-fund is a mutual fund that invests in other mutual funds. 66 The average asset-weighted MER of funds-of-funds and stand-alone funds categorized as equity funds offered by non-bank mutual fund manufacturers was 2.72% and 2.43% respectively at 2011. 67 Investor Economics, Investor Economics Insight Monthly Update (March 2012), at p. 9.
December 13, 2012 (2012) 35 OSCB 11251 Request for Comments
Figure 11: Share of advisor’s compensation coming from sales commissions and trailing commissions in 1996 and 2011
Trends in advisor compensation 1996 2011
Trailers 27% Trailers 64%
Commission Commission 36% 73%
Source: Investor Economics, Insight March 2012
This trend away from transaction-based sales commissions68 has resulted in advisors today being compensated largely through trailing commissions in connection with the distribution of mutual funds. An important outcome of this trend is that the majority of retail investors today are ‘seeing’ less and less of the cost of distribution.
V. CURRENT ISSUES ARISING FROM THE MUTUAL FUND FEE STRUCTURE IN CANADA
1. Investor understanding of fund costs and control of advisor compensation i. Investor understanding of fund costs
The gradual shift in the Canadian mutual fund market away from transaction-based sales commissions paid directly by investors to a greater reliance by advisors on trailing commissions and sales commissions funded from mutual fund management fees seems to have led many of today’s investors to mistakenly believe there is no cost to purchasing or owning a mutual fund. This is despite disclosure in the prospectus, and more recently in the summary disclosure document, Fund Facts, for mutual funds.
A study on performance reporting and cost disclosure prepared for the CSA (the CSA Study) shows that mutual fund investors tend not to review disclosure documents for cost information and instead primarily rely on advisors to tell them about costs.69 However, further research indicates that many advisors do not tell their clients about costs. In a study on advisor relationships and investor decision-making prepared for the Investor Education Fund70 (the IEF Study), only 64% of investors indicated that their advisor told them about costs before asking them to buy.71 In addition, only 45% of investors indicated their advisor told them how much compensation he or she would receive for the investments they made.
A study commissioned by the Investment Funds Institute of Canada similarly reports that only 54% of investors recalled that their advisor discussed his/her compensation when they last purchased a mutual fund.72 The same study found that only 64% of investors recalled that mutual fund fees such as front-end sales charges and DSCs were discussed.
68 See note 54. 69 The Brondesbury Group, Report: Performance Reporting and Cost Disclosure, prepared for: Canadian Securities Administrators (September 17, 2010) at p.17. That study found that only 1 out of 6 investors obtain cost information about a mutual fund by reading the prospectus. This level however rises to 1 out of 3 for the more sophisticated investors (with $500K+ under management). 70 The Investor Education Fund develops and promotes unbiased, independent financial information, programs and tools to help consumers make better financial and investing decisions. It was established as a non-profit organization by the Ontario Securities Commission (OSC) and is funded by settlements and fines from OSC enforcement proceedings. 71 The Brondesbury Group, Investor behaviour and beliefs: Advisor relationships and investor decision-making study, a report prepared for the Investor Education Fund, 2012, at p.16, available at: http://www.getsmarteraboutmoney.ca/en/research/Our-research/Documents/ 2012%20IEF%20Adviser%20relationships%20and%20investor%20decision-making%20study%20FINAL.pdf 72 POLLARA, Canadian Investors’ Perceptions of Mutual Funds and The Mutual Fund Industry – 2011, Report Prepared for the Investment Funds Institute of Canada.
December 13, 2012 (2012) 35 OSCB 11252 Request for Comments
Consequently, investors have limited understanding of the different kinds of mutual fund costs. The CSA Study found that the fees that investors understand the most appear to be those that are most visible, such as transaction-based commissions and account fees73, which were understood by two-thirds of investors who participated in the study. Only 4 out of 10 respondents indicated they understood DSCs, and only one-third of respondents indicated they were aware of trailing commissions.74
Research also shows that investors have little to no idea of how advisors can get paid. In the IEF Study, only one-third of investors were able to recognize several common compensation arrangements. Furthermore, out of the one-third of respondents who indicated they were aware of trailing commissions, about 4 out of 10 respondents agreed that the amounts of these commissions may vary depending on the type of mutual fund and the mutual fund manufacturer that offers the fund.75
To date, advisors have not been required to disclose all forms of compensation they receive from their clients’ mutual fund investments.76 Rather, the rules of the self-regulatory organizations (SROs) that govern the business conduct of advisors only require the advisor to inform the client of any sales or other charges that are to be deducted from the amount of a mutual fund trade prior to the acceptance of any order.77 Similarly, the confirmation of the trade need only disclose a commission where that commission is charged on, or deducted from, the amount of the trade.78
While this requires the advisor to tell mutual fund investors about applicable front-end sales charges on a purchase and DSCs on a redemption, it does not require the advisor to tell mutual fund investors about trailing commissions or sales commissions on DSC/low-load sales paid to them by the mutual fund manufacturer as neither of these are deducted from the amount of the mutual fund trade but rather are paid out of management fees earned on mutual fund assets. The limitations in these disclosures contribute to investors’ limited awareness and understanding of these mutual fund costs.
It also means that these costs do not figure significantly into investor decision-making. The IEF Study found that the cost of buying is a factor for just 2 out of 10 investors and is almost never a decisive factor. Management fees are treated similarly. Costs deter only 1 out of 6 investors from buying.79 This suggests that very few investors are aware of the impact costs have on net returns. This may mean that investors are not trying to choose lower-cost mutual funds, which could influence their returns. ii. Investor control of advisor compensation
The embedded nature of advisor compensation costs limits the ability of mutual fund investors to control or influence these costs. Under current mutual fund rules, a proposed increase in certain discrete fees and expenses charged to a mutual fund, such as a proposed increase in the management fee rate, must be put to a security holder vote.80 Since trailing commissions are generally embedded in management fees as opposed to charged as a discrete fee to the mutual fund, trailing commission rates can be increased without security holder approval.
At present, mutual fund manufacturers may fund increased trailing commissions to advisors by simply allocating a greater portion of the management fees they earn to the payment of these commissions. While overall fund costs do not increase in this scenario, investors have no say in the extent to which their mutual fund assets are used to pay for advisor compensation.
Currently, the only means a mutual fund investor has to express disapproval with an increase in a mutual fund’s trailing commission rate is to exit the mutual fund. However, a redemption could be detrimental to the investor if tax consequences and/or sales charges are triggered under the DSC or low-load option. Faced with these potential costs, an investor may opt to remain invested in the mutual fund.
The potential or perceived benefit of an increase in trailing commissions to the mutual fund manufacturer is the potential to attract increased sales, which in turn would increase assets under management resulting in greater management fees. The
73 These fees would show up on trade confirmations and/or account statements. 74 Supra note 69, at pages 15-16. 75 Supra note 71, at pages 25-27. 76 Regulatory reforms underway by the CSA under the Client Relationship Model (Phase 2) project discussed in Part VII of this paper propose to require advisors to disclose to a client all compensation they receive in connection with the client’s account. Please refer to Part VII for details of that initiative. 77 See section 2.4.4 of the Mutual Fund Dealers Association (MFDA) Rules. For those advisors who are however governed by the Investment Industry Regulatory Organization of Canada (IIROC), new IIROC Dealer Member Rule 3500.5(2)(g), to be in effect as of March 26, 2013, will require IIROC Dealer Members to provide investors with “a description of all charges the client may incur in making, disposing and holding investments by type of investment product.”. In IIROC Rules Notice 12-0108 issued March 26, 2012, IIROC advises that this relationship disclosure should include a discussion of transaction fees/charges a client may incur in the course of acquiring, selling or holding an investment product position, including amounts to be paid indirectly to the Dealer Member by the client. This would include a discussion of the management fees that are deducted from fund performance by the mutual fund manufacturer and the types of fees/charges, such as trailing commissions, that may be paid to the Dealer Member by the mutual fund manufacturer from these collected management fees. 78 See, for e.g., paragraphs 5.4.3(h) and (i) of the MFDA Rules and IIROC Dealer Member Rule 200.1(h). 79 Supra note 71, at p. 22. 80 Section 5.1 of National Instrument 81-102 Mutual Funds.
December 13, 2012 (2012) 35 OSCB 11253 Request for Comments potential or perceived benefit to investors of an increase in the trailing commission is less clear. While investors might reasonably expect a commensurate increase in services and advice from their advisor, or some other observable benefit, there is currently no evidence to substantiate that this is what occurs. This lack of a clear benefit to investors gives rise to the conflict of interest issues we discuss below.
2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels
The use of mutual fund assets to pay for trailing commissions may give rise to actual or perceived conflicts of interest at both the mutual fund manufacturer and advisor levels. i. Mutual fund manufacturer
The shift towards trailing commissions in Canada as the primary source of advisor compensation for mutual fund sales appears to have given rise to increased pressure on mutual fund manufacturers to attract distribution on the basis of the trailing commissions they pay.81 As a result, while overall MERs have incrementally trended down over the last several years, the cost of distribution has remained steady or increased during this time.82 This means that mutual fund manufacturers seem to be using a greater proportion of the management fees they earn to pay for trailing commissions.
Using fund assets to pay for trailing commissions could encourage additional sales of the fund. This could increase the fund’s assets under management, which would increase the management fees payable. This creates an actual or a perceived conflict of interest between the mutual fund manufacturer and the fund’s investors.83 This practice could put the mutual fund manufacturer at odds with its statutory duty to act in the best interest of the mutual fund84 to the extent the mutual fund manufacturer, rather than the fund and its investors, is the primary beneficiary of the fund’s asset growth. The mutual fund manufacturer must be able to demonstrate that it is acting in the best interests of the mutual fund and its investors, and not itself, when engaging in this practice.85
81 See G. Stromberg, Regulatory Strategies for the Mid-‘90s, Recommendations For Regulating Investment Funds in Canada, January 1995, at p. 16, where Stromberg states: “The comment has been consistently made that virtually all aspects of the investment fund industry are being driven today by distribution and the competition for distribution. This is not an overstatement. Independent investment fund organizations that do not have their own sales force must secure distribution channels in order to build the critical mass of assets under administration that is required to make their operations viable and profitable. This has resulted in intense competition by independent investment fund organizations for “shelf space” with distributors and in the costs of securing this distribution continually increasing.”; See also Investor Economics Insight Monthly Update (March 2012) at page 13 where Investor Economics states: “Not only are trailers a relatively unaffected ingredient of the advisor fund compensation formula, some companies are recognizing their growing importance and strategically pushing the envelope on the trailer levels.”. Also see their discussion of “Compelling Compensation” on pages 13 and 14. In addition to this commentary, we have seen examples where advertisements by mutual fund manufacturers targeting advisors present no quantitative information about a mutual fund product other than the trailing commission payable to the advisor – see Investment Executive (July 2012) at p. B2 and Investment Executive (November 2012) at p.32 for examples. 82 See the data we present in Part IV of this paper under “2. Evolution of fund fees in Canada – b. Ongoing fund fees trends”. Also see Investor Economics Insight Monthly Update (March 2012) at p. 14, Investor Economics Insight Monthly Update (February 2010) at p. 9, and Investor Economics Insight Monthly Update (September 2011) at p. 5. At p.16 of the September 2011 Update, Investor Economics states: “The final frontier for upcoming changes in MERs in the future lies in the cost of distribution. While MER levels have trended down, changes in the past several years can be characterized as incremental rather than sweeping. The embedded cost of distribution remains a key obstacle to a significant reduction in the MER levels.” 83 G. Stromberg, supra note 81, at pages 16-17, comments on this conflict of interest as follows: “A result of this perspective is that independent investment fund organizations have increasingly become marketing companies, more focussed on gaining market share than on being investment management companies focussed on managing investment funds for the benefit of the investors in these funds. The major concern that arises from the focus on marketing considerations is whether marketing considerations are prevailing over investment management decisions and resulting in conflicts of interest between the fund manager and the fund investors.” 84 See s. 2.1 of National Instrument 81-107 Independent Review Committee for Investment Funds, which requires the manager of the investment fund to (a) act honestly and in good faith, and in the best interests of the investment fund, and (b) exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. The Securities Acts of most of the CSA jurisdictions also contain a similar provision. 85 A mutual fund manufacturer could demonstrate this, for example, by reducing the management fees and expenses it charges to a mutual fund as its assets grow, thus yielding a benefit to the fund and its investors. Interestingly however, U.S. studies on trailing commissions, known in the U.S. as “12b-1 fees”, have concluded that trailing commissions don’t yield the expected benefit for investors. When 12b-1 fees were originally adopted in the U.S., mutual funds were experiencing net redemptions. The belief was that if fund flows could be attracted through the use of 12b-1 fees, existing investors would benefit through lower expense ratios as assets under management increased. Subsequent U.S. experience has shown this not to be the case with 12b-1 fees increasing expense ratios on a one-for-one basis even as assets under management increase. See S. Collins, The Effect of 12b-1 Plans on Mutual Fund Investors, Revisited (March 2004) ICI working paper, and L. Walsh, The Costs and Benefits to Fund Shareholders of 12b-1 Plans: An Examination of Fund Flows, Expenses and Returns (June 2004) SEC discussion paper available at: http://www.sec.gov/rules/proposed/s70904/lwalsh042604.pdf.
December 13, 2012 (2012) 35 OSCB 11254 Request for Comments
The perceived practice of mutual fund manufacturers competing for distribution on the basis of trailing commissions also raises a perception that mutual fund manufacturers may consider the advisor, rather than the investor, to be their customer, which could lead them to favour the needs of the advisor over the interests of the investors in their mutual funds.86
Examples of potential conflicts:
1. mutual fund pricing model
As mentioned in Part IV, management fees, and the trailing commissions paid from those fees, vary based on the type of mutual fund. They are generally highest on equity funds and balanced funds, lower on fixed income funds, and lowest on money market funds. This gives rise to the perception that the pricing model favours the manufacturing and distribution of higher cost mutual funds, in order to maximize the mutual fund manufacturer’s profitability.
Figure 12 below illustrates the potential conflict of interest that the current mutual fund fee pricing model raises for the mutual fund manufacturer. The graph suggests a number of pricing strategies that may align the interests of the advisor with those of the mutual fund manufacturer.87 Explanations for the graph are provided below.
86 G. Stromberg, supra note 81, at pages 17-18, discusses this concern as follows: “Another result that has flowed from the need to secure distribution channels is that independent investment fund organizations no longer appear to regard the investors in their sponsored investment funds as being their “customers” in terms of such investors being the persons whose needs, expectations and interests that their operations are intended to serve. Instead, these organizations regard the distributors – i.e. mutual fund dealers, mutual fund specialists, financial planners, investment dealers and, in some cases, the individual sales representatives that are employed by these firms – as being their “customers” and their immediate focus is on satisfying the needs of these people instead of the needs of the investors in their sponsored investment funds.” We note that the U.K.’s Financial Services Authority (FSA) also made similar observations in the work leading up to its Retail Distribution Review reforms discussed in Part VI of this paper. In a speech entitled “Is the present business model bust?” (http://www.fsa.gov.uk/library/communication/speeches/2006/0916_cm.shtml) given on September 16, 2006, the Chairman of the FSA stated the following: “And one of the key questions that must be addressed is this: who is the real customer of the provider – is it the policyholder who invests their money in the hope of seeing a decent return? Or is it the distributor, who in the main, secures access to the end-consumer for the provider? If, as many commentators would have it, it is indeed the distributor who is the actual customer of the provider, this raises all manner of difficulties which further perpetuate the shortcomings of the current model – particularly with regard to treating the real customer fairly. I understand well that many are frustrated by what they describe as the “commission stranglehold” that the advisory community enjoys, but so long as providers continue to compete over the attractiveness of their commission proposition, the fundamental flaws in the present business model will remain.” 87 For purposes of Figure 12, we used management fee and trailer fee data for over 4500 front-end load and no-load sales charge fund series from Morningstar.
December 13, 2012 (2012) 35 OSCB 11255 Request for Comments
Figure 12: Who Gets What? Dividing the Management Fee Pie
Who Gets What? Dividing the Management Fee Pie Series Categorization by Fund Type, Trailer Fee and Net Management Fee
Higher Trailer Fee, Lower Net Management Fee 5% Higher Trailer Fee, Distribution takes a larger share Higher Net Management Fee 2%
51% 27% 1% or more
26%35% 46% 38%
Trailer Fee Lower Trailer Fee, Lower Trailer Fee, Lower Net Management Fee Higher Net Management Fee 72%Fund Management takes a larger share 20%
15% 6% Less than 1% 21%19% 7% 8% % of type total
Less than 1% 1% or more Management Fee Net of Trailer Fee
Source: Morningstar PALTrak at June 30, 2012 Balanced Equity Fixed Income All
In the graph above, fund series are sorted along two dimensions - by the rate of the trailer fee and by the rate of the management fee net of trailer fees. Typically, trailer fees and net management fees go up and down together – funds that pay higher(lower) trailer fees, pay higher(lower) net management fees. For most asset classes, where mutual fund manufacturers have tended to deviate they have chosen to pay a higher trailer fee and forgo their net management fees.
In the graph, all mutual funds are categorized along two dimensions – the fund’s management fee net of trailer fee88 and the fund’s trailer fee. Mutual funds are then grouped into one of four quadrants.
The first group in the upper left quadrant is made up of mutual funds with trailer fees that are greater than or equal to 1% and net management fees that are less than 1%. Payments made to advisors and their firms make up the majority of the overall management fee paid.
The second group, located in the lower right quadrant, is made up of mutual funds with trailer fees that are less than 1% and net management fees greater than or equal to 1%. The majority of the overall management fee paid is retained by the mutual fund manufacturer.
The third group, in the upper right quadrant, is made up of mutual funds with both trailer fees and net management fees greater than or equal to 1%. These funds have relatively higher overall management fees – total management fees are greater than or equal to 2%.
The fourth group of funds, located in the lower left quadrant, is made up of mutual funds with both trailer fees and net management fees that are less than 1%. These funds have relatively lower overall management fees - total management fees are less than 2%89.
88 The management fee net of trailer fee is computed by subtracting the series trailer fee from the series total management fee. We acknowledge that this may not represent the actual amount the mutual fund manufacturer has retained from the fund’s management fee or equivalently, what has been charged by the mutual fund manufacturer to the fund for distribution costs (see note 44). Rather, it represents the cash flow of what has been charged in total management fees to the fund versus what has been allocated back (from the total pool of management fees collected from all funds managed by the manufacturer) to the payment of trailing commissions to advisors.
December 13, 2012 (2012) 35 OSCB 11256 Request for Comments
In addition to showing the percentage of all mutual funds in each quadrant, Figure 12 illustrates the percentage of each fund type – equity, balanced, fixed income – in each quadrant. It shows that the majority of fixed income funds, 72%, are in the lower trailer fee/lower net management fee group but only 21% of equity funds and 15% of balanced funds are in this group. Similarly, only 2% of fixed income funds reside in the higher trailer fee/higher net management fee group versus 27% for balanced funds and 46% for equity funds.
For 57% of the funds in the total sample, compensation to distribution appears aligned with the mutual fund manufacturer’s compensation – lower fund manufacturer compensation is associated with lower compensation for distribution and higher fund manufacturer compensation is associated with higher compensation for distribution90.
In the scenarios where the net management fee and trailer fee do not align – the lower right and upper left quadrants – overall, the industry practice seems to be to pay a higher trailer fee and undercut the net management fee. Only 8% of mutual funds in the sample are in the lower trailer fee/higher net management fee group versus 35% in the higher trailer fee/lower net management fee group. This industry pricing model seems to be most prevalent for balanced funds, the category which contains the bulk of fund-of-fund products in the industry, since 51% of balanced funds in the sample have a trailer fee that is greater than or equal to 1% and a net management fee that is less than 1%.91
This approach by mutual fund manufacturers of retaining less in net management fee in order to allocate a greater portion of the overall management fee to the payment of high trailing commissions on fund-of-fund products may be a significant contributing factor to the growth of those products.
Over the last several years, fund-of-fund products have grown in popularity, now accounting for approximately 47% of long-term mutual fund assets under management, up from 37% in 2006.92 Industry data shows that in four out of the last five years, the majority of new money flowing into the mutual fund industry through long-term mutual funds has come through fund-of-fund products.93
Funds-of-funds may hold substantial appeal for advisors since they are pre-packaged mutual fund investment portfolios which relieve the advisor from having to do the fund selection and asset allocation they may previously have been expected to do on their own for a client. In the case of a fund-of-funds, the advisor need only assess the suitability of the top fund rather than assess the suitability of every fund in the portfolio. Notwithstanding the efficiencies that funds-of-funds may provide for advisors, the trailing commissions payable on funds-of-funds are the same or higher than on stand-alone equity mutual funds.94
While the higher trailing commission payable on funds-of-funds appears to result in a lower net management fee to the mutual fund manufacturer, the manufacturer benefits from the fact that the funds-of-funds help to fuel the growth of its proprietary stand- alone funds, as these are generally the underlying investments held by the funds-of-funds.95 This increases the manufacturer’s overall assets under management which in turn increases total management fees payable to the manufacturer.
89 Note that mutual funds that equally split the trailer fee and net management fee will be grouped in third and fourth group, however not all of the funds in these groups equally split the overall management fee. 90 It’s interesting to note here that 73% of all passively managed funds in the sample are in the lower net management fee, lower trailer fee group, which highlights another potential barrier (and potential conflict) to a more widespread use of passively managed funds in the industry. 91 Note that the funds-of-funds in this group would seem to contradict the argument that fund-of-fund management fees are higher than the asset-weighted average costs of their underlying fund because of the added rebalancing and asset allocation management costs. 92 Investor Economics, Investor Economics Insight Monthly Update (April 2012), Exhibit 1. 93 Net sales into funds-of-funds and long-term stand-alone funds were as follows over the five years ending 2011:
N et Sales -excl. reinvested dist. ($billions) 2007 2008 2009 2010 2011 Long-term stand-alone funds 11.1 -17.0 12.1 10.6 6.5 Fund-of-funds 20.4 3.2 9.6 18.6 19.5 Total Net Sales 33.4 -11.8 23.7 31.2 28.1
Source: Investor Economics, net sales have been adjusted to remove double-counting
94 See Figure 10 in Part IV. 95 The industry trend for funds-of-funds has been towards the use of related (proprietary) mutual funds as underlying funds and away from the use of mutual funds offered by other mutual fund manufacturers (third-party funds). At the end of 2011, assets under management (AUM) for funds-of-funds that invest in proprietary mutual funds totalled $150.2 billion, while AUM for funds-of-funds that invest in third party mutual funds totalled $17.5 billion. The AUM of funds-of-funds that invest in proprietary mutual funds grew an average of 10.5% per year between 2007 and 2011, compared to the AUM of funds-of-funds that invest in third-party funds which declined by 0.1% per year. (Source: Investor Economics). Because of the popularity of fund-of-fund products generally and the preference towards the use of proprietary funds as the underlying investments, we now see many cases where investments by related mutual funds account for as much as 70% to 90% of the total assets of a mutual fund.
December 13, 2012 (2012) 35 OSCB 11257 Request for Comments
2. automatic conversion arrangements
These are arrangements under which mutual fund manufacturers facilitate the automatic conversion of DSC mutual fund securities to front-end load securities of the same fund. Under these arrangements, the 10% free DSC securities that an investor in a mutual fund is entitled to redeem without penalty each year are automatically converted into securities of the same fund carrying a 0% front-end sales charge. These arrangements may further provide for the automatic conversion of matured securities at the end of the DSC redemption schedule (when the DSC has fallen to zero) into securities of the same fund carrying a 0% front-end sales charge.96 Since trailing commissions on mutual funds sold under a front-end sales charge are generally twice as high as trailing commissions on mutual funds sold under a DSC,97 the conversion yields a 100% increase in trailing commission compensation for the advisor without any consent from or disclosure to the client at the time of the conversion.
We understand that these conversion arrangements are intended to provide a disincentive for advisors to churn their clients’ free/matured DSC investments into new mutual fund investments in order to generate new sales commissions. While arrangements intended to mitigate the potential for churning by advisors are beneficial for investors, at the same time they can create an actual or perceived conflict of interest between the mutual fund manufacturer and investors. This is because these arrangements, which create a perceived incentive for the advisor to keep the client invested in the mutual fund for the longer term, in turn satisfy the mutual fund manufacturer’s perceived need to preserve assets under management. While longer term mutual fund investments yield economic benefits for the mutual fund manufacturer and the advisor, they may not yield the same benefits for the investor.
These conversion arrangements therefore appear to display an alignment of interests between the mutual fund manufacturer and the advisor that could be detrimental to mutual fund investors. ii. Advisor
Sales commissions and trailing commissions embedded in mutual fund management fees may:
• incent or be perceived to incent advisors to sell a particular mutual fund to investors over another comparable mutual fund or comparable financial product with lower compensation to the advisor,
• cause the advisor to promote a particular purchase option with investors, or
• incent the advisor to keep them invested in a particular mutual fund.
Generally, the higher is the compensation, the greater is the perceived incentive.
This perceived incentive for advisors to recommend the sale of mutual funds that pay higher sales commissions and trailing commissions may be made even greater by the ‘compensation grid’, the mechanism that dealer firms use to determine the pay of an advisor.98 Under this grid, the more commission or fee revenue the advisor generates for the firm, the greater the portion of that revenue the advisor gets to keep. Some dealer firms impose a minimum amount the individual advisor is expected to generate.
These compensation incentives can potentially result in a misalignment of the advisor’s interests with those of investors.99 For example, because trailing commissions on equity mutual funds and balanced/asset allocation funds (as discussed above) are
96 The MFDA addresses this practice in member regulation notice MR-0041 (June 8, 2005). Under that notice, in order for automatic conversion programs to comply with MFDA rules, members must ensure that appropriate disclosure is provided and the consent of the client is obtained prior to engaging in an automatic conversion program. The disclosure/consent form should include the following: • a signature line to evidence client consent to the conversion; • disclosure of any increased remuneration, including trailer fees; • disclosure of any tax implications; and • reference to the applicable fund prospectus. However, according to the notice, the above disclosure/consent requirement need not be complied with if the mutual fund has included the above information in the fund prospectus. 97 See note 48. 98 See the following articles which describe the compensation grid: Investor Education Fund, How your adviser is paid, Globe and Mail (March 31, 2009), available at: http://www.theglobeandmail.com/globe-investor/investor-education/investor-education-fund/getting-financial-advice/ how-your-adviser-is-paid/article4203756/; and Barrie McKenna, The flaws in Canada’s financial adviser system, Globe and Mail (February 17, 2012), available at: http://www.theglobeandmail.com/globe-investor/the-flaws-in-canadas-financial-adviser-system/article4171749/?page=all. 99 See article by Rob Carrick, Rogue sales reps or Standard thinking?; E-mail to investment advisers, disavowed by insurance company, lists seven ways to make more money from clients, Globe and Mail (July 5, 2012) available at http://www.theglobeandmail.com/globe-
December 13, 2012 (2012) 35 OSCB 11258 Request for Comments typically higher than trailing commissions on fixed income and money market mutual funds, advisors may be incentivized to favour such mutual funds in portfolio allocations. Similarly, since trailing commissions on mutual funds sold under a front-end sales charge are generally twice as high as trailing commissions on mutual funds sold under a DSC, an advisor may be induced to favour the front-end sales charge option over other available purchase options.
On the other hand, advisors who are new to the business and who don’t yet have a large trailer fee-paying fund book of business may be more incented to favour mutual funds sold under a DSC, despite their lower trailing commissions, in order to receive the 5% sales commission payable by the mutual fund manufacturer at the time of sale.
Similarly, the automatic DSC conversion arrangements facilitated by certain mutual fund manufacturers (see related discussion above) which yield a 100% increase in trailing commission compensation for advisors on free or matured DSC securities, may incent advisors to recommend to investors that they remain invested in a mutual fund over a longer term. All of these perceived compensation incentives carry the potential to influence the quality of an advisor’s investment advice to the investor.
The advisor’s standard of conduct under the securities legislation may not sufficiently mitigate these perceived compensation incentives.100 Under current securities legislation, the prevalent standard in the common law jurisdictions101 is that advisors must deal fairly, honestly and in good faith with clients.102 The CSA are not aware of any court or regulatory decision that has concluded that this duty creates, or is equivalent to, a statutory fiduciary duty requiring the advisor to put the client’s best interests ahead of his or her personal interests. Canadian courts in the common law jurisdictions, however, can find that an advisor owes a fiduciary duty to his or her client depending on the nature of the advisory relationship.103
Complementing the fundamental duty of an advisor to deal fairly, honestly and in good faith is the duty of an advisor to make suitable investment recommendations for the client, along with the obligation to identify and respond to conflicts of interests.104 Based on current rules and related SRO guidance, whether or not a particular investment is suitable for a client must generally be determined having regard to the client’s investment needs and objectives, financial circumstances, risk tolerance, and time horizon.105 The sales commissions and ongoing costs associated with a mutual fund investment may not be a primary consideration in the advisor’s suitability process.
investor/personal-finance/mixed-message-rogue-sales-reps-or-standard-thinking/article4391164/?cmpid=rss1. The article describes an email that sales representative of a Canadian insurance company sent to advisors to suggest ways of generating maximum commission and fee revenue from the sale of mutual funds. Suggestions included selling mutual funds under the DSC option (as this yields an up-front commission to the advisor of up to 5%) or that offer trailing commissions of 1.25%. 100 The CSA recently identified key investor protection concerns with the advisor’s current standard of conduct in CSA Consultation Paper 33- 403: The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients (October 25, 2012), available on the websites of members of the CSA. Among concerns identified are: (i) that advisor compensation arrangements can create a conflict of interest between the interests of advisors and their clients (see Concern 1: Principled foundation), and (ii) that the advisor’s current suitability obligation may result in investors acquiring a “suitable” investment but at an inflated price, and this can have a significant impact on the value of a client’s investment portfolio over the long term (see Concern 4: Recommendation of suitable investments versus investments in the client’s best interests). We refer you to CSA Consultation Paper 33-403 for a full discussion of these and other identified investor protection concerns with the advisor’s current standard of conduct. 101 Excludes Québec which follows civil law. In Québec, according to both the Securities Act (Québec) and the general civil law under the Civil Code of Québec, advisors are subject to a duty of loyalty and a duty of care and must act in the client’s best interest. See sections 1309, 2138 and 2100, respectively, of the Civil Code and sections 160 and 160.1 of the Securities Act (Québec). 102 Rules governing the conduct of advisors in Canada are set out under the various Securities Acts and related rules enacted by each province and territory of Canada. The prevalent standard for advisors across the CSA jurisdictions is that advisors must deal honestly, fairly and in good faith with their clients. In Ontario, for example, that standard is set out in section 2.1 of OSC Rule 31-505 – Conditions of Registration. The securities legislation of several other Canadian provinces and territories sets out the same (or virtually the same) requirement for advisors. See also section 2.1.1 of the MFDA Rules. It is worth noting, however, that a statutory ‘best interest’ standard may apply to advisors in the context of certain advisory relationships under the legislation of four provinces. Specifically, Alberta, Manitoba, New Brunswick and Newfoundland and Labrador have a statutory requirement that when an advisor has discretionary authority over a client’s investments, the advisor must act in the client’s best interests. See subsection 75.2(2) of the Securities Act (Alberta), section 154.2 of the Securities Act (Manitoba), section 54 of the Securities Act (New Brunswick) and subsection 26.2(2) of the Securities Act (Newfoundland and Labrador). 103 Canadian courts note that advisors fall into a continuum in providing advice, with discount brokers at one end (who provide no advice but simply execute transactions on a client’s express instructions and who therefore are not subject to a common law fiduciary standard) and advisors with clients in discretionary accounts at the other end (who have complete discretionary trading authority and who therefore would be subject to a common law fiduciary duty). Whether a common law fiduciary duty applies to a relationship that falls somewhere in this continuum is a question of fact to be determined based on the nature of the client relationship in all the circumstances. See Kent v. May (2001), 298 A.R. 71 (Alta Q.B. at paragraphs 51-53). See also: 875121 Ontario Ltd. V. Nesbitt Burns Inc., [1999] O.J. No. 3825 (Sup.Ct.); Hunt v. TD Securities Inc. (2003), 66 O.R. (3d) 481 (Ont. C.A.); and Young Estate v. RBC Dominion Securities (2008), [2008] O.J. No. 5418 (Ont. S.C.J.). 104 National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) imposes suitability and conflict of interest requirements on advisors and their firms. See Part 13, Divisions 1 and 2 of NI 31-103. The rules of the SROs similarly impose suitability and conflict of interest requirements on their members. See MFDA Rules 2.1.4 and 2.2.1, IIROC Dealer Member Rule 1300.1, paragraphs (p) and (q), and IIROC Dealer Member Rule 42. 105 See NI 31-103, sections 13.2 and 13.3. See also MFDA Member Regulation Notice MR-0069 – Suitability Guidelines (April 14, 2008) and IIROC Notice 12-0109 – Know your client and suitability – Guidance, (March 26, 2012).
December 13, 2012 (2012) 35 OSCB 11259 Request for Comments
Similarly, conflict of interest requirements do not specifically identify compensation for advisors as being conflicts of interests that should be resolved in the best interests of the client. This would seem to allow the advisor to recommend investments in higher fee (and correspondingly, higher trailer fee) mutual funds over other less costly, comparable and equally suitable investment options, potentially to the detriment of the investor’s best interests.
While advisors may not be fiduciaries under securities legislation, most Canadian investors trust their advisor to provide recommendations that put the client first. The IEF Study reports that 7 out of 10 investors believe their advisor has a legal duty to put the client’s best interests ahead of his or her own. They rely on their advisor to select the best investment for them and most believe the advisor will recommend what is best for the client even at the expense of their own commission. In addition, half the respondents in this study (51%) had no view as to whether commissions could potentially create a conflict of interest. Among the half of investors with an opinion on conflict of interest, three-quarters believe that their advisor would look out for their best interest regardless of how the advisor was paid.106 With this belief, investors may not be prone to question their advisor’s investment recommendations and the compensation incentives that potentially influence them.
3. The potential for cross-subsidization of commission costs
As discussed, part of the management fees earned by a mutual fund manufacturer on the assets of a mutual fund are typically used to pay for some of the costs of financing the payment of sales commissions to advisors on sales of the mutual fund’s securities under the DSC or low-load sales charge option.107
The prevalent practice in Canada is that all investors in the mutual fund bear the financing costs equally, irrespective of the purchase option under which they made their mutual fund investment. This is because, with very few exceptions, mutual funds in Canada generally do not offer a different class or series, each bearing a different management fee, for each of the various purchase options available. As a result, investors who purchase mutual fund securities under the front-end sales charge option bear the same management fee (out of which the financing costs of the DSC and low-load sales commissions are paid) as those who purchase under the DSC and low-load sales charge options. This is known as “cross-subsidization”.108
Cross-subsidization by investors may also occur to a certain extent if different trailing commissions are paid on different purchase options. As discussed, the trailing commission on mutual fund securities sold under a front-end sales charge is typically double the trailing commission on mutual fund securities sold under a DSC. That higher trailing commission is similarly applied to any free or matured DSC securities that are converted to the front-end sales charge under the automatic DSC conversion arrangements discussed above.109 Since the different trailing commissions payable on the different purchase options are generally funded from the same management fee, investors in the mutual fund who purchased under the DSC option may be subsidizing the payment of the higher trailing commission payable under the front-end sales charge option.
This potential cross-subsidization by a mutual fund’s investors of the various costs associated with different purchase options may result in certain mutual fund investors unknowingly paying a higher management fee than would otherwise apply if investors were segregated in a separate class or series for each purchase option.
4. Alignment of advisor compensation and services
As discussed in Part IV, trailing commissions were originally intended to compensate the dealer firms for the ongoing services their advisors provide to investors after the mutual fund purchase.
Currently, however, there are no rules or guidance that articulate the purpose of trailing commissions or define the services that an advisor is expected to provide in exchange for a trailing commission.110
In the absence of relevant rules relating to trailing commissions, one could presume that the higher the trailing commission rate is, the greater the service an investor would expect to receive from the advisor.
106 Supra note 71, at pages 17 and 28. 107 In addition to commission costs, the DSC and low-load purchase options require complex record keeping systems to keep track of maturity dates and 10% free allotments. They also draw more on the call centre staff of the mutual fund manufacturer to address investor and advisor inquiries about schedule, date of maturity and estimated redemption costs, etc. 108 See article by Rudy Luukko, Most mutual funds with front-end loads sell investors short, The Toronto Star (March 21, 2002) at page D06, which discusses this cross-subsidization issue. 109 We discuss the automatic conversion arrangements in this Part under “2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels – i. Mutual fund manufacturer”. 110 While National Instrument 81-105 Mutual Fund Sales Practices imposes conditions around the calculation of the amount of the trailing commission (see section 3.2), it does not define what is a trailing commission, nor does it mandate the provision of any services by the advisor in exchange for the payment of such commission.
December 13, 2012 (2012) 35 OSCB 11260 Request for Comments
Based on industry practice, trailing commission rates typically vary based on the following factors:
• the type of mutual fund (i.e. they are higher on equity funds and balanced funds and lower on fixed income funds and money market funds) and
• the purchase option under which the fund investment is made (i.e. they are higher on mutual fund investments made on a front-end load basis and lower on mutual fund investments made on a DSC basis).
In addition to those factors, we have observed trailing commission rates that:
• increase in steps with each year the investor continues to hold the investment, reaching a specified maximum after a certain number of years;
• double at the expiration of a DSC redemption schedule under automatic conversion arrangements;111and
• vary depending on the dealer firm distributing the mutual fund.112
Furthermore, under a dealer firm’s compensation grid, the amount of the trailing commission paid out to an advisor may vary based on:
• the fee revenue the advisor generates for the firm;113
• the tenure of the advisor with the dealer firm;114
• whether the mutual funds sold are proprietary or third party mutual funds.115
Considering all these factors, there is not a clear correlation between the rate or amount of the trailing commissions payable and the level of services the advisor may provide to investors in exchange for those commissions.
Investor research shows that the level of service expected by investors is independent of the products they choose or the manner in which they purchase them. Service expectations instead tend to vary by age, life event (divorce, death of a spouse, etc.) and by the amount invested.116 Asset mix and financial planning are the services that investors most frequently seek, followed closely by recommendations for specific stocks or funds to buy.
Investor research further shows a variance in the extent to which investors rely on the recommendations or advice they receive. Some investors are comfortable giving their advisors certain discretion in the investment decision-making process, while others prefer to remain more hands-on.117
111 See our discussion of automatic conversion arrangements in this Part under “2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels – i. Mutual fund manufacturer”. 112 This occurs where a mutual fund manufacturer establishes specific series of mutual fund securities with a view to distributing each individual series through a specific full-service dealer firm. The different management fees applicable to each series reflect the different trailing commissions that each of the dealer firms command for distributing securities of the mutual fund. 113 Typically, the greater the fee revenue the advisor generates for the firm, the greater the portion of that revenue the advisor gets to keep. 114 This may be a factor where the mutual fund manufacturer has a captive sales force. For example, in the case of one such manufacturer, the manufacturer pays a base trailing commission to all advisors, plus an additional trailing commission to those advisors who have been with the business for less than 3 years. Disclosure in the prospectus of this manufacturer’s mutual funds states that this bonus amount is intended to help the advisor establish their practice. 115 Advisors may receive greater trailing commissions for the sale of proprietary mutual funds (i.e. mutual funds offered by a mutual fund manufacturer that is related to the dealer firm) than for the sale of third party mutual funds. 116 See The Brondesbury Group, supra note 71. This research shows that there are differences in service expectations by age. Advice on types of investments to buy is one of the top two services for all age groups. Building a financial plan is one of the top two up through age 59, but Regular reports on progress is the second choice for 60+. For those with less than $50k invested, the most critical need is Help in figuring out financial needs for the long term. As the amount increases to the $50-99k range, the top service shifts to Building a financial plan. After that, Advice on types of investments to buy (not specific stocks or funds) is the leading choice of service expected. See also POLLARA, supra note 72. This research similarly finds that the use of advisors for services other than simply purchasing mutual funds increases with income and the total amount each individual has invested. According to this research, 54% of people with total investments under $25,000 use their advisors for other purposes, compared to 70% of investors with total values of $75,000 or more. This research further finds that two-thirds (66%) of mutual fund investors say that they receive other services such as investment advice, budgeting, or planning for future expenses. One-third of investors (33%) do not. 117 See POLLARA, supra note 72. That research finds that 51% of mutual fund investors discuss options and make a decision with their advisor while another 40% make the final decision themselves based on information from their advisor. Similarly, The Brondesbury Group study referenced in note 71 finds that about one-quarter of investors prefer an advisor to decide what to buy on their behalf, and then buy it either with or without explicit permission for that single decision. For those people who want to talk about what to do, the advisor typically
December 13, 2012 (2012) 35 OSCB 11261 Request for Comments
The current mutual fund embedded trailing commission structure, which offers a “one size fits all” approach, seems potentially misaligned with the current practice of providing services tailored to an investor’s personal circumstances, expectations and preferences. It also does not recognize the different range of services that may be provided by the various types of advisors and their dealer firms. The trailing commission that applies to a mutual fund investment is payable regardless of whether the advisor performs basic suitability requirements only or provides a broader range of investment services.
Absent a clear relationship between the level of trailing commission compensation paid to the advisor and the level of services received by an investor in exchange, the payment of trailing commissions may be perceived to be tied to the sale of the mutual fund as opposed to the provision of ongoing services. In that instance, the trailing commission may be seen to function more like a sales commission that is paid to advisors over time.
This perceived disconnect between the compensation received by advisors and the services provided to investors is further evidenced by the fact that do-it-yourself investors who consciously decide to forego investment advice from advisors by opting to purchase mutual funds through a discount broker are, with few exceptions, paying the same trailing commission (through the management fee of the mutual fund) as that paid by investors purchasing the mutual funds through full-service advisors. This issue is further discussed below.
5. Low-cost options for do-it-yourself (DIY) investors
In Canada, DIY investors wishing to purchase mutual fund securities without having to pay for the services of an advisor have few options available. Current options are: i. Directly-sold mutual funds
Investors may look for direct sellers who make their mutual funds available for sale on a no-load basis directly to the investor.118 There are currently only a handful of direct sellers in Canada, and the number has been decreasing over the last several years as some have been acquired by larger fund manufacturers whose distribution remains primarily focused on full-service advisor distribution channels. Direct sellers generally pay no or reduced trailing commissions, resulting in below-average MERs. As of December 2011, the average asset-weighted MER of mutual funds offered by direct sellers was 1.00%119, while the industry average asset-weighted MER was 1.93%.120 The mutual funds offered by direct sellers typically have a substantial initial investment requirement (at least $5,000 and up) which may potentially impede access to those funds for certain investors. These mutual funds represented approximately 4.4% of mutual fund industry assets as at the end of December 2011.121 ii. Mutual funds offered through discount brokerages/online
Many mutual fund manufacturers make their mutual funds available for sale through discount brokerages. As discussed in Part III, discount brokerages are primarily order-takers and generally do not offer investment advice. Investors may typically purchase mutual funds offered on these platforms on a commission-free basis, which allows investors to save on transaction costs. However, with few exceptions, the mutual fund series that fund manufacturers offer through the discount brokerage channel is typically the same trailer fee-bearing series that is sold through advisors. The embedded trailing commission component of the management fee is not discounted. This results in DIY investors who hold mutual fund securities through discount brokerages potentially paying for services or advice that they never receive and do not want.
Mutual fund securities available for purchase through certain online discount brokerages may however offer DIY investors some savings relative to the traditional discount brokerage. Currently, one independent online discount brokerage offers rebates of the trailing commissions embedded in the management fees charged by the mutual funds offered on their platform. This rebate service is provided in exchange for a set monthly fee. In addition, each fund trade is subject to a trading fee. Clients of the service realize a net benefit provided the amount of the mutual fund investment they hold through the brokerage is sufficiently high for the quarterly trailing commission rebates to offset the monthly fee.
An alternative to this rebate process is to invest in discount online/e-series securities which are currently available on select no- load mutual funds offered by a few of the Canadian banks through their online/discount brokerage or e-banking platforms.122 Most, but not all, of the trailing commission is typically stripped out of the management fee charged on this series, resulting in a reduced MER relative to the original series of that fund distributed through the bank branches. The reduced pricing is intended to reflect the fact that investors in this series of the mutual fund make their own investment decisions, and therefore do not
gives them several choices to discuss and they jointly come to a decision. Those who don’t want to talk will either call the advisor to tell the advisor what to buy for them, or alternatively, listen to what the advisor wants to buy on their behalf and give them an okay. 118 See description of direct sellers in Part III under “1. The mutual fund manufacturers – iii. Independents”. 119 Source: Morningstar Direct, OSC calculations. 120 Source: Investor Economics. 121 See Figure 4 in Part IV. 122 See note 32.
December 13, 2012 (2012) 35 OSCB 11262 Request for Comments receive nor want recommendations, but are still being serviced by a dealer firm. The average asset-weighted MER of the discount online/e-series currently stands at approximately 0.91%,123versus the industry average asset-weighted MER of 1.93%.
At the end of 2011, there were 66 discount online/e-series available for purchase. However, these assets represented just 0.3% of mutual fund industry assets under management.124 At this time, the discount online/e-series segment remains dominated by the Canadian bank-owned mutual fund manufacturers. None of the independent ‘load only’ mutual fund manufacturers have similar discounted offerings.125
VI. GLOBAL REGULATORY REFORMS
Regulators in major international jurisdictions, in particular, the U.K., Australia, Europe and the U.S., have implemented or proposed regulatory reforms aimed at addressing some of the issues identified in this paper, including conflicts of interest that exist in the embedded compensation structure and improving transparency of the cost of advisors.
1. U.K. – FSA Retail Distribution Review
In March 2010, the Financial Services Authority (FSA) published final rules and guidance on the implementation of an ‘Adviser Charging’ system, as part of its Retail Distribution Review (RDR).126 These new rules, to be in effect as of January 1, 2013, end the current commission-based system of advisor remuneration in the U.K.
The rules require advisors to set their own charges for their services in agreement with their clients. Advisors may no longer receive commission set by product providers or otherwise embedded in the cost of the product. Their charging structures will therefore have to be based on the level of service they provide, rather than the particular provider or product they recommend. Whether the charging structure is based on a fixed fee, an hourly rate or a percentage of funds invested will be up to the advisor to decide together with the client, provided the advisor always bears in mind its duty to act in the client’s best interests.127 Ongoing fees will only be permitted where a client is paying for an ongoing service that has been properly disclosed or where the product is one in which the client makes regular payments, and may be cancelled by the client at any time without penalty.
The new rules under the RDR also aim to ensure that investors understand the services they receive by requiring advisors to clearly describe their services as either ‘restricted’ or ‘independent’. A ‘restricted’ advisor128 would offer advice limited to proprietary products or a small range of products. An ‘independent’ advisor would not be restricted by product provider, but rather would objectively consider a broad range of retail investment products, and provide unbiased and unrestricted advice based on a comprehensive and fair analysis of the relevant market. In all cases, individual advisors will be required to adhere to consistent professional standards, including a code of ethics.129
2. Australia – Financial Advice reforms
In April 2010, the government of Australia announced its Future of Financial Advice (FoFA) reforms which came into effect July 1, 2012.130 Compliance with the new rules will be voluntary in the first year of operation, becoming compulsory from July 1,
123 Investor Economics Insight Monthly Update (July 2012) at p.12. We note that the lower MER of this mutual fund series may not only be on account of the reduced trailing commissions, but may also reflect the passive management strategy utilized by many of the mutual funds on which this online/e-banking series is offered. 124 See Figure 4 in Part IV. 125 In Investor Economics Insight Monthly Update (July 2012), Investor Economics states at p.3: “Despite their rapid growth, only three sponsors currently offer D-series. The limiting factor is the lack of access to distribution. The series is currently used mostly by proprietary bank delivery conduits, notably the fast-expanding online/discount brokerage channel. Major independent fund companies have to date eschewed this “stripped-down” management fee version to avoid any potential conflict with their advice channels.” 126 For an overview of the FSA Adviser Charging rules, see FSA Factsheet for Financial Advisers – Improving your understanding of the Retail Distribution Review (RDR) – Adviser Charging, available at: http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/rdr_adviser.pdf. 127 Currently, all UK securities firms (whether advising or dealing) are subject to a statutory requirement to “act honestly, fairly and professionally in accordance with the best interests of its clients”. See FSA Conduct of Business Sourcebook, COBS 2.1.1. This seems to constitute a qualified best interest standard. 128 The new rules under RDR provide that ‘restricted’ advice may include ‘basic’ advice. Basic advice is a short, simple form of financial advice where advisors use pre-scripted questions to identify the investor’s financial priorities and decide whether a product from within their range of low-cost, highly regulated saving and investment stakeholder products is suitable for the investor. While advisors providing ‘basic’ advice will need to disclose that they are providing ‘restricted’ advice, they will not be subject to the new Adviser Charging rules, and may therefore continue to be compensated by way of commissions on the sale of financial products. 129 From December 31, 2012, every financial advisor will: • subscribe to the FSA code of practice; • hold a higher standard qualification for giving financial advice; • spend at least 35 hours a year learning as part of continuing professional development requirements; and • hold a Statement of Professional Standing (SPS) as evidence they are meeting the standards, issued by an accredited body. 130 See overview of FoFA reforms at: http://futureofadvice.treasury.gov.au/content/Content.aspx?doc=home.htm
December 13, 2012 (2012) 35 OSCB 11263 Request for Comments
2013. The reforms include a ban on commissions that may allow product providers to influence advisor recommendations, such as sales commissions and trailing commissions.
Consistent with the FSA’s Adviser Charging regime, advisor firms in Australia will be required to negotiate fees for advice directly with their retail clients. Also similar to the FSA’s reforms, the rules under FoFA allow advisor firms to charge ongoing fees only if the client has agreed to a payment plan, or if the ongoing charges relate to the provision of an ongoing service. The Australian reforms further stipulate that an advisor must renew their advice agreements every two years if clients are paying ongoing fees. A client may cancel an arrangement in which ongoing fees are paid at any time.
In order to ensure that financial advice will be within the reach of a wider range of Australians, the FoFA reforms introduce a new form of advice called “scaled advice”. Scaled advice would not have to be comprehensive and could be tailored to the client’s expressed needs, thereby reducing the cost to the client. It would allow investors to obtain simple advice rather than a complete financial plan, and incur advice costs commensurate with the scale of the advice provided.
An additional change to be introduced under FoFA is the introduction of a statutory best interest duty, which will require that advisors act in the best interests of their retail clients and place clients’ interests ahead of their own when developing and providing personal advice. This duty will include a ‘reasonable steps’ qualification, so that advisors will only be required to take reasonable steps to discharge the duty. This would include making reasonable inquiries to obtain client information and conducting a reasonable investigation into relevant financial products for the client. Similarly, compliance with this duty will be measured according to what is reasonable in the circumstances in which the advice is provided. What is reasonable in the circumstances is commensurate and scalable to the client’s needs. Accordingly, if the client’s needs indicate that only limited advice is necessary, the advisor is not obligated to provide holistic advice.
3. Europe i. UCITS IV - Key Investor Information Document
Under the UCITS131 IV Directive implemented July 1, 2011, fund manufacturers in each of the European Union (EU) member states are required, as at June 30, 2012, to prepare, distribute, update and maintain a Key Investor Information Document (KIID) for all their UCITS funds and their share classes.
The KIID is a two-page fact-sheet style document, written in plain language, which constitutes the pre-contractual information which must be provided to investors prior to investment. It contains concise descriptions of key fund information, including information about one-time sales charges and ongoing fund costs that an investor needs to know in order to make an informed investment decision. The KIID must follow a standardized format to allow easy comparison of funds from different providers. The KIID must be written in the local language of each country in which a fund is sold.
The KIID provides standardized data on fund charges for UCITS funds sold across the EU. The ongoing fund charges shown in the KIID represent the annualized ratio of total costs related to the assets of the fund. The calculation is based on a standardized methodology which identifies specific items for inclusion and exclusion.132 ii. Markets in Financial Instruments Directive II
In October 2011, the European Commission published legislative proposals133 to reform the overall Markets in Financial Instruments Directive (MiFID) framework that currently governs capital markets in the European Economic Area.134 The draft legislation (MiFID II), expected to be implemented in 2015, proposes various reforms designed to enhance investor protection. These include a proposal for more stringent disclosure standards, which will require that advisors clearly explain to investors the
131 The Undertakings for Collective Investment in Transferable Securities (UCITS) Directive was created in 1985 to form a single EU market for investment funds. This initial Directive laid down a set of regulatory requirements which collective investment schemes must comply with to be eligible to be sold across borders within the EU. The UCITS IV Directive, implemented July 1, 2011, constitutes the latest amendment to the Directive. 132 All fees paid to the fund manager, the custodian, Directors of the UCITS or portfolio managers have to be accounted for. In addition, all fees paid in relation to specific delegated activities (fund administration, accounting, valuation, distribution, legal and regulatory fees, etc.) also have to be accounted for. 133 See European Commission, Proposal for a Directive of the European Parliament and of the Council on markets in financial instruments repealing Directive 2004/39/EC of the European Parliament and of the Council (Oct. 20, 2011), available at: http://eur- lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2011:0656:FIN:EN:PDF. On September 26, 2012, the European Parliament’s Committee on Economic and Monetary Affairs voted to amend the October 2011 draft legislation which initially proposed a Europe-wide ban on third party commissions for advisors. The vote supported softer rules requiring disclosure of all inducements and commission. 134 The European Economic Area consists of the 27 member states of the EU (Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom), as well as the three EEA/EFTA States, Iceland, Liechtenstein and Norway.
December 13, 2012 (2012) 35 OSCB 11264 Request for Comments existence, nature and amount of commissions at the point of sale, as well as enhanced obligations upon advisors to ensure product recommendations are suited to their clients’ personal characteristics on an ongoing basis. iii. ESMA Guidelines on remuneration policies and practices
On September 17, 2012, the European Securities and Markets Authority (ESMA) published draft compensation guidelines for firms in the European Union providing investment services, including investment firms, credit institutions and fund management companies.135 The guidelines aim to prevent the use of distorting compensation incentives that can result in the mis-selling of financial products which are not appropriate for investors, or investment choices which are sub-optimal. The key elements of the guidelines include the following general obligations:
• Firms should design and monitor their remuneration policies and practices to take account of the conduct of business and conflicts of interest risks that may arise;
• Firms should set up adequate controls on the implementation of their remuneration policies and practices to ensure that they deliver the intended outcomes;
• Firms should ensure that remuneration is not paid in a way that aims at circumventing the rules and guidelines.
The consultation period for the draft guidelines on remuneration closes on December 7, 2012. The final guidelines are expected to be published by the second quarter of 2013.
4. U.S. i. Rule 12b-2 proposal
On July 21, 2010, the Securities and Exchange Commission (SEC) proposed new Rule 12b-2 under the Investment Company Act of 1940 with the objective of reforming the payment of trailing commissions, currently known as “12b-1 fees” in the U.S. Rule 12b-2 would cap the aggregate sales charges that could be charged to an individual investor.
The proposal is borne out of a recognition that trailing commissions have gradually come to function like a sales commission that is paid to advisors over time.136 Given this current use of trailing commissions, new rule 12b-2 proposes to permit a “marketing and service fee” of up to 0.25% to be charged on mutual fund assets to pay for distribution related activities, including the payment of trailing commissions to advisors for ongoing services and advice they provide to investors. Any amount charged in excess of 0.25% of mutual fund assets would be labelled an “ongoing sales charge”, but rather than deducting this for as long as the investor holds the mutual fund shares, it will be subject to certain cumulative limits. The limit would be determined by reference to the front-end sales charge on the mutual fund described in the prospectus, or if none, the maximum sales charge allowed under Financial Industry Regulatory Authority (FINRA) limitations.137 Upon reaching the maximum sales charge limit, the individual investor’s shares would have to be automatically converted to a share class of the mutual fund without an “ongoing sales charge”.
Rule 12b-2 would require disclosure of the “marketing and service fee” and “ongoing sales charge” as separate line items in the mutual fund prospectus, expressed as a percentage of net asset value. It would further require disclosure of such fees in the trade confirmation as follows: (i) annual amount of each fee, expressed as a percentage (%) of net asset value, (ii) the aggregate amount of the “ongoing sales charges” that may be incurred over time, expressed as a percentage (%) of net asset value, and (iii) the maximum number of months or years that the investor will incur the “ongoing sales charge”.
Proposed Rule 12b-2 has been the subject of considerable industry comment and remains to be finalized at this time. ii. SEC study on best interest standard for investment advisers and broker-dealers
As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), staff of the SEC released a report on January 21, 2011, summarizing the findings of a study138 it conducted of the obligations of investment
135 European Securities and Markets Authority, Consultation Paper: Guidelines on remuneration policies and practices (MiFID), (September 2012), ESMA/2012/570, available at: http://www.esma.europa.eu/system/files/2012-570_0.pdf. 136 See Rule 12b-2 proposal at http://www.sec.gov/rules/proposed/2010/33-9128.pdf at p.37. 137 Under section 2830(d)(2)(A) of NASD Conduct Rules, the front-end and deferred sales charges described in the prospectus of an investment company with an asset-based sales charge (i.e. trailing commission) must not exceed 6.25%. 138 SEC, Study on Investment Advisers and Broker-Dealers (January 2011), available at http://www.sec.gov/news/press/2011/2011-20.htm
December 13, 2012 (2012) 35 OSCB 11265 Request for Comments advisers139and broker-dealers140. Broker-dealers in the U.S. have similar duties and obligations as registered dealers in Canada, which we informally call “advisors” in this paper.
The study is meant to inform the SEC’s decision whether to introduce a statutory, uniform best interest standard on broker- dealers and investment advisers when providing personalized investment advice about securities to retail investors.
Currently, all U.S. investment advisers are subject to a fiduciary standard under the Investment Advisers Act of 1940 (the Advisers Act).141 In contrast, broker-dealers are generally subject to a suitability standard, along with a broader duty of fair dealing and other requirements.142 While broker-dealers are generally not subject to a fiduciary duty under federal securities laws, U.S. courts have found broker-dealers to have a fiduciary duty under certain circumstances. Generally, courts have held that broker-dealers that exercise discretion or control over client assets, or have a relationship of trust and confidence with their clients, owe clients a fiduciary duty.143
In the study, SEC staff notes that investment advisers and broker-dealers are regulated extensively under different regulatory regimes. However, many retail investors do not understand and are confused by the roles played by investment advisers and broker-dealers. SEC staff notes that many investors are also confused by the standards of care applying to investment advisers and broker-dealers when providing personalized investment advice about securities. The study further states that retail investors should not have to parse through legal distinctions to determine the type of advice they are entitled to receive. Instead, retail investors should be protected uniformly when receiving personalized investment advice about securities regardless of whether they choose to work with an investment adviser or a broker-dealer.
SEC staff recommends in the study that the SEC establish a fiduciary standard for broker-dealers that is at least as stringent as the current fiduciary standard applicable to investment advisers under the Advisers Act. Specifically, SEC staff recommends that the uniform fiduciary standard of conduct:
“for all brokers, dealers, and investment advisers, when providing personalized investment advice about securities to retail customers (and such other customers as the Commission may by rule provide), shall be to act in the best interest of the customer without regard to the financial or other interest of the broker, dealer, or investment adviser providing the advice.” (italics added)
At the same time, however, SEC staff notes that retail investors should continue to have access to the various fee structures, account options, and types of advice that investment advisers and broker-dealers provide. SEC staff’s recommendations are intended to minimize cost and disruption and assure that retail investors continue to have access to various investment products and choice among compensation schemes to pay for advice.
The SEC has not at this time released a draft fiduciary rule for comment. iii. SEC study regarding financial literacy among investors
On August 30, 2012, staff of the SEC published the results of a study identifying the existing level of financial literacy among retail investors as well as methods and efforts to increase financial literacy of investors.144 Mandated by the Dodd-Frank Act, the study also identifies methods to increase the transparency of expenses and conflicts of interests in transactions involving investment services and products, including shares of open-end mutual funds.
139 An “investment adviser” is anyone who, for compensation, engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing, or selling securities, or who, for compensation and as part of a regular business, issues or promulgates analyses or reports concerning securities. This excludes any broker or dealer whose performance of such services is solely incidental to the conduct of his business as a broker or dealer and who receives no special compensation as a result thereof. 140 The Securities Exchange Act of 1934 defines the terms “broker” and “dealer”. A “broker” is anyone engaged, as agent, in the business of effecting transactions in securities for the account of others. A “dealer” is anyone engaged, as principal, in the business of buying and selling securities for a person’s own account through a broker or otherwise. The term “broker-dealer” is often used because of the frequent overlap of their duties. 141 Although the Advisers Act does not use the word “fiduciary” or the phrase “best interest” to apply to the standard of conduct to which an investment adviser is held, the U.S. Supreme Court has held that an investment adviser in fact has a fiduciary duty. For additional detail, see Michael V. Seitzinger (Congressional Research Service), The Dodd-Frank Wall Street Reform and Consumer Protection Act: Standards of Conduct of Brokers, Dealers, and Investment Advisers (August 19, 2010), available at: www.fas.org/sgp/crs/misc/R41381.pdf. 142 SEC, supra note 138 at pages 46-83. We note that the fair dealing obligation on broker-dealers is not statutory in that it is derived from the antifraud provisions of the U.S. federal securities laws. This suggests that there are technically no equivalent statutory provisions to the statutory provisions currently in place in Canada. 143 Ibid, pages 54-55. 144 SEC, Study Regarding Financial Literacy Among Investors (August 2012), available at: http://www.sec.gov/news/studies/2012/917- financial-literacy-study-part1.pdf
December 13, 2012 (2012) 35 OSCB 11266 Request for Comments
The study finds that U.S. retail investors lack basic financial literacy, and are not fully aware of investment costs and their impact on investment returns. The study further identifies investor perceptions and preferences regarding a variety of investment disclosures. The study shows that investors prefer to receive investment disclosures before investing, rather than after, as occurs with many investment products purchased today. The study specifically identifies information that investors find useful and relevant in helping them make informed investment decisions. This includes information about fees, investment objectives, performance, strategy, and risks of an investment product, as well as the professional background, disciplinary history, and conflicts of interest of a financial professional. Investors also favour investment disclosures presented in a visual format, using bullets, charts, and graphs.
Possible methods to increase the transparency of expenses suggested in the study include disclosure in the trade confirmation of the composition of a financial intermediary’s total compensation, including types of compensation, and an explanation in a point-of-sale disclosure of how the financial intermediary is paid in connection with the client’s account. Possible methods to increase the transparency of conflicts of interests suggested in the study include disclosure of whether a financial intermediary stands to profit if a client invests in certain types of products, whether the financial intermediary would earn more for selling certain specific products instead of other comparable products, and whether the financial intermediary might benefit from selling financial products issued by an affiliated company.
VII. CURRENT REGULATORY INITIATIVES AND TOPICS FOR CONSIDERATION
1. Regulatory initiatives in Canada
To date, the CSA have focused on initiatives aimed at improving the transparency of mutual fund fees and embedded commissions, as a way to enable investors to better understand the costs of investing in mutual funds and to make more informed investment decisions. Key CSA initiatives include point of sale disclosure for mutual funds and cost disclosure and performance reporting for advisors. i. Point of Sale
The first stage of the CSA Point of Sale (POS) project, which was completed on January 1, 2011, requires mutual funds to produce and file a Fund Facts document and make it available on the mutual fund’s or mutual fund manufacturer’s website.
The Fund Facts improves fee transparency by disclosing, in summary form, the costs of buying, owning and selling the mutual fund. Under “Fund expenses”, an investor will find disclosure of the fund’s MER, trading expense ratio and fund expenses. Trailing commissions are also highlighted there, with an explanation of their purpose. The range of the rates of the trailing commissions must be shown for each purchase option in percentages, along with the equivalent dollar amount of such commissions on each $1000 investment.
The CSA expect the Fund Facts will more likely be read by investors than the current lengthy fund prospectus.145 The short, easy-to-read and standardized format of the Fund Facts is expected to improve investors’ overall awareness and understanding of mutual fund fees and ongoing costs. The Fund Facts should better enable investors to compare the costs of investing in one mutual fund over another, which should enhance investors’ ability to manage the impact of fund costs on their individual returns. The CSA also anticipate that the heightened transparency of trailing commissions provided by the Fund Facts may cause investors to discuss with their advisors the services that their advisors provide in exchange for the payment of trailing commissions.
The CSA continue to move forward with a staged approach to implementation of the project. On June 21, 2012, the CSA published for a second comment period proposed rules that would implement Stage 2 of the framework, which would require delivery of the Fund Facts document instead of the prospectus within existing delivery timeframes under securities legislation.146 As part of this publication, the CSA have proposed additional disclosure in the Fund Facts that identifies that trailing commission payments may create a conflict of interest by influencing the advisor to recommend the fund over another investment.
In Stage 3, the CSA will publish for further comment any proposed requirements that would require delivery of the Fund Facts document to the investor at the point of sale. As part of Stage 3, the CSA will consider the applicability of a summary disclosure document and point of sale delivery for other types of comparable investment fund products.
145 Research on investor preferences for mutual fund information, including our own testing of the Fund Facts, indicates investors prefer to be offered a concise summary of key information. A list of the research, studies and other sources that the Joint Forum of Financial Market Regulators reviewed and relied on in developing the POS disclosure framework may be found in Appendix 4 to the proposed framework, published in June 2007. The proposed framework was published in the OSC Bulletin at (2007) 30 OSCB (Supp-4) and may be accessed at http://www.osc.gov.on.ca/en/13146.htm. 146 See CSA Notice and Request for Comment: Implementation of Stage 2 of Point of Sale Disclosure for Mutual Funds, Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 and Companion Policy 81-101CP Mutual Fund Prospectus Disclosure and Consequential Amendments (2nd Publication) (21 June 2012). The publication is available on the websites of members of the CSA.
December 13, 2012 (2012) 35 OSCB 11267 Request for Comments ii. Client Relationship Model (Phase 2)
The CSA, through their Client Relationship Model Project, phase 2 (CRM2), have a mandate to develop enhanced cost disclosure and new performance reporting requirements for advisors. Initial proposals were published for comment in June 2011, followed by a second publication for comment on June 14, 2012.147 Among other things, the CRM2 proposals would require advisors to provide to each client:
• at account opening, a description of charges that the client might pay in the course of holding an investment, including trailing commissions, and
• annually, a summary of all charges incurred by the client and all the compensation received by the registered firm that relates to the client’s account.
If the advisor received trailing commissions on mutual funds held by a client during the 12 month period, the CRM2 proposals would require the advisor to include in the annual summary of charges the dollar amount of trailing commissions received on those mutual fund investments held by the client during the year.148 This disclosure would be accompanied by a statement that trailing commissions reduce the amount of the mutual fund’s return to the investor.
The CSA expect that this trailing commission disclosure, if implemented, will help mutual fund investors understand and assess the costs and benefits of the services their advisors provide and in so doing, become more informed consumers of those services. This may in turn encourage more effective competition among mutual fund industry participants.
2. Topics for consideration
We intend to monitor the impact of POS and CRM2, and in particular in those areas still to be implemented, to determine whether these initiatives appreciably improve investors’ awareness and understanding of mutual fund costs, make them more informed consumers of investment fund products and advice services, and promote effective competition among financial industry participants.
We will also closely monitor the global regulatory reforms discussed in Part VI and their practical effects on financial industry participants in those markets. We appreciate that the full effects of these reforms, particularly the ban on commissions set by financial product providers in the U.K. and Australia, may not be known for several years. These will need to be fully understood and thoughtfully considered.
While this monitoring is underway, we intend to use this paper as a platform to begin a discussion on the current mutual fund fee structure with mutual fund industry participants and other financial industry stakeholders to determine whether regulatory responses are needed in Canada to enhance investor protection and foster confidence in our markets.
There may be some changes that mutual fund industry participants could initiate themselves to address the issues we have identified under Part V. There may be some changes that the CSA could initiate. Each of these changes would have a varying degree of impact on investors and the mutual fund industry. And while each of them would offer potential benefits to investors, we also recognize that they may at the same time give rise to practical implications and competing considerations.
Certain of the changes discussed below would impact the mutual fund and/or fund manufacturer directly, while others would impact those who sell the product. We anticipate that any initiative undertaken by the CSA would include a consideration of all investment funds and comparable securities products. We welcome views on these and other potential changes which are not discussed in this paper, including your thoughts on the practical implications and the potential positive and negative outcomes of each option.
Some possible changes include: i. Advisor services to be specified and provided in exchange for trailing commissions
In order to more clearly align the payment of trailing commissions with the provision of specified services to investors, the purpose of trailing commissions could be defined and disclosed, and a minimum level of ongoing services that advisors must provide to investors in exchange for the payment of these commissions by mutual fund manufacturers could be established.
147 See CSA Notice and Request for Comment on Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and to Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (2nd Publication) (June 14, 2012). The publication is available on the websites of members of the CSA. 148 The cost reporting requirement proposed under CRM2 is not limited to mutual funds. The proposed disclosure would apply to all investment products that pay commissions that are similar in substance to trailing commissions. This would include advisor compensation on fixed- income securities.
December 13, 2012 (2012) 35 OSCB 11268 Request for Comments
Under this option, an advisor would be prohibited from collecting a trailing commission if it was determined that the services were not being delivered to investors. In order to substantiate that the prescribed minimum level of ongoing service is being provided, advisors and their dealer firms would have to record and monitor the nature, extent and frequency of the services provided to mutual fund investors.
Such a change in expectations for advisors and their dealer firms would help a mutual fund manufacturer to show how the use of fund assets to pay trailing commissions to advisors benefits the fund and its investors, consistent with the fund manufacturer’s duty to act in the best interest of the fund. ii. A standard class for DIY investors with no or reduced trailing commission
Every mutual fund could have a low-cost ‘execution-only’ series or class of securities available for direct purchase by investors. The lower management fees of this series or class would reflect that no or nominal trailing commissions are paid to advisors, in light of the lack of advice sought by DIY investors who purchase and hold securities of this series or class. This low-cost series or class of securities could be made available to investors through a discount brokerage, or alternatively, be distributed directly by the mutual fund manufacturer, in which case the mutual fund manufacturer would need to be registered as a mutual fund dealer. iii. Trailing commission component of management fees to be unbundled and charged/disclosed as a separate asset- based fee
The trailing commission component of a mutual fund’s management fee could be “unbundled” and instead charged and disclosed as a separate asset-based fee to the fund. This would enhance transparency of the cost of distribution. In addition, it would make trailing commissions an expense of the fund and limit what it could be used for.
This would be similar to what is done in the U.S., where investment companies that pay trailing commissions to advisors bear an asset-based “12b-1 fee”. This fee is distinct from the management fee and is intended to cover the cost of trailing commissions and other distribution-related services. Rule 12b-1 made under the Investment Company Act of 1940 permits a “12b-1 fee” to be charged to an investment company subject to compliance with various requirements intended to address the conflicts of interest that arise between an investment company and its fund manager when an investment company bears its own distribution expenses. The rule requires that the investment company adopt a written 12b-1 plan describing all material aspects of the proposed financing of distribution and that this plan be approved initially by the investment company’s board of directors and separately by the independent directors. The rule specifically requires that, in their consideration of the plan, the directors conclude “that there is a reasonable likelihood that the plan will benefit the company and its shareholders”.149 There is also a requirement that the board receive quarterly reports of all amounts expended under the plan and the purposes for which the expenditures were made. Plans and related agreements are subject to annual approval by the board/independent directors, and any material increase in amounts payable under a 12b-1 plan must be approved by the board, the independent directors, and the fund’s shareholders.
This option would require that future increases in the separate asset-based trailer fee charged to a mutual fund be subject to security holder approval in the same way that an increase in the management fee is subject to such approval under current mutual fund rules.150 Mutual fund manufacturers would then be required to explain to their investors the potential benefits to them of an increase in trailing commissions and allow them to vote on the proposed increase. There could be additional oversight and governance requirements similar to those in the U.S. Specifically, any increase to the trailer fee rate charged to the mutual fund would be subject to review by the fund’s independent review committee. iv. A separate series or class of funds for each purchase option
Either in conjunction with or as an alternative to option iii above, mutual funds could maintain a separate series or class of securities for each available purchase option (i.e. front-end sales charge, DSC, low-load, and no-load). The specific distribution costs incurred by each series or class of mutual fund securities would be allocated only to investors in that specific series or class rather than be borne equally by all investors in the mutual fund. The management fee of each series or class of a mutual fund would therefore be a reflection of each class’ respective distribution costs. This would eliminate any cross-subsidization of commission costs by various investors within a mutual fund.
Under this proposal, the management fee of the DSC and low-load series or classes (each hereinafter referred to as a “DSC” class) should be highest as these classes incur the costs of financing the sales commissions the mutual fund manufacturer pays to advisors at the time of the investor’s purchase. As the front-end load and no-load series or classes do not incur these costs, we would expect their respective management fees to be relatively lower.
149 Rule 12b-1(e). 150 See note 80.
December 13, 2012 (2012) 35 OSCB 11269 Request for Comments
Mutual funds could also provide for the automatic conversion of mutual fund securities held in a DSC series or class to securities of a lower-cost series or class at the end of the prescribed redemption schedule. The rationale for this is that by the end of the redemption schedule, the mutual fund manufacturer has sufficiently recouped the financing costs it incurred to pay the sales commissions to advisors at the time of the investor’s purchase of those DSC securities. Accordingly, DSC investors who remain invested in the mutual fund at the end of the redemption schedule should, from then on, benefit from a reduced management fee on their invested assets.151
Unlike in Canada, U.S. investment companies are required by law to offer a separate class of securities for each purchase option in order to guard against cross-subsidization between various load-type investors.152 Furthermore, each class bears its own distinct trailer fee, known as the “12b-1 fee”, which is charged separately from the management fee for each class, and which reflects the distinct distribution costs attributable to each class. Because the DSC and low-load sales charge classes in the U.S. bear financing costs, they charge a higher 12b-1 fee, part of which is typically used to defray those financing costs, while the remainder is paid to the advisor. The 12b-1 fee for each of those two back-end classes is typically 1.0%, while the 12b- 1 fee for the front-end load class is typically around 0.25%. U.S. regulation effectively caps the 12b-1 fee that may be charged on load classes to 1%153and the 12b-1 fee that may be charged on a no-load class to 0.25%.154
As a result, each class of investment company shares in the U.S. bears a different MER, with the varying 12b-1 fee accounting for the difference in MER. The no-load and front-end load classes have the lowest MERs, while the DSC and low-load sales charge classes have the highest MERs.
U.S. investment companies also must automatically convert an investor’s DSC class securities to the lower-cost front-end load class at the end of the redemption schedule.155 This automatic conversion recognizes that the financing costs associated with the payment of commissions to advisors have been recouped by that time and that investors should no longer be made to indirectly bear those costs. This action is also consistent with the fiduciary duty that applies to the directors of the board of the investment company under the Investment Company Act of 1940.156 v. Cap commissions
There could be a maximum limit set on the portion of mutual fund assets that could be used to pay trailing commissions to advisors as a way to mitigate the perceived conflicts of interests and the lack of alignment of advisor compensation and services described in Part V. This could be achieved by imposing a cap on the separate asset-based fee discussed in option iii above. Trailing commissions could further be plainly labelled or described as “ongoing sales commissions” in mutual fund disclosure documents, thus providing greater transparency for investors of their main purpose.
In addition or as an alternative to a cap on trailing commissions at the mutual fund level, there could be a cap imposed on the aggregate sales charge, that is, the sum of any initial sales charge and “ongoing sales commission” that could be paid by an individual investor at the account level over the length of a mutual fund investment. Once the cap is reached, the investor’s holdings could be automatically converted to a series or class of securities of the mutual fund not bearing an ongoing asset- based sales charge. This would bring certainty to an investor as to the maximum sales commission payable.
The U.S. imposes caps on commissions paid by mutual fund investors. These caps are imposed through a prohibition on advisors who are members of FINRA from offering or selling shares of any investment company if the sales charges described in the prospectus are excessive. “Excessive” is determined by reference to specific sales charge limits prescribed under
151 The CSA note that there are currently at least two Canadian mutual fund manufacturers that offer a separate series of mutual fund securities for each purchase option, and further automatically switch investors in their DSC series to a lower-management fee series after the expiration of the redemption fee schedule. 152 Under rule 18f-3 under the Investment Company Act of 1940, an open-end investment company may issue more than one class of voting stock, provided that each class has a different arrangement for shareholder services or the distribution of securities or both, and pays all of the expenses of that arrangement. The classes of securities typically offered by U.S. investment companies include Class A (front-end sales charge), Class B (DSC) and Class C (low-load/“level-load” sales charge). 153 Under sections 2830(d)(2)(E) and 2830(d)(5) of NASD Conduct Rules, an advisor is prohibited from offering or selling the shares of an investment company if the trailing commission (known in the U.S. as the “12b-1 fee”), as disclosed in the prospectus, exceeds a total of 1% per annum. This 1% cap includes a cap of 0.75% on distribution reimbursement fees and a cap of 0.25% on service fees. 154 Under section 2830(d)(4) of NASD Conduct Rules, an advisor may not describe an investment company as being “no-load” or as having “no sales charge” if the investment company has a front-end or deferred sales charge or pays a trailing commission exceeding 0.25% per annum. 155 Under rule 18f-3 under the Investment Company Act of 1940, an investment company may offer a class with a conversion feature providing that shares of one class of the company will be exchanged automatically for shares of another class of the company after a specified period of time, provided that no sales load, fee or other charge is imposed and the total expenses, including 12b-1 fees, for the target class are not higher than the total expenses, including 12b-1 fees, for the purchase class. 156 Section 36 of the Investment Company Act of 1940.
December 13, 2012 (2012) 35 OSCB 11270 Request for Comments
FINRA’s business conduct rules.157 Those same rules similarly impose limits on trailing commission rates for both load158 and no-load investment companies.159 vi. Implement additional standards or duties for advisors
To assist in mitigating the actual or perceived conflicts of interests that exist in the embedded advisor compensation system and that can result in a misalignment of advisors’ interests with those of investors, the CSA could impose a duty on advisors requiring them to put their clients’ best interests first, among other things.
As already discussed, investor research shows that most investors assume advisors already have a legal duty to act in their best interests.160However, the prevalent regulatory standard in the Canadian common law jurisdictions is that an advisor “shall deal fairly, honestly and in good faith with his or her clients”.161
The CSA are currently consulting on the appropriateness of introducing a statutory best interest duty for advisors to address potential investor protection concerns regarding the current standard of conduct that advisors owe to their retail clients. We refer you to CSA Consultation Paper 33-403 for a full discussion of the key investor protection concerns that the CSA have identified with the current standard of conduct for advisors in Canada, along with a discussion of the potential benefits and competing considerations in imposing a statutory best interest standard for advisors.162 vii. Discontinue the practice of advisor compensation being set by mutual fund manufacturers
In order to address the actual or perceived conflicts of interest that embedded advisor compensation gives rise to, and at the same time improve the transparency, negotiability and fairness of ongoing advisor service costs for investors, measures could be adopted, similar to those being implemented in the U.K. and Australia, under which the payment to advisors of sales and trailing commissions set by mutual fund manufacturers would no longer be permitted. Advisor compensation would no longer be embedded in the management fees charged on mutual funds. Instead, advisors would need to discuss with their client how they will be paid for the sale and ongoing servicing of mutual fund investments and obtain the client’s agreement to the proposed fee- for-service model.
Under this model, charges for a mutual fund purchase transaction could be paid in the form of a deduction from the client’s investment or separately. Ongoing charges should only be levied where a client is paying for ongoing service, such as a performance review of their investments, or where the client makes ongoing pre-authorized purchases. In each case, the client would be clear on what services he or she is entitled to in return for the agreed upon payment.
Under this option, the MER of a mutual fund would represent the operational costs of the fund independent of advisor compensation costs. Investors could then more easily assess and compare the sales and service costs of advisors and the operating costs of mutual funds.
While this option would have the greatest impact on current business models, it would also be the most straightforward way to align the interests of both the mutual fund manufacturers and the advisors with those of investors. Commissions would no longer be a consideration in the sale of the mutual fund product.
VIII. COMMENT PROCESS
We welcome feedback on the issues raised and the potential regulatory options discussed in this paper. We invite all interested parties to make written submissions. Submissions received by April 12, 2013 will be considered.
While the focus of this paper is on mutual funds, the issues we have identified are not unique to mutual fund products. Consequently, we anticipate that any regulatory options the CSA may consider would include a consideration of all investment funds and comparable securities products. Therefore, we encourage comments from participants in the broader investment fund and financial product industry, and not only the mutual fund segment.
157 See note 137. 158 See note 153. 159 See note 154. 160 See note 106 and discussion in Part V under “2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels – ii. Advisor”. 161 See notes 101 and 102 and the related discussion in Part V under “2. Potential conflicts of interests at the mutual fund manufacturer and advisor levels – ii. Advisor”. 162 See CSA Consultation Paper 33-403, supra note 100.
December 13, 2012 (2012) 35 OSCB 11271 Request for Comments
Because of the importance of the issues raised in this paper and their implications, the CSA intend to convene a roundtable or technical conference to discuss the issues and the submissions received. The discussion will help the CSA to determine what, if any, regulatory options we may proceed with.
Submissions we receive are not confidential. All comments will be posted on the Ontario Securities Commission website at www.osc.gov.on.ca. Thank you in advance for your comments.
Where to Send Your Comments
Please address your comments to all CSA members, as follows:
British Columbia Securities Commission Alberta Securities Commission Saskatchewan Financial Services Commission Manitoba Securities Commission Ontario Securities Commission Autorité des marchés financiers New Brunswick Securities Commission Registrar of Securities, Prince Edward Island Nova Scotia Securities Commission Superintendent of Securities, Newfoundland and Labrador Superintendent of Securities, Northwest Territories Superintendent of Securities, Yukon Territory Superintendent of Securities, Nunavut
Please send your comments only to the addresses below. Your comments will be forwarded to the remaining CSA member jurisdictions.
The Secretary Ontario Securities Commission 20 Queen Street West 19th Floor, Box 55 Toronto, Ontario M5H 3S8 Fax: 416-593-2318 E-mail: [email protected]
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 E-mail: [email protected]
Questions
Please refer your questions to any of the following CSA staff:
Kathryn Anthistle Senior Legal Counsel Legal Services Branch Capital Markets Regulation Division British Columbia Securities Commission Phone: 604-899-6563 E-mail: [email protected]
Christopher Birchall Senior Securities Analyst Corporate Finance British Columbia Securities Commission Phone: 604-899-6722 E-mail: [email protected]
December 13, 2012 (2012) 35 OSCB 11272 Request for Comments
Bob Bouchard Director and Chief Administrative Officer Manitoba Securities Commission Phone: 204-945-2555 E-mail: [email protected]
Sophie Fournier Analyste, Direction des fonds d’investissement Autorité des marchés financiers Phone : 514-395-0337 ext. 4426 Email : [email protected]
Rhonda Goldberg Director, Investment Funds Branch Ontario Securities Commission Phone: 416-583-3682 Email: [email protected]
George Hungerford Senior Legal Counsel, Legal Services Branch Corporate Finance Division British Columbia Securities Commission Phone: 604-899-6690 E-mail: [email protected]
Ian Kerr Senior Legal Counsel, Corporate Finance Alberta Securities Commission Phone: 403-297-4225 E-mail: [email protected]
Heather Kuchuran Senior Securities Analyst Financial and Consumer Affairs Authority of Saskatchewan Phone: 306-787-1009 E-mail: [email protected]
Chantal Leclerc Analyste experte, Direction de la règlementation Autorité des marchés financiers Phone: 514-395-0337 ext. 4463 E-mail : [email protected]
Chantal Mainville Senior Legal Counsel, Project Lead Investment Funds Branch Ontario Securities Commission Phone: 416-593-8168 E-mail: [email protected]
Rose Park Legal Counsel Investment Funds Branch Ontario Securities Commission Phone: 416-593-2198 E-mail: [email protected]
Jean-Philippe Petit Direction des pratiques de distribution et des OAR Autorité des marchés financiers Phone: 418-525-0337 ext. 4819 Email: [email protected]
December 13, 2012 (2012) 35 OSCB 11273 Request for Comments
Dennis Yanchus Economist Strategy and Operations – Economic Analysis Ontario Securities Commission Phone: 416-593-8095 Email: [email protected]
December 13, 2012 (2012) 35 OSCB 11274 Request for Comments
Annex I
DIFFERENCES IN MUTUAL FUND FEE STRUCTURE BETWEEN CANADIAN MUTUAL FUNDS AND MUTUAL FUNDS IN OTHER JURISDICTIONS
The recent research studies and media articles which compare mutual fund costs between jurisdictions have generally focused on MER levels. When comparing average MERs of mutual funds across countries, these studies consistently conclude that mutual fund fees in Canada are among the highest in the world. These conclusions, however, sometimes fail to recognize the unique features of each market and how these features are likely to affect respective mutual fund fee levels in those jurisdictions.
The average mutual fund MER in a country is influenced, in large part, by that country’s distinct capital market structure, including the competitive pressures in which mutual fund manufacturers operate and compete, as well as the regulatory framework in which the mutual funds function. Therefore, before a comparison of mutual fund fees can occur, it is important to understand the distinctions between the Canadian market and the markets of major regulatory jurisdictions.
Factors that may influence average fund costs in a jurisdiction include:
• Fund investment objective/asset class: Fixed income and money market funds tend to have lower MERs than equity funds. Among equity funds, MERs tend to be higher for funds that specialize in particular industry sectors or those that invest in international equities, because such funds tend to be more costly to manage. Accordingly, a jurisdiction whose mutual fund assets under management tend to be more heavily weighted in equity or other higher MER funds will exhibit a higher overall MER. Conversely, a jurisdiction whose mutual fund assets under management include a significant weighting in money market funds will exhibit a lower overall MER.
Similarly, whether a mutual fund is passively or actively managed can impact MER. Typically, passively managed funds (such as index funds) have lower MERs. Accordingly, a jurisdiction whose mutual fund assets under management include a significant weighting in index funds will exhibit a lower MER;
• Average fund size and average individual securityholder account size: Larger mutual funds generally tend to exhibit economies of scale and consequently tend to have lower MERs. In addition, mutual funds with higher average securityholder account balances, such as funds that focus on institutional or higher net worth investors, also tend to have lower MERs than other funds. This reflects the fact that each securityholder account, regardless of its size, requires certain basic services (such as record keeping, account mailings, call centre support, etc.), and the cost of those services tends to be the same per account. Consequently, a fund that primarily serves retail investors, and that therefore has a large number of securityholder accounts with lower average account balances, will typically incur more of these basic costs and therefore have a relatively higher MER than a fund that primarily serves institutional and/or higher net worth investors;
• Fund distribution channels: The nature of the distribution channels used to sell mutual fund securities to investors in a jurisdiction can greatly influence MER levels in that jurisdiction. For example:
o a jurisdiction whose mutual fund manufacturers are largely reliant on advised distribution channels to sell mutual funds will typically have higher MER funds on account of the cost associated with compensating advisors for their services, particularly if these costs are embedded in the funds’ MER;
o a jurisdiction that has a higher incidence of fee-based advisors (which are compensated separately for their services directly by investors rather than through fees embedded in the funds’ MER) and thus a lower incidence of embedded fund costs, will tend to have lower MER levels;
o a jurisdiction that has a developed and unsegregated (in terms of price and product competition) occupational retirement plan market through which mutual funds are distributed to investors will tend to have lower MER levels.
• Taxation: Sales taxes may apply to mutual fund management fees and/or expenses in certain jurisdictions (e.g. Canada and Australia) which may inflate overall MERs in those jurisdictions.
• Regulation: The regulatory framework in which mutual funds operate in a jurisdiction may have an impact on the overall MER in that jurisdiction. This may be the case where, for example, the legislation imposes specific caps on various fund fees (such as in the U.S.);
December 13, 2012 (2012) 35 OSCB 11275 Request for Comments
• Competition: The relative size of the fund industry, the number of mutual fund manufacturers and their respective market share, and the size and number of integrated relative to independent mutual fund manufacturers and dealers, may impact the competitive dynamics in each jurisdiction, which in turn may influence overall MER levels. In addition, whether or not the market in question is open to foreign funds may also enhance competition. Generally, the greater the competition and the greater the choice for the investor, the better the mutual fund fee proposition may be for the investor.
At the end of this Annex, we include a table which provides a snapshot of the respective fund industry in which mutual funds operate and compete in Canada, the U.S., the U.K. and Australia. It highlights some of the factors discussed above, including differences in the regulatory framework, which potentially impact the overall MER level in each jurisdiction. Some of these country-specific factors, as well as other relevant factors that may impact overall MER levels in each jurisdiction, are set out below:
Canada:
• Canada has the smallest mutual fund industry out of the four countries. It has the least number of mutual fund manufacturers, of which the 10 largest hold 75% of all Canadian mutual fund assets under management;
• The average Canadian mutual fund is almost 7 times smaller than the average U.S. fund;
• Distribution of mutual funds in Canada is almost always made through the intermediation of an advisor. At the end of 2011, 91% of investment fund assets were acquired and held by investors through distribution channels involving the intermediation of an advisor, and over 80% of mutual fund investors said their last purchase was made through an advisor;1
• Canada’s mutual fund industry is primarily focused on the retail investor, with only 7.5% of mutual fund assets sitting in institutional accounts as at the end of 2011;2
• The fund industry exhibits a greater reliance on trailing commissions relative to other jurisdictions. Canada’s mutual funds carry the highest trailing commission rates of all four countries featured in the table;
• At the end of 2011, equity funds and balanced funds (which have higher MERs than fixed income and money market funds) accounted for 68% of the mutual fund industry’s asset base and money market funds (which have the lowest MERs) accounted for approximately 5% of the mutual fund industry’s asset base;3
• Index mutual funds (which tend to have lower MERs) account for a small portion of assets under management, making up only 1.5% of mutual fund assets under management as at June 2012;4
• Relative to other countries, Canada’s defined contribution occupational plan market is very small, and consequently does not figure significantly in the distribution of mutual funds to investors.5 At the end of June 2011, an estimated $49 billion was invested in group RRSPs and $46 billion was invested in defined contribution plans.6 Collectively, this potential market for fund manufacturers7 would equal about 10.2% of assets under management in the investment funds industry.8
U.S.:
• The U.S. mutual fund market, with $12.8 trillion (CAD) in assets under management at year-end 2011, remains the largest in the world, accounting for 49% of mutual fund assets worldwide;9
1 See notes 4 and 5 in the Discussion Paper. 2 Source: Investor Economics. Investment by mutual fund-of-funds, segregated funds, insurance company pools and private investment counsel into mutual funds has been removed. 3 Source: Investor Economics. 4 Source: Investor Economics, ETF and Index Funds Report, Q2, 2012. 5 According to the Organization for Economic Co-operation and Development (OECD) Global Pension Statistics, defined contribution plans made up only 3% of total pension plan assets in Canada in 2011. By contrast, defined contribution plans in the U.S. and Australia made up 39.4% and 89.1%, respectively, of total pension plan assets in those countries. 6 Source: Benefits Canada 2011 CAP Suppliers Directory. Private sector defined contribution plan assets reported. 7 Not all of the assets in group RRSPs and defined contribution plans would be invested in investment funds though the majority would be. 8 Source: OSC calculations based on data from Benefits Canada 2011 CAP Supplier Directory and Investor Economics 2012 Household Balance Sheet. 9 Investment Company Institute, 2012 Investment Company Fact Book, 52nd Edition.
December 13, 2012 (2012) 35 OSCB 11276 Request for Comments
• It has the largest number of mutual fund manufacturers, of which the 10 largest hold 53% of all U.S. mutual fund assets under management;
• U.S. mutual funds are on average very large (average size is $1.58 billion CAD);
• Distribution of U.S. mutual funds is less reliant on advisors than in Canada:
o Employer-sponsored retirement plans (401(k) plans/defined contribution plans) figure significantly in the distribution of mutual funds to investors. Mutual funds distributed through this channel are typically no-load mutual funds.10 As at the end of 2011, 21% of U.S. mutual fund assets were held by investors through defined contribution plans;11
o In 2011, of the U.S. households owning mutual funds outside employer-sponsored retirement plans, 54% owned mutual funds purchased through an advisor, and 32% owned mutual funds purchased through the direct market channel (i.e. from the mutual fund manufacturer directly or through a discount broker);12
• Outside of employer-sponsored retirement plans, 11% of mutual fund assets as at year-end 2011 were held by institutional investors;13
• Trailing commissions (12b-1 fees) on U.S. funds are capped by law to no more than 1% per annum and trailing commissions on no-load funds are capped by law to no more than 0.25% per annum;14
• Money market funds (which have low MERs) weigh considerably into the overall asset mix of U.S. mutual funds, accounting for 23% of mutual fund assets under management as at the end of 2011. Equity funds and balanced funds (which have higher MERs) accounted for 54% of mutual fund assets under management at the end of 2011;15
• Index funds (which tend to have lower MERs than actively managed funds) accounted for approximately 9% of mutual fund assets under management.16
U.K.:
• The U.K has 241 mutual fund manufacturers, of which the 10 largest hold 45% of all U.K. mutual fund assets under management;
• The U.K. fund market is open to UCITS qualified funds.17 At December 2011, there was €5.6 trillion invested in UCITS qualified funds.18
• Distribution of U.K. mutual funds is less reliant on advisors than in Canada:
o Fund platforms19 accounted for 41% of gross retail fund sales in 2011.20
10 No-load mutual funds in the U.S. are typically less expensive than no-load mutual funds in Canada as their trailing commissions (12b-1 fees) are capped by law to no more than 0.25% per annum (see note 155 in the Discussion Paper), whereas Canadian no-load funds may pay trailing commissions of up to 1.50%, 11 Investment Company Institute, supra, note 9. 12 Investment Company Institute, Profile of Mutual Fund Shareholders, 2011 (February 2012). Note that mutual funds acquired directly from the mutual fund manufacturer or through a discount broker are typically no-load funds whose trailing commissions (12b-1 fees) are capped by law to no more than 0.25%. 13 Investment Company Institute, supra, note 9. 14 See notes 153 and 154 in the Discussion Paper. 15 Investment Company Institute, supra, note 9. Note that in the U.S., balanced funds are called hybrid funds. 16 Ibid. 17 The U.K. fund market is open to foreign domiciled UCITS funds subject to compliance with UCITS regulation. UCITS funds can be marketed to retail investors within any European Union member state. 18 European Fund and Asset Management Association (EFAMA), Investment Fund Industry Fact Sheet, December 2011. 19 Fund platforms in the U.K. are somewhat akin to discount brokerages in Canada. They typically let you invest online in various products, including mutual funds, normally at a discount. A portion of the trailing commissions that is normally paid out to advisors on mutual funds is paid to the platform which often rebates it back to the customer. 20 Investment Management Association, Asset Management in the UK 2011-2012, The IMA Annual Survey (September 2012)
December 13, 2012 (2012) 35 OSCB 11277 Request for Comments
o Direct distributions to investors by mutual fund manufacturers accounted for 13% of gross retail fund sales in 2010.21
• Pension funds are the largest U.K. institutional client category, accounting for 50.3% (£1.2 trillion) of U.K. institutional client assets. Defined contribution plans account for approximately 36% of those pension fund assets, and play a role in the distribution of mutual funds;22
• Trailing commissions on U.K. mutual funds (pre-RDR reforms) typically don’t exceed 1% per annum;23
• While equity funds accounted for 53% of U.K. mutual fund assets under management as at the end of 2011, approximately 11% of those equity fund assets (or 6% of all U.K. mutual fund assets under management) were held by passively managed index funds (which tend to have lower MERs).24
Australia:
• Australian employers are required to contribute, at least quarterly, 9% of each employee’s earnings to a designated superannuation fund.25
• Australia has no government sponsored, earnings related, social insurance program equivalent to the Canada Pension Plan. Instead, it relies entirely on superannuation for its funded retirement system, which is why its mutual fund industry is quite large, ranking 3rd in the world by mutual fund assets under management;26
• Superannuation funds drive growth in the Australian fund management industry, accounting for approximately 70% of mutual fund assets under management;27
• The fund market in Australia is open to foreign-domiciled funds.28
• More than half of Australian funds are classified as no-load funds (which generally have lower MERs than load funds);29
• Trailing commissions on Australian funds (pre-FoFA reforms) typically don’t exceed 0.50% per annum30, and are the lowest of the four countries featured in the table.
21 Investment Management Association, Asset Management in the UK 2010-2011, The IMA Annual Survey (July 2011) 22 See Investment Management Association, supra, note 20. We note that the U.K. Government introduced regulatory reforms in 2012, to be implemented in stages over the next 4 years, that will require employees not currently covered by employer pension plans to make statutory minimum contributions of 8% of gross qualifying earnings. Given the decline in defined benefit plan provision in the U.K. over the past decade, it is expected that the majority of employees being automatically enrolled will become members of defined contribution plans. For those employers who do not wish to use an existing private sector provider, the Government has created a quasi-state universal service provider, the National Employment Savings Trust (NEST). Given these reforms, the role of defined contribution plans in the distribution of mutual funds to U.K. investors is likely to increase in the coming years. 23 This data is based on information provided by staff of the Financial Services Authority. They advise that trailing commissions typically range from 0.50% to 1% per annum. 24 See Investment Management Association, supra, note 20. 25 This compulsory contribution rate is expected to increase in steps over the next 8 years, reaching 12% in 2020. 26 Source: International Investment Funds Association, Q2:2012. 27 Source: Australian Bureau of Statistics, as at December 2011. 28 The fund market in Australia is open to foreign domiciled funds that comply with ASIC’s Regulatory Guide 178 – Foreign collective investment schemes. 29 B.N. Alpert, J. Rekenthaler, Morningstar Global Fund Investor Experience 2011 (March 2011). 30 This data is based on information provided by staff of the Australian Securities and Investments Commission. They advise that the trailing commission is typically around 0.50% per annum. The Australian Investors Association also states this. See their website at: http://www.investors.asn.au/education/other-investments/managed-funds/.
December 13, 2012 (2012) 35 OSCB 11278 Request for Comments
December 13, 2012 (2012) 35 OSCB 11279 Request for Comments
December 13, 2012 (2012) 35 OSCB 11280 Request for Comments
December 13, 2012 (2012) 35 OSCB 11281 Request for Comments
December 13, 2012 (2012) 35 OSCB 11282 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.
December 13, 2012 (2012) 35 OSCB 11283 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed 01 Communique Laboratory Options Train, William, Archibald 4 03/12/2012 52 736,000 -85,000 Inc. 01 Communique Laboratory Options Train, William, Archibald 4 03/12/2012 52 651,000 -85,000 Inc. 01 Communique Laboratory Options Train, William, Archibald 4 03/12/2012 52 615,000 -36,000 Inc. 360 VOX Corporation Common Shares Class A McCredie, Ross 4, 5 15/11/2012 00 (formerly, Leisure Canada Inc.) 360 VOX Corporation Common Shares Class A McCredie, Ross 4, 5 15/11/2012 22 3,512,118 3,512,118 (formerly, Leisure Canada Inc.) 360 VOX Corporation Common Shares Class A McCredie, Ross 4, 5 15/11/2012 00 (formerly, Leisure Canada Inc.) 360 VOX Corporation Common Shares Class A McCredie, Ross 4, 5 15/11/2012 22 1,897,265 1,897,265 (formerly, Leisure Canada Inc.) 49 North Resources Inc. Common Shares 49 North Resources Inc. 1 06/12/2012 38 0 -67,300 5N Plus Inc. Restricted Share Unit / Bernier, Jean 5 07/06/2010 56 3,834 Unités d'actions incessibles 5N Plus Inc. Restricted Share Unit / Bernier, Jean 5 07/06/2010 56 3,834 3,834 Unités d'actions incessibles 5N Plus Inc. Restricted Share Unit / Mayer, Jean 5 07/11/2012 97 2.22 5,000 Unités d'actions incessibles 5N Plus Inc. Restricted Share Unit / Mayer, Jean 5 07/11/2012 56 2.22 5,000 5,000 Unités d'actions incessibles 5N Plus Inc. Restricted Share Unit / Suys, Marc 5 07/06/2010 56 3,805 Unités d'actions incessibles 5N Plus Inc. Restricted Share Unit / Suys, Marc 5 07/06/2010 56 3,805 3,805 Unités d'actions incessibles Abattis Bioceuticals Corp. Common Shares Brusatore, Nicholas Gordon 4 27/11/2012 00
ABCOURT MINES INC. Common Shares Hinse, Renaud 4, 5 29/11/2012 10 0.085 7,383,875 17,000 catégorie B ABCOURT MINES INC. Common Shares Hinse, Renaud 4, 5 05/12/2012 10 0.085 7,416,875 33,000 catégorie B ABCOURT MINES INC. Common Shares Hinse, Renaud 4, 5 06/12/2012 10 0.085 7,566,875 150,000 catégorie B Aberdeen International Inc. Common Shares Pettigrew, Pierre Stewart 4 29/11/2012 10 0.3 40,000 -30,000 Aberdeen International Inc. Common Shares Pettigrew, Pierre Stewart 4 30/11/2012 10 0.3 0 -40,000 Abitex Resources Inc. Common Shares Bryce, Robert 4 04/12/2012 10 0.01 2,502,804 62,000 Absolute Software Common Shares Olsen, Errol 5 12/07/2010 00 Corporation ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 30/11/2012 38 7.15 28,131,461 1,900
ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 04/12/2012 38 7.12 28,132,861 1,400
ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 05/12/2012 38 7.08 28,134,061 1,200
AEterna Zentaris Inc. Options Blake, Paul 5 06/12/2012 50 2.17 151,945 80,700 AEterna Zentaris Inc. Options Egbert, Carolyn 4 06/12/2012 50 2.17 7,500 7,500 AEterna Zentaris Inc. Options Engel, Jürgen 4, 5 06/12/2012 50 2.17 350,022 133,400 AEterna Zentaris Inc. Options Günther, Eckhard 5 06/12/2012 50 2.17 57,476 24,000 AEterna Zentaris Inc. Options Pelliccione, Nicholas J. 5 06/12/2012 50 2.17 121,483 70,100 AEterna Zentaris Inc. Options Peukert, Manfred 5 06/12/2012 50 2.17 68,807 26,100 AEterna Zentaris Inc. Options Turpin, Dennis 5 06/12/2012 50 2.17 188,329 84,000 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 250,000 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 420,000 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 250,000 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 Affinor Resources Inc. Warrants VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 Affinor Resources Inc. Warrants VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00
December 13, 2012 (2012) 35 OSCB 11284 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Affinor Resources Inc. Warrants VEILLETTE, CLAUDE 3, 4, 5 01/12/2010 00 Affinor Resources Inc. Warrants VEILLETTE, CLAUDE 3, 4, 5 23/05/2012 00 AGF Management Limited Options Stock Option Bogart, Robert 5 30/11/2012 50 8.93 180,550 25,450 Plan AGF Management Limited Restricted Share Units Bogart, Robert 5 30/11/2012 46 8.95 30,980 18,994 AGF Management Limited Options Stock Option CAMMARERI, ROSE 5 30/11/2012 50 8.93 251,265 25,450 Plan AGF Management Limited Restricted Share Units CAMMARERI, ROSE 5 30/11/2012 46 8.95 29,374 8,939 AGF Management Limited Options Stock Option Forrester, Gordon 7 30/11/2012 50 8.93 75,450 25,450 Plan Mackenzie AGF Management Limited Restricted Share Units Forrester, Gordon 7 30/11/2012 46 8.95 19,101 8,939 Mackenzie AGF Management Limited Options Stock Option Goldring, Blake Charles 4, 5 30/11/2012 50 8.93 1,044,639 127,260 Plan AGF Management Limited Options Stock Option Goldring, Judy 4, 5 30/11/2012 50 8.93 500,314 25,450 Plan AGF Management Limited Restricted Share Units Goldring, Judy 4, 5 30/11/2012 46 8.95 68,114 18,994 AGF Management Limited Options Stock Option Hubbes, Martin 5 30/11/2012 50 8.93 618,739 25,450 Plan AGF Management Limited Restricted Share Units Hubbes, Martin 5 30/11/2012 46 8.95 21,805 8,939 AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 29/11/2012 47 8.79 168,000
AGF Management Limited Common Shares Class B Ihnatowycz, Ian Orest 4 29/11/2012 47 8.79 3,760,478 -168,000
Agnico-Eagle Mines Limited Common Shares Datta, Picklu 5 07/12/2012 51 37.05 14,991 12,500
Agnico-Eagle Mines Limited Common Shares Datta, Picklu 5 07/12/2012 10 53.07 2,491 -12,500
Agnico-Eagle Mines Limited Options Datta, Picklu 5 07/12/2012 51 37.05 217,500 -12,500
Agnico-Eagle Mines Limited Common Shares Stockford, Howard Roger 4 03/12/2012 51 54.42 38,818 28,750
Agnico-Eagle Mines Limited Common Shares Stockford, Howard Roger 4 03/12/2012 10 55.97 10,068 -28,750
Agnico-Eagle Mines Limited Options Stockford, Howard Roger 4 03/12/2012 51 54.42 15,944 -28,750
Aimia Inc. Deferred Share Units Brown, Robert Ellis 4 01/12/2012 56 14.83 28,816 2,000 Aimia Inc. Deferred Share Units Doroniuk, Roman 4 01/12/2012 56 14.83 11,100 1,361 Aimia Inc. Deferred Share Units Ferstman, Joanne Shari 4 01/12/2012 56 14.83 23,347 1,252 Aimia Inc. Deferred Share Units Fortier, Michael M 4 01/12/2012 56 14.83 6,463 375 Aimia Inc. Deferred Share Units Forzani, John 5 01/12/2012 56 14.83 16,731 796 Aimia Inc. Deferred Share Units Laidley, David Howard 4 01/12/2012 56 14.83 36,571 1,361 Aimia Inc. Deferred Share Units Port, Douglas D. 4 01/12/2012 56 14.83 11,683 375 Aimia Inc. Deferred Share Units Rossy, Alan 4 01/12/2012 56 14.83 6,558 375 Ainsworth Lumber Co. Ltd. Common Shares Paul, Houston 4 29/11/2012 10 3.25 204,850 -24,100 Ainsworth Lumber Co. Ltd. Common Shares Paul, Houston 4 29/11/2012 10 3.26 194,850 -10,000 Ainsworth Lumber Co. Ltd. Common Shares Paul, Houston 4 29/11/2012 10 3.31 193,350 -1,500 Air Canada Class B Voting Shares Air Canada 1 19/11/2012 38 1.8433 230,000 230,000 Air Canada Class B Voting Shares Air Canada 1 19/11/2012 38 0 -230,000 Air Canada Class B Voting Shares Air Canada 1 20/11/2012 38 1.842 230,000 230,000 Air Canada Class B Voting Shares Air Canada 1 20/11/2012 38 0 -230,000 Air Canada Class B Voting Shares Air Canada 1 21/11/2012 38 1.8735 230,000 230,000 Air Canada Class B Voting Shares Air Canada 1 21/11/2012 38 0 -230,000 Air Canada Class B Voting Shares Air Canada 1 23/11/2012 38 1.84 65,600 65,600 Air Canada Class B Voting Shares Air Canada 1 23/11/2012 38 0 -65,600 Air Canada Class B Voting Shares Air Canada 1 26/11/2012 38 1.7977 105,000 105,000 Air Canada Class B Voting Shares Air Canada 1 26/11/2012 38 0 -105,000 Air Canada Class B Voting Shares Air Canada 1 27/11/2012 38 1.8083 230,000 230,000 Air Canada Class B Voting Shares Air Canada 1 27/11/2012 38 0 -230,000 Air Canada Class B Voting Shares Air Canada 1 28/11/2012 38 1.7989 80,400 80,400 Air Canada Class B Voting Shares Air Canada 1 28/11/2012 38 0 -80,400 Air Canada Class B Voting Shares Air Canada 1 29/11/2012 38 1.8002 98,300 98,300 Air Canada Class B Voting Shares Air Canada 1 29/11/2012 38 0 -98,300 Air Canada Class B Voting Shares Air Canada 1 30/11/2012 38 1.8099 230,000 230,000 Air Canada Class B Voting Shares Air Canada 1 30/11/2012 38 0 -230,000 Air Canada Class B Voting Shares Verschuren, Annette Marie 4 12/11/2012 00
Air Canada Class B Voting Shares Verschuren, Annette Marie 4 27/11/2012 10 1.8 10,000 10,000
AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 29/11/2012 38 4.5 500,000 500,000 CORP. AIRBOSS OF AMERICA Common Shares AirBoss of America Corp. 1 29/11/2012 38 0 -500,000 CORP. Akita Drilling Ltd. Non-Voting Shares Dease, Colin 5 07/12/2012 10 10.41 2,046 1,000
December 13, 2012 (2012) 35 OSCB 11285 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Alabama Graphite Corp. Common Shares Depatie, Jean 4 22/11/2012 00 Alabama Graphite Corp. Common Shares Depatie, Jean 4 05/12/2012 11 300000 300,000 300,000 Alabama Graphite Corp. Common Shares Depatie, Jean 4 07/12/2012 11 0.35 327,142 27,142 Alabama Graphite Corp. Warrants Depatie, Jean 4 22/11/2012 00 Alabama Graphite Corp. Warrants Depatie, Jean 4 04/12/2012 53 0.06 300,000 300,000 Alabama Graphite Corp. Warrants Depatie, Jean 4 05/12/2012 54 0.06 0 -300,000 Alabama Graphite Corp. Warrants Depatie, Jean 4 07/12/2012 11 0.5 13,571 13,571 ALAMOS GOLD INC Common Shares McCluskey, John 4, 5 30/11/2012 47 18.7 291,600 -5,500 Alimentation Couche-Tard Options Broussard, Jason 5 05/12/2012 51 17.74 30,000 -10,000 Inc. Alimentation Couche-Tard Subordinate Voting Broussard, Jason 5 05/12/2012 51 17.74 10,200 10,000 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Broussard, Jason 5 05/12/2012 10 48.859 3,831 -6,369 Inc. Shares Catégorie B Alimentation Couche-Tard Subordinate Voting Broussard, Jason 5 05/12/2012 97 48.859 200 -3,631 Inc. Shares Catégorie B Allegiance Equity Common Shares Goldberg, Melvin 4 05/12/2012 10 0.185 578,473 -24,500 Corporation Allied Nevada Gold Corp. Bonds Sinclair, Alistair Murray 4 30/11/2012 10 1.05 $12,000,000 $500,000 Allied Properties Real Estate Units Connor, Gerald R. 4 26/11/2012 97 314,892 124 Investment Trust Allied Properties Real Estate Units Cunningham, Gordon R. 4 06/12/2012 10 32.314 3,066 -5,000 Investment Trust AltaGas Ltd. Rights Restricted Units Best, Catherine May 4 01/12/2012 30 4,833 33 (RU) AltaGas Ltd. Rights Restricted Units Best, Catherine May 4 01/12/2012 59 4,000 -833 (RU) Altai Resources Inc. Common Shares KACIRA, Niyazi 4, 5 05/12/2012 10 0.07 6,887,927 20,000 Altai Resources Inc. Common Shares KACIRA, Niyazi 4, 5 06/12/2012 10 0.07 6,907,927 20,000 Altai Resources Inc. Common Shares KACIRA, Niyazi 4, 5 07/12/2012 10 0.07 6,927,927 20,000 Altiplano Minerals Ltd. Common Shares Budd, Michael Brian 5 30/11/2012 10 0.1 540,000 30,000 Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 30/11/2012 10 9.878 84,900 84,900
Altius Minerals Corporation Common Shares Altius Minerals Corporation 1 05/12/2012 38 0 -84,900
Amaya Gaming Group Inc. Options Franic, Mauro Alejandro 7 05/11/2012 00 Amaya Gaming Group Inc. Options Franic, Mauro Alejandro 7 30/11/2012 50 4.2 400,000 Amaya Gaming Group Inc. Options Franic, Mauro Alejandro 7 30/11/2012 50 4.24 400,000 400,000 Amaya Gaming Group Inc. Options Lee, Sigmund Hyunjai 7 05/11/2012 00 Amaya Gaming Group Inc. Options Lee, Sigmund Hyunjai 7 30/11/2012 50 4.2 400,000 Amaya Gaming Group Inc. Options Lee, Sigmund Hyunjai 7 30/11/2012 50 4.24 400,000 400,000 American Consolidated Common Shares Fabbro, Allan John 4, 5 27/11/2012 10 0.025 11,689,163 112,000 Minerals Corp. American Consolidated Common Shares Fabbro, Allan John 4, 5 30/11/2012 10 0.025 11,739,163 50,000 Minerals Corp. American Consolidated Common Shares Fabbro, Allan John 4, 5 03/12/2012 10 0.025 11,821,163 82,000 Minerals Corp. American Consolidated Common Shares Fabbro, Allan John 4, 5 05/12/2012 10 0.025 12,031,163 210,000 Minerals Corp. Amerix Precious Metals Common Shares Brunelle, Steven Samuel 5 31/10/2012 16 0.12 1,345,333 420,000 Corporation Amerix Precious Metals Warrants Brunelle, Steven Samuel 5 31/10/2012 16 532,666 210,000 Corporation Amerix Precious Metals Warrants Hamilton, Daniel 5 03/11/2012 55 91,666 -50,000 Corporation Amerix Precious Metals Warrants Hamilton, Daniel 5 30/11/2012 55 58,333 -33,333 Corporation Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 29/11/2012 10 0.427 9,168,722 19,000 Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 30/11/2012 10 0.433 9,200,722 32,000 Anconia Resources Corp. Common Shares Brewster, Jason Allen Ross 4, 5 30/11/2012 10 0.21 714,750 10,000
Anconia Resources Corp. Common Shares Brewster, Jason Allen Ross 4, 5 30/11/2012 10 0.165 291,500 3,500
Anconia Resources Corp. Common Shares Brewster, Jason Allen Ross 4, 5 30/11/2012 10 0.21 271,500 7,500
Anderson Energy Ltd. Common Shares Scobie, David Gordon 4 05/12/2012 10 0.23 213,424 -29,000 Anderson Energy Ltd. Common Shares Scobie, David Gordon 4 05/12/2012 10 0.235 207,424 -6,000 Arcan Resources Ltd. Common Shares PetroBakken Energy Ltd. 3 03/12/2012 00 9,550,400 Arcan Resources Ltd. Common Shares PetroBakken Energy Ltd. 3 03/12/2012 10 0.89 16,605,900 7,055,500 Arch Biopartners Inc. Common Shares Muruve, Richard Gabriel 3, 4 28/11/2012 10 0.3 469,000 2,000 Arctic Hunter Energy Inc. Common Shares Coupland, Timothy Andrew 4, 5 05/12/2012 10 0.065 2,110,000 5,000
Arctic Star Exploration Corp. Common Shares Power, Patrick Edward 4, 5 28/11/2012 10 0.15 784,214 23,000
December 13, 2012 (2012) 35 OSCB 11286 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Arctic Star Exploration Corp. Common Shares Power, Patrick Edward 4, 5 06/12/2012 10 0.15 792,714 8,500
Argent Energy Trust Trust Units Louden, Richard John 4 29/11/2012 10 9.83 21,000 1,000 Argent Energy Trust Trust Units Louden, Richard John 4 30/11/2012 10 9.739 31,000 10,000 Argent Energy Trust Trust Units Louden, Richard John 4 30/11/2012 10 9.75 41,000 10,000 Aston Hill Financial Inc. Common Shares TREMBLAY, Eric J.L.M. 4 29/11/2012 10 1.2 3,422,091 1,300 Aston Hill Financial Inc. Common Shares TREMBLAY, Eric J.L.M. 4 30/11/2012 10 1.2 3,424,191 2,100 Astral Media Inc. Options Bergeron, Jean-François 5 30/11/2012 50 45.63 7,200 3,600 Astral Media Inc. Unités d'actions avec Bergeron, Jean-François 5 30/11/2012 30 3,600 1,800 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Catellier, Brigitte 5 30/11/2012 30 45.63 3,929 2,500 A Astral Media Inc. Non-Voting Shares Class Catellier, Brigitte 5 30/11/2012 30 45.17 4,383 454 A Astral Media Inc. Options Catellier, Brigitte 5 30/11/2012 50 45.63 25,375 5,000 Astral Media Inc. Unités d'actions avec Catellier, Brigitte 5 30/11/2012 30 6,200 -2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Catellier, Brigitte 5 30/11/2012 30 8,700 2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Chiasson, Arnold 5 30/11/2012 30 45.63 5,050 2,500 A Astral Media Inc. Non-Voting Shares Class Chiasson, Arnold 5 30/11/2012 30 36.653 5,085 35 A Astral Media Inc. Options Chiasson, Arnold 5 30/11/2012 50 45.63 26,525 5,000 Astral Media Inc. Unités d'actions avec Chiasson, Arnold 5 30/11/2012 30 6,200 -2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Chiasson, Arnold 5 30/11/2012 30 8,700 2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Côté, Jocelyn 5 30/11/2012 30 44.05 689 689 A Astral Media Inc. Options Côté, Jocelyn 5 30/11/2012 50 45.63 9,600 6,000 Astral Media Inc. Unités d'actions avec Côté, Jocelyn 5 30/11/2012 30 3,000 3,000 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Fortier, Robert 5 30/11/2012 30 45.63 9,183 1,800 A Astral Media Inc. Non-Voting Shares Class Fortier, Robert 5 30/11/2012 30 47.33 9,724 541 A Astral Media Inc. Options Fortier, Robert 5 30/11/2012 50 45.63 29,800 9,000 Astral Media Inc. Unités d'actions avec Fortier, Robert 5 30/11/2012 30 0 -1,800 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Fortier, Robert 5 30/11/2012 30 4,500 4,500 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Goyette, Stéphane 5 30/11/2012 30 44.99 847 794 A Astral Media Inc. Options Goyette, Stéphane 5 30/11/2012 50 45.63 10,800 3,600 Astral Media Inc. Unités d'actions avec Goyette, Stéphane 5 30/11/2012 30 5,400 1,800 restrictions/Restricted Share Units(A) Astral Media Inc. Options Greenberg, Ian 4, 7, 5 30/11/2012 50 45.63 595,000 70,000 Astral Media Inc. Unités d'actions Greenberg, Ian 4, 7, 5 30/11/2012 30 192,074 35,000 différées/Deferred Share Units Astral Media Inc. Non-Voting Shares Class Lizotte, Claude 7 30/11/2012 30 45.63 3,500 2,500 A Astral Media Inc. Non-Voting Shares Class Lizotte, Claude 7 30/11/2012 30 36.653 3,513 13 A Astral Media Inc. Options Lizotte, Claude 7 30/11/2012 50 45.63 30,000 5,000 Astral Media Inc. Unités d'actions avec Lizotte, Claude 7 30/11/2012 30 6,200 -2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Lizotte, Claude 7 30/11/2012 30 8,700 2,500 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Parisien, Jacques 7 30/11/2012 30 45.63 50,023 9,750 A
December 13, 2012 (2012) 35 OSCB 11287 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Astral Media Inc. Non-Voting Shares Class Parisien, Jacques 7 30/11/2012 30 40.52 50,928 905 A Astral Media Inc. Non-Voting Shares Class Parisien, Jacques 7 03/12/2012 10 45.676 46,198 -4,730 A Astral Media Inc. Options Parisien, Jacques 7 30/11/2012 50 45.63 139,762 40,000 Astral Media Inc. Unités d'actions avec Parisien, Jacques 7 30/11/2012 30 34,450 -9,750 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions Parisien, Jacques 7 02/06/2003 00 différées/Deferred Share Units Astral Media Inc. Unités d'actions Parisien, Jacques 7 30/11/2012 30 20,000 20,000 différées/Deferred Share Units Astral Media Inc. Non-Voting Shares Class Riley, John Thomas Joseph 7 30/11/2012 30 45.63 44,561 7,000 A Astral Media Inc. Options Riley, John Thomas Joseph 7 30/11/2012 50 45.63 119,000 14,000
Astral Media Inc. Unités d'actions avec Riley, John Thomas Joseph 7 30/11/2012 30 17,400 -7,000 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Riley, John Thomas Joseph 7 30/11/2012 30 24,400 7,000 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Roy, Pierre 7 30/11/2012 30 45.63 18,863 7,000 A Astral Media Inc. Non-Voting Shares Class Roy, Pierre 7 03/12/2012 10 45.676 15,468 -3,395 A Astral Media Inc. Options Roy, Pierre 7 30/11/2012 50 45.63 84,000 14,000 Astral Media Inc. Unités d'actions avec Roy, Pierre 7 30/11/2012 30 17,400 -7,000 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Roy, Pierre 7 30/11/2012 30 24,400 7,000 restrictions/Restricted Share Units(A) Astral Media Inc. Non-Voting Shares Class Sabbatini, Luc 7 30/11/2012 30 45.63 16,643 6,000 A Astral Media Inc. Non-Voting Shares Class Sabbatini, Luc 7 05/12/2012 10 45.77 13,733 -2,910 A Astral Media Inc. Options Sabbatini, Luc 7 30/11/2012 50 45.63 84,500 12,000 Astral Media Inc. Unités d'actions avec Sabbatini, Luc 7 30/11/2012 30 14,900 -6,000 restrictions/Restricted Share Units(A) Astral Media Inc. Unités d'actions avec Sabbatini, Luc 7 30/11/2012 30 20,900 6,000 restrictions/Restricted Share Units(A) Atacama Pacific Gold Common Shares Hansen, Carl 4, 5 05/12/2012 10 2.9 967,033 500 Corporation ATCO LTD. Common Shares Class II Heathcott, Linda A. 6, 7 05/12/2012 10 76.6 4,200 200
ATCO LTD. Common Shares Class II Heathcott, Linda A. 6, 7 05/12/2012 10 76.7 4,400 200
ATCO LTD. Common Shares Class II Heathcott, Linda A. 6, 7 05/12/2012 10 76.99 4,600 200
ATCO LTD. Non-Voting Shares Class Heathcott, Linda A. 6, 7 04/12/2012 10 76.92 6,301 269 I ATCO LTD. Non-Voting Shares Class Heathcott, Linda A. 6, 7 04/12/2012 10 76.91 6,401 100 I ATCO LTD. Common Shares Class II Warkentin, Clinton 5 01/12/2012 00 100
ATCO LTD. Non-Voting Shares Class Warkentin, Clinton 5 01/12/2012 00 I ATCO LTD. Non-Voting Shares Class Warkentin, Clinton 5 01/12/2012 00 340 I ATCO LTD. Non-Voting Shares Class Warkentin, Clinton 5 01/12/2012 00 100 I ATCO LTD. Non-Voting Shares Class Warkentin, Clinton 5 05/12/2012 10 76.35 600 500 I ATCO LTD. Options 75.62 Warkentin, Clinton 5 01/12/2012 00 ATCO LTD. Options 75.62 Warkentin, Clinton 5 01/12/2012 50 375 375 ATCO LTD. Rights 75.62 (SAR) Warkentin, Clinton 5 01/12/2012 00 ATCO LTD. Rights 75.62 (SAR) Warkentin, Clinton 5 01/12/2012 56 375 375 Ateba Resources Inc. Common Shares Dickie, William Paul 4, 5 06/07/1998 00
December 13, 2012 (2012) 35 OSCB 11288 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Ateba Resources Inc. Common Shares Dickie, William Paul 4, 5 05/12/2012 10 0.02 16,000 16,000 Athabasca Minerals Inc. Common Shares McAlpine, David 5 01/11/2012 00 Athabasca Minerals Inc. Options McAlpine, David 5 01/11/2012 00 Athabasca Minerals Inc. Common Shares O'Connor-Parsons, Shaun 4, 5 04/12/2012 10 1,860,467 -200,000
Athabasca Oil Corporation Common Shares Atkinson, Ian Kenneth 5 05/12/2012 10 10.34 1,951,150 -200,000 Athabasca Oil Corporation Options Bowie, Robert Charles 5 01/10/2010 50 10.09 94,500 94,500 Athabasca Oil Corporation Options Bowie, Robert Charles 5 01/07/2011 50 15.13 102,100 7,600 Athabasca Oil Corporation Options Bowie, Robert Charles 5 01/01/2012 50 11.4 141,700 39,600 Athabasca Oil Corporation Options Bowie, Robert Charles 5 26/11/2012 00 Athabasca Oil Corporation Restricted Share Units Bowie, Robert Charles 5 01/10/2010 56 31,500 31,500 Athabasca Oil Corporation Restricted Share Units Bowie, Robert Charles 5 01/07/2011 56 34,100 2,600 Athabasca Oil Corporation Restricted Share Units Bowie, Robert Charles 5 01/02/2012 56 47,300 13,200 Athabasca Oil Corporation Restricted Share Units Bowie, Robert Charles 5 26/11/2012 00 Athabasca Oil Corporation Options Broen, Robert Anthony 5 26/11/2012 00 Athabasca Oil Corporation Options Broen, Robert Anthony 5 01/12/2012 50 10.99 255,000 255,000 Athabasca Oil Corporation Restricted Share Units Broen, Robert Anthony 5 26/11/2012 00 Athabasca Oil Corporation Restricted Share Units Broen, Robert Anthony 5 01/12/2012 56 10.99 255,000 255,000 Athabasca Oil Corporation Options De Leebeeck, Andre 5 01/02/2012 50 11.4 135,000 135,000 Joseph Charles Athabasca Oil Corporation Options De Leebeeck, Andre 5 05/04/2012 50 10.94 168,750 33,750 Joseph Charles Athabasca Oil Corporation Options De Leebeeck, Andre 5 27/11/2012 00 Joseph Charles Athabasca Oil Corporation Restricted Share Units De Leebeeck, Andre 5 01/02/2012 56 45,000 45,000 Joseph Charles Athabasca Oil Corporation Restricted Share Units De Leebeeck, Andre 5 05/04/2012 56 56,250 11,250 Joseph Charles Athabasca Oil Corporation Restricted Share Units De Leebeeck, Andre 5 27/11/2012 00 Joseph Charles Athabasca Oil Corporation Common Shares Koshman, Richard N 5 29/11/2012 10 11.244 1,000 -6,400 Athabasca Oil Corporation Common Shares Koshman, Richard N 5 29/11/2012 10 11.249 0 -1,000 Athabasca Oil Corporation Restricted Share Units Koshman, Richard N 5 29/11/2012 30 11.243 51,000 -17,000 Atlas Financial Holdings, Inc. Restricted Voting Kingsway Financial 3 28/11/2012 11 1.85 11,662,407 -1,621,621 Common Shares Services Atlas Financial Holdings, Inc. Restricted Voting Kingsway Financial 3 30/11/2012 11 1.85 -1,621,621 Common Shares Services Atlas Financial Holdings, Inc. Restricted Voting Kingsway Financial 3 30/11/2012 11 1.85 -1,621,621 Common Shares Services Atna Resources Ltd. Common Shares Watkins, David Harold 4, 5 03/12/2012 51 0.45 1,574,880 400,000 Atna Resources Ltd. Options Watkins, David Harold 4, 5 03/12/2012 51 0.45 435,000 -400,000 Atna Resources Ltd. Common Shares Zink, Paul Harper 4 05/04/2011 00 Atna Resources Ltd. Common Shares Zink, Paul Harper 4 27/11/2012 51 0.52 50,000 50,000 Atna Resources Ltd. Options Zink, Paul Harper 4 27/11/2012 51 0.52 250,000 -50,000 Atna Resources Ltd. Options Zink, Paul Harper 4 27/11/2012 52 0.52 50,000 Atna Resources Ltd. Options Zink, Paul Harper 4 27/11/2012 52 0.52 50,000 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 16/11/2012 38 10.65 34,300 34,300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.24 34,500 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.21 34,800 300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.18 35,000 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.12 35,300 300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.22 35,400 100 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 19/11/2012 38 11.11 35,600 200 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 21/11/2012 38 1,300 -34,300 Atrium Innovations Inc. Common Shares Atrium Innovations inc. 1 22/11/2012 38 0 -1,300 Atrium Mortgage Investment Common Shares Cohos, Peter Phillip 4 29/08/2012 00 Corporation Atrium Mortgage Investment Common Shares Cohos, Peter Phillip 4 04/12/2012 15 10.67 94,000 94,000 Corporation Atrium Mortgage Investment Common Shares Cooper, Michael 4 29/08/2012 00 Corporation Atrium Mortgage Investment Common Shares Cooper, Michael 4 04/12/2012 10 10.67 47,000 Corporation Atrium Mortgage Investment Common Shares Cooper, Michael 4 04/12/2012 15 10.67 47,000 47,000 Corporation Atrium Mortgage Investment Common Shares Frum, Murray Bernard 4 04/12/2012 15 10.67 860,000 103,000 Corporation Atrium Mortgage Investment Common Shares Frum, Murray Bernard 4 04/12/2012 15 10.67 372,600 28,100 Corporation Atrium Mortgage Investment Common Shares Frum, Murray Bernard 4 04/12/2012 15 10.67 287,500 47,000 Corporation Atrium Mortgage Investment Common Shares GOODALL, ROBERT 4, 5 04/12/2012 15 10.67 28,100 Corporation
December 13, 2012 (2012) 35 OSCB 11289 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Atrium Mortgage Investment Common Shares GOODALL, ROBERT 4, 5 04/12/2012 16 10.67 250,234 28,100 Corporation Atrium Mortgage Investment Common Shares GOODALL, ROBERT 4, 5 04/12/2012 15 10.67 9,300 Corporation Atrium Mortgage Investment Common Shares GOODALL, ROBERT 4, 5 04/12/2012 16 10.67 85,300 9,300 Corporation Atrium Mortgage Investment Common Shares Sherman, Jeffrey Dennis 5 29/08/2012 00 Corporation Atrium Mortgage Investment Common Shares Sherman, Jeffrey Dennis 5 04/12/2012 15 10.67 10,000 10,000 Corporation Audiotech Healthcare Common Shares AHC Acquisition Inc. 3 03/12/2012 00 13,329,825 Corporation Audiotech Healthcare Common Shares Allen, Daniel 4 03/12/2012 22 0 -70,000 Corporation Audiotech Healthcare Options Allen, Daniel 4 03/12/2012 22 0 -50,000 Corporation Audiotech Healthcare Common Shares Iadarola, Daniel 8 03/12/2012 22 0 -250,000 Corporation Audiotech Healthcare Options Iadarola, Daniel 8 03/12/2012 22 0 -50,000 Corporation Audiotech Healthcare Common Shares Iadarola, Darlene Joan 5 03/12/2012 22 0 -80,000 Corporation Audiotech Healthcare Common Shares Iadarola, Darlene Joan 5 03/12/2012 22 0 -1,750,500 Corporation Audiotech Healthcare Common Shares Iadarola, Darlene Joan 5 03/12/2012 22 0 -1,303,500 Corporation Audiotech Healthcare Options Iadarola, Darlene Joan 5 03/12/2012 22 0 -100,000 Corporation Audiotech Healthcare Common Shares Iadarola, Osvaldo 5 03/12/2012 22 0 -2,235,500 Corporation Audiotech Healthcare Common Shares Iadarola, Osvaldo 5 03/12/2012 22 0 -86,500 Corporation Audiotech Healthcare Common Shares Iadarola, Osvaldo 5 03/12/2012 22 0 -1,677,500 Corporation Audiotech Healthcare Common Shares Iadarola, Osvaldo 5 03/12/2012 22 0 -1,203,500 Corporation Audiotech Healthcare Options Iadarola, Osvaldo 5 03/12/2012 22 0 -620,000 Corporation Audiotech Healthcare Common Shares Martin, Glen 4 03/12/2012 22 0 -245,500 Corporation Audiotech Healthcare Common Shares Martin, Glen 4 03/12/2012 22 0 -211,400 Corporation Audiotech Healthcare Common Shares Martin, Glen 4 03/12/2012 22 0 -30,700 Corporation Audiotech Healthcare Options Martin, Glen 4 03/12/2012 22 0 -50,000 Corporation Audiotech Healthcare Common Shares Mill, Gerald 4 03/12/2012 22 0 -220,000 Corporation Audiotech Healthcare Options Mill, Gerald 4 03/12/2012 22 0 -50,000 Corporation Audiotech Healthcare Common Shares Robertson, Grant 4 03/12/2012 22 0.35 0 -121,000 Corporation Audiotech Healthcare Options Robertson, Grant 4 03/12/2012 22 0.25 0 -200,000 Corporation Audiotech Healthcare Common Shares Walker, Darryl Wayne 4 03/12/2012 22 0 -157,033 Corporation Audiotech Healthcare Common Shares Walker, Darryl Wayne 4 03/12/2012 22 0 -500 Corporation Audiotech Healthcare Common Shares Walker, Darryl Wayne 4 03/12/2012 22 0 -81,033 Corporation Augustine Ventures Inc. Common Shares Isaacs, Wayne 3 27/11/2012 10 0.07 2,930,819 -100,000 Augustine Ventures Inc. Common Shares Isaacs, Wayne 3 03/12/2012 10 0.07 2,882,819 -48,000 Augustine Ventures Inc. Common Shares Isaacs, Wayne 3 05/12/2012 10 0.07 2,832,819 -50,000 Augustine Ventures Inc. Common Shares Isaacs, Wayne 3 06/12/2012 10 0.085 2,807,819 -25,000 AuRico Gold Inc. Options Day, Anne 5 30/11/2012 52 9 65,000 -10,000 Aurora Oil & Gas Limited Ordinary Shares Schoch, Peter Grenville 4 05/12/2012 10 3.61 5,996,554 50,000 Aurora Oil & Gas Limited Ordinary Shares Wasylucha, Darren Wade 5 07/12/2012 10 3.51 10,000 2,000 Automodular Corporation Common Shares Automodular Corporation 1 28/11/2012 38 1.97 20,395,879 2,200 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 28/11/2012 38 1.99 20,411,764 15,885 (formerly Algonquin Mercantile)
December 13, 2012 (2012) 35 OSCB 11290 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Automodular Corporation Common Shares Automodular Corporation 1 28/11/2012 38 1.97 20,409,564 -2,200 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 28/11/2012 38 1.99 20,393,679 -15,885 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 29/11/2012 38 1.97 2,200 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 29/11/2012 38 1.99 15,885 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 29/11/2012 38 1.99 20,411,764 18,085 (formerly Algonquin Mercantile) Automodular Corporation Common Shares Automodular Corporation 1 29/11/2012 38 1.99 20,393,679 -18,085 (formerly Algonquin Mercantile) Avante Logixx Inc. Common Shares Rossolatos, George 4, 5 04/12/2012 10 0.06 1,328,000 44,000 Avanti Mining Inc. Common Shares Bogden, Gordon Jack 4 20/11/2012 00 Avanti Mining Inc. Common Shares Bogden, Gordon Jack 4 06/12/2012 10 300,000 300,000 Avanti Mining Inc. Options Bogden, Gordon Jack 4 20/11/2012 00 Avanti Mining Inc. Options Bogden, Gordon Jack 4 03/12/2012 50 0.1 250,000 250,000 Avanti Mining Inc. Options Winship, Michael David 4 20/11/2012 00 250,000 Aveda Transportation and Common Shares Mahajan, Bharat 5 31/10/2011 00 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Common Shares Mahajan, Bharat 5 05/12/2012 10 1.9 200 200 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Common Shares Mahajan, Bharat 5 04/12/2012 10 2 131,948 12,431 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Options McCartney, Douglas Todd 4 03/12/2012 50 2 9,999 2,499 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Options Roycraft, Kevin Joseph 5 26/11/2012 00 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Options Roycraft, Kevin Joseph 5 04/12/2012 50 2 250,000 250,000 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Common Shares SHELLEY, PAUL H. 4 04/12/2012 10 2.05 16,300 15,000 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Options SHELLEY, PAUL H. 4 23/05/2012 00 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) Aveda Transportation and Options SHELLEY, PAUL H. 4 04/12/2012 50 2 10,000 10,000 Energy Services Inc.(formerly Phoenix Oilfield Hauling Inc.) AXMIN Inc. (formerly Asquith Options Shirriff, Robert Lindsey 4 02/12/2012 52 305,000 -5,000 Resources Inc.) Azimuth Resources Limited Options Unlisted Options felton, dean brendan 4 07/12/2012 50 833,334 500,000
Azimuth Resources Limited Common Shares Harvey, T. Sean 4 06/12/2012 10 0.2596 500,000 200,000
Azimuth Resources Limited Options Unlisted Options Harvey, T. Sean 4 10/05/2012 00
Azimuth Resources Limited Options Unlisted Options Harvey, T. Sean 4 07/12/2012 50 822,581
Azimuth Resources Limited Options Unlisted Options Harvey, T. Sean 4 07/12/2012 50 822,581 822,581
December 13, 2012 (2012) 35 OSCB 11291 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Azimuth Resources Limited Options Unlisted Options Harvey, T. Sean 4 07/12/2012 50 1,322,581 500,000
Azimuth Resources Limited Options Unlisted Options Hunt, Michael 4 10/05/2012 00
Azimuth Resources Limited Options Unlisted Options Hunt, Michael 4 07/12/2012 50 750,000 750,000
Azimuth Resources Limited Options Unlisted Options Monti, Richard 4 10/05/2012 00
Azimuth Resources Limited Options Unlisted Options Monti, Richard 4 07/12/2012 50 1,000,000 1,000,000
Azimuth Resources Limited Options Unlisted Options Ward, Joshua Scott 5 07/12/2012 50 600,000 300,000
BacTech Environmental Common Shares Nagy, Louis Robert 5 29/11/2012 10 0.09 208,500 11,000 Corporation BacTech Environmental Common Shares Orr, Murray Ross 7 30/11/2012 10 0.095 940,000 1,000 Corporation Bank of Montreal Restricted Share Units Costello, Ellen Marie 5 01/12/2012 56 58.63 108,834 17,870 Bank of Montreal Restricted Share Units Downe, William 5 01/12/2012 56 58.63 223,842 52,003 Bank of Montreal Restricted Share Units Fish, Simon Adrian 5 01/12/2012 56 58.63 75,458 11,297 Bank of Montreal Restricted Share Units Flynn, Thomas Earl 7 01/12/2012 56 58.63 132,245 16,597 Bank of Montreal Restricted Share Units Milroy, Thomas 5 01/12/2012 56 58.63 264,454 42,045 Bank of Montreal Restricted Share Units Ouellette, Gilles Gerard 5 01/12/2012 56 58.63 116,574 17,869 Bank of Montreal CMLTIP RSU Rajpal, Surjit 5 01/12/2012 56 59.1 22,041 9,651 Bank of Montreal Restricted Share Units Rudderham, Richard D. 5 01/12/2012 56 58.63 33,116 4,902 Bank of Montreal Restricted Share Units Techar, Frank J. 5 01/12/2012 56 58.63 151,293 21,576 Bannerman Resources Options Turney, John Russell 5 06/12/2012 52 1,200,000 -600,000 Limited Bannerman Resources Options Turney, John Russell 5 06/12/2012 52 600,000 -600,000 Limited Bannerman Resources Options Turney, John Russell 5 06/12/2012 52 0 -600,000 Limited Banro Corporation Common Shares VILLAGE, SIMON 4, 5 30/11/2012 10 3.3 418,500 50,000 FREDERICK WILLIAM Banro Corporation Common Shares VILLAGE, SIMON 4, 5 30/11/2012 10 3.3 468,500 50,000 FREDERICK WILLIAM Barisan Gold Corporation Common Shares Granger, Alex 5 30/11/2012 10 0.1 168,000 28,000 Batero Gold Corp. Common Shares Navarro Grau Dyer, 3 29/11/2012 00 4,265,000 Michelle Maria Batero Gold Corp. Warrants Navarro Grau Dyer, 3 29/11/2012 00 1,500,000 Michelle Maria Bauer Performance Sports Deferred Share Units Jacobi, Charles Michael 4 17/10/2012 00 Ltd. Bauer Performance Sports Deferred Share Units Jacobi, Charles Michael 4 03/12/2012 56 798 798 Ltd. Bauer Performance Sports Deferred Share Units McDonell, Bernard J. 4, 5 10/03/2011 00 Ltd. Bauer Performance Sports Deferred Share Units McDonell, Bernard J. 4, 5 03/12/2012 56 1,063 1,063 Ltd. Bauer Performance Sports Deferred Share Units Nicholson, Robert Grant 4 10/03/2011 00 Ltd. Bauer Performance Sports Deferred Share Units Nicholson, Robert Grant 4 03/12/2012 56 399 399 Ltd. Bear Creek Mining Common Shares Swarthout, Andrew 4, 5 06/12/2012 10 2.71 877,792 3,200 Corporation Bear Creek Mining Common Shares Swarthout, Andrew 4, 5 06/12/2012 10 2.73 878,192 400 Corporation Bear Creek Mining Common Shares Swarthout, Andrew 4, 5 06/12/2012 10 2.88 879,592 1,400 Corporation Bell Aliant Inc. Rights Deferred Share Sheriff, Karen 5 04/12/2012 30 27.13 202,990 -65,093 Units (Employee) Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 03/12/2012 52 4.0233 210,367 125,000 Bellatrix Exploration Ltd. Common Shares Brown, Edward John 5 03/12/2012 10 4.0233 115,367 -95,000 Bellatrix Exploration Ltd. Options Brown, Edward John 5 03/12/2012 51 4.0233 590,000 -125,000 Bengal Energy Ltd. Common Shares Steele, Robert David 4 03/12/2012 10 0.6 852,100 116,000 Bengal Energy Ltd. Common Shares Steele, Robert David 4 03/12/2012 10 0.58 853,600 1,500 Bengal Energy Ltd. Common Shares Steele, Robert David 4 04/12/2012 10 0.61 887,100 33,500 Bengal Energy Ltd. Common Shares Steele, Robert David 4 05/12/2012 10 60.7 170,000 Bengal Energy Ltd. Common Shares Steele, Robert David 4 05/12/2012 10 0.61 888,600 1,500 Bengal Energy Ltd. Common Shares Steele, Robert David 4 05/12/2012 10 0.65 906,100 17,500 Benton Resources Inc. Common Shares Benton Resources Inc. 1 20/11/2012 38 0.1 51,000 51,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 21/11/2012 38 0.1 51,500 500 Benton Resources Inc. Common Shares Benton Resources Inc. 1 21/11/2012 38 0.105 81,500 30,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 22/11/2012 38 0.1 91,500 10,000
December 13, 2012 (2012) 35 OSCB 11292 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Benton Resources Inc. Common Shares Benton Resources Inc. 1 23/11/2012 38 0.1 189,500 98,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 28/11/2012 38 0.1 199,500 10,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 29/11/2012 38 0.095 203,500 4,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 29/11/2012 38 0.095 242,500 39,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 30/11/2012 38 0.095 370,500 128,000 Benton Resources Inc. Common Shares Benton Resources Inc. 1 06/12/2012 00 Big Rock Brewery Inc. Options Tallman, Gordon G. 4 27/11/2012 51 11.88 10,000 2,000 Biosenta Inc. Common Shares Class A Korhonen, Edward 4 31/07/2008 00 Common Shares Biosenta Inc. Common Shares Class A Korhonen, Edward 4 30/11/2012 11 0.2 100,000 100,000 Common Shares Biosenta Inc. Warrants Class A Korhonen, Edward 4 31/07/2008 00 Warrants Biosenta Inc. Warrants Class A Korhonen, Edward 4 30/11/2012 11 0.3 100,000 100,000 Warrants BIOTEQ ENVIRONMENTAL Options Kratochvil, David 4, 5 22/11/2012 50 0.18 735,000 200,000 TECHNOLOGIES INC.
Bird Construction Inc. MTIP - Phantom Shares Boyd, Ian Jeffrey 5 04/12/2012 35 48,999 94
Bird Construction Inc. MTIP - Phantom Shares Boyd, Ian Jeffrey 5 04/12/2012 59 13.717 27,513 -21,486
Bird Construction Inc. MTIP - Phantom Shares Brennan, James Joseph 5 04/12/2012 35 64,765 124
Bird Construction Inc. MTIP - Phantom Shares Brennan, James Joseph 5 04/12/2012 59 13.717 36,385 -28,380
Bird Construction Inc. MTIP - Phantom Shares Entwistle, Stephen Robert 5 04/12/2012 35 27,732 54
Bird Construction Inc. MTIP - Phantom Shares Entwistle, Stephen Robert 5 04/12/2012 59 13.717 15,274 -12,458
Bird Construction Inc. MTIP - Phantom Shares McClure, Kenneth William 5 04/12/2012 35 52,015 94
Bird Construction Inc. MTIP - Phantom Shares McClure, Kenneth William 5 04/12/2012 59 13.717 30,458 -21,557
Bird Construction Inc. MTIP - Phantom Shares Nakagawa, Ken 5 04/12/2012 35 139
Bird Construction Inc. MTIP - Phantom Shares Nakagawa, Ken 5 04/12/2012 35 65,545 139
Bird Construction Inc. MTIP - Phantom Shares Nakagawa, Ken 5 04/12/2012 59 13.717 -31,829
Bird Construction Inc. MTIP - Phantom Shares Nakagawa, Ken 5 04/12/2012 59 13.717 33,716 -31,829
Bird Construction Inc. MTIP - Phantom Shares ROYER, GILLES GERALD 5 04/12/2012 35 61,069 129
Bird Construction Inc. MTIP - Phantom Shares ROYER, GILLES GERALD 5 04/12/2012 59 13.717 31,405 -29,664
Bird Construction Inc. MTIP - Phantom Shares Talbott, Timothy James 4 04/12/2012 35 133,078 220
Bird Construction Inc. MTIP - Phantom Shares Talbott, Timothy James 4 04/12/2012 59 13.717 82,625 -50,453
Blackstream Energy Common Shares She, Denise Dan Wei 6 03/12/2012 10 0.05 17,390,364 2,435,000 Corporation Blackstream Energy Common Shares Wang, Han 4 03/12/2012 10 0.05 17,904,000 -2,096,000 Corporation Blackstream Energy Common Shares Zhu, Hai Feng 4 03/12/2012 10 0.05 18,000,000 -2,000,000 Corporation Blackstream Energy Common Shares Zhu, Hai Feng 4 03/12/2012 10 0.05 13,915,000 -435,000 Corporation BluMetric Environmental Inc. Common Shares Growth Works Capital Ltd. 3 06/11/2012 37 709,866 -6,388,811 (formerly Seprotech Systems & Affiliates (venture capital Incorporated) unit) BluMetric Environmental Inc. Common Shares GrowthWorks Canadian 3 06/11/2012 37 709,866 -6,388,811 (formerly Seprotech Systems Fund Ltd. Incorporated) BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 01/11/2012 38 14.25 200 200 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 01/11/2012 38 0 -200 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 02/11/2012 38 14.67 100 100 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 02/11/2012 38 0 -100 Shares
December 13, 2012 (2012) 35 OSCB 11293 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 15/11/2012 38 14.56 98,200 98,200 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 15/11/2012 38 0 -98,200 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 19/11/2012 38 14.45 1,400 1,400 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 19/11/2012 38 0 -1,400 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 21/11/2012 38 14.5 77,000 77,000 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 21/11/2012 38 0 -77,000 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 22/11/2012 38 14.38 1,300 1,300 Shares BMTC Group Inc. Subordinate Voting Groupe BMTC Inc. 1 22/11/2012 38 0 -1,300 Shares BNK Petroleum Inc. Common Shares Brown, Eric 4 03/12/2012 10 0.38 23,000 10,000 BNK Petroleum Inc. Common Shares Clark, Wesley Kanne 4 03/12/2012 10 0.393 456,000 25,000 Boardwalk Real Estate Trust Units Brimmell, Jonathan David 5 03/12/2012 10 63.86 2,235 -1,380 Investment Trust Boardwalk Real Estate Trust Units Mix, Helen May 5 20/11/2012 10 64 2,255 -1,377 Investment Trust Bombardier Inc. Subordinate Voting Navarri, André 5 29/11/2012 10 3.3785 269,966 -120,000 Shares Classe B/ Class B Shares ( Subordinate Voting) Bonavista Energy Options Skehar, Jason Edward 4, 5 03/12/2012 50 16.15 328,171 66,667 Corporation Bonavista Energy Options Skehar, Jason Edward 4, 5 03/12/2012 50 16.15 394,838 66,667 Corporation Bonavista Energy Options Skehar, Jason Edward 4, 5 03/12/2012 50 16.15 461,504 66,666 Corporation Bonavista Energy Restricted Share Awards Skehar, Jason Edward 4, 5 03/12/2012 56 16.15 82,502 33,334 Corporation (RSA) Bonavista Energy Restricted Share Awards Skehar, Jason Edward 4, 5 03/12/2012 56 16.15 115,835 33,333 Corporation (RSA) Bonavista Energy Restricted Share Awards Skehar, Jason Edward 4, 5 03/12/2012 56 16.15 149,168 33,333 Corporation (RSA) Bonnett's Energy Corp. Common Shares Clarke Inc. 3 30/11/2012 10 4.5 3,547,530 19,600 Bonnett's Energy Corp. Common Shares Clarke Inc. 3 03/12/2012 10 4.41 3,547,730 200 Bonnett's Energy Corp. Common Shares Clarke Inc. 3 03/12/2012 10 4.4 3,547,930 200 Bonnett's Energy Corp. Common Shares Clarke Inc. 3 05/12/2012 10 4.42 3,564,930 17,000 Bonnett's Energy Corp. Common Shares Clarke Inc. 3 06/12/2012 10 4.41 3,574,730 9,800 Bowood Energy Inc. Common Shares Janisch, Matthew L. 5 02/08/2012 11 0.05 2,500,000 Bowood Energy Inc. Common Shares Janisch, Matthew L. 5 02/08/2012 11 0.05 2,509,500 2,500,000 Bowood Energy Inc. Common Shares Janisch, Matthew L. 5 20/08/2012 37 1 125,000 Bowood Energy Inc. Warrants Janisch, Matthew L. 5 02/08/2012 11 0.065 2,500,000 Bowood Energy Inc. Warrants Janisch, Matthew L. 5 02/08/2012 11 0.065 2,500,000 2,500,000 Bowood Energy Inc. Warrants Janisch, Matthew L. 5 20/08/2012 37 1.3 125,000 Bowood Energy Inc. Common Shares Labelle, Curtis William 5 02/08/2012 11 0.05 500,000 Bowood Energy Inc. Common Shares Labelle, Curtis William 5 02/08/2012 11 0.05 500,000 500,000 Bowood Energy Inc. Common Shares Labelle, Curtis William 5 20/08/2012 37 1 25,000 Bowood Energy Inc. Warrants Labelle, Curtis William 5 02/08/2012 11 0.065 500,000 Bowood Energy Inc. Warrants Labelle, Curtis William 5 02/08/2012 11 0.065 500,000 500,000 Bowood Energy Inc. Warrants Labelle, Curtis William 5 20/08/2012 37 1.3 25,000 Bowood Energy Inc. Common Shares Oliver, Mark Thomas 5 02/08/2012 11 0.05 1,000,000 Bowood Energy Inc. Common Shares Oliver, Mark Thomas 5 02/08/2012 11 0.05 1,000,000 1,000,000 Bowood Energy Inc. Common Shares Oliver, Mark Thomas 5 20/08/2012 37 1 50,000 Bowood Energy Inc. Warrants Oliver, Mark Thomas 5 02/08/2012 11 0.065 1,000,000 Bowood Energy Inc. Warrants Oliver, Mark Thomas 5 02/08/2012 11 0.065 1,000,000 1,000,000 Bowood Energy Inc. Warrants Oliver, Mark Thomas 5 20/08/2012 37 1.3 50,000 Bowood Energy Inc. Common Shares Wee, William 5 02/08/2012 11 0.05 200,000 Bowood Energy Inc. Common Shares Wee, William 5 02/08/2012 11 0.05 200,000 200,000 Bowood Energy Inc. Common Shares Wee, William 5 20/08/2012 37 1 10,000 Bowood Energy Inc. Warrants Wee, William 5 02/08/2012 11 0.065 200,000 Bowood Energy Inc. Warrants Wee, William 5 02/08/2012 11 0.065 200,000 200,000 Bowood Energy Inc. Warrants Wee, William 5 20/08/2012 37 1.3 10,000 Bowood Energy Inc. Common Shares Yanko, Trenton James 5 02/08/2012 11 0.05 2,500,000 Bowood Energy Inc. Common Shares Yanko, Trenton James 5 02/08/2012 11 0.05 20,000,000 Bowood Energy Inc. Common Shares Yanko, Trenton James 5 02/08/2012 11 0.05 20,000,000 20,000,000 Bowood Energy Inc. Common Shares Yanko, Trenton James 5 20/08/2012 37 1 1,000,000 Bowood Energy Inc. Warrants Yanko, Trenton James 5 02/08/2012 11 0.065 20,000,000 Bowood Energy Inc. Warrants Yanko, Trenton James 5 02/08/2012 11 0.065 20,000,000 20,000,000 Bowood Energy Inc. Warrants Yanko, Trenton James 5 20/08/2012 37 1.3 1,000,000
December 13, 2012 (2012) 35 OSCB 11294 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Bowood Energy Inc. Common Shares Ziemer, Curtis Wade 5 02/08/2012 11 0.05 860,000 Bowood Energy Inc. Common Shares Ziemer, Curtis Wade 5 02/08/2012 11 0.05 860,000 860,000 Bowood Energy Inc. Common Shares Ziemer, Curtis Wade 5 20/08/2012 37 1 43,000 Bowood Energy Inc. Warrants Ziemer, Curtis Wade 5 02/08/2012 11 0.065 860,000 Bowood Energy Inc. Warrants Ziemer, Curtis Wade 5 02/08/2012 11 0.065 860,000 860,000 Bowood Energy Inc. Warrants Ziemer, Curtis Wade 5 20/08/2012 37 1.3 43,000 Boxxer Gold Corp. Common Shares Yancie, David Roy 4 06/12/2012 11 0.08 3,265,250 350,000 Boxxer Gold Corp. Warrants Yancie, David Roy 4 06/12/2012 11 0.12 1,725,000 175,000 Braeval Mining Corporation Common Shares Stagleap Incorporated 3 22/10/2012 00 13,300,000
Bravura Ventures Corp. Common Shares Jackson, Anthony 4 16/10/2012 00 Bravura Ventures Corp. Common Shares Jackson, Anthony 4 30/11/2012 11 0.03 765,000 765,000 Bri-Chem Corp. Common Shares Abraham, Trent 5 27/11/2012 10 1.76 154,400 2,000 Bri-Chem Corp. Common Shares Abraham, Trent 5 28/11/2012 10 1.78 159,400 5,000 Bri-Chem Corp. Common Shares Abraham, Trent 5 30/11/2012 10 1.7 160,700 1,300 Bri-Chem Corp. Common Shares Abraham, Trent 5 04/12/2012 10 1.83 160,900 200 Bri-Chem Corp. Common Shares Abraham, Trent 5 04/12/2012 10 1.84 161,600 700 Bridgeport Ventures Inc. Warrants Inwentash, Sheldon 3 01/12/2012 55 1.5 250,000 -500,000 Bridgeport Ventures Inc. Warrants Pinetree Capital Ltd. 3 01/12/2012 55 1.5 250,000 -500,000 Brigus Gold Corp. (formerly Options Bilodeau, Marc Clifford 5 01/11/2012 00 350,000 Apollo Gold Corporation)
Brigus Gold Corp. (formerly Options Bilodeau, Marc Clifford 5 03/12/2012 50 450,000 100,000 Apollo Gold Corporation)
Brixton Metals Corporation Common Shares Thompson, Gary Robert 6 07/12/2012 10 0.16 4,401,867 15,000
Brompton 2012 Flow- Limited Partnership Units Brompton Corp. 3, 7 05/12/2012 11 25 30,100 -3,000 Through Limited Partnership
Brompton 2012 Flow- Limited Partnership Units Brompton Corp. 3, 7 05/12/2012 11 25 14,420 -15,680 Through Limited Partnership
Brookfield Asset Common Shares Class A Blattman, Barry S. 7 06/12/2012 51 16.92 30,000 30,000 Management Inc. Limited Voting Brookfield Asset Common Shares Class A Blattman, Barry S. 7 06/12/2012 10 35.013 0 -30,000 Management Inc. Limited Voting Brookfield Asset Options Blattman, Barry S. 7 06/12/2012 51 16.92 1,732,500 -30,000 Management Inc. Brookfield Office Properties Common Shares Brookfield Office Properties 1 12/11/2012 38 15.922 50,000 50,000 Inc. Inc. Brookfield Office Properties Common Shares Brookfield Office Properties 1 30/11/2012 38 0 -50,000 Inc. Inc. Brookfield Office Properties Common Shares Farley, Thomas Fredrick 5 05/12/2012 51 12.42 43,772 43,772 Inc. Brookfield Office Properties Options Farley, Thomas Fredrick 5 05/12/2012 51 12.42 1,831,607 -43,772 Inc. Brookfield Office Properties Common Shares Zuccotti, John Eugene 4 06/12/2012 51 8.17 36,000 36,000 Inc. Brookfield Office Properties Common Shares Zuccotti, John Eugene 4 06/12/2012 10 16.496 7,545 -28,455 Inc. Brookfield Office Properties Options Zuccotti, John Eugene 4 06/12/2012 51 8.17 405,000 -36,000 Inc. Buhler Industries Inc. Common Shares Buhler, John 3, 4 03/12/2012 47 5.55 41,000 -108,100 Buhler Industries Inc. Common Shares Buhler, John 3, 4 29/11/2012 10 5.55 115,640 -300 Buhler Industries Inc. Common Shares Buhler, John 3, 4 04/12/2012 10 5.4 115,840 200 C-COM Satellite Systems Options Klein, Leslie 3, 4, 5 28/11/2012 50 950,000 200,000 Inc. C.A. Bancorp Inc. Common Shares The K2 Principal Fund L.P. 3 29/11/2012 10 3.1 1,475,200 2,700
C.A. Bancorp Inc. Common Shares The K2 Principal Fund L.P. 3 04/12/2012 10 3.09 1,500,900 25,700
C.A. Bancorp Inc. Common Shares The K2 Principal Fund L.P. 3 06/12/2012 10 3.06 1,501,900 1,000
C.A. Bancorp Inc. Common Shares The K2 Principal Fund L.P. 3 07/12/2012 10 3.06 1,515,900 14,000
C&C Energia Ltd. Common Shares McLeod, Randy 5 06/12/2012 54 6.04 289,333 39,666 C&C Energia Ltd. Warrants McLeod, Randy 5 06/12/2012 54 6.04 0 -124,833 C&C Energia Ltd. Common Shares Villamil, Tomas 5 03/12/2012 10 8.71 417,304 -150,000 C&C Energia Ltd. Common Shares Walls, Richard Alan 4, 5 27/11/2012 54 8.7658 124,217 C&C Energia Ltd. Common Shares Walls, Richard Alan 4, 5 27/11/2012 54 6.04 923,151 124,217 C&C Energia Ltd. Warrants Walls, Richard Alan 4, 5 27/11/2012 54 6.04 0 -399,467 Cadillac Ventures Inc. Common Shares Brewster, Norman 5 30/11/2012 10 0.085 3,417,500 20,000 Cadillac Ventures Inc. Options O'Shaughnessy, Leo 5 22/10/2012 52 350,000 -150,000
December 13, 2012 (2012) 35 OSCB 11295 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Calfrac Well Services Ltd. Options 2004 Stock Payne, Frederick Bruce 5 01/05/2009 50 9.68 20,000 Option Plan Calfrac Well Services Ltd. Options 2004 Stock Payne, Frederick Bruce 5 01/05/2009 50 9.68 71,667 20,000 Option Plan Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 27/11/2012 38 20.61 1,400 1,400 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 27/11/2012 38 0 -1,400 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 28/11/2012 38 20.52 1,300 1,300 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 28/11/2012 38 0 -1,300 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 29/11/2012 38 20.51 1,300 1,300 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 29/11/2012 38 0 -1,300 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 30/11/2012 38 20.56 1,100 1,100 Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 30/11/2012 38 0 -1,100 Calloway Real Estate Class B Series 1 Limited Goldhar, Mitchell 3 29/11/2012 11 62,827 62,827 Investment Trust Partnership Units Calloway Real Estate Class B Series 1 Limited Goldhar, Mitchell 3 29/11/2012 90 20.1 0 -62,827 Investment Trust Partnership Units Calloway Real Estate Class B Series 1 Limited Goldhar, Mitchell 3 29/11/2012 90 20.1 203,109 62,827 Investment Trust Partnership Units Calloway Real Estate Class C Series 1 Limited Goldhar, Mitchell 3 28/11/2012 11 60,302 Investment Trust Partnership Units Calloway Real Estate Class C Series 1 Limited Goldhar, Mitchell 3 28/11/2012 11 5,333,226 60,302 Investment Trust Partnership Units Calloway Real Estate Class C Series 1 Limited Goldhar, Mitchell 3 29/11/2012 11 20.1 5,270,399 -62,827 Investment Trust Partnership Units Calloway Real Estate Class C Series 4Units Goldhar, Mitchell 3 29/11/2012 11 21.6 799,011 -17,865 Investment Trust Calloway Real Estate Class C Series 4Units Goldhar, Mitchell 3 29/11/2012 11 21.597 794,694 -4,317 Investment Trust Calloway Real Estate Limited Partnership Units Goldhar, Mitchell 3 29/11/2012 11 28.91 13,348 13,348 Investment Trust Class B Series 4 Units
Calloway Real Estate Limited Partnership Units Goldhar, Mitchell 3 29/11/2012 90 28.91 0 -13,348 Investment Trust Class B Series 4 Units
Calloway Real Estate Limited Partnership Units Goldhar, Mitchell 3 29/11/2012 90 28.91 -13,348 Investment Trust Class B Series 4 Units
Calloway Real Estate Limited Partnership Units Goldhar, Mitchell 3 29/11/2012 90 28.91 -13,348 Investment Trust Class B Series 4 Units
Calloway Real Estate Limited Partnership Units Goldhar, Mitchell 3 29/11/2012 90 28.91 607,311 13,348 Investment Trust Class B Series 4 Units
Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 11 62,827 62,827 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 90 0 -62,827 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 90 -13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 90 -13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 11 13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 11 13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 11 20,264 13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 90 6,916 -13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 90 223,726 62,827 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 90 13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 28/11/2012 90 13,348 Investment Trust Calloway Real Estate Special Voting Units Goldhar, Mitchell 3 29/11/2012 90 4,590,228 13,348 Investment Trust Calloway Real Estate Trust Units Goldhar, Mitchell 3 29/11/2012 11 10.5 11,893,962 63,359 Investment Trust Calloway Real Estate Trust Units Goldhar, Mitchell 3 29/11/2012 11 14 12,000,708 106,746 Investment Trust Canaccord Financial Inc. Rights Restricted Share Bird, Tanya 5 01/12/2012 56 5.1864 20,290 3,037 Units
December 13, 2012 (2012) 35 OSCB 11296 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canaccord Financial Inc. Rights Restricted Share Cicci, Matthew 7 01/12/2012 56 5.1864 36,200 5,353 Units Canaccord Financial Inc. Rights Restricted Share Daviau, Daniel Joseph 7 01/12/2012 56 5.1864 212,975 7,040 Units Canaccord Financial Inc. Rights Restricted Share Davidson, John, Scott 5 01/12/2012 56 5.1864 28,668 2,025 Units Canaccord Financial Inc. Rights Restricted Share Esteireiro, Joao Carlos De 7 01/12/2012 56 5.1864 159,047 3,037 Units Almeida Canaccord Financial Inc. Rights Restricted Share Evershed, Philip 4 01/12/2012 56 5.1864 81,407 4,050 Units Canaccord Financial Inc. Rights Restricted Share Fitzpatrick, Giles Edwin 7 01/12/2012 56 5.1864 112,776 30,650 Units Thomas Muscat Canaccord Financial Inc. Rights Restricted Share Gaasenbeek, Matthew 7 01/12/2012 56 5.1864 396,927 4,050 Units Canaccord Financial Inc. Rights Restricted Share Gabel, Thomas Edward 7 01/12/2012 56 5.1864 36,941 5,029 Units Canaccord Financial Inc. Rights Restricted Share Ghose, Dvaipayan 7 01/12/2012 56 5.1864 48,157 3,037 Units Canaccord Financial Inc. Rights Restricted Share Goldberg, Barry 7 01/12/2012 56 5.1864 86,571 4,050 Units Canaccord Financial Inc. Rights Restricted Share Green, Howard Michael 7 01/12/2012 56 5.1864 22,555 5,029 Units Canaccord Financial Inc. Rights Restricted Share Hirst, Edward Raye 7 01/12/2012 56 5.1864 146,210 4,050 Units Canaccord Financial Inc. Rights Restricted Share Kassie, David Jonathan 4 01/12/2012 56 5.1864 135,965 4,050 Units Canaccord Financial Inc. Rights Restricted Share Kotush, Bradley William 5 01/12/2012 56 5.1864 42,424 4,050 Units Canaccord Financial Inc. Rights Restricted Share Lecky, Patrick 7 01/12/2012 56 5.1864 36,199 5,353 Units Canaccord Financial Inc. Rights Restricted Share MacFayden, Donald 7 01/12/2012 56 5.1864 17,959 2,025 Units Duncan Canaccord Financial Inc. Rights Restricted Share MacLachlan, Martin 5 01/12/2012 56 5.1864 16,181 1,013 Units Lachlan Canaccord Financial Inc. Rights Restricted Share Maranda, Bruce Jeffery 7 01/12/2012 56 5.1864 15,173 2,025 Units Canaccord Financial Inc. Rights Restricted Share Mayer, Jens Joachim 7 01/12/2012 56 5.1864 335,018 4,050 Units Thorwald Canaccord Financial Inc. Rights Restricted Share McDonald, Bruce 5 01/12/2012 56 5.1864 112,741 4,050 Units Canaccord Financial Inc. Rights Restricted Share Mills, Jason Richard 8 01/12/2012 56 5.1864 28,746 5,029 Units Canaccord Financial Inc. Rights Restricted Share Morrison, David Earle 7 01/12/2012 56 5.1864 160,115 3,037 Units Canaccord Financial Inc. Rights Restricted Share Pejman, Alidad 5 01/12/2012 56 5.1864 134,530 4,050 Units Canaccord Financial Inc. Rights Restricted Share Reynolds, Paul David 7 01/12/2012 56 5.1864 206,188 4,050 Units Canaccord Financial Inc. Rights Restricted Share Rothwell, John Douglas 7 01/12/2012 56 5.1864 25,476 2,025 Units Canaccord Financial Inc. Rights Restricted Share Rotman, Earl 7 23/04/2010 00 Units Canaccord Financial Inc. Rights Restricted Share Rotman, Earl 7 01/12/2012 56 5.1864 4,050 4,050 Units Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 03/12/2012 90 274,064 13,211
Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 06/12/2012 90 260,853 -13,211
Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 03/12/2012 90 -645 -13,211
Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 03/12/2012 10 5.07 -661 -16
Canaccord Financial Inc. Common Shares Saunders, Graham Edward 7 06/12/2012 90 219,404 13,211
Canaccord Financial Inc. Rights Restricted Share Saunders, Graham Edward 7 01/12/2012 56 5.1864 430,690 3,037 Units Canaccord Financial Inc. Rights Restricted Share Sedran, Ronald 4 01/12/2012 56 5.1864 39,003 4,050 Units Canaccord Financial Inc. Rights Restricted Share Virvilis, Peter 7 01/12/2012 56 5.1864 50,280 12,148 Units Canaccord Financial Inc. Rights Restricted Share Whaling, Mark Driscoll 7 01/12/2012 56 5.1864 73,551 6,624 Units Canada Lithium Corp. Common Shares Cudney, Robert Douglas 4 27/11/2012 10 0.7 21,205,500 500
December 13, 2012 (2012) 35 OSCB 11297 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canada Lithium Corp. Common Shares Cudney, Robert Douglas 4 27/11/2012 10 0.7 21,206,500 1,000 Canada Lithium Corp. Common Shares Cudney, Robert Douglas 4 27/11/2012 10 0.7 21,235,000 28,500 Canada Pacific Capital Corp. Common Shares Szweras, Adam Kelley 4, 5 30/11/2012 10 0.01 598,000 50,000
Canadian Apartment Trust Units Kenney, Mark 5 04/12/2012 15 24 15,000 10,000 Properties Real Estate Investment Trust Canadian Apartment Options Schwartz, Thomas 4, 5 04/12/2012 50 24 885,750 201,000 Properties Real Estate Investment Trust Canadian Apartment Trust Units Schwartz, Thomas 4, 5 03/12/2012 10 23.86 405,565 -8,380 Properties Real Estate Investment Trust Canadian Apartment Trust Units Schwartz, Thomas 4, 5 03/12/2012 10 23.719 390,485 -15,080 Properties Real Estate Investment Trust Canadian Apartment Trust Units Schwartz, Thomas 4, 5 04/12/2012 10 24 405,485 15,000 Properties Real Estate Investment Trust Canadian Apartment Trust Units Stein, Michael 4, 5 04/12/2012 15 24 190,000 28,600 Properties Real Estate Investment Trust Canadian Imperial Bank of Common Shares CIBC 1 26/11/2012 38 80.025 50,300 50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 26/11/2012 38 80.025 0 -50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 27/11/2012 38 79.885 50,300 50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 27/11/2012 38 79.885 0 -50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 28/11/2012 38 79.826 50,300 50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 28/11/2012 38 79.826 0 -50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 29/11/2012 38 80.29 50,300 50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 29/11/2012 38 80.29 0 -50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 30/11/2012 38 80.199 50,300 50,300 Commerce Canadian Imperial Bank of Common Shares CIBC 1 30/11/2012 38 80.199 0 -50,300 Commerce Canadian Imperial Bank of Rights RSA (cash settled) Dodig, Victor George 5 01/12/2012 30 0 -3,179 Commerce Canadian Imperial Bank of Rights RSA (cash settled) Glass, Kevin A. 5 05/02/2012 30 733 -7,605 Commerce Canadian Imperial Bank of Rights RSA (cash settled) Glass, Kevin A. 5 01/12/2012 30 0 -733 Commerce Canadian National Railway Common Shares Canadian National Railway 1 01/11/2012 38 86.947 44,900 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 02/11/2012 38 87.719 44,800 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 05/11/2012 38 87.33 44,600 14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 05/11/2012 38 82.829 419,600 375,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 06/11/2012 38 404,700 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 06/11/2012 38 87.312 419,600 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 07/11/2012 38 404,700 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 07/11/2012 38 86.527 419,700 15,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 08/11/2012 38 404,900 -14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 08/11/2012 38 29,900 -375,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 08/11/2012 38 86.698 44,800 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 09/11/2012 38 29,900 -14,900 Company Company
December 13, 2012 (2012) 35 OSCB 11298 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian National Railway Common Shares Canadian National Railway 1 09/11/2012 38 86.583 45,000 15,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 12/11/2012 38 86.827 59,900 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 12/11/2012 38 82.64 484,900 425,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 13/11/2012 38 469,900 -15,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 13/11/2012 38 87.257 484,800 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 14/11/2012 38 469,900 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 14/11/2012 38 86.064 485,000 15,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 15/11/2012 38 469,900 -15,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 15/11/2012 38 455,000 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 15/11/2012 38 30,000 -425,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 15/11/2012 38 84.884 71,200 41,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 16/11/2012 38 56,300 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 16/11/2012 38 84.819 136,400 80,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 19/11/2012 38 121,300 -15,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 19/11/2012 38 85.314 136,500 15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 19/11/2012 38 81.734 561,500 425,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 20/11/2012 38 520,300 -41,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 20/11/2012 38 84.992 535,500 15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 21/11/2012 38 455,400 -80,100 Company Company Canadian National Railway Common Shares Canadian National Railway 1 21/11/2012 38 85.404 470,600 15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 22/11/2012 38 455,400 -15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 22/11/2012 38 30,400 -425,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 22/11/2012 38 87.28 45,200 14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 23/11/2012 38 30,000 -15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 23/11/2012 38 87.113 44,900 14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 26/11/2012 38 29,700 -15,200 Company Company Canadian National Railway Common Shares Canadian National Railway 1 26/11/2012 38 87.206 44,500 14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 26/11/2012 38 82.325 394,500 350,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 27/11/2012 38 379,700 -14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 27/11/2012 38 87.858 394,400 14,700 Company Company Canadian National Railway Common Shares Canadian National Railway 1 28/11/2012 38 379,500 -14,900 Company Company Canadian National Railway Common Shares Canadian National Railway 1 28/11/2012 38 88.295 394,200 14,700 Company Company Canadian National Railway Common Shares Canadian National Railway 1 29/11/2012 38 379,400 -14,800 Company Company Canadian National Railway Common Shares Canadian National Railway 1 29/11/2012 38 29,400 -350,000 Company Company Canadian National Railway Common Shares Canadian National Railway 1 29/11/2012 38 88.958 43,000 13,600 Company Company Canadian National Railway Common Shares Canadian National Railway 1 30/11/2012 38 28,300 -14,700 Company Company
December 13, 2012 (2012) 35 OSCB 11299 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian National Railway Common Shares Canadian National Railway 1 30/11/2012 38 89 42,900 14,600 Company Company Canadian National Railway Common Shares Canadian National Railway 1 03/12/2012 38 28,200 -14,700 Company Company Canadian National Railway Common Shares Canadian National Railway 1 04/12/2012 38 14,600 -13,600 Company Company Canadian National Railway Common Shares Canadian National Railway 1 05/12/2012 38 0 -14,600 Company Company Canadian National Railway Common Shares Creel, Keith E. 5 05/12/2012 51 34.17 75,502 60,000 Company Canadian National Railway Common Shares Creel, Keith E. 5 05/12/2012 10 90.494 15,502 -60,000 Company Canadian National Railway Options Creel, Keith E. 5 05/12/2012 51 34.17 226,620 -60,000 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 5,000 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 21,662 3,500 Company Canadian National Railway Common Shares Finn, Sean 5 05/12/2012 51 34.17 16,085 3,300 Company Canadian National Railway Common Shares Finn, Sean 5 05/12/2012 10 89.377 12,785 -3,300 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 100 100 Company Canadian National Railway Common Shares Finn, Sean 5 28/02/2006 37 200 100 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 100 100 Company Canadian National Railway Common Shares Finn, Sean 5 28/02/2006 37 200 100 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 100 100 Company Canadian National Railway Common Shares Finn, Sean 5 28/02/2006 37 200 100 Company Canadian National Railway Common Shares Finn, Sean 5 01/02/2006 51 33.347 100 100 Company Canadian National Railway Common Shares Finn, Sean 5 28/02/2006 37 200 100 Company Canadian National Railway Common Shares Finn, Sean 5 02/02/2006 37 1,000 1,000 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 2,000 1,000 Company Canadian National Railway Common Shares Finn, Sean 5 29/11/2012 10 88.804 975 -1,685 Company Canadian National Railway Common Shares Finn, Sean 5 13/02/2006 51 33.347 100 100 Company Canadian National Railway Common Shares Finn, Sean 5 28/02/2006 37 200 100 Company Canadian National Railway Options Finn, Sean 5 05/12/2012 51 34.17 148,120 -3,300 Company Canadian National Railway Common Shares Hebert, Francois 5 30/11/2012 51 48.46 9,103 8,800 Company Canadian National Railway Common Shares Hebert, Francois 5 30/11/2012 10 89.421 303 -8,800 Company Canadian National Railway Options Hebert, Francois 5 30/11/2012 51 48.46 70,660 -8,800 Company Canadian National Railway Common Shares Noorigian, Robert E. 5 30/11/2012 51 20.423 67,409 17,000 Company Canadian National Railway Common Shares Noorigian, Robert E. 5 30/11/2012 10 89.35 50,409 -17,000 Company Canadian National Railway Options Noorigian, Robert E. 5 30/11/2012 51 20.423 75,980 -17,000 Company Canadian Natural Resources Common Shares Canadian Natural 1 30/11/2012 38 28.12 812,500 812,500 Limited Resources Limited Canadian Natural Resources Common Shares Canadian Natural 1 30/11/2012 38 28.28 1,587,500 775,000 Limited Resources Limited Canadian Natural Resources Common Shares Canadian Natural 1 30/11/2012 38 28.12 775,000 -812,500 Limited Resources Limited Canadian Natural Resources Common Shares Canadian Natural 1 30/11/2012 38 28.28 0 -775,000 Limited Resources Limited Canadian Natural Resources Common Shares knight, allen matthew 5 06/12/2012 47 27.78 548,904 -3,600 Limited
December 13, 2012 (2012) 35 OSCB 11300 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 30/11/2012 10 0.15 3,756,842 14,000 Remediation Enterprises Ltd.
Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 03/12/2012 10 0.145 3,776,842 20,000 Remediation Enterprises Ltd.
Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 04/12/2012 10 0.15 3,786,842 10,000 Remediation Enterprises Ltd.
Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 05/12/2012 10 0.14 3,796,842 10,000 Remediation Enterprises Ltd.
Canadian Oil Recovery & Common Shares Lorenzo, John Michael 4 06/12/2012 10 0.14 3,806,842 10,000 Remediation Enterprises Ltd.
Canadian Oil Sands Limited Deferred Share Units Grandey, Gerald Wayne 4 30/11/2012 30 8,891 151
Canadian Oil Sands Limited Common Shares Hardy, Darren 5 04/12/2012 10 20.08 3,260 452
Canadian Oil Sands Limited Deferred Share Units LOWRY, Donald James 4 30/11/2012 30 9,151 156
Canadian Oil Sands Limited Deferred Share Units Read, John K. 4 30/11/2012 30 10,462 178
Canadian Oil Sands Limited Deferred Share Units Sangster, Brant G. 4 30/11/2012 30 4,811 82
Canadian Oil Sands Limited Deferred Share Units Zaozirny, John Brian 4 30/11/2012 30 10,462 178
Canadian Orebodies Inc. Common Shares Cudney, Robert Douglas 3 03/12/2012 11 0.155 17,550,956 587,500 Canadian Orebodies Inc. Common Shares Cudney, Robert Douglas 3 03/12/2012 10 0.155 16,963,456 412,500 Canadian Orebodies Inc. Warrants Cudney, Robert Douglas 3 03/12/2012 11 0.3 6,369,728 500,000 Canadian Orebodies Inc. Common Shares Inwentash, Sheldon 3, 6 04/12/2012 30 0.155 17,502,000 2,000,000 Canadian Orebodies Inc. Warrants Inwentash, Sheldon 3, 6 04/12/2012 30 0.3 3,250,000 1,000,000 Canadian Orebodies Inc. Common Shares Pinetree Capital Ltd. 3 04/12/2012 30 0.155 17,502,000 2,000,000 Canadian Orebodies Inc. Warrants Pinetree Capital Ltd. 3 04/12/2012 30 0.3 3,250,000 1,000,000 Canadian Pacific Railway Common Shares Ireland, Philip 5 05/12/2012 51 57.7 3,043 1,000 Limited Canadian Pacific Railway Common Shares Ireland, Philip 5 05/12/2012 10 97 2,043 -1,000 Limited Canadian Pacific Railway Common Shares Ireland, Philip 5 06/12/2012 51 57.7 3,043 1,000 Limited Canadian Pacific Railway Common Shares Ireland, Philip 5 06/12/2012 10 97.75 2,043 -1,000 Limited Canadian Pacific Railway Common Shares Ireland, Philip 5 06/12/2012 51 57.7 3,043 1,000 Limited Canadian Pacific Railway Common Shares Ireland, Philip 5 06/12/2012 10 99.25 2,043 -1,000 Limited Canadian Pacific Railway Options Ireland, Philip 5 05/12/2012 51 57.7 37,400 -1,000 Limited Canadian Pacific Railway Options Ireland, Philip 5 06/12/2012 51 57.7 36,400 -1,000 Limited Canadian Pacific Railway Options Ireland, Philip 5 06/12/2012 51 57.7 35,400 -1,000 Limited Canadian Real Estate Units Real Estate Mackay, Reay 4 01/12/2012 30 40.98 5,439 152 Investment Trust Investment Trust Units Canadian Real Estate Units Real Estate Marino, John Francis 4 01/12/2012 30 40.98 8,906 153 Investment Trust Investment Trust Units Canadian Satellite Radio Options Class A Canadian Broadcasting 3 16/11/2012 11 4.76 50,000 25,000 Holdings Inc. Corporation Canadian Spirit Resources Options Couillard, John Raymond 4 05/12/2012 50 0.25 242,000 75,000 Inc. Richard Canadian Spirit Resources Options Gardner, Donald Ross 4 05/12/2012 50 0.25 975,000 75,000 Inc. Canadian Spirit Resources Options Geiger, Phillip David Calvin 5 05/12/2012 50 0.25 970,000 300,000 Inc. Canadian Spirit Resources Options HILL, DEAN GORDON 5 05/12/2012 50 0.25 585,000 170,000 Inc. Canadian Spirit Resources Options IANNICELLI, JOSEPH 4 05/12/2012 50 0.25 200,000 75,000 Inc. Canadian Spirit Resources Options Smolarchuk, Paul Arnold 5 05/12/2012 50 0.25 355,000 170,000 Inc. Canadian Spirit Resources Options Sorensen, Alfred 4, 5 05/12/2012 50 0.25 725,000 600,000 Inc.
December 13, 2012 (2012) 35 OSCB 11301 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 03/12/2012 30 66.757 998,476 6,221 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 998,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 998,976 400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 999,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 999,176 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 999,276 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.85 999,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.95 999,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.95 999,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 999,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 999,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 999,976 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,276 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,676 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,000,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,001,076 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,001,276 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,001,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,001,776 400 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,001,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,002,176 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.99 1,002,376 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.99 1,002,676 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.99 1,002,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,002,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,003,076 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 66 1,005,176 2,100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.95 1,005,276 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,005,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,005,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,005,576 100 Limited A
December 13, 2012 (2012) 35 OSCB 11302 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,005,676 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,005,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,006,076 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,006,276 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,006,476 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,006,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,007,176 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,007,676 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.98 1,008,176 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,008,476 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,008,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,008,776 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,008,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,008,976 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,176 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,376 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,009,976 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,176 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,276 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,576 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,776 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,010,976 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,011,476 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class Collver, Robyn Anne 3, 7, 5 05/12/2012 10 65.9 1,012,076 600 Limited A Canadian Tire Corporation, Non-Voting Shares Class Lynar, Hugh 3 03/12/2012 30 66.757 998,476 6,221 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 03/12/2012 30 66.757 998,476 6,221 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 998,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 998,976 400 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 999,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 999,176 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 999,276 100 Limited A
December 13, 2012 (2012) 35 OSCB 11303 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.85 999,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.95 999,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.95 999,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 999,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 999,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 999,976 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,276 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,676 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,000,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,001,076 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,001,276 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,001,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,001,776 400 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,001,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,002,176 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.99 1,002,376 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.99 1,002,676 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.99 1,002,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,002,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,003,076 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 66 1,005,176 2,100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.95 1,005,276 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,005,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,005,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,005,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 -100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,005,676 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,005,976 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,006,176 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,006,376 200 Limited A
December 13, 2012 (2012) 35 OSCB 11304 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,006,576 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,006,676 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,007,176 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,007,676 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.98 1,008,176 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,008,476 300 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,008,576 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,008,776 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,008,876 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,008,976 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,176 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,376 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,776 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,009,976 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,076 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,176 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,276 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,376 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,476 100 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,676 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,010,876 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,011,076 200 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,011,576 500 Limited A Canadian Tire Corporation, Non-Voting Shares Class McCann, Dean Charles 5 05/12/2012 10 65.9 1,012,176 600 Limited A Canadian Utilities Limited Rights 51.81 (SAR) Lambright, Roberta L. 5 29/11/2012 59 0 -1,000 Canadian Utilities Limited Common Shares Class B Warkentin, Clinton 5 01/12/2012 00 100
Canadian Utilities Limited Non-Voting Shares Class Warkentin, Clinton 5 01/12/2012 00 370 A Canadian Utilities Limited Non-Voting Shares Class Warkentin, Clinton 5 01/12/2012 00 100 A Canadian Utilities Limited Non-Voting Shares Class Warkentin, Clinton 5 05/12/2012 10 67.71 600 500 A Canadian Utilities Limited Options 66.39 Warkentin, Clinton 5 01/12/2012 00 Canadian Utilities Limited Options 66.39 Warkentin, Clinton 5 01/12/2012 50 375 375 Canadian Utilities Limited Rights 66.39 (SAR) Warkentin, Clinton 5 01/12/2012 00 Canadian Utilities Limited Rights 66.39 (SAR) Warkentin, Clinton 5 01/12/2012 56 375 375 Canadian Utilities Limited Non-Voting Shares Class Werth, Susan R. 6, 7, 5 13/08/2008 10 43.06 110 A Canadian Utilities Limited Non-Voting Shares Class Werth, Susan R. 6, 7, 5 13/08/2008 10 43.06 110 110 A Canadian Utilities Limited Non-Voting Shares Class Werth, Susan R. 6, 7, 5 06/12/2012 10 64.97 446 2 A Canadian Western Bank Common Shares Morrison, Peter Kenneth 5 06/12/2012 10 27.35 7,745 1,000 Canarc Resource Corp. Common Shares Canford Capital Inc. 3 28/09/2012 00 11,300,000
December 13, 2012 (2012) 35 OSCB 11305 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Canarc Resource Corp. Warrants Canford Capital Inc. 3 28/09/2012 00 11,300,000 CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 26/11/2012 10 0.06 858,600 71,000 Canso Credit Income Fund Exposure to Issuer Carswell, John Paul 7 30/11/2012 70 2.2479 366,720 31,140 through Canso Hurricane Fund Canso Credit Income Fund Exposure to Issuer Carswell, John Paul 7 30/11/2012 70 5.6738 144,491 17,625 through Canso Salvage Fund Canuc Resources Common Shares Hinde Gold Fund 3 30/11/2012 10 0.109 11,767,500 101,500 Corporation Capital DGMC Inc. Common Shares Gestion Système 3 28/11/2012 00 3,425,000 Téléphonique B.L.Inc Capital DGMC Inc. Common Shares Laberge, Benoit 3 28/11/2012 00 47,000 Capital DGMC Inc. Common Shares Laberge, Benoit 3 28/11/2012 00 3,425,000 Capital DGMC Inc. Common Shares Martin, Jacques 6 03/12/2012 00 2,800,000 Capital DGMC Inc. Options Martin, Jacques 6 03/12/2012 00 200,000 Carbon Friendly Solutions Common Shares HUME, IAN 4 15/09/2010 00 Inc. Carbon Friendly Solutions Common Shares HUME, IAN 4 13/02/2012 16 0.3 89,600 89,600 Inc. Carbon Friendly Solutions Options HUME, IAN 4 15/09/2010 00 Inc. Carbon Friendly Solutions Options HUME, IAN 4 08/02/2011 50 150,000 150,000 Inc. Carbon Friendly Solutions Warrants HUME, IAN 4 15/09/2010 00 Inc. Carbon Friendly Solutions Warrants HUME, IAN 4 13/02/2012 16 89,600 89,600 Inc. Carbon Friendly Solutions Common Shares Lis, Stanislaw 5 05/12/2012 10 155 1,119,000 2,000 Inc. Cardero Resource Corp. Warrants Talbot, Lawrence William 5 29/11/2012 55 0 -52,500 Edward Cardero Resource Corp. Common Shares VAN ALPHEN, HENDRIK 4, 5 04/12/2012 10 0.4 1,879,119 5,000 Cardero Resource Corp. Common Shares VAN ALPHEN, HENDRIK 4, 5 04/12/2012 10 0.414 1,884,119 5,000 Carmanah Technologies Common Shares Green, David 4 28/11/2012 10 0.32 -3,028,590 2,000 Corporation Carmanah Technologies Common Shares Green, David 4 30/11/2012 10 0.3 1,268,270 70,500 Corporation Cascadero Copper Common Shares Clucas, James David 4 06/12/2012 10 0.135 1,595,000 -15,000 Corporation Cascadero Copper Common Shares HARDER, JUDITH 5 05/05/2011 00 Corporation LORRAINE BAILLIE Cascadero Copper Common Shares HARDER, JUDITH 5 05/05/2011 00 359,383 Corporation LORRAINE BAILLIE Cascadero Copper Common Shares HARDER, JUDITH 5 06/12/2012 11 0.135 737,383 343,500 Corporation LORRAINE BAILLIE Cascadero Copper Common Shares HARDER, JUDITH 5 05/05/2011 00 859,000 Corporation LORRAINE BAILLIE Cascadero Copper Common Shares HARDER, JUDITH 5 06/12/2012 11 0.135 515,500 -343,500 Corporation LORRAINE BAILLIE Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 10 0.135 275,500 Corporation Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 10 0.135 275,500 Corporation Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 11 0.135 3,937,660 275,500 Corporation Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 10 0.135 -275,500 Corporation Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 10 0.135 -275,500 Corporation Cascadero Copper Common Shares McWilliam, William James 4, 5 06/12/2012 11 0.135 2,089,509 -275,500 Corporation Cascades Inc. Common Shares Cascades inc. 1 22/10/2012 38 4.87 10,600 5,000 Cascades Inc. Common Shares Cascades inc. 1 31/10/2012 38 0 -5,000 Cascades Inc. Common Shares Cascades inc. 1 06/11/2012 38 4.72 5,000 5,000 Cascades Inc. Common Shares Cascades inc. 1 08/11/2012 38 4.45 28,062 23,062 Cascades Inc. Common Shares Cascades inc. 1 09/11/2012 38 4.39 51,124 23,062 Cascades Inc. Common Shares Cascades inc. 1 12/11/2012 38 4.4 63,024 11,900 Cascades Inc. Common Shares Cascades inc. 1 13/11/2012 38 4.34 86,086 23,062 Cascades Inc. Common Shares Cascades inc. 1 14/11/2012 38 4.15 91,086 5,000 Cascades Inc. Common Shares Cascades inc. 1 21/11/2012 38 4.26 96,086 5,000 Cascades Inc. Common Shares Cascades inc. 1 26/11/2012 38 4.19 98,186 2,100 Cascades Inc. Common Shares Cascades inc. 1 30/11/2012 38 0 -98,186
December 13, 2012 (2012) 35 OSCB 11306 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cascades Inc. Common Shares Chaperon, Patrick 5 04/12/2012 10 4.15 8,795 500 Catalyst Paper Corporation Common Shares Cyrus Capital Partners, L.P. 3 03/12/2012 10 1.1 1,358,998 295,764
Catalyst Paper Corporation Common Shares Cyrus Capital Partners, L.P. 3 03/12/2012 10 1.1 353,523 166,367
Cathedral Energy Services Options Brown, Ian Stephen 4 07/12/2012 50 5.13 75,200 20,000 Ltd. Cathedral Energy Services Common Shares Cathedral Energy Services 1 03/12/2012 38 5.2933 90,581 16,783 Ltd. Ltd. Cathedral Energy Services Common Shares Cathedral Energy Services 1 04/12/2012 38 5.2008 101,464 10,883 Ltd. Ltd. Cathedral Energy Services Common Shares Cathedral Energy Services 1 05/12/2012 38 5.1882 118,247 16,783 Ltd. Ltd. Cathedral Energy Services Common Shares Cathedral Energy Services 1 06/12/2012 38 5.156 135,030 16,783 Ltd. Ltd. Cathedral Energy Services Common Shares Cathedral Energy Services 1 07/12/2012 38 5.187 144,813 9,783 Ltd. Ltd. Cathedral Energy Services Options Chaisson, Bob 4 07/12/2012 50 5.13 75,200 20,000 Ltd. Cathedral Energy Services Options MAXWELL, RODERICK 4 07/12/2012 50 5.13 75,200 20,000 Ltd. DONALD Cathedral Energy Services Options SARJEANT, SCOTT 4 07/12/2012 50 5.13 75,200 20,000 Ltd. DOUGLAS Cathedral Energy Services Options Zammit, Jay 4 07/12/2012 50 5.13 75,200 20,000 Ltd. Celestica Inc. Options Andrade, Mike 5 03/12/2012 52 218,649 -25,000 Celestica Inc. Restricted Share Units Andrade, Mike 5 01/12/2012 38 7.35 68,338 -8,568 Celestica Inc. Options DelBianco, Elizabeth 5 03/12/2012 52 519,766 -12,000 Celestica Inc. Restricted Share Units DelBianco, Elizabeth 5 01/12/2012 38 7.35 109,955 -16,064 Celestica Inc. Restricted Share Units Gendron, Mary 7 01/12/2012 38 7.38 55,719 -8,568 Celestica Inc. Restricted Share Units McCaughey, Michael 7 01/12/2012 38 7.35 73,646 -8,568 Celestica Inc. Options McIntosh, Glen 7 03/12/2012 52 112,557 -3,700 Celestica Inc. Restricted Share Units McIntosh, Glen 7 01/12/2012 38 7.35 84,464 -3,681 Celestica Inc. Restricted Share Units Muhlhauser, Craig 4, 5 01/12/2012 38 7.38 354,335 -53,548 Celestica Inc. Options Nicoletti, Paul 5 03/12/2012 52 736,756 -15,000 Celestica Inc. Restricted Share Units Nicoletti, Paul 5 03/12/2012 38 7.35 148,961 -19,277 Celtic Exploration Ltd. Common Shares Shea, Michael 5 30/11/2012 30 26.02 14,643 56 Cequence Energy Ltd. Common Shares Archibald, Donald 4 05/12/2012 15 1.87 3,101,648 40,000 Cequence Energy Ltd. Common Shares Colborne, Paul 4 29/11/2012 10 1.61 320,000 10,000 Cequence Energy Ltd. Common Shares Colborne, Paul 4 03/12/2012 10 1.51 325,000 5,000 Cequence Energy Ltd. Common Shares Colborne, Paul 4 04/12/2012 10 1.52 330,000 5,000 Cequence Energy Ltd. Common Shares Crone, Howard James 4, 5 05/12/2012 15 1.87 4,276,426 210,000 Cequence Energy Ltd. Common Shares Wanklyn, Robert Paul 4, 5 05/12/2012 15 1.87 715,580 15,000 CGI Group Inc. Options Morea, Donna Sue 5 27/11/2012 97 20.24 -2,312 CGI Group Inc. Options Morea, Donna Sue 5 27/11/2012 97 20.24 554,583 -2,312 CGI Group Inc. Options Ouellet, Marc 5 03/12/2012 51 12.54 5,438 -4,063 CGI Group Inc. Subordinate Voting Ouellet, Marc 5 17/05/2012 00 Shares Classe A CGI Group Inc. Subordinate Voting Ouellet, Marc 5 03/12/2012 51 12.54 4,063 4,063 Shares Classe A CGI Group Inc. Subordinate Voting Ouellet, Marc 5 03/12/2012 10 23.271 0 -4,063 Shares Classe A CGI Group Inc. Subordinate Voting Ouellet, Marc 5 03/12/2012 10 23.28 7,087 -200 Shares Classe A CGI Group Inc. Subordinate Voting Ouellet, Marc 5 03/12/2012 10 23.281 5,787 -1,300 Shares Classe A Chesswood Group Limited Common Shares Sonshine, Edward 3 03/12/2012 47 -7,000 Chesswood Group Limited Common Shares Sonshine, Edward 3 03/12/2012 47 -7,000 Chesswood Group Limited Common Shares Sonshine, Edward 3 03/12/2012 47 0 -7,000 Chesswood Group Limited Common Shares Sonshine, Edward 3 01/01/2011 00 Chesswood Group Limited Common Shares Sonshine, Edward 3 03/12/2012 47 7,000 7,000 CI Financial Corp. Debentures 4.19% Bank of Nova Scotia, The 3 03/12/2012 40 104.49 $30,328,000 -$22,000 Debentures due 2014 CI Financial Corp. Common Shares CI Financial Corp. 1 07/11/2012 38 22.92 5,000 5,000 CI Financial Corp. Common Shares CI Financial Corp. 1 07/11/2012 38 0 -5,000 CI Financial Corp. Common Shares CI Financial Corp. 1 08/11/2012 38 22.77 500 500 CI Financial Corp. Common Shares CI Financial Corp. 1 08/11/2012 38 0 -500 CI Financial Corp. Common Shares CI Financial Corp. 1 14/11/2012 38 22.845 11,000 11,000 CI Financial Corp. Common Shares CI Financial Corp. 1 14/11/2012 38 0 -11,000 CI Financial Corp. Common Shares CI Financial Corp. 1 15/11/2012 38 22.746 10,000 10,000 CI Financial Corp. Common Shares CI Financial Corp. 1 15/11/2012 38 0 -10,000 CI Financial Corp. Common Shares CI Financial Corp. 1 16/11/2012 38 22.7 5,000 5,000 CI Financial Corp. Common Shares CI Financial Corp. 1 16/11/2012 38 0 -5,000 CI Financial Corp. Common Shares CI Financial Corp. 1 20/11/2012 38 23.1 196,200 196,200
December 13, 2012 (2012) 35 OSCB 11307 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed CI Financial Corp. Common Shares CI Financial Corp. 1 20/11/2012 38 0 -196,200 CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 30/11/2012 10 0.17 4,500
CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 30/11/2012 10 0.17 4,500
CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 04/12/2012 10 0.21 4,818,524 67,500
CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 06/12/2012 10 0.18 4,820,024 1,500
CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 03/12/2012 10 0.17 3,919,347 1,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 04/12/2012 10 0.2442 3,922,347 3,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 04/12/2012 10 0.2425 3,926,347 4,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 04/12/2012 10 0.19 3,931,347 5,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 05/12/2012 10 0.19 3,931,847 500 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 05/12/2012 10 0.23 3,942,847 11,000 CIBT Education Group Inc. Common Shares Chu, Toby 4, 5 06/12/2012 10 0.19 3,952,347 9,500 Cineplex Inc. Deferred Share Units Briant, Heather 5 30/11/2012 30 7,957 29 Cineplex Inc. Performance Share Units Briant, Heather 5 30/11/2012 30 9,000 33
Cineplex Inc. Deferred Share Units Bruce, Robert W. 4 30/11/2012 30 5,305 20 Cineplex Inc. Deferred Share Units Dea, Joan 4 30/11/2012 30 5,305 20 Cineplex Inc. Performance Share Units Fitzgerald, Anne Tunstall 5 30/11/2012 30 9,183 34
Cineplex Inc. Deferred Share Units Greenberg, Ian 4 30/11/2012 30 5,305 20 Cineplex Inc. Deferred Share Units Jacob, Ellis 5 30/11/2012 30 53,779 198 Cineplex Inc. Performance Share Units Jacob, Ellis 5 30/11/2012 30 164,872 609
Cineplex Inc. Performance Share Units Kennedy, Michael 5 30/11/2012 30 16,267 60
Cineplex Inc. Performance Share Units Kent, Jeff 5 30/11/2012 30 15,217 56
Cineplex Inc. Options Mandryk, Suzanna 5 30/11/2012 59 -1,000 Cineplex Inc. Options Mandryk, Suzanna 5 30/11/2012 59 -1,000 Cineplex Inc. Options Mandryk, Suzanna 5 30/11/2012 59 29,251 -1,000 Cineplex Inc. Performance Share Units Mandryk, Suzanna 5 30/11/2012 30 8,651 32
Cineplex Inc. Deferred Share Units Marwah, Sarabjit 4 30/11/2012 30 5,305 20 Cineplex Inc. Performance Share Units McGrath, Daniel F. 5 30/11/2012 30 36,022 133
Cineplex Inc. Deferred Share Units Munk, Anthony 4 30/11/2012 30 2,652 10 Cineplex Inc. Deferred Share Units Nelson, Gordon 5 30/11/2012 30 8,938 33 Cineplex Inc. Performance Share Units Nelson, Gordon 5 30/11/2012 30 23,964 88
Cineplex Inc. Performance Share Units Nonis, Paul 5 30/11/2012 30 8,651 32
Cineplex Inc. Performance Share Units Sautter, George 5 30/11/2012 30 8,236 30
Cineplex Inc. Deferred Share Units Sonshine, Edward 5 30/11/2012 30 6,440 24 Cineplex Inc. Performance Share Units Stanghieri, Fabrizio 5 30/11/2012 30 7,684 28
Cineplex Inc. Deferred Share Units Steacy, Robert Joseph 4 30/11/2012 30 3,413 13 Cineplex Inc. Deferred Share Units Yaffe, Phyllis 4 30/11/2012 30 4,169 15 Cipher Pharmaceuticals Inc. Common Shares Andrews, Larry 5 30/11/2012 10 2.2 123,071 -7,000
Cipher Pharmaceuticals Inc. Common Shares Claypool, William 4 30/11/2012 10 2.19 121,216 5,000
Clarke Inc. Options Amirault, Dennis 5 26/10/2012 52 7 0 -10,000 Clarke Inc. Common Shares Clarke Inc. 1 05/11/2012 38 4.62 1,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 06/11/2012 38 4.7 2,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 07/11/2012 38 4.66 3,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 08/11/2012 38 4.6 4,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 08/11/2012 38 4.62 3,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 09/11/2012 38 4.7 2,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 12/11/2012 38 4.66 1,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 13/11/2012 38 4.6 0 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 14/11/2012 38 4.6 1,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 15/11/2012 38 4.35 2,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 16/11/2012 38 4.35 3,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 19/11/2012 38 4.6 2,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 20/11/2012 38 4.35 1,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 21/11/2012 38 4.35 0 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 21/11/2012 38 4.5 1,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 22/11/2012 37 4.5 2,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 22/11/2012 38 4.5 16,800 14,800
December 13, 2012 (2012) 35 OSCB 11308 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Clarke Inc. Common Shares Clarke Inc. 1 23/11/2012 38 4.5 17,800 1,000 Clarke Inc. Common Shares Clarke Inc. 1 26/11/2012 38 4.5 16,800 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 27/11/2012 38 4.5 15,800 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 27/11/2012 38 4.5 1,000 -14,800 Clarke Inc. Common Shares Clarke Inc. 1 28/11/2012 38 4.5 0 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 28/11/2012 38 4.5 1,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 30/11/2012 38 4.5 2,000 1,000 Clarke Inc. Common Shares Clarke Inc. 1 03/12/2012 38 4.5 1,000 -1,000 Clarke Inc. Common Shares Clarke Inc. 1 05/12/2012 38 4.5 0 -1,000 Clarke Inc. Convertible Debentures Clarke Inc. 1 30/11/2012 10 99.65 $1,313,000 $123,000 6% Dec 2013 (CKI.DB.A) Clarke Inc. Convertible Debentures Clarke Inc. 1 03/12/2012 10 99.75 $1,414,000 $101,000 6% Dec 2013 (CKI.DB.A) Clarke Inc. Convertible Debentures Clarke Inc. 1 04/12/2012 10 99.75 $1,465,000 $51,000 6% Dec 2013 (CKI.DB.A) Clarke Inc. Convertible Debentures Clarke Inc. 1 06/12/2012 10 99.75 $1,499,000 $34,000 6% Dec 2013 (CKI.DB.A) Clarke Inc. Options Cull, Dean Maxwell 7 12/03/2012 52 7.6 0 -200,000 Clarke Inc. Options Snelgrove, Andrew 5 03/12/2012 52 8.9 25,000 -6,000 Clearwater Seafoods Convertible Debentures MacDonald, Michael 4 23/11/2012 47 $234,000 -$196,000 Incorporated 7.25% Convertible Charles Unsecured Subordinated Debt. due 03/31/14
CO2 Solutions Inc. Common Shares Manherz, Robert 3, 4 06/12/2012 10 0.08 8,982,557 10,000 CO2 Solutions Inc. Common Shares Manherz, Robert 3, 4 06/12/2012 10 0.075 8,993,557 11,000 Coastal Energy Company Common Shares Moon, Jerry Alton Jr. 5 05/12/2012 10 19.021 7,500 -50,670 Cogeco Cable Inc. Incentive Units / Unités Holleran, Edward 7 30/11/2012 00 incitatives Cogeco Cable Inc. Incentive Units / Unités Holleran, Edward 7 03/12/2012 56 37.59 8,700 8,700 incitatives Cogeco Cable Inc. Options Holleran, Edward 7 30/11/2012 00 Cogeco Cable Inc. Options Holleran, Edward 7 03/12/2012 50 37.59 17,100 17,100 Colabor Group Inc. Common Shares Gariépy, Claude 4 01/11/2012 10 8.35 2,000 Colabor Group Inc. Common Shares Gariépy, Claude 4 01/11/2012 10 8.35 36,053 2,200 Colorado Resources Ltd. Common Shares Travis, Adam Robert 4, 5 06/12/2012 10 0.19 331,111 10,000 COMPASS Income Fund Trust Units COMPASS Income Fund 1 30/11/2012 38 12.15 30,511,929 600 COMPASS Income Fund Trust Units COMPASS Income Fund 1 03/12/2012 38 12.09 30,512,629 700 Comstock Metals Ltd. Common Shares Davidson, Gordon 4 10/08/2011 00 Comstock Metals Ltd. Common Shares Davidson, Gordon 4 27/11/2012 10 0.195 45,000 45,000 Comstock Metals Ltd. Common Shares Davidson, Gordon 4 28/11/2012 10 0.185 81,000 36,000 Comstock Metals Ltd. Common Shares Davidson, Gordon 4 30/11/2012 10 0.185 87,500 6,500 Comstock Metals Ltd. Common Shares Davidson, Gordon 4 03/12/2012 10 0.185 100,000 12,500 ComWest Enterprise Corp. Common Shares Class B O'Brian, Charles Michael 4 03/12/2012 10 1.5 81,740 9,000 Voting Shares Connacher Oil and Gas Common Shares The K2 Principal Fund L.P. 3 29/11/2012 10 0.3073 47,465,400 -429,000 Limited Connacher Oil and Gas Common Shares The K2 Principal Fund L.P. 3 30/11/2012 10 0.3 47,440,400 -25,000 Limited Connacher Oil and Gas Common Shares The K2 Principal Fund L.P. 3 03/12/2012 10 0.3 47,405,400 -35,000 Limited Connacher Oil and Gas Common Shares The K2 Principal Fund L.P. 3 04/12/2012 10 0.3 47,335,900 -69,500 Limited Connacher Oil and Gas Common Shares West Face Capital Inc. 3 27/11/2012 10 0.2622 49,511,000 -3,256,500 Limited Connacher Oil and Gas Common Shares West Face Capital Inc. 3 28/11/2012 10 0.255 49,713,000 202,000 Limited Conquest Resources Limited Common Shares Whitelaw, Douglas Brett 4, 5 29/11/2012 10 0.03 857,000 -30,000
Conquest Resources Limited Common Shares Whitelaw, Douglas Brett 4, 5 03/12/2012 10 0.025 849,000 -8,000
Conquest Resources Limited Common Shares Whitelaw, Douglas Brett 4, 5 04/12/2012 10 0.02 370,000 100,000
Contrans Group Inc. Subordinate Voting DUNFORD, STANLEY 4, 5 04/12/2012 10 8.75 500 500 Shares Class A GEORGE Contrans Group Inc. Subordinate Voting DUNFORD, STANLEY 4, 5 06/12/2012 10 9 3,300 2,800 Shares Class A GEORGE Corazon Gold Corp. Common Shares Hering, Carl William 4 18/10/2012 22 1,100,000 750,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 38 1 160,000 -15,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 38 0.7 135,000 -25,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 38 1 105,000 -30,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 50 0.12 120,000 15,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 50 0.12 145,000 25,000 Cornerstone Metals Inc. Options cowley, paul 4 06/12/2012 50 0.12 175,000 30,000
December 13, 2012 (2012) 35 OSCB 11309 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 38 1 160,000 -15,000 Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 38 0.7 135,000 -25,000 Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 38 1 105,000 -30,000 Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 50 0.12 120,000 15,000 Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 50 0.12 145,000 25,000 Cornerstone Metals Inc. Options Sveinson, Frederick J. 4, 5 06/12/2012 50 0.12 175,000 30,000 Coro Mining Corp. Options Towns, Damian Jon 5 20/11/2012 52 1.5 1,560,000 -30,000 Cortex Business Solutions Common Shares Curry, Trudy Dorreen 5 03/12/2012 46 0.225 468,940 69,800 Inc. Cortex Business Solutions Common Shares Lailey, Ryan Douglas 5 07/12/2012 46 0.225 959,687 67,100 Inc. Cortex Business Solutions Common Shares Lombard, Hendrik Jacob 5 05/12/2012 46 0.225 191,585 60,000 Inc. Cortex Business Solutions Common Shares Smith, Arthur B 5 03/12/2012 46 0.225 1,845,000 98,700 Inc. Cortex Business Solutions Common Shares Weiler, Sandra 5 03/12/2012 46 0.225 390,188 70,900 Inc. CORUS Entertainment Inc. Deferred Share Units Belisle, Fernand 4 31/05/2012 56 23.5 7,634 798 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Belisle, Fernand 4 31/08/2012 56 23.15 8,444 810 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Belisle, Fernand 4 30/11/2012 56 22.86 9,264 820 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Erker, Dennis 4 31/05/2012 56 23.5 36,129 798 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Erker, Dennis 4 31/08/2012 56 23.15 36,939 810 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Erker, Dennis 4 30/11/2012 56 22.86 37,759 820 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Hursh, Carolyn Anne 4 31/05/2012 56 23.5 11,281 872 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Hursh, Carolyn Anne 4 31/08/2012 56 23.15 12,167 886 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Hursh, Carolyn Anne 4 30/11/2012 56 22.86 13,064 897 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Leaney, Wendy Ann 4 31/05/2012 56 23.5 3,441 266 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Leaney, Wendy Ann 4 31/08/2012 56 23.15 3,711 270 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Leaney, Wendy Ann 4 30/11/2012 56 22.86 3,984 273 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units ROGERS, Ronald D. 4 31/05/2012 56 23.5 4,232 532 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units ROGERS, Ronald D. 4 31/08/2012 56 23.15 4,772 540 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units ROGERS, Ronald D. 4 30/11/2012 56 22.86 5,319 547 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Roozen, Catherine M. 4 31/05/2012 56 23.5 3,584 798 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Roozen, Catherine M. 4 31/08/2012 56 23.15 4,394 810 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Roozen, Catherine M. 4 30/11/2012 56 22.86 5,214 820 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Royer, Terrance Eldon 4 31/05/2012 56 23.5 38,126 984 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Royer, Terrance Eldon 4 31/08/2012 56 23.15 39,125 999 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Royer, Terrance Eldon 4 30/11/2012 56 22.86 40,137 1,012 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Shaw, Julie Marie 4 31/05/2012 56 23.5 3,364 239 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Shaw, Julie Marie 4 31/08/2012 56 23.15 3,607 243 (DSUs) - Director Plan CORUS Entertainment Inc. Deferred Share Units Shaw, Julie Marie 4 30/11/2012 56 22.86 3,853 246 (DSUs) - Director Plan Corvus Gold Inc. Common Shares Mai, Quentin 5 07/12/2012 10 1.71 550,000 10,000 Corvus Gold Inc. Common Shares Mai, Quentin 5 07/12/2012 10 1.7 552,500 2,500 Corvus Gold Inc. Common Shares Mai, Quentin 5 07/12/2012 10 1.58 555,000 2,500 Corvus Gold Inc. Common Shares Mai, Quentin 5 07/12/2012 10 1.71 117,500 2,500 Corvus Gold Inc. Common Shares Mai, Quentin 5 07/12/2012 10 1.59 120,000 2,500 Corvus Gold Inc. Common Shares MYERS, RUSSELL 5 04/12/2012 51 0.82 300,579 20,000 Corvus Gold Inc. Options MYERS, RUSSELL 5 04/12/2012 51 0.82 400,000 -20,000 Corvus Gold Inc. Common Shares PONTIUS, Jeffrey A. 4, 5 07/12/2012 10 1.62 2,403,266 5,000
December 13, 2012 (2012) 35 OSCB 11310 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Corvus Gold Inc. Common Shares PONTIUS, Jeffrey A. 4, 5 07/12/2012 10 1.6 2,408,266 5,000 Cott Corporation Common Shares Rosenfeld, Eric Stuart 4 30/11/2012 10 8.6 463,325 -25,000 Cougar Minerals Corp. Options Nye, Murray R. 4, 5 29/03/2012 00 Cougar Minerals Corp. Options Nye, Murray R. 4, 5 29/11/2012 50 400,000 400,000 Cougar Minerals Corp. Options Polinsky, Maxwell A. 4, 5 29/03/2012 00 Cougar Minerals Corp. Options Polinsky, Maxwell A. 4, 5 29/11/2012 50 400,000 400,000 Crailar Technologies Inc. Common Shares Horvat, Miljenko 4, 5 28/11/2012 10 2.2 284,385 -2,000 Crailar Technologies Inc. Common Shares Prevost, Guy 4, 5 30/11/2012 10 2.25 83,300 -2,500 Crescent Point Energy Corp. Common Shares Colborne, Paul 4 30/11/2012 10 38.85 107,739 5,000
Crescent Point Energy Corp. Common Shares Stangl, Trent Terry 5 06/12/2012 10 36.25 4,355 3,000
Crestwell Resources Inc. Common Shares baker, nelson 4, 5 29/11/2012 10 0.02 360,000 150,000 Crestwell Resources Inc. Common Shares bertram, marshall 4 29/11/2012 10 0.02 462,000 150,000 Crestwell Resources Inc. Common Shares Morita, John Shigeo 4, 5 29/11/2012 11 0.02 -200,000 Crestwell Resources Inc. Common Shares Morita, John Shigeo 4, 5 29/11/2012 11 0.02 -150,000 Crestwell Resources Inc. Common Shares Morita, John Shigeo 4, 5 29/11/2012 11 0.02 450,000 -150,000 Crestwell Resources Inc. Common Shares Zheng, Jeff Yenyou 4 29/11/2012 11 0.02 800,000 -150,000 CRH Medical Corporation Options Patrick, Todd 4 07/12/2012 52 2.18 250,000 25,000 Crystallex International Options Crombie, Robert 5 03/12/2012 52 2.3 693,300 -25,000 Corporation Crystallex International Options Marshall, Anthony Richard 5 03/12/2012 52 2.3 902,400 -20,000 Corporation CVTech Group Inc. Common Shares Groupe CVTech inc. 1 20/11/2012 38 1 2,000 2,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 20/11/2012 38 1.01 3,000 1,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 20/11/2012 38 1.02 4,000 1,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 20/11/2012 38 1.03 6,000 2,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 21/11/2012 38 1 9,500 3,500 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 21/11/2012 38 1.02 10,500 1,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 22/11/2012 38 1.02 15,000 4,500 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 23/11/2012 38 1.02 18,100 3,100 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 26/11/2012 38 1.05 24,100 6,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 27/11/2012 38 1.05 29,100 5,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 27/11/2012 38 1.04 29,200 100 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 28/11/2012 38 1.07 30,100 900 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 28/11/2012 38 1.08 31,100 1,000 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 28/11/2012 38 1.09 32,800 1,700 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 29/11/2012 38 1.09 36,300 3,500 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 29/11/2012 38 1.1 36,800 500 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 30/11/2012 38 1.08 40,100 3,300 CVTech Group Inc. Common Shares Groupe CVTech inc. 1 30/11/2012 38 1.09 43,100 3,000 CYGAM Energy Inc. Common Shares Cosijn, Gerardjan (Oppe) 5 01/12/2012 00 CYGAM Energy Inc. Common Shares Cosijn, Gerardjan (Oppe) 5 01/12/2012 00 968,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 29/11/2012 50 270,000 270,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 29/11/2012 50 540,000 270,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 29/11/2012 50 810,000 270,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 29/11/2012 50 1,035,000 225,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 29/11/2012 50 1,260,000 225,000 CYGAM Energy Inc. Options Cosijn, Gerardjan (Oppe) 5 01/12/2012 00 CYGAM Energy Inc. Options Robertson, Alastair James 5 29/11/2012 50 1,125,000 125,000
CYGAM Energy Inc. Options Robertson, Alastair James 5 29/11/2012 50 1,250,000 125,000
CYGAM Energy Inc. Options Silenzi, Alec Nicholas 4 30/11/2012 51 0.17 410,000 -100,000 CYGAM Energy Inc. Options Silenzi, Alec Nicholas 4 30/11/2012 51 0.17 510,000 100,000 Cymat Technologies Ltd. Common Shares Johnson, Harold James 5 05/12/2012 16 784,000 Cymat Technologies Ltd. Common Shares Johnson, Harold James 5 05/12/2012 16 0.05 784,000 Cymat Technologies Ltd. Common Shares Johnson, Harold James 5 05/12/2012 16 0.05 784,000 784,000 Cymat Technologies Ltd. Warrants Johnson, Harold James 5 25/05/2009 00 Cymat Technologies Ltd. Warrants Johnson, Harold James 5 05/12/2012 16 784,000 Cymat Technologies Ltd. Warrants Johnson, Harold James 5 05/12/2012 16 784,000 784,000 Cymat Technologies Ltd. Common Shares Kleebaum, Darryl Gregory 5 07/03/2011 00 Cymat Technologies Ltd. Common Shares Kleebaum, Darryl Gregory 5 05/12/2012 16 0.05 672,000 672,000 Cymat Technologies Ltd. Warrants Kleebaum, Darryl Gregory 5 07/03/2011 00 Cymat Technologies Ltd. Warrants Kleebaum, Darryl Gregory 5 05/12/2012 16 672,000 672,000 Cymat Technologies Ltd. Common Shares Liik, Michael M. 4, 5 30/11/2012 16 0.05 1,693,000 690,000 Cymat Technologies Ltd. Warrants Liik, Michael M. 4, 5 30/11/2012 16 690,000 690,000 Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 03/12/2012 38 12.397 298,000 5,000 A Shares Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 04/12/2012 38 12.355 302,000 4,000 A Shares Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 05/12/2012 38 12.43 303,900 1,900 A Shares
December 13, 2012 (2012) 35 OSCB 11311 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Cymbria Corporation Non-Voting Shares Class Cymbria Corporation 1 06/12/2012 38 12.5 305,900 2,000 A Shares Dacha Strategic Metals Inc. Common Shares Burt, Tye Winston 4 28/11/2012 00
Dacha Strategic Metals Inc. Options Burt, Tye Winston 4 28/11/2012 00
Dacha Strategic Metals Inc. Common Shares Woollcombe, Michael 5 03/12/2012 00 Douglas Dacha Strategic Metals Inc. Options Woollcombe, Michael 5 03/12/2012 00 Douglas DANIER LEATHER INC. Subordinate Voting Danier Leather Inc. 1 03/12/2012 38 0 -787,401 Shares DDJ High Yield Fund Units DDJ High Yield Fund 1 09/11/2012 38 10 100 100 DDJ High Yield Fund Units DDJ High Yield Fund 1 09/11/2012 38 0 -100 DDJ High Yield Fund Units DDJ High Yield Fund 1 26/11/2012 38 10.05 4,300 4,300 DDJ High Yield Fund Units DDJ High Yield Fund 1 26/11/2012 38 0 -4,300 Detour Gold Corporation Options Beaudoin, Pierre 5 04/12/2012 50 26.5 460,000 40,000 Detour Gold Corporation Options Crossgrove, Peter 4 04/12/2012 50 26.5 288,565 18,750 Alexander Detour Gold Corporation Options Dionne, Louis 4 04/12/2012 50 26.5 150,000 12,500 Detour Gold Corporation Options Donovan, Patrick Joseph 5 04/12/2012 50 26.5 175,000 20,000 Detour Gold Corporation Options Doyle, Robert Emmet 4 04/12/2012 50 26.5 162,500 12,500 Detour Gold Corporation Options Galloway, Julie 5 04/12/2012 50 26.5 257,500 25,000 Detour Gold Corporation Options Hibbard, Ingrid Jo-Ann 4 04/12/2012 50 26.5 214,275 12,500 Detour Gold Corporation Options Josipovic, Eric Ivan 5 04/12/2012 50 26.5 170,000 12,500 Detour Gold Corporation Options Martin, Paul Douglas 5 04/12/2012 50 26.5 455,000 40,000 Detour Gold Corporation Options Mavor, James Whyte 5 04/12/2012 50 26.5 190,000 20,000 Detour Gold Corporation Options Morrison, Alexander 4 04/12/2012 50 26.5 162,500 12,500 Detour Gold Corporation Options Panneton, Gerald 4, 5 04/12/2012 50 26.5 575,000 75,000 Detour Gold Corporation Options Pineault, Rachel Anne 5 04/12/2012 50 26.5 60,000 20,000 Detour Gold Corporation Options Robertson, James Donald 5 04/12/2012 50 26.5 232,500 20,000
Detour Gold Corporation Options Rubenstein, Jonathan A. 4 04/12/2012 50 26.5 187,500 12,500 Detour Gold Corporation Options Teevan, Derek 5 04/12/2012 50 26.5 227,500 25,000 Detour Gold Corporation Options Wozniak, Graham Roy 4 04/12/2012 51 26.5 137,500 12,500 Deveron Resources Ltd. Options MacMillan, David 4 06/09/2012 00 Deveron Resources Ltd. Options MacMillan, David 4 29/11/2012 50 50,000 50,000 DHX Media Ltd. Common Shares Wright, Donald Arthur 4 04/12/2012 10 1.85 160,735 -14,500 DHX Media Ltd. Common Shares Wright, Donald Arthur 4 05/12/2012 10 1.85 135,135 -25,600 Diadem Resources Ltd. Promissory Notes loan Dupuy, Andre Jacques 4 27/11/2012 11 $0 -$16,000 Diagnos Inc. Options Larente, André 4, 5 07/12/2012 50 0.17 1,799,684 362,000 DiaMedica Inc. Common Shares Pauls, Dietrich (Rick) John 4, 5 30/11/2012 10 1.1836 100
DiaMedica Inc. Common Shares Pauls, Dietrich (Rick) John 4, 5 30/11/2012 10 1.21 124,600 2,100
DiaMedica Inc. Deferred Share Units Wellner, Thomas Gordon 4 08/04/2008 00 DiaMedica Inc. Deferred Share Units Wellner, Thomas Gordon 4 31/10/2012 97 1.77 7,649 7,649 DiaMedica Inc. Options Wellner, Thomas Gordon 4 31/10/2012 50 232,500 25,000 DirectCash Payments Inc. Common Shares MATTHEWS, DARRYL 5 03/12/2012 10 23.76 3,933 45 Diversified Alpha Fund II Trust Units Marks, Jason Alan 8 30/11/2012 10 8.95 3,100 1,000 DNI Metals Inc. Common Shares MacNeill, Tom 3 05/12/2012 10 0.2 7,703,113 10,000 Donner Metals Ltd. Common Shares Champigny, Normand 5 16/04/2012 00 Donner Metals Ltd. Common Shares Champigny, Normand 5 24/09/2012 10 0.1949 76,000 76,000 Donner Metals Ltd. Common Shares Champigny, Normand 5 20/09/2012 10 19.5 66,000 Donner Metals Ltd. Common Shares Champigny, Normand 5 20/09/2012 10 0.195 66,000 Donner Metals Ltd. Common Shares Champigny, Normand 5 20/09/2012 10 0.195 66,000 Dorel Industries Inc. Options Baird, Robert 5 05/12/2012 51 30.74 72,500 -10,000 Dorel Industries Inc. Options Baird, Robert 5 06/12/2012 51 30.7 62,500 -10,000 Dorel Industries Inc. Subordinate Voting Baird, Robert 5 05/12/2012 51 30.74 10,500 10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Baird, Robert 5 05/12/2012 10 36.9 500 -10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Baird, Robert 5 06/12/2012 51 30.7 10,500 10,000 Shares Class B Dorel Industries Inc. Subordinate Voting Baird, Robert 5 06/12/2012 10 37 7,100 -3,400 Shares Class B Dorel Industries Inc. Options Braunstein, Norman 4 07/12/2012 51 19.47 10,000 -5,000 Dorel Industries Inc. Subordinate Voting Braunstein, Norman 4 07/12/2012 51 19.47 6,044 5,000 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Jeffrey 3, 4, 5 03/12/2012 10 37.05 474,450 -13,800 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Jeffrey 3, 4, 5 04/12/2012 10 37.023 468,450 -6,000 Shares Class B
December 13, 2012 (2012) 35 OSCB 11312 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Dorel Industries Inc. Subordinate Voting Schwartz, Jeffrey 3, 4, 5 05/12/2012 10 37 468,150 -300 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Jeffrey 3, 4, 5 06/12/2012 10 37 465,950 -2,200 Shares Class B Dorel Industries Inc. Multiple Voting Shares Schwartz, Martin 3, 4, 5 04/12/2012 10 37.023 -6,000 Class A Dorel Industries Inc. Subordinate Voting Schwartz, Martin 3, 4, 5 03/12/2012 10 37.05 474,600 -13,200 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Martin 3, 4, 5 04/12/2012 10 37.023 468,600 -6,000 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Martin 3, 4, 5 05/12/2012 10 37 468,200 -400 Shares Class B Dorel Industries Inc. Subordinate Voting Schwartz, Martin 3, 4, 5 06/12/2012 10 37 466,000 -2,200 Shares Class B Dorel Industries Inc. Subordinate Voting Segel, Jeffrey 3, 4, 5 03/12/2012 10 37.05 444,600 -15,100 Shares Class B Dorel Industries Inc. Subordinate Voting Segel, Jeffrey 3, 4, 5 04/12/2012 10 37.023 438,500 -6,100 Shares Class B Dorel Industries Inc. Subordinate Voting Segel, Jeffrey 3, 4, 5 05/12/2012 10 37 438,200 -300 Shares Class B Dorel Industries Inc. Subordinate Voting Segel, Jeffrey 3, 4, 5 06/12/2012 10 37 436,100 -2,100 Shares Class B DPF India Opportunities Trust Units DPF India Opportunities 1 02/11/2012 38 3.55 1,800 1,800 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 02/11/2012 38 3.55 0 -1,800 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 05/11/2012 38 3.55 8,200 8,200 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 05/11/2012 38 3.55 0 -8,200 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 06/11/2012 38 3.57 4,900 4,900 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 06/11/2012 38 3.57 0 -4,900 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 07/11/2012 38 3.52 2,000 2,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 07/11/2012 38 3.52 0 -2,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 08/11/2012 38 3.52 8,000 8,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 08/11/2012 38 3.52 0 -8,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 09/11/2012 38 3.56 5,000 5,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 09/11/2012 38 3.56 0 -5,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 12/11/2012 38 3.54 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 12/11/2012 38 3.54 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 13/11/2012 38 3.51 1,700 1,700 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 13/11/2012 38 3.51 0 -1,700 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 14/11/2012 38 3.42 8,300 8,300 Fund Fund, DPF India Opportunities Fund
December 13, 2012 (2012) 35 OSCB 11313 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed DPF India Opportunities Trust Units DPF India Opportunities 1 14/11/2012 38 3.42 0 -8,300 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 15/11/2012 38 3.42 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 15/11/2012 38 3.42 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 16/11/2012 38 3.42 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 16/11/2012 38 3.42 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 19/11/2012 38 3.42 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 19/11/2012 38 3.42 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 20/11/2012 38 3.43 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 20/11/2012 38 3.43 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 21/11/2012 38 3.45 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 21/11/2012 38 3.45 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 22/11/2012 38 3.42 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 22/11/2012 38 3.42 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 23/11/2012 38 3.42 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 23/11/2012 38 3.42 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 26/11/2012 38 3.45 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 26/11/2012 38 3.45 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 27/11/2012 38 3.45 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 27/11/2012 38 3.45 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 28/11/2012 38 3.45 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 28/11/2012 38 3.45 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 29/11/2012 38 3.5 10,000 10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 29/11/2012 38 3.5 0 -10,000 Fund Fund, DPF India Opportunities Fund DPF India Opportunities Trust Units DPF India Opportunities 1 30/11/2012 38 3.55 10,000 10,000 Fund Fund, DPF India Opportunities Fund
December 13, 2012 (2012) 35 OSCB 11314 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed DPF India Opportunities Trust Units DPF India Opportunities 1 30/11/2012 38 3.55 0 -10,000 Fund Fund, DPF India Opportunities Fund DragonWave Inc. Common Shares Farrar, David Russell 7, 5 03/12/2012 30 2.0809 239,393 1,155 DragonWave Inc. Common Shares Frederick, Russell, James 5 03/12/2012 30 2.0809 83,004 578 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 03/12/2012 10 0.175 2,704,502 29,500 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 03/12/2012 10 0.195 2,718,502 14,000 Dunav Resources Ltd. Common Shares Fennell, David 4, 5 03/12/2012 10 0.19 2,721,002 2,500 Dundee International Real Convertible Debentures Burke, Harold 7 30/11/2012 00 $20,000 Estate Investment Trust 5.5% Unsecured Subordinated Debentures due July 31, 2018
Dundee International Real Rights Deferred Trust Burke, Harold 7 30/11/2012 00 1,333 Estate Investment Trust Units Dundee International Real Units Burke, Harold 7 30/11/2012 00 4,715 Estate Investment Trust Dundee International Real Rights Deferred Trust Hogan, Christopher Mark 7 09/12/2011 00 1,500 Estate Investment Trust Units Dundee International Real Rights Deferred Trust Hogan, Christopher Mark 7 08/11/2012 36 964 -536 Estate Investment Trust Units Dundee International Real Units Hogan, Christopher Mark 7 09/12/2011 00 Estate Investment Trust Dundee International Real Units Hogan, Christopher Mark 7 08/11/2012 36 10.94 536 536 Estate Investment Trust Dundee Precious Metals Inc. Common Shares Dundee Corporation 3 03/12/2012 10 8.5045 28,378,655 22,000
Dundee Precious Metals Inc. Common Shares Dundee Corporation 3 04/12/2012 10 8.3565 28,384,655 6,000
Dundee Precious Metals Inc. Common Shares Dundee Corporation 3 05/12/2012 10 8.2628 28,402,655 18,000
Dundee Precious Metals Inc. Warrants Dundee Corporation 3 03/12/2012 10 3.25 3,417,000 17,000
Dundee Precious Metals Inc. Warrants Dundee Corporation 3 04/12/2012 10 3.25 3,422,000 5,000
Dundee Precious Metals Inc. Warrants Dundee Corporation 3 05/12/2012 10 3.25 3,442,000 20,000
Dundee Precious Metals Inc. Options Kinsman, Jeremy 4 30/11/2012 52 9.5 46,733 -50,000
Duran Ventures Inc. Common Shares Black, Alexander 4 01/10/2012 00 Unlimited, No Par Value Duran Ventures Inc. Common Shares Black, Alexander 4 06/12/2012 11 0.12 625,000 625,000 Unlimited, No Par Value Duran Ventures Inc. Common Shares Black, Alexander 4 06/12/2012 11 0.12 625,000 Unlimited, No Par Value Duran Ventures Inc. Common Shares Black, Alexander 4 06/12/2012 11 0.12 625,000 Unlimited, No Par Value Duran Ventures Inc. Warrants Issued in Black, Alexander 4 01/10/2012 00 Private Placements Duran Ventures Inc. Warrants Issued in Black, Alexander 4 06/12/2012 11 625,000 625,000 Private Placements Eagle Star Minerals Corp. Common Shares Friedlander, Eran 4, 5 27/11/2012 10 0.11 6,187,000 9,000 EGI Financial Holdings Inc. Common Shares Hodgson, Patrick William 4 10/05/2012 00 45,864 Egerton Elcora Resources Corp. Common Shares van der Linde, Theo 4, 5 12/07/2012 00 25,000 Empire Industries Ltd. Common Shares Macdonald, Ian Mor 4 16/06/2010 00 Empire Industries Ltd. Common Shares Macdonald, Ian Mor 4 06/12/2012 10 0.04 353,000 353,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/11/2012 51 10.413 314,290 60,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 30/11/2012 10 39.95 254,290 -60,000 Enbridge Inc. Common Shares Wuori, Stephen John 5 03/12/2012 51 10.413 60,000 Enbridge Inc. Options $10.4125 Wuori, Stephen John 5 30/11/2012 51 0 -60,000 ($20.825) ($41.65) - February 6, 2013 Expiry EnerCare Inc. (formerly The Common Shares Macdonald, John 5 06/12/2012 10 8.38 23,375 2,000 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 06/12/2012 10 8.31 24,075 700 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 06/12/2012 10 8.33 24,375 300 Consumers' Waterheater Income Fund)
December 13, 2012 (2012) 35 OSCB 11315 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed EnerCare Inc. (formerly The Common Shares Macdonald, John 5 05/12/2012 10 8.36 500 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 05/12/2012 10 8.35 500 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 05/12/2012 10 8.36 500 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 05/12/2012 10 8.36 20,875 500 Consumers' Waterheater Income Fund) EnerCare Inc. (formerly The Common Shares Macdonald, John 5 05/12/2012 10 8.35 21,375 500 Consumers' Waterheater Income Fund) Energy Fuels Inc. Common Shares Inwentash, Sheldon 4 04/12/2012 10 0.15 16,000,552 207,000 Energy Fuels Inc. Warrants common share Inwentash, Sheldon 4 30/11/2012 55 0.66 500,000 -1,020,000 purchase warrants ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 30/11/2012 38 7.76 574,000 4,300 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 03/12/2012 38 7.8 575,200 1,200 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 04/12/2012 38 7.65 577,000 1,800 Dividend Fund Fund ENERGY INDEXPLUS Trust Units Energy Indexplus Dividend 1 05/12/2012 38 7.63 578,200 1,200 Dividend Fund Fund Energy Leaders Income Trust Units Kovacs, Michael 4, 5 03/12/2012 10 11.15 1,300 -200 Fund Equal Energy Ltd. Common Shares Chapman, Wendell Percy 5 16/09/2010 00 Equal Energy Ltd. Common Shares Chapman, Wendell Percy 5 03/12/2012 10 3.148 8,000 8,000 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 12/05/2011 00 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 03/12/2012 10 3.08 500 500 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 03/12/2012 10 3.09 3,200 2,700 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 03/12/2012 10 3.1 5,000 1,800 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 03/12/2012 10 3.15 6,500 1,500 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 04/12/2012 10 3.1 21,500 15,000 Equal Energy Ltd. Common Shares WILKINSON, ROBERT 4 04/12/2012 10 3.15 25,000 3,500 Equitable Group Inc. Common Shares Downie, David 5 30/11/2012 51 11.55 10,400 6,000 Equitable Group Inc. Options Options granted Downie, David 5 30/11/2012 51 11.55 16,380 -6,000
Equitable Group Inc. Common Shares Fryer, Scott Allan 5 03/12/2012 51 20.6 3,497 1,200 Equitable Group Inc. Common Shares Fryer, Scott Allan 5 04/12/2012 51 11.55 4,097 600 Equitable Group Inc. Options Options granted Fryer, Scott Allan 5 23/11/2012 52 28.79 8,630 -7,130
Equitable Group Inc. Options Options granted Fryer, Scott Allan 5 03/12/2012 51 20.6 7,430 -1,200
Equitable Group Inc. Options Options granted Fryer, Scott Allan 5 04/12/2012 51 11.55 6,830 -600
Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 29/11/2012 10 0.02 1,300,000 -105,000 Essex Angel Capital Inc. Common Shares Galdi, Richard Joseph 5 03/12/2012 10 0.02 1,200,000 -100,000 Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 03/12/2012 10 0.215 1,603,207 500 Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 05/12/2012 10 0.215 1,607,707 4,500 Excellon Resources Inc. Common Shares Eaton, Thor 4 29/11/2012 10 0.475 4,246,590 190,000 Excellon Resources Inc. Common Shares Eaton, Thor 4 30/11/2012 10 0.475 4,361,590 115,000 Excellon Resources Inc. Common Shares Eaton, Thor 4 30/11/2012 10 0.4899 4,481,590 120,000 Exchange Income Common Shares Buckley, Gary 4 05/12/2012 10 27.5 127,998 500 Corporation Exchange Income Common Shares Buckley, Gary 4 06/12/2012 10 27.5 137,498 9,500 Corporation Exchange Income Common Shares Pyle, Michael 4 30/11/2012 90 8,027 2,000 Corporation Exchange Income Common Shares Pyle, Michael 4 30/11/2012 90 0 -8,422 Corporation Exchange Income Common Shares Pyle, Michael 4 30/11/2012 90 0 -2,000 Corporation Exchange Income Common Shares Spencer, Dianne 5 20/11/2012 30 26.93 329 153 Corporation Exco Technologies Limited Options Nguyen, Huong 5 30/11/2012 50 31,000 10,000
Exco Technologies Limited Options Riganelli, Paul 5 30/11/2012 50 79,405 23,452
Exeter Resource Options Bond, Cecil Robert 5 06/12/2012 38 5.46 1,390,000 -150,000 Corporation
December 13, 2012 (2012) 35 OSCB 11316 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Exeter Resource Options Bond, Cecil Robert 5 06/12/2012 38 5 1,240,000 -150,000 Corporation Exeter Resource Options Bond, Cecil Robert 5 06/12/2012 38 3.01 985,000 -255,000 Corporation EXFO Inc. (formerly know as Deferred Share Units Allard, Pierre-Paul 4 30/11/2012 56 4.67 21,876 1,338 EXFO Electro-Optical Engineering Inc.) EXFO Inc. (formerly know as Deferred Share Units Edwards, Darryl Alexander 4 30/11/2012 56 4.64 5,591 1,347 EXFO Electro-Optical Engineering Inc.) EXFO Inc. (formerly know as Deferred Share Units Marcouiller, Pierre 4 30/11/2012 56 4.85 1,347 EXFO Electro-Optical Engineering Inc.) EXFO Inc. (formerly know as Deferred Share Units Marcouiller, Pierre 4 30/11/2012 56 4.64 37,533 1,347 EXFO Electro-Optical Engineering Inc.) EXFO Inc. (formerly know as Deferred Share Units Marier, Guy 4 30/11/2012 56 4.64 37,533 1,347 EXFO Electro-Optical Engineering Inc.) Extenway Solutions Inc. Common Shares Caisse de dépôt et 3 30/11/2012 00 11,492,308 placement du Québec Extenway Solutions Inc. Convertible Debentures Caisse de dépôt et 3 30/11/2012 00 placement du Québec Extenway Solutions Inc. Convertible Debentures Caisse de dépôt et 3 30/11/2012 11 0.13 $11,538,450 $11,538,450 placement du Québec Extenway Solutions Inc. Convertible Debentures John McAllister Holdings 3 13/09/2005 00 Co. Extenway Solutions Inc. Convertible Debentures John McAllister Holdings 3 30/11/2012 16 0.13 $500,000 $500,000 Co. Extenway Solutions Inc. Convertible Debentures McAllister, John 4, 5 13/09/2005 00 Extenway Solutions Inc. Convertible Debentures McAllister, John 4, 5 30/11/2012 16 0.13 $500,000 $500,000 F.D.G. Mining Inc. Common Shares Dunn, David 4 04/12/2012 10 0.09 91,000 1,000 F.D.G. Mining Inc. Common Shares Dunn, David 4 04/12/2012 10 0.13 98,000 7,000 F.D.G. Mining Inc. Common Shares Dunn, David 4 04/12/2012 10 0.135 100,000 2,000 Fairborne Energy Ltd. Options Grandberg, Aaron Gordon 5 04/12/2012 52 2.53 255,000 -75,000 Fairborne Energy Ltd. Options Grandberg, Aaron Gordon 5 04/12/2012 52 4.81 80,000 -175,000 Fairborne Energy Ltd. Options Grandberg, Aaron Gordon 5 04/12/2012 52 4.07 30,000 -50,000 Fairborne Energy Ltd. Options Grandberg, Aaron Gordon 5 04/12/2012 52 5.37 0 -30,000 Faircourt Gold Income Corp. Common Shares Faircourt Asset 8 04/12/2012 10 8.08 20,878 300 Management Inc. Faircourt Gold Income Corp. Common Shares Faircourt Asset 8 05/12/2012 10 7.9 21,178 300 Management Inc. Faircourt Gold Income Corp. Common Shares Faircourt Asset 8 06/12/2012 10 7.45 21,678 500 Management Inc. Faircourt Gold Income Corp. Common Shares Faircourt Asset 8 07/12/2012 10 7.34 21,978 300 Management Inc. Faircourt Gold Income Corp. Common Shares Panagopoulos, Christopher 8 06/12/2012 10 7.35 8,000 1,200
Faircourt Split Trust Warrants Series C Marigold Corporation 3 30/11/2012 55 0 -33,333 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -13,645 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -958 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -26,101 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -135 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -17,828 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -75,856 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -5,478 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -47,758 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -5,674 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -135 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -135 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -15,696 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -681 Faircourt Split Trust Warrants Series C Taerk, Charles G. 6 30/11/2012 55 0 -5,678 Far Resources Ltd. Common Shares Morishita, Allen 4 03/11/2011 00 Far Resources Ltd. Common Shares Morishita, Allen 4 29/11/2012 11 0.1021 220,357 220,357 Finning International Inc. Common Shares Amar, Juan Pablo 5 03/12/2012 00 1,163 Finning International Inc. Options Amar, Juan Pablo 5 03/12/2012 00 46,082 Finning International Inc. Performance Share Units Amar, Juan Pablo 5 03/12/2012 00 7,360
Finning International Inc. Units Deferred Share Bacarreza, Ricardo 4 07/12/2012 56 22.51 42,882 265 Units Finning International Inc. Units Deferred Share Carter, James Edward 4 07/12/2012 56 22.51 30,849 191 Units Clark
December 13, 2012 (2012) 35 OSCB 11317 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Finning International Inc. Units Deferred Share Dickinson, Neil Robert 5 07/12/2012 56 22.51 42,174 261 Units Finning International Inc. Units Deferred Share Emerson, David Lee 4 07/12/2012 56 22.51 18,151 112 Units Finning International Inc. Units Deferred Share Fraser, Andrew Stewart 5 07/12/2012 56 22.51 52,375 324 Units Finning International Inc. Units Deferred Share Harrod, Darcy Joel 5 07/12/2012 56 22.51 4,358 27 Units Finning International Inc. Units Deferred Share Marks, Anna Pia 5 07/12/2012 56 22.51 21,258 131 Units Finning International Inc. Units Deferred Share Merinsky, Thomas Michael 5 07/12/2012 56 22.51 4,358 27 Units Finning International Inc. Units Deferred Share O'Neill, Kathleen M. 4 07/12/2012 56 22.51 23,564 146 Units Finning International Inc. Units Deferred Share Patterson, Christopher 4 07/12/2012 56 22.51 4,734 29 Units William Finning International Inc. Units Deferred Share Primrose, David Francis 5 07/12/2012 56 22.51 4,358 27 Units Neil Finning International Inc. Units Deferred Share Reid, John McDonald 4 07/12/2012 56 22.51 22,479 139 Units Finning International Inc. Units Deferred Share Simon, Andrew Henry 4 07/12/2012 56 22.51 44,942 278 Units Finning International Inc. Common Shares Thomas, Christopher 5 29/11/2012 10 22.75 5,516 200 Finning International Inc. Units Deferred Share Thomas, Christopher 5 07/12/2012 56 22.51 50,081 310 Units Finning International Inc. Units Deferred Share Turner, Bruce Lyndon 4 07/12/2012 56 22.51 14,995 93 Units Finning International Inc. Common Shares Villegas, Juan Carlos 5 06/12/2012 10 22.56 19,662 800 Finning International Inc. Common Shares Villegas, Juan Carlos 5 06/12/2012 10 22.6 23,537 3,875 Finning International Inc. Units Deferred Share Villegas, Juan Carlos 5 07/12/2012 56 22.51 69,347 297 Units Finning International Inc. Units Deferred Share Waites, Michael T. 4, 5 07/12/2012 56 22.51 11,714 72 Units Finning International Inc. Units Deferred Share Whitehead, Douglas 4, 5 07/12/2012 56 22.51 42,442 262 Units William Geoffrey Finning International Inc. Common Shares Wilson, Michael M. 4 04/12/2012 00 10,000 Firm Capital Property Trust Options BLEDIN, GEOFFREY 4 29/11/2012 00 25,000
Firm Capital Property Trust Options BLEDIN, GEOFFREY 4 29/11/2012 00
Firm Capital Property Trust Units BLEDIN, GEOFFREY 4 29/11/2012 00
Firm Capital Property Trust Units BLEDIN, GEOFFREY 4 29/11/2012 00 50,000
Firm Capital Property Trust Options Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Options Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Options Dadouch, Eli 4, 5 29/11/2012 00 100,000
Firm Capital Property Trust Options Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Options Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00 1
Firm Capital Property Trust Units Dadouch, Eli 4, 5 29/11/2012 00 219,585
Firm Capital Property Trust Options Goldfarb, Stanley 4 29/11/2012 00 25,000
Firm Capital Property Trust Options Goldfarb, Stanley 4 29/11/2012 00
December 13, 2012 (2012) 35 OSCB 11318 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Firm Capital Property Trust Units Goldfarb, Stanley 4 29/11/2012 00
Firm Capital Property Trust Units Goldfarb, Stanley 4 29/11/2012 00 40,000
Firm Capital Property Trust Options Mair, Jonathon 4, 5 29/11/2012 00
Firm Capital Property Trust Options Mair, Jonathon 4, 5 29/11/2012 00 30,000
Firm Capital Property Trust Units Mair, Jonathon 4, 5 29/11/2012 00 30,000
Firm Capital Property Trust Options McKee, Robert 4, 5 29/11/2012 00 60,000
Firm Capital Property Trust Units McKee, Robert 4, 5 29/11/2012 00 10,000
Firm Capital Property Trust Options Poklar, Sandy Ivan 4, 5 29/11/2012 00 55,000
Firm Capital Property Trust Units Poklar, Sandy Ivan 4, 5 29/11/2012 00 5,000
Firm Capital Property Trust Options Shulman, Lawrence Morley 4 29/11/2012 00 25,000
Firm Capital Property Trust Units Shulman, Lawrence Morley 4 29/11/2012 00
Firm Capital Property Trust Units Shulman, Lawrence Morley 4 29/11/2012 00
Firm Capital Property Trust Units Shulman, Lawrence Morley 4 29/11/2012 00 24,000
Firm Capital Property Trust Options Smuschkowitz, Howard 5 29/11/2012 00 25,000
Firm Capital Property Trust Units Smuschkowitz, Howard 5 29/11/2012 00 100,000
Firm Capital Property Trust Options WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Options WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Options WALT, MANFRED 4 29/11/2012 00 25,000
Firm Capital Property Trust Options WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Units WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Units WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Units WALT, MANFRED 4 29/11/2012 00
Firm Capital Property Trust Units WALT, MANFRED 4 29/11/2012 00 101,894
First Capital Realty Inc. Common Shares Correia, Alexandra 6 03/12/2012 51 18.43 22,549 1,500 First Capital Realty Inc. Common Shares Correia, Alexandra 6 03/12/2012 51 18.38 29,049 6,500 First Capital Realty Inc. Options Correia, Alexandra 6 03/12/2012 51 13 29,510 -8,000 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 01/11/2012 38 1.0845 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 01/11/2012 38 1.0845 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 02/11/2012 38 1.087 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 02/11/2012 38 1.087 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 05/11/2012 38 1.0858 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 05/11/2012 38 1.0858 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017
December 13, 2012 (2012) 35 OSCB 11319 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 06/11/2012 38 1.0849 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 06/11/2012 38 1.0849 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 07/11/2012 38 1.0838 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 07/11/2012 38 1.0838 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 08/11/2012 38 1.0894 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 08/11/2012 38 1.0894 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 09/11/2012 38 1.0893 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 09/11/2012 38 1.0893 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 09/11/2012 38 1.0893 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 09/11/2012 38 1.0893 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 12/11/2012 38 1.0877 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 12/11/2012 38 1.0877 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 13/11/2012 38 1.0775 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 13/11/2012 38 1.08 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 14/11/2012 38 1.08 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 14/11/2012 38 1.08 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 15/11/2012 38 1.077 $48,000 $48,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 15/11/2012 38 1.077 $0 -$48,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017
December 13, 2012 (2012) 35 OSCB 11320 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 16/11/2012 38 1.077 $35,000 $35,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 16/11/2012 38 1.077 $0 -$35,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 19/11/2012 38 1.0894 $60,000 $60,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 19/11/2012 38 1.0861 $68,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 19/11/2012 38 1.0894 $8,000 -$60,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 19/11/2012 38 1.0861 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 20/11/2012 38 1.0878 $500,000 $500,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 20/11/2012 38 1.0879 $508,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 20/11/2012 38 1.0878 -$508,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 20/11/2012 38 1.0878 $8,000 -$500,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 20/11/2012 38 1.0879 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 21/11/2012 38 1.0878 $68,000 $68,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 21/11/2012 38 1.0878 $0 -$68,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 22/11/2012 38 1.0878 $42,000 $42,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 22/11/2012 38 1.0878 $50,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 22/11/2012 38 1.0878 $8,000 -$42,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 22/11/2012 38 1.0878 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 26/11/2012 38 1.095 $8,000 $8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017
December 13, 2012 (2012) 35 OSCB 11321 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 26/11/2012 38 1.095 $0 -$8,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 27/11/2012 38 1.095 $333,000 $333,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 27/11/2012 38 1.095 $0 -$333,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 28/11/2012 38 1.095 $43,000 $43,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 28/11/2012 38 1.095 $0 -$43,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 30/11/2012 38 1.095 $54,000 $54,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Capital Realty Inc. Convertible Debentures First Capital Realty Inc. 1 30/11/2012 38 1.095 $0 -$54,000 unsecured 5.70%- FCR.DB.D - due June 30, 2017 First Majestic Silver Corp. Common Shares Davila, Ramon 4, 5 03/12/2012 51 4.34 360,000 100,000 First Majestic Silver Corp. Options Davila, Ramon 4, 5 28/11/2012 50 22.45 562,500 200,000 First Majestic Silver Corp. Options Davila, Ramon 4, 5 03/12/2012 51 4.34 462,500 -100,000 First Majestic Silver Corp. Options Lillico, Connie 5 28/11/2012 50 22.45 400,000 100,000 First Majestic Silver Corp. Options McCallum, Robert A. 4 28/11/2012 50 22.45 66,854 4,454 First Majestic Silver Corp. Options Palacios, Martin Ernesto 5 28/11/2012 50 22.45 300,000 100,000 First Majestic Silver Corp. Options PENROSE, DOUGLAS 4 28/11/2012 50 22.45 106,854 4,454 JOHN First Majestic Silver Corp. Options Pezzotti, Tony 4 28/11/2012 50 22.45 166,854 4,454 First Majestic Silver Corp. Options Polman, Raymond L. 5 28/11/2012 50 22.45 550,000 100,000 First Majestic Silver Corp. Options SHAW, DAVID ANDREW 4 28/11/2012 50 22.45 146,854 4,454 First Majestic Silver Corp. Options Young, Robert John 4 28/11/2012 50 22.45 66,854 4,454 FIRSTSERVICE Preferred Shares Kocur, Roman 5 05/12/2012 10 25.3 26,175 1,500 CORPORATION Focus Graphite Inc. Common Shares York, Jeffrey 3 30/11/2012 10 0.53 4,454,633 10,000 Fort St. James Nickel Corp. Common Shares MacDougall, Sandy James 4, 5 06/12/2012 10 0.01 1,732,620 -1,628,000 (formerly OroAndes Resource Corp.) Fortis Inc. Deferred Share Unit Case, Peter E 4 03/12/2012 30 10,643 95 Fortis Inc. Deferred Share Unit Crothers, Frank 4 03/12/2012 30 11,866 107 Fortis Inc. Common Shares Dall'Antonia, Roger Attilio 7 03/12/2012 30 33.058 11,103 43
Fortis Inc. Deferred Share Unit Goodreau, Ida Jacqueline 4 03/12/2012 30 11,911 107 Fortis Inc. Common Shares Gosse, Karen J. 5 03/12/2012 30 33.058 5,860 27 Fortis Inc. Common Shares Gosse, Karen J. 5 03/12/2012 30 32.09 6,001 141 Fortis Inc. Deferred Share Unit Haughey, Douglas J. 4 03/12/2012 30 5,900 53 Fortis Inc. Common Shares Hynes, Madonna G. 5 03/12/2012 30 33.058 13,104 131 Fortis Inc. Common Shares Marshall, H. Stanley 5 03/12/2012 30 33.058 312,462 463 Fortis Inc. Common Shares Marshall, H. Stanley 5 06/12/2012 90 0 -63,949 Fortis Inc. Common Shares Marshall, H. Stanley 5 06/12/2012 90 0 -63,756 Fortis Inc. Performance Share Unit Marshall, H. Stanley 5 03/12/2012 30 178,012 1,601 Fortis Inc. Common Shares McCabe, Ronald William 5 03/12/2012 30 33.058 67,450 247 Fortis Inc. Common Shares McCabe, Ronald William 5 03/12/2012 30 33.058 742 8 Fortis Inc. Common Shares McCabe, Ronald William 5 03/12/2012 30 33.058 6,381 63 Fortis Inc. Common Shares McCabe, Ronald William 5 03/12/2012 30 33.058 647 7 Fortis Inc. Common Shares McCabe, Ronald William 5 03/12/2012 30 33.058 647 7 Fortis Inc. Deferred Share Unit McCallum, John S. 4 03/12/2012 30 38,150 343 Fortis Inc. Deferred Share Unit McWatters, Ralph Henry 4 03/12/2012 30 17,224 155 Harry Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 33.058 24,345 5 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 32.397 24,381 36 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 33.058 1,091 11 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 33.058 6,530 65 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 32.397 1,456 13 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 33.058 1,042 10 Fortis Inc. Common Shares Mulcahy, Michael A. 7 03/12/2012 30 33.058 872 9
December 13, 2012 (2012) 35 OSCB 11322 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Fortis Inc. Deferred Share Unit Munkley, Ronald David 4 03/12/2012 30 5,900 53 Fortis Inc. Common Shares Norris, David 4 03/12/2012 30 32.396 3,917 35 Fortis Inc. Deferred Share Unit Norris, David 4 03/12/2012 30 29,697 267 Fortis Inc. Common Shares Pavey, Michael Arnold 4 03/12/2012 30 32.396 2,329 21 Fortis Inc. Deferred Share Unit Pavey, Michael Arnold 4 03/12/2012 30 19,502 176 Fortis Inc. Common Shares Perry, Barry 5 03/12/2012 30 33.058 96,882 155 Fortis Inc. Common Shares Perry, Barry 5 03/12/2012 30 32.396 96,963 81 Fortis Inc. Common Shares Perry, Barry 5 03/12/2012 30 32.396 97,635 672 Fortis Inc. Common Shares Perry, Barry 5 03/12/2012 30 33.058 17,850 112 Fortis Inc. Common Shares Perry, Barry 5 03/12/2012 30 32.396 17,911 61 Fortis Inc. Deferred Share Unit Rideout, Roy P. 4 03/12/2012 30 24,528 221 Fortis Inc. Common Shares Spinney, James 5 03/12/2012 30 33.058 19,852 33 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 33.058 6,822 68 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 32.397 92,321 688 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 33.058 7,540 31 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 32.397 7,581 41 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 32.397 433 1 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 32.397 435 2 Fortis Inc. Common Shares Walker, John C. 7 03/12/2012 30 33.058 29,556 295 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.62 11,360 -600 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.54 10,960 -400 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.57 8,960 -2,000 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.58 7,060 -1,900 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.59 4,560 -2,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.64 3,060 -1,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.65 1,560 -1,500 Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 30/11/2012 10 4.68 560 -1,000 Foundation Resources Inc. Common Shares Girling, W. Barry 4 05/12/2012 10 0.055 400,000 100,000
Freegold Ventures Limited Common Shares Jackson, Alvin William 4 05/12/2012 10 0.78 484,600 15,000 Freeport Capital Inc. Options Baillio, Bruce Donald 4 05/12/2012 50 1 79,242 Freeport Capital Inc. Options Baillio, Bruce Donald 4 05/12/2012 50 279,242 79,242 Freeport Capital Inc. Options Barone, Anthony 4 20/11/2009 00 Freeport Capital Inc. Options Barone, Anthony 4 05/12/2012 50 79,242 79,242 Freeport Capital Inc. Options boisvert, stephane 4 05/12/2012 00 79,242 Freeport Capital Inc. Options Mc Master, Pierre 4 21/09/2012 00 Freeport Capital Inc. Options Mc Master, Pierre 4 05/12/2012 50 1 79,242 79,242 Freeport Capital Inc. Options Tasillo, Michele 4 05/12/2012 50 229,242 79,242 Freeport Capital Inc. Options Varriance Strategy LLC 3 20/11/2009 00 Freeport Capital Inc. Options Varriance Strategy LLC 3 05/12/2012 50 158,484 158,484 Frontenac Mortgage Common Shares Allison, Colleen 4 05/12/2012 15 30 2,683 -211 Investment Corporation Frontenac Mortgage Common Shares Allison, Colleen 4 05/12/2012 15 30 3,170 487 Investment Corporation Frontenac Mortgage Common Shares Barnes, Robert 4 05/12/2012 15 30 1,367 -1,000 Investment Corporation Frontenac Mortgage Common Shares Barnes, Robert 4 05/12/2012 15 30 1,406 39 Investment Corporation Frontenac Mortgage Common Shares Calvert, William 4 05/12/2012 15 30 1,431 -139 Investment Corporation Frontenac Mortgage Common Shares Cruickshank, Kevin 5 05/12/2012 15 30 5,705 153 Investment Corporation Frontenac Mortgage Common Shares Giroux, Marcel 5 05/12/2012 15 30 1,037 -169 Investment Corporation Frontenac Mortgage Common Shares Jacobs, Sheldon 4 01/07/2012 00 14,692 Investment Corporation Frontenac Mortgage Common Shares Jacobs, Sheldon 4 05/12/2012 15 30 14,426 -266 Investment Corporation GC-Global Capital Corp. Subordinate Voting GC-Global Capital Corp. 1 07/11/2012 10 0.11 2,907,200 169,000 Shares GC-Global Capital Corp. Subordinate Voting GC-Global Capital Corp. 1 09/11/2012 10 0.11 2,912,200 5,000 Shares GC-Global Capital Corp. Subordinate Voting GC-Global Capital Corp. 1 26/11/2012 10 0.11 3,017,200 105,000 Shares GC-Global Capital Corp. Subordinate Voting GC-Global Capital Corp. 1 30/11/2012 10 0.11 3,017,700 500 Shares GENDIS INC. Common Shares GENDIS INC. 1 01/11/2012 38 3 11,000 11,000 GENDIS INC. Common Shares GENDIS INC. 1 01/11/2012 38 0 -11,000 GENDIS INC. Common Shares GENDIS INC. 1 02/11/2012 38 3 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 02/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 05/11/2012 38 3.09 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 05/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 08/11/2012 38 3.05 500 500 GENDIS INC. Common Shares GENDIS INC. 1 08/11/2012 38 0 -500
December 13, 2012 (2012) 35 OSCB 11323 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed GENDIS INC. Common Shares GENDIS INC. 1 13/11/2012 38 3.14 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 13/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 14/11/2012 38 3.14 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 14/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 16/11/2012 38 3.05 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 16/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 21/11/2012 38 3.05 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 21/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 22/11/2012 38 3.05 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 22/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 23/11/2012 38 3 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 23/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 26/11/2012 38 3.04 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 26/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 27/11/2012 38 3.04 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 27/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 28/11/2012 38 3.08 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 28/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 29/11/2012 38 3.08 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 29/11/2012 38 0 -1,000 GENDIS INC. Common Shares GENDIS INC. 1 30/11/2012 38 3.05 1,000 1,000 GENDIS INC. Common Shares GENDIS INC. 1 30/11/2012 38 0 -1,000 Genesis Land Development Common Shares Mitchell, Mark William 4 30/11/2012 10 3.4 1,036,000 10,000 Corp. Genesis Land Development Common Shares Mitchell, Mark William 4 30/11/2012 10 3.4 46,200 10,000 Corp. Gensource Capital Common Shares Brewster, Norman 4 14/03/2012 16 0.07 660,000 300,000 Corporation (formerly Augen Capital Corp.) Gensource Capital Common Shares Brewster, Norman 4 30/08/2012 10 0.065 668,000 8,000 Corporation (formerly Augen Capital Corp.) Gensource Capital Common Shares Brewster, Norman 4 04/09/2012 10 0.065 670,000 2,000 Corporation (formerly Augen Capital Corp.) Gensource Capital Common Shares Brewster, Norman 4 25/09/2012 10 0.065 680,000 10,000 Corporation (formerly Augen Capital Corp.) Gensource Capital Common Shares Brewster, Norman 4 04/12/2012 10 0.0596 300,000 -60,000 Corporation (formerly Augen Capital Corp.) Genworth MI Canada Inc. Restricted Share Units Carbonelli, Cecilia 7 30/11/2012 35 20.65 1,446 29 Genworth MI Canada Inc. Restricted Share Units Cheung, Samantha 5 30/11/2012 35 20.65 1,752 27 Genworth MI Canada Inc. Deferred Share Units Gillespie, Robert T.E 4 30/11/2012 35 20.65 133 Genworth MI Canada Inc. Deferred Share Units Gillespie, Robert T.E 4 30/11/2012 35 20.65 8,738 134 Genworth MI Canada Inc. Deferred Share Units Horn, Sidney M. 4 30/11/2012 35 20.65 10,454 160 Genworth MI Canada Inc. Performance Share Unit Hurley, Brian Leo 4, 5 30/11/2012 35 20.65 23,156 354 Genworth MI Canada Inc. Restricted Share Units Hurley, Brian Leo 4, 5 30/11/2012 35 20.65 27,690 423 Genworth MI Canada Inc. Deferred Share Units Kelly, Brian Michael 4, 7 30/11/2012 35 20.65 8,412 128 Genworth MI Canada Inc. Restricted Share Units Kirby, Robert 7 30/11/2012 35 20.65 1,774 27 Genworth MI Canada Inc. Performance Share Unit Levings, Stuart Kendrick 5 30/11/2012 35 20.65 6,000 92 Genworth MI Canada Inc. Restricted Share Units Levings, Stuart Kendrick 5 30/11/2012 35 20.65 4,172 64 Genworth MI Canada Inc. Performance Share Unit MacDonald, Gordon 7 30/11/2012 35 20.65 2,675 41 Genworth MI Canada Inc. Restricted Share Units MacDonald, Gordon 7 30/11/2012 35 20.65 1,798 28 Genworth MI Canada Inc. Performance Share Unit Macdonell, Winsor James 5 30/11/2012 35 20.65 2,894 44 Genworth MI Canada Inc. Restricted Share Units Macdonell, Winsor James 5 30/11/2012 35 20.65 1,981 31 Genworth MI Canada Inc. Performance Share Unit Mayers, Philip Adrian Virgil 5 30/11/2012 35 20.65 7,014 107
Genworth MI Canada Inc. Restricted Share Units Mayers, Philip Adrian Virgil 5 30/11/2012 35 20.65 6,502 100
Genworth MI Canada Inc. Performance Share Unit McPherson, Deborah Lynn 5 30/11/2012 35 20.65 5,012 77
Genworth MI Canada Inc. Restricted Share Units McPherson, Deborah Lynn 5 30/11/2012 35 20.65 1,681 53
Genworth MI Canada Inc. Restricted Share Units Noonan, Susan Ellen 7 30/11/2012 35 20.65 1,358 27 Genworth MI Canada Inc. Restricted Share Units Sweeney, Craig 5 30/11/2012 35 20.65 1,942 30 Genworth MI Canada Inc. Deferred Share Units Walker, John Logan 7 30/11/2012 35 20.65 4,134 64 Geomega Resources Inc. Common Shares Vézina, Sébastien 5 05/12/2012 16 0.5 20,000 20,000 Gibson Energy Inc. Common Shares Recatto, Brian J. 7 31/10/2012 00 Gibson Energy Inc. Common Shares Recatto, Brian J. 7 03/12/2012 10 15,000 15,000 Gibson Energy Inc. Common Shares van Aken, Samuel 5 05/12/2012 51 33,876 3,242 Gibson Energy Inc. Options van Aken, Samuel 5 03/12/2012 51 134,882 -10,000 Gibson Energy Inc. Options van Aken, Samuel 5 05/12/2012 51 125,247 -9,635 Gibson Energy Inc. Options van Aken, Samuel 5 06/12/2012 51 117,247 -8,000
December 13, 2012 (2012) 35 OSCB 11324 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Gibson Energy Inc. Options Wilkins, Douglas Percy 5 04/12/2012 51 144,382 -30,000 Gibson Energy Inc. Options Wilkins, Douglas Percy 5 06/12/2012 51 114,382 -30,000 Gildan Activewear Inc. Common Shares Caballero, Carlos Francisco 7 30/11/2012 51 23.49 2,458 552
Gildan Activewear Inc. Common Shares Caballero, Carlos Francisco 7 30/11/2012 10 34.78 1,906 -552
Gildan Activewear Inc. Options Caballero, Carlos Francisco 7 30/11/2012 51 23.49 552 -552
Gildan Activewear Inc. Common Shares Castro, Marco 5 30/11/2012 51 23.49 3,419 571 Gildan Activewear Inc. Common Shares Castro, Marco 5 30/11/2012 10 34.67 2,848 -571 Gildan Activewear Inc. Options Castro, Marco 5 30/11/2012 51 23.49 1,089 -571 Gildan Activewear Inc. Common Shares Davis, Ronald Edward 5 05/12/2012 57 10,323 8,156 Gildan Activewear Inc. Common Shares Davis, Ronald Edward 5 05/12/2012 10 35.31 2,167 -8,156 Gildan Activewear Inc. Restricted Share Units Davis, Ronald Edward 5 05/12/2012 57 4,630 -8,156 Gildan Activewear Inc. Common Shares Duran Scheidegger, Carlos 7 03/12/2012 51 23.49 8,830 2,329 Jose Gildan Activewear Inc. Common Shares Duran Scheidegger, Carlos 7 03/12/2012 10 35.98 6,501 -2,329 Jose Gildan Activewear Inc. Options Duran Scheidegger, Carlos 7 03/12/2012 51 23.49 1,190 -2,329 Jose Gildan Activewear Inc. Common Shares Hepburn, Antonio Jose 7 03/12/2012 51 25.33 2,765 765 Gildan Activewear Inc. Common Shares Hepburn, Antonio Jose 7 03/12/2012 10 35.94 2,000 -765 Gildan Activewear Inc. Common Shares Hepburn, Antonio Jose 7 03/12/2012 10 34.91 1,000 -1,000 Gildan Activewear Inc. Options Hepburn, Antonio Jose 7 03/12/2012 51 25.33 1,209 -765 Gitennes Exploration Inc. Options Ross, Stuart Roland 4 15/09/2012 00 Gitennes Exploration Inc. Options Ross, Stuart Roland 4 15/09/2012 00 Gitennes Exploration Inc. Options Ross, Stuart Roland 4 15/09/2012 00 Gitennes Exploration Inc. Options Ross, Stuart Roland 4 29/11/2012 00 Gitennes Exploration Inc. Options Ross, Stuart Roland 4 29/11/2012 50 200,000 200,000 Glacier Media Inc. Common Shares HAYWARD, BRIAN 4 30/11/2012 10 1.6 46,000 1,000 Glacier Media Inc. Common Shares HAYWARD, BRIAN 4 30/11/2012 10 1.59 46,400 400 Global Alumina Corporation Options Cella, Michael 4, 5 30/11/2012 97 1,400,000 -200,000
Global Alumina Corporation Options Cousineau, Bernard 4 30/11/2012 97 260,000 -50,000
Global Alumina Corporation Options Gayer, Alan 4 30/11/2012 97 185,000 -25,000
Global Alumina Corporation Options Karjian, Karim 4 30/11/2012 97 1,725,000 -250,000
Global Alumina Corporation Options McCabe, Anthony F. 7 30/11/2012 97 630,000 -150,000
Global Alumina Corporation Options Morrey, Graham 5 30/11/2012 97 1,400,000 -200,000
Global Alumina Corporation Options Suratgar, David 4 30/11/2012 97 185,000 -25,000
Global Alumina Corporation Options Walker, Elizabeth 5 30/11/2012 97 335,000 -50,000
Global Alumina Corporation Options Wrobel, Bruce 3, 4, 5 30/11/2012 97 1,725,000 -250,000
Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 21/11/2012 10 0.95 2,155,662 2,000 Inc. Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 28/11/2012 10 0.96 2,158,662 3,000 Inc. Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 28/11/2012 10 0.96 2,162,162 3,500 Inc. Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 30/11/2012 10 0.98 2,162,662 500 Inc. Globex Mining Enterprises Common Shares STOCH, JACK 3, 4, 5 30/11/2012 10 0.99 2,163,162 500 Inc. Gluskin Sheff + Associates Restricted Share Units Freedman, Jeremy Mark 4, 5 15/09/2011 56 48,643 Inc. Gluskin Sheff + Associates Restricted Share Units Freedman, Jeremy Mark 4, 5 15/09/2011 56 48,643 48,643 Inc. Gold World Resources Inc. Options Bertucci, Domenico 5 29/11/2012 50 0.1 1,150,000 200,000 Golden Dawn Minerals Inc. Common Shares Wiese, Wolfgang 4, 5 29/11/2012 10 0.045 4,270,333 67,000 Golden Dawn Minerals Inc. Common Shares Wiese, Wolfgang 4, 5 03/12/2012 10 0.04 4,289,333 10,000 GOLDEN HOPE MINES Common Shares Asgary, Alexander 5 04/12/2012 10 0.065 0 -125,000 LIMITED GOLDEN HOPE MINES Common Shares Asgary, Alexander 5 06/12/2012 10 0.07 100,000 100,000 LIMITED GOLDEN HOPE MINES Common Shares Candido, Francesco 4, 5 30/11/2012 10 0.07 535,579 -43,000 LIMITED
December 13, 2012 (2012) 35 OSCB 11325 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed GOLDEN HOPE MINES Common Shares Candido, Francesco 4, 5 04/12/2012 10 0.065 580,579 45,000 LIMITED GOLDEN HOPE MINES Common Shares Candido, Francesco 4, 5 04/12/2012 10 0.07 580,101 -478 LIMITED GOLDEN HOPE MINES Options Millington, Roy 4 04/12/2012 00 LIMITED GOLDEN HOPE MINES Options Millington, Roy 4 04/12/2012 50 300,000 300,000 LIMITED Golden Reign Resources Common Shares Conlon, John 4 03/12/2012 10 0.48 5,786,811 7,500 Ltd. Golden Reign Resources Common Shares Conlon, John 4 03/12/2012 10 0.5 5,811,811 25,000 Ltd. Golden Reign Resources Common Shares Conlon, John 4 04/12/2012 10 0.5 5,839,811 28,000 Ltd. Golden Reign Resources Common Shares Conlon, John 4 05/12/2012 10 0.5 5,854,811 15,000 Ltd. Golden Reign Resources Common Shares Conlon, John 4 06/12/2012 10 0.5 5,871,811 17,000 Ltd. Golden Reign Resources Common Shares Conlon, John 4 07/12/2012 10 0.5 5,879,311 7,500 Ltd. Goldgroup Mining Inc. Common Shares Piggott, Keith 3, 4 04/12/2012 10 0.37 3,741,434 8,500 Goldgroup Mining Inc. Common Shares Piggott, Keith 3, 4 04/12/2012 10 0.36 3,761,434 20,000 Goldgroup Mining Inc. Common Shares Piggott, Keith 3, 4 05/12/2012 10 0.35 3,781,434 20,000 GoldQuest Mining Corp. Common Shares Michaels, Patrick 4 30/11/2012 10 0.485 250,000 50,000 Great Northern Gold Common Shares MITRAKOS, DIMITRIOS 4 07/05/2010 00 Exploration Corporation (JIM) Great Northern Gold Common Shares MITRAKOS, DIMITRIOS 4 10/10/2012 15 0.15 20,000 20,000 Exploration Corporation (JIM) Great Northern Gold Common Shares Ziehlke, Daniel Vern 5 03/12/2012 10 0.085 150,000 30,000 Exploration Corporation Great Northern Gold Common Shares Ziehlke, Daniel Vern 5 03/12/2012 10 0.085 842,000 7,000 Exploration Corporation Great Northern Gold Common Shares Ziehlke, Daniel Vern 5 05/12/2012 10 0.085 845,000 3,000 Exploration Corporation Greenscape Capital Group Common Shares Baxter, Richard 4 27/11/2012 10 0.05 1,177,000 26,000 Inc. Greenscape Capital Group Common Shares Baxter, Richard 4 03/12/2012 10 0.055 1,192,000 15,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3, 4 30/11/2012 10 0.055 17,311,533 30,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3, 4 30/11/2012 10 0.05 16,911,533 -400,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3, 4 05/12/2012 10 0.0609 16,946,533 35,000 Inc. Greenscape Capital Group Common Shares Scharfe, Bradley Nixon 3, 4 05/12/2012 10 0.0553 16,981,533 35,000 Inc. Greenscape Capital Group Common Shares Slusarchuk, Bryan James 4 13/11/2012 10 0.065 1,913,948 -300,000 Inc. Rees Greenscape Capital Group Common Shares Slusarchuk, Bryan James 4 21/11/2012 10 0.0568 2,114,948 60,000 Inc. Rees Greenscape Capital Group Common Shares Slusarchuk, Bryan James 4 06/12/2012 10 0.06 2,414,948 300,000 Inc. Rees Greenscape Capital Group Common Shares Slusarchuk, Bryan James 4 24/09/2012 36 3,908,544 1,954,272 Inc. Rees Groupe Bikini Village inc. Common Shares Takota Asset Management 3 30/11/2012 10 5.0975 187,185 5,600 Inc GTA Resources and Mining Common Shares Bovaird, James Birks 4 29/11/2012 10 0.175 27,500 27,500 Inc. GTA Resources and Mining Common Shares Reid, Newman Wayne 4, 5 01/12/2012 00 12,000 Inc. GTA Resources and Mining Options Reid, Newman Wayne 4, 5 01/12/2012 00 Inc. GTA Resources and Mining Options Reid, Newman Wayne 4, 5 01/12/2012 50 0.5 200,000 200,000 Inc. Guardian Capital Group Non-Voting Shares Class Guardian Capital Group 1 03/12/2012 10 10.385 25,500 5,900 Limited A Limited Guardian Capital Group Non-Voting Shares Class Guardian Capital Group 1 04/12/2012 10 10.323 27,100 1,600 Limited A Limited Guardian Capital Group Non-Voting Shares Class Guardian Capital Group 1 05/12/2012 10 10.33 32,300 5,200 Limited A Limited Guardian Capital Group Non-Voting Shares Class Guardian Capital Group 1 06/12/2012 10 10.257 37,800 5,500 Limited A Limited
December 13, 2012 (2012) 35 OSCB 11326 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Guardian Capital Group Non-Voting Shares Class Larose, Denis Albert 7 03/12/2012 10 10.38 14,100 900 Limited A Guardian Capital Group Non-Voting Shares Class Larose, Denis Albert 7 05/12/2012 10 10.33 15,100 1,000 Limited A Guardian Capital Group Non-Voting Shares Class Larose, Denis Albert 7 06/12/2012 10 10.36 17,100 2,000 Limited A Hamilton Thorne Ltd. Common Shares Wolf, David 4, 5 03/12/2012 10 0.0427 476,615 4,000 (formerly Calotto Capital Inc.) Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 06/11/2012 38 8.93 2,000 2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/11/2012 38 8.93 4,000 2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 09/11/2012 38 8.89 6,000 2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 12/11/2012 38 8.85 8,000 2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 13/11/2012 38 8.8 8,701 701 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/12/2012 38 8.93 6,701 -2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/12/2012 38 8.93 4,701 -2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/12/2012 38 8.89 2,701 -2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/12/2012 38 8.85 701 -2,000 Inc. Inc. Hammond Power Solutions Common Shares Class A Hammond Power Solutions 1 07/12/2012 38 8.8 0 -701 Inc. Inc. Happy Creek Minerals Ltd. Common Shares Lerner, Michael Ian 4 30/11/2012 10 0.23 264,000 1,000 Hemisphere GPS Inc. Options Olson, Cameron Blaine 5 09/11/2012 38 214,364 -60,000 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 30/11/2012 90 204,500 -185,237 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 30/11/2012 99 33,501 1 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 30/11/2012 90 0 -33,501 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 30/11/2012 90 3,819,238 185,237 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 30/11/2012 90 3,852,739 33,501 Heroux-Devtek Inc. Common Shares Labbé, Gilles 3, 4, 6, 5 03/12/2012 99 3,852,738 -1 Heroux-Devtek Inc. Common Shares ROBILLARD, Michel 5 03/12/2012 10 12.5 6,490 -4,800 High Arctic Energy Services Common Shares Batcup, Simon Paul David 4 04/12/2012 10 1.798 231,200 11,200 Inc. High Arctic Energy Services Common Shares Batcup, Simon Paul David 4 05/12/2012 10 1.78 240,000 8,800 Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 19/11/2012 38 2.1984 6,248 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 20/11/2012 38 2.15 12,496 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 21/11/2012 38 2.13 18,696 6,200 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 22/11/2012 38 2.1399 24,944 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 22/11/2012 38 18,696 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 23/11/2012 38 2.05 20,796 2,100 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 26/11/2012 38 2.02 27,044 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 26/11/2012 38 20,844 -6,200 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 27/11/2012 38 1.94 27,092 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 28/11/2012 38 24,992 -2,100 Inc. Inc., High Arctic Energy Services Inc.
December 13, 2012 (2012) 35 OSCB 11327 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed High Arctic Energy Services Common Shares High Arctic Energy Services 1 28/11/2012 38 18,744 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 28/11/2012 38 1.87 24,992 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 29/11/2012 38 18,744 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 29/11/2012 38 1.822 24,992 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 30/11/2012 38 18,744 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 30/11/2012 38 1.855 24,992 6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 03/12/2012 38 18,744 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares High Arctic Energy Services 1 04/12/2012 38 12,496 -6,248 Inc. Inc., High Arctic Energy Services Inc. High Arctic Energy Services Common Shares Matthyssen, Shannon Jean 5 01/12/2012 00 10,000 Inc. High Arctic Energy Services Common Shares Wood, Jed Morgan 3 01/07/2005 00 Inc. High Arctic Energy Services Common Shares Wood, Jed Morgan 3 03/12/2012 72 derivative 62,500 62,500 Inc.
High Arctic Energy Services Common Shares Wood, Jed Morgan 3 03/12/2012 97 177,870 115,370 Inc. High Arctic Energy Services Common Shares Wood, Jed Morgan 3 04/12/2012 72 derivative 277,528 99,658 Inc.
High Liner Foods Options Demone, Henry 4, 5 05/12/2012 59 9.64 151,510 -20,000 Incorporated High River Gold Mines Ltd. Common Shares Nord Gold N.V. 3 14/03/2012 00 630,627,472 High River Gold Mines Ltd. Common Shares Nord Gold N.V. 3 28/11/2012 22 1.4 738,863,524 108,236,052 High River Gold Mines Ltd. Common Shares OAO Severstal 3 14/03/2012 11 0 -630,627,472 Hillcrest Resources Ltd. Common Shares Currie, Donald James 4, 5 30/11/2012 10 0.08 1,123,000 5,000 Holloway Lodging Real Trust Units Holloway Lodging Real 1 02/11/2012 30 3.7 2,900 2,900 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 05/11/2012 30 3.68 17,900 15,000 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 06/11/2012 30 3.67 31,200 13,300 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 07/11/2012 30 3.6 32,800 1,600 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 07/11/2012 30 3.59 37,200 4,400 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 08/11/2012 30 3.66 40,800 3,600 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 09/11/2012 30 3.7 50,100 9,300 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 15/11/2012 30 3.6 71,100 21,000 Estate Investment Trust Estate Investment Trust Holloway Lodging Real Trust Units Holloway Lodging Real 1 28/11/2012 38 0 -71,100 Estate Investment Trust Estate Investment Trust Home Capital Group Inc. Common Shares Baillie, James C. 4 13/02/2012 00 Home Capital Group Inc. Common Shares Baillie, James C. 4 04/12/2012 10 54.49 1,800 1,800 Home Capital Group Inc. Common Shares Decina, Pino 5 23/11/2012 30 53.325 559 1 Home Capital Group Inc. Common Shares Decina, Pino 5 23/11/2012 30 53.325 245 1 Home Capital Group Inc. Common Shares Holland, Marie 5 23/11/2012 30 53.325 563 24 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/11/2012 38 53.75 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/11/2012 38 53.75 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/11/2012 38 53.8 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 30/11/2012 38 53.8 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 03/12/2012 38 54.3 600 600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 03/12/2012 38 54.3 0 -600 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 04/12/2012 38 54.25 2,000 2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 04/12/2012 38 54.25 0 -2,000 Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 06/12/2012 38 55.8 2,000 2,000
December 13, 2012 (2012) 35 OSCB 11328 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Home Capital Group Inc. Common Shares Home Capital Group Inc. 1 06/12/2012 38 55.8 0 -2,000 Home Capital Group Inc. Common Shares Hong, John 5 23/11/2012 30 53.325 305 11 Home Capital Group Inc. Common Shares Rawlinson, Paul 5 23/11/2012 30 53.325 81 11 Home Capital Group Inc. Common Shares Reid, Martin 5 23/11/2012 30 53.325 5,994 51 Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 23/11/2012 30 53.325 195,372 62 HOMEQ Corporation Common Shares Class A Birch Hill Equity Partners 3 30/11/2012 00 1,170,605 Management Inc. HOMEQ Corporation Common Shares Class A Birch Hill Equity Partners 3 30/11/2012 00 60,091,616 Management Inc. HOMEQ Corporation Common Shares Class A Birch Hill Equity Partners 3 30/11/2012 00 49,737,779 Management Inc. HOMEQ Corporation Common Shares Class A Birch Hill Equity Partners 3 30/11/2012 00 43,600,000 Management Inc. HOUSTON LAKE MINING Common Shares Walker, Reginald Frank 3, 4 23/07/2003 00 INC. HOUSTON LAKE MINING Common Shares Walker, Reginald Frank 3, 4 22/12/2011 46 0.06 3,908,046 INC. HOUSTON LAKE MINING Common Shares Walker, Reginald Frank 3, 4 22/12/2011 46 0.06 3,908,046 3,908,046 INC. HRT Participações em Common Shares O'Brien, Peter 4 14/11/2012 10 1.41 1,235,900 Petróleo S.A. HRT Participações em Common Shares O'Brien, Peter 4 14/11/2012 10 1.41 1,235,900 Petróleo S.A. HRT Participações em Common Shares O'Brien, Peter 4 15/11/2012 10 1.48 764,100 Petróleo S.A. HRT Participações em Common Shares O'Brien, Peter 4 15/11/2012 10 1.48 764,100 Petróleo S.A. HRT Participações em Derivative O'Brien, Peter 4 01/10/2012 00 Petróleo S.A. HRT Participações em Derivative O'Brien, Peter 4 14/11/2012 10 1.41 1,235,900 Petróleo S.A. HRT Participações em Derivative O'Brien, Peter 4 15/11/2012 10 1.48 2,000,000 764,100 Petróleo S.A. HRT Participações em Derivative O'Brien, Peter 4 14/11/2012 10 1.41 1,235,900 Petróleo S.A. HRT Participações em Derivative O'Brien, Peter 4 14/11/2012 10 1.41 1,235,900 1,235,900 Petróleo S.A. HRT Participações em Common Shares Putz, Charles Lagana 5 17/11/2012 10 10,000 Petróleo S.A. HRT Participações em Common Shares Putz, Charles Lagana 5 27/11/2012 10 10,000 10,000 Petróleo S.A. HudBay Minerals Inc. Common Shares Garofalo, David 7, 5 06/12/2012 30 9.32 99,581 1,033 Hudson Resources Inc. Options Wilson, Herbert Godfrey 4 05/11/2012 00 125,000 Anthony Hudson's Bay Company Options Auld, Stuart Harrison 5 26/11/2012 00 37,500 Hudson's Bay Company Options Baker, Richard Alan 4 26/11/2012 00 1,500,000 Hudson's Bay Company Restricted Share Units Baker, Richard Alan 4 26/11/2012 00 23,529 Hudson's Bay Company Common Shares Brooks, Bonnie 5 26/11/2012 00 86,937 Hudson's Bay Company Options Brooks, Bonnie 5 26/11/2012 00 375,000 Hudson's Bay Company Common Shares Culhane, Michael George 5 26/11/2012 00 237,447 Hudson's Bay Company Options Culhane, Michael George 5 26/11/2012 00 300,000 Hudson's Bay Company Restricted Share Units Culhane, Michael George 5 26/11/2012 00 11,764 Hudson's Bay Company Options Edwards, Deborah Anne 5 26/11/2012 00 75,000 Hudson's Bay Company Options Evans, Lucas Alexander 5 26/11/2012 00 37,500 Giles Hudson's Bay Company Options Farrajota, Idalia 5 26/11/2012 00 37,500 Hudson's Bay Company Common Shares Hudson's Bay Company 3 26/11/2012 00 98,025,000 (Luxembourg) S. à r. l. Hudson's Bay Company Common Shares Johanns, Jarrod Mathias 5 26/11/2012 00 25,646 Hudson's Bay Company Options Johanns, Jarrod Mathias 5 26/11/2012 00 75,000 Hudson's Bay Company Options Metrick, Marc Jeffrey 5 26/11/2012 00 75,000 Hudson's Bay Company Options Pall, Brian Harold 5 26/11/2012 00 375,000 Hudson's Bay Company Options Pickwoad, David Howell 5 26/11/2012 00 50,000 Hudson's Bay Company Common Shares Pommen, Wayne Longmire 4 26/11/2012 00 3,100
Hudson's Bay Company Options Rider, Sheila Joyce 5 26/11/2012 00 50,000 Hudson's Bay Company Options Rodbell, Elizabeth Hersey 5 26/11/2012 00 75,000 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 595 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 595 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00
December 13, 2012 (2012) 35 OSCB 11329 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 595 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 Hudson's Bay Company Common Shares Rubel, Matthew Evan 4 26/11/2012 00 10,000 Hudson's Bay Company Common Shares Sim, Christopher Andrew 5 26/11/2012 00 34,195 Hudson's Bay Company Options Sim, Christopher Andrew 5 26/11/2012 00 50,000 Hudson's Bay Company Common Shares Tracy, William Xavior 5 26/11/2012 00 25,646 Hudson's Bay Company Options Tracy, William Xavior 5 26/11/2012 00 75,000 Hudson's Bay Company Options Turner, Mary Jane 5 26/11/2012 00 75,000 Hudson's Bay Company Common Shares Watros, Donald William 5 26/11/2012 00 54,077 Hudson's Bay Company Options Watros, Donald William 5 26/11/2012 00 375,000 Huldra Silver Inc. Common Shares Espig, Peter Edward 4 03/12/2012 10 1.38 262,300 4,000 HUMBOLDT CAPITAL Common Shares Teare, Charles Anton 4, 5 06/12/2012 10 1.5 276,316 500 CORPORATION Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 30/11/2012 46 12.35 61,511 81 Huntingdon Capital Corp. Deferred Share Units Doyle, Donald Gregory 4 03/12/2012 35 12.6 61,609 98 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 30/11/2012 46 12.35 172,706 81 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 03/12/2012 35 12.6 172,771 65 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 03/12/2012 35 12.6 23 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 03/12/2012 35 12.6 172,789 18 Huntingdon Capital Corp. Deferred Share Units George, Zachary R. 4, 5 03/12/2012 35 12.6 172,979 190 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 30/11/2012 46 12.35 72,610 81 Huntingdon Capital Corp. Deferred Share Units Goodman, Gary Michael 4 03/12/2012 35 12.6 72,725 115 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 30/11/2012 46 12.35 56,109 81 Huntingdon Capital Corp. Deferred Share Units Hutcheson, Robert Scott 4 03/12/2012 35 12.6 56,198 89 Huntingdon Capital Corp. Deferred Share Units Lalani, Azim 5 03/12/2012 35 12.6 8,362 1 Huntingdon Capital Corp. Deferred Share Units Lalani, Azim 5 03/12/2012 35 12.6 8,373 11 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 30/11/2012 46 12.35 19,491 81 Huntingdon Capital Corp. Deferred Share Units Lorber, David 4 03/12/2012 35 12.6 19,522 31 Huntingdon Capital Corp. Deferred Share Units Manak, Sandeep 5 03/12/2012 35 23,494 76 Huntingdon Capital Corp. Deferred Share Units Rappa, David 4 30/11/2012 46 12.35 192 81 HUSKY ENERGY INC. Common Shares PEABODY, ROBERT 5 07/12/2012 10 28.79 25,950 2,000 JOHN HUSKY ENERGY INC. Common Shares PEABODY, ROBERT 5 07/12/2012 10 28.8 27,750 1,800 JOHN HUSKY ENERGY INC. Common Shares PEABODY, ROBERT 5 07/12/2012 10 28.81 28,050 300 JOHN HUSKY ENERGY INC. Common Shares PEABODY, ROBERT 5 07/12/2012 10 28.82 28,950 900 JOHN IBI Group Inc. Common Shares De Silva, Tissa 8 01/01/2011 00 IBI Group Inc. Common Shares De Silva, Tissa 8 13/11/2012 10 6.9 2,000 2,000 IC Potash Corp. Options Lane, Terre Anna 5 05/12/2012 50 500,000 200,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 01/11/2012 38 39.737 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 01/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 02/11/2012 38 40.092 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 02/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 05/11/2012 38 40.033 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 05/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 06/11/2012 38 39.878 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 06/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 07/11/2012 38 39.502 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 07/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 08/11/2012 38 39.326 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 08/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 09/11/2012 38 39.446 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 09/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 12/11/2012 38 39.605 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 12/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 13/11/2012 38 39.487 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 13/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 14/11/2012 35 39.271 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 14/11/2012 35 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 15/11/2012 38 39.03 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 15/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 16/11/2012 38 39.503 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 16/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/11/2012 38 40.198 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 20/11/2012 38 39.849 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 20/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 21/11/2012 38 39.652 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 21/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/11/2012 38 39.934 35,000 35,000
December 13, 2012 (2012) 35 OSCB 11330 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 23/11/2012 38 40.093 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 23/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 26/11/2012 38 39.859 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 26/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 27/11/2012 38 39.824 35,000 35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 27/11/2012 38 0 -35,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 28/11/2012 38 40.04 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 28/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/11/2012 38 40.059 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/11/2012 38 0 -25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/11/2012 38 40.233 25,000 25,000 IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/11/2012 38 0 -25,000 Imperial Metals Corporation Common Shares Deepwell, Andre Henry 5 07/12/2012 47 12.59 261,337 -1,000
Imperial Oil Limited Rights Courtemanche, Gilles 7 04/12/2012 56 130,450 16,200 Imperial Oil Limited Rights Courtemanche, Gilles 7 04/12/2012 59 113,950 -16,500 Imperial Oil Limited Rights Courtemanche, Gilles 7 04/12/2012 59 103,450 -10,500 Imperial Oil Limited Rights Gillis, Randy Douglas 7 04/12/2012 56 13,500 4,800 Imperial Oil Limited Rights Gillis, Randy Douglas 7 04/12/2012 59 11,850 -1,650 Imperial Oil Limited Rights Gillis, Randy Douglas 7 04/12/2012 59 11,200 -650 Imperial Oil Limited Rights Hoeg, Krystyna Theresa 4 04/12/2012 56 9,000 2,000 Imperial Oil Limited Rights Hoeg, Krystyna Theresa 4 04/12/2012 59 8,000 -1,000 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 04/12/2012 56 94,950 16,600 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 04/12/2012 59 90,900 -4,050 Imperial Oil Limited Rights Lui, Eddie Leung Tai 7 04/12/2012 59 82,600 -8,300 Imperial Oil Limited Rights March, Bruce Harold 4, 5 04/12/2012 56 214,000 31,400 Imperial Oil Limited Rights March, Bruce Harold 4, 5 04/12/2012 56 245,400 31,400 Imperial Oil Limited Rights Marreck, Heather Lynn 7 04/12/2012 56 18,225 3,000 Imperial Oil Limited Rights Marreck, Heather Lynn 7 04/12/2012 59 16,200 -2,025 Imperial Oil Limited Rights Marreck, Heather Lynn 7 04/12/2012 59 14,700 -1,500 Imperial Oil Limited Rights Masschelin, Paul 5 04/12/2012 56 65,600 22,500 Imperial Oil Limited Rights Merkel, Bradley Guy 7 04/12/2012 56 82,550 16,600 Imperial Oil Limited Rights Merkel, Bradley Guy 7 04/12/2012 59 73,700 -8,850 Imperial Oil Limited Rights Merkel, Bradley Guy 7 04/12/2012 59 67,500 -6,200 Imperial Oil Limited Rights Milne, Meredith Colin 7 04/12/2012 56 56,650 9,900 Imperial Oil Limited Rights Milne, Meredith Colin 7 04/12/2012 59 52,150 -4,500 Imperial Oil Limited Rights Milne, Meredith Colin 7 04/12/2012 59 46,550 -5,600 Imperial Oil Limited Rights MINTZ, JACK MAURICE 4 04/12/2012 56 12,000 2,000 Imperial Oil Limited Rights MINTZ, JACK MAURICE 4 04/12/2012 59 11,500 -500 Imperial Oil Limited Rights MINTZ, JACK MAURICE 4 04/12/2012 59 10,500 -1,000 Imperial Oil Limited Rights Scott, Thomas Glenn 5 04/12/2012 56 64,550 22,500 Imperial Oil Limited Rights Sutherland, David Stewart 4 04/12/2012 56 6,000 2,000 Imperial Oil Limited Rights Whittaker, Sheelagh 4 04/12/2012 56 12,000 2,000 Imperial Oil Limited Rights Whittaker, Sheelagh 4 04/12/2012 59 11,500 -500 Imperial Oil Limited Rights Whittaker, Sheelagh 4 04/12/2012 59 10,500 -1,000 Imperial Oil Limited Common Shares Young, Victor Leyland 4 03/12/2012 10 42.73 20,000 2,250 Imperial Oil Limited Rights Young, Victor Leyland 4 04/12/2012 56 12,000 2,000 Imperial Oil Limited Rights Young, Victor Leyland 4 04/12/2012 59 11,500 -500 Imperial Oil Limited Rights Young, Victor Leyland 4 04/12/2012 59 10,500 -1,000 IMRIS Inc. Common Shares Dahan, Meir 5 30/11/2012 51 2.01 6,400 1,400 IMRIS Inc. Common Shares Dahan, Meir 5 30/11/2012 51 2.73 16,400 10,000 IMRIS Inc. Common Shares Dahan, Meir 5 30/11/2012 10 3.65 16,300 -100 IMRIS Inc. Common Shares Dahan, Meir 5 30/11/2012 10 3.65 15,400 -900 IMRIS Inc. Common Shares Dahan, Meir 5 30/11/2012 10 3.65 5,000 -10,400 IMRIS Inc. Options Dahan, Meir 5 30/11/2012 51 2.01 349,279 -1,400 IMRIS Inc. Options Dahan, Meir 5 30/11/2012 51 2.73 339,279 -10,000 IMRIS Inc. Options Holloman, Maurice 5 04/12/2012 00 IMRIS Inc. Options Holloman, Maurice 5 04/12/2012 50 3.61 150,000 150,000 Imvescor Restaurant Group Common Shares Clarke Inc. 3 06/12/2012 10 0.96 -9,800 Inc. Imvescor Restaurant Group Common Shares Clarke Inc. 3 06/12/2012 10 0.96 4,689,500 -4,500 Inc. In-Touch Survey Systems Common Shares Watt, Cameron James 5 05/12/2012 10 0.35 58,500 4,500 Ltd. In-Touch Survey Systems Common Shares Watt, Cameron James 5 05/12/2012 10 0.35 151,600 1,100 Ltd. INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 30/11/2012 38 9.23 3,061,994 1,100
INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 04/12/2012 38 9.26 3,063,994 2,000
INDEXPLUS Dividend Fund Trust Units Indexplus Dividend Fund 1 05/12/2012 38 9.25 3,064,594 600
Indexplus Income Fund Trust Units IndexPlus Income Fund 1 30/11/2012 38 12.06 30,721,945 1,200
December 13, 2012 (2012) 35 OSCB 11331 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Indexplus Income Fund Trust Units IndexPlus Income Fund 1 04/12/2012 38 12 30,722,345 400 Industrial Alliance Insurance Common Shares Gignac, Clément 5 03/12/2012 00 and Financial Services inc.
Industrial Alliance Insurance Common Shares Martin, Jacques 4 19/01/2011 00 2,800,000 and Financial Services inc.
Industrial Alliance Insurance Options Martin, Jacques 4 19/01/2011 00 200,000 and Financial Services inc.
Industrial Alliance Insurance Preferred Shares Série 1 Martin, Jacques 4 19/01/2011 00 1,250,000 and Financial Services inc.
Infinity Minerals Corp. Common Shares Shenton, Ronald Gordon 4, 5 05/12/2012 10 0.2 21,500 5,000 Infinity Minerals Corp. Warrants Shenton, Ronald Gordon 4, 5 05/12/2012 10 0.02 20,000 5,000 Infinity Minerals Corp. Warrants Shenton, Ronald Gordon 4, 5 06/12/2012 10 0.02 25,000 5,000 Inmet Mining Corporation Common Shares Astritis, Steven 5 03/12/2012 90 17,189 1,241 Inmet Mining Corporation Common Shares Astritis, Steven 5 03/12/2012 90 311 -1,241 Inmet Mining Corporation Common Shares Balint, Frank 5 03/12/2012 90 12,019 998 Inmet Mining Corporation Common Shares Balint, Frank 5 03/12/2012 90 248 -998 Inmet Mining Corporation Common Shares Ford, R. Craig 7 03/12/2012 90 9,285 836 Inmet Mining Corporation Common Shares Ford, R. Craig 7 03/12/2012 90 216 -836 Inmet Mining Corporation Common Shares Herr, Robert Scott 5 03/12/2012 90 6,150 870 Inmet Mining Corporation Common Shares Herr, Robert Scott 5 03/12/2012 90 225 -870 Inmet Mining Corporation Common Shares Kaufman, Wendy 5 03/12/2012 90 9,769 829 Inmet Mining Corporation Common Shares Kaufman, Wendy 5 03/12/2012 90 210 -829 Inmet Mining Corporation Common Shares Martinez-Caro, Fernando 5 03/12/2012 90 1,698 452 Inmet Mining Corporation Common Shares Martinez-Caro, Fernando 5 03/12/2012 90 110 -452 Inmet Mining Corporation Common Shares Slattery, D. James 5 03/12/2012 90 14,247 1,292 Inmet Mining Corporation Common Shares Slattery, D. James 5 03/12/2012 90 323 -1,292 Inmet Mining Corporation Common Shares Tilk, Jochen 4, 5 03/12/2012 90 35,382 2,433 Inmet Mining Corporation Common Shares Tilk, Jochen 4, 5 03/12/2012 90 658 -2,433 Innergex Renewable Energy Common Shares La Couture, Jean 4 06/12/2012 10 10.2 17,140 2,000 Inc. Innergex Renewable Energy Common Shares Laflamme, Richard 4 04/12/2012 10 10.43 3,570 400 Inc. Innergex Renewable Energy Common Shares Laflamme, Richard 4 04/12/2012 10 10.44 3,745 175 Inc. Insignia Energy Ltd. Common Shares Insignia Energy Ltd. 1 30/11/2012 10 0.81 1,054,600 415,800 IntelGenx Technologies Options Simmons, Paul Anthony 5 04/12/2012 50 185,000 25,000 Corp. IntelGenx Technologies Options Zerbe, Horst G. 3, 4, 5 04/12/2012 50 95,000 30,000 Corp. INTELLIPHARMACEUTICS Rights DSU Smith, Eldon 4 03/12/2012 46 2.11 27,058 4,610 INTERNATIONAL INC. Inter Pipeline Fund Limited Partnership Units Driscoll, John Fenbar 4, 5 03/12/2012 70 20.85 274,616 834 Class B International Forest Products Rights SARs Schulte, Otto Frederick 5 02/03/2011 00 125,400 Limited International Forest Products Rights SARs Schulte, Otto Frederick 5 05/12/2012 59 6.45 -23,900 Limited International Forest Products Rights SARs Schulte, Otto Frederick 5 05/12/2012 59 101,500 -23,900 Limited InterRent Real Estate Trust Units Bouzanis, Paul 4 05/12/2012 10 5.15 130,773 1,200 Investment Trust Intertape Polymer Group Inc. Common Shares Beil, Robert 4 07/12/2012 10 8.24 57,696 -3,000
Intertape Polymer Group Inc. Options Blockowitz, Dean 5 07/12/2012 51 3.61 45,000 -53,354
Intertape Polymer Group Inc. Options Blockowitz, Dean 5 07/12/2012 10 3.61 53,354
Intertape Polymer Group Inc. Options Blockowitz, Dean 5 07/12/2012 51 3.61 98,354 53,354
Intertape Polymer Group Inc. Options Blockowitz, Dean 5 07/12/2012 10 8.22 45,000 -53,354
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.3 25,398
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.3 25,398
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.306 4,300
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.306 4,300
December 13, 2012 (2012) 35 OSCB 11332 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.3 -25,398
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.3 -25,398
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.306 -4,300
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.306 -4,300
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.303 -200
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.303 -200
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.3 1,764,077 -25,398
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.306 1,759,777 -4,300
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 05/12/2012 10 8.303 1,759,577 -200
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3065 -10,500
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3065 -10,500
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3065 1,749,077 -10,500
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.308 1,743,077 -6,000
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.305 1,739,377 -3,700
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3 1,736,677 -2,700
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3025 1,734,777 -1,900
Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 06/12/2012 10 8.3035 1,734,577 -200
Invicta Energy Corp. Common Shares MAXWELL, RODERICK 4 04/12/2012 10 0.26 1,236,000 36,000 DONALD Invicta Energy Corp. Common Shares MAXWELL, RODERICK 4 04/12/2012 10 0.265 1,400,000 164,000 DONALD IROC Energy Services Corp. Common Shares Michaluk, Ryan Allen 5 05/12/2012 10 2.4 20,108 -900
IROC Energy Services Corp. Common Shares Michaluk, Ryan Allen 5 06/12/2012 10 2.4 19,808 -300
IROC Energy Services Corp. Common Shares Michaluk, Ryan Allen 5 07/12/2012 10 2.4 15,108 -4,700
IROC Energy Services Corp. Common Shares Troob Capital Management 3 05/12/2012 10 2.35 1,200,550 6,000 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 05/12/2012 10 2.3547 1,203,750 3,200 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 04/12/2012 10 2.3541 3,152,976 12,200 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 05/12/2012 10 2.35 3,156,976 4,000 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 05/12/2012 10 2.39 3,157,076 100 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 06/12/2012 10 2.3523 3,160,576 3,500 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 30/11/2012 10 2.4 206,781 2,000 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 03/12/2012 10 2.3881 208,381 1,600 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 03/12/2012 10 2.35 208,481 100 LLC IROC Energy Services Corp. Common Shares Troob Capital Management 3 04/12/2012 10 2.3719 225,681 17,200 LLC Iron Creek Capital Corp. Common Shares Winn, Michael D. 3, 4, 5 29/11/2012 10 0.08 1,325,000 48,000 Iron Creek Capital Corp. Common Shares Winn, Michael D. 3, 4, 5 29/11/2012 10 0.075 1,450,000 125,000 Iron Creek Capital Corp. Common Shares Winn, Michael D. 3, 4, 5 30/11/2012 10 0.075 1,445,000 -5,000 Ivernia Inc. Common Shares Ingalls & Snyder, LLC 3 03/12/2012 10 0.1004 84,550,000 -117,500 Ivernia Inc. Common Shares Ingalls & Snyder, LLC 3 05/12/2012 10 0.1006 84,474,500 -75,500 Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 490,423 -30,000 Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 460,423 -30,000 Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 430,423 -30,000 Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 65,237 30,000
December 13, 2012 (2012) 35 OSCB 11333 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 65,237 30,000 Ivrnet Inc. Common Shares Webb, Wayne 4 05/12/2012 11 0.04 68,837 30,000 Jadela Oil Corp. Options Aldridge, Randolph 4 06/12/2012 50 507,000 275,000 Jadela Oil Corp. Common Shares Leia, Gregory 4, 5 04/12/2012 10 733,950 20,000 Jadela Oil Corp. Options Leia, Gregory 4, 5 06/12/2012 50 851,000 275,000 Jadela Oil Corp. Options Roe, Gerald 4 06/12/2012 50 735,000 275,000 Jadela Oil Corp. Options Vinck, Dwayne Albert 4, 5 06/12/2012 52 1 75,000 -25,000 Jadela Oil Corp. Options Vinck, Dwayne Albert 4, 5 06/12/2012 50 0.2 350,000 275,000 Jager Resources Inc. Common Shares Scharfe, Bradley Nixon 4 30/11/2012 00 286,230 (formerly, Black Smoker Ventures Inc.) Jager Resources Inc. Common Shares Seabolt, Carson 4 05/12/2012 10 0.03 1,192,000 100,000 (formerly, Black Smoker Ventures Inc.) Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 11/02/2008 47 560,281 -3,400 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 09/12/2009 47 556,481 -3,800 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 29/11/2010 47 553,281 -3,200 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 03/01/2011 47 550,081 -3,200 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 07/01/2011 47 547,081 -3,000 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 01/02/2011 47 545,481 -1,600 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 13/02/2012 10 520,481 -25,000 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 21/02/2012 47 510,481 -10,000 Company Ltd. Jewett-Cameron Trading Common Shares Boone, Donald Mark 4, 5 26/04/2012 10 495,481 -15,000 Company Ltd. Jewett-Cameron Trading Common Shares Nasser, Michael Charles 5 13/02/2012 10 202,184 -25,000 Company Ltd. Jewett-Cameron Trading Common Shares Nasser, Michael Charles 5 26/04/2012 10 187,184 -15,000 Company Ltd. Jewett-Cameron Trading Common Shares Schumacher, Terry Dean 5 18/07/2008 10 0 -10,000 Company Ltd. Jewett-Cameron Trading Common Shares Sharp, Ted Alan 4 28/01/2011 10 0 -3,500 Company Ltd. Jourdan Resources Inc. Common Shares Wylie, Glen Hector 5 29/02/2012 00 Jourdan Resources Inc. Common Shares Wylie, Glen Hector 5 03/12/2012 10 0.045 60,000 60,000 Jourdan Resources Inc. Common Shares Wylie, Glen Hector 5 05/12/2012 10 0.045 100,000 40,000 Junex Inc. Common Shares Junex Inc. 1 01/11/2012 38 0.7 173,500 1,500 Junex Inc. Common Shares Junex Inc. 1 02/11/2012 38 0.7 181,000 7,500 Junex Inc. Common Shares Junex Inc. 1 05/11/2012 38 0.7 182,000 1,000 Junex Inc. Common Shares Junex Inc. 1 07/11/2012 38 0.7 243,000 61,000 Junex Inc. Common Shares Junex Inc. 1 08/11/2012 38 0.7 273,500 30,500 Junex Inc. Common Shares Junex Inc. 1 09/11/2012 38 0.7 283,500 10,000 Junex Inc. Common Shares Junex Inc. 1 13/11/2012 38 0.7 293,500 10,000 Junex Inc. Common Shares Junex Inc. 1 14/11/2012 38 0.7 303,500 10,000 Junex Inc. Common Shares Junex Inc. 1 16/11/2012 38 0.68 308,500 5,000 Junex Inc. Common Shares Junex Inc. 1 27/11/2012 38 0.68 313,500 5,000 Kalimantan Gold Corporation Common Shares Ismail, Faldi 4 19/05/2010 99 0 -465,000 Limited Kalimantan Gold Corporation Options Ismail, Faldi 4 26/04/2012 52 0.35 1,800,000 -40,000 Limited Kallisto Energy Corp. Common Shares Lore, Robyn Henry 3, 4, 5 09/11/2012 10 0.065 2,164,206 20,000 Kallisto Energy Corp. Common Shares Lore, Robyn Henry 3, 4, 5 13/11/2012 10 0.065 2,244,206 80,000 Kallisto Energy Corp. Common Shares Lore, Robyn Henry 3, 4, 5 26/11/2012 11 0.05 2,473,206 36,000 Kallisto Energy Corp. Common Shares Lore, Robyn Henry 3, 4, 5 26/11/2012 10 0.055 2,573,206 100,000 Kallisto Energy Corp. Common Shares Lore, Robyn Henry 3, 4, 5 03/12/2012 10 0.05 2,584,206 11,000 Kenna Resources Corp. Common Shares MacNeill, Tom 3 05/12/2012 10 0.08 1,361,500 10,000 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 19/02/2008 00 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 19/02/2008 00 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 19/02/2008 50 200,000 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 19/02/2008 50 200,000 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 17/12/2008 50 0.2 100,000 KHAN RESOURCES INC. Options Harapiak, Stephen W. 4 17/12/2008 50 0.2 100,000 KHAN RESOURCES INC. Options Harapiak, Stephen William 4 19/02/2008 00 KHAN RESOURCES INC. Options Harapiak, Stephen William 4 19/02/2008 50 0.0001 200,000 200,000 KHAN RESOURCES INC. Options Harapiak, Stephen William 4 17/12/2008 50 0.0001 300,000 100,000 KHAN RESOURCES INC. Options Harapiak, Stephen William 4 23/09/2010 52 0 -300,000 Killam Properties Inc. Common Shares Kay, Robert 4 30/11/2012 51 5.32 76,333 833
December 13, 2012 (2012) 35 OSCB 11334 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Killam Properties Inc. Common Shares Kay, Robert 4 30/11/2012 51 8.16 79,041 2,708 Killam Properties Inc. Options Kay, Robert 4 30/11/2012 51 5.32 14,000 -833 Killam Properties Inc. Options Kay, Robert 4 30/11/2012 51 8.16 11,292 -2,708 Killam Properties Inc. Common Shares Watson, Wayne 4 03/12/2012 47 12 76,000 -1,000 Kingsway Financial Services Common Shares Hannon, Gregory Paul 4 03/12/2012 10 2.55 828,750 10,000 Inc. Kingsway Financial Services Common Shares Hannon, Gregory Paul 4 04/12/2012 10 2.55 833,750 5,000 Inc. Kingsway Financial Services Common Shares Hannon, Gregory Paul 4 04/12/2012 10 2.54 838,250 4,500 Inc. Kingsway Financial Services Common Shares Hannon, Gregory Paul 4 04/12/2012 10 2.53 838,750 500 Inc. Kingsway Financial Services Common Shares Kavanagh, Terence 4 03/12/2012 10 2.55 828,750 10,000 Inc. Kingsway Financial Services Common Shares Kavanagh, Terence 4 04/12/2012 10 2.55 833,750 5,000 Inc. Kingsway Financial Services Common Shares Kavanagh, Terence 4 04/12/2012 10 2.54 838,250 4,500 Inc. Kingsway Financial Services Common Shares Kavanagh, Terence 4 04/12/2012 10 2.53 838,750 500 Inc. Kingsway Financial Services Common Shares Stilwell, Joseph David 4 29/11/2012 10 2.4053 75,000 1,265 Inc. Kinross Gold Corporation Common Shares Giardini, Tony Serafino 5 01/12/2012 00 10,000 Kinross Gold Corporation Options Giardini, Tony Serafino 5 01/12/2012 00 Kinross Gold Corporation Options Giardini, Tony Serafino 5 03/12/2012 50 10.06 87,963 87,963 Kinross Gold Corporation Restricted Shares Giardini, Tony Serafino 5 01/12/2012 00 Kinross Gold Corporation Restricted Shares Giardini, Tony Serafino 5 03/12/2012 56 10.06 26,541 26,541 Klondex Mines Ltd. Common Shares Pountney, Glenn 3 04/12/2012 10 1.24 6,644,300 1,000 Klondex Mines Ltd. Common Shares Pountney, Glenn 3 04/12/2012 10 1.25 6,649,300 5,000 Klondex Mines Ltd. Common Shares Pountney, Glenn 3 04/12/2012 10 1.26 6,653,300 4,000 Klondex Mines Ltd. Common Shares Pountney, Glenn 3 04/12/2012 10 1.28 6,655,300 2,000 Klondex Mines Ltd. Common Shares Pountney, Glenn 3 05/12/2012 10 1.28 6,657,100 1,800 KWG Resources Inc. Common Shares Ressources KWG inc. 1 13/11/2012 38 0.055 1,138,000 1,000,000 KWG Resources Inc. Common Shares Ressources KWG inc. 1 27/11/2012 38 0.05 3,000,000 2,000,000 KWG Resources Inc. Common Shares Smeenk, Frank Cornelius 4 03/12/2012 10 0.045 8,524,500 1,000,000 KWG Resources Inc. Options Smeenk, Frank Cornelius 4 06/04/2012 52 -550,000 KWG Resources Inc. Options Smeenk, Frank Cornelius 4 04/06/2012 52 7,614,500 -550,000 KWG Resources Inc. Options Smeenk, Frank Cornelius 4 14/09/2012 52 7,284,500 -330,000 KWG Resources Inc. Options Smeenk, Frank Cornelius 4 19/11/2012 52 6,484,500 -800,000 Lake Shore Gold Corp. Common Shares Klassen, Arnold 4 04/12/2012 10 0.65 48,500 28,700 Lake Shore Gold Corp. Common Shares Klassen, Arnold 4 04/12/2012 10 0.66 50,000 1,500 Landmark Global Financial Options Van Nest, Gary Norman 4 30/11/2012 51 223,850 -35,000 Corporation Laramide Resources Ltd. Common Shares Wilkens, Paul 4 30/11/2012 10 0.7898 86,500 25,500 Laramide Resources Ltd. Common Shares Wilkens, Paul 4 03/12/2012 10 0.83 101,000 14,500 LAURENTIAN BANK OF Unités actions restreintes Berbiche, Yassir 5 04/12/2012 56 628 320 CANADA Marchés capitaux- UARMC / CMRSUs
LAURENTIAN BANK OF Unités d'actions de Berbiche, Yassir 5 04/12/2012 56 7,866 3,212 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Berbiche, Yassir 5 04/12/2012 56 7,209 2,183 CANADA restreintes différées- UARD / DRSUs LAURENTIAN BANK OF Unités d'actions de Bernard, Luc 5 04/12/2012 56 22,739 10,983 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Bernard, Luc 5 04/12/2012 56 10,220 2,556 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions de Blais, Liliane 5 04/12/2012 56 1,610 1,154 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Blais, Liliane 5 04/12/2012 56 1,412 1,161 CANADA restreintes différées- UARD / DRSUs LAURENTIAN BANK OF Unités actions Daigle, Jean 5 09/07/2012 00 CANADA performance- UAP/Performance Share Units-PSUs
December 13, 2012 (2012) 35 OSCB 11335 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed LAURENTIAN BANK OF Unités actions Daigle, Jean 5 04/12/2012 56 1,226 1,226 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Daigle, Jean 5 09/07/2012 00 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions Daigle, Jean 5 04/12/2012 56 288 288 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions de Desjardins, François 7, 5 04/12/2012 56 33,684 17,445 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Desjardins, François 7, 5 04/12/2012 56 27,437 5,192 CANADA restreintes différées- UARD / DRSUs LAURENTIAN BANK OF Unités d'actions de Godbout, Gilles 5 23/04/2012 00 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions de Godbout, Gilles 5 04/12/2012 56 6,483 6,483 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Godbout, Gilles 5 23/04/2012 00 CANADA restreintes différées- UARD / DRSUs LAURENTIAN BANK OF Unités d'actions Godbout, Gilles 5 04/12/2012 56 1,294 1,294 CANADA restreintes différées- UARD / DRSUs LAURENTIAN BANK OF Unités actions Lauzon, Michel C. 5 04/12/2012 56 13,541 13,541 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Lauzon, Michel C. 5 08/12/2008 00 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions Lauzon, Michel C. 5 04/12/2012 56 3,889 3,889 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions de Lopresti, André 5 04/12/2012 56 1,988 1,503 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Lopresti, André 5 04/12/2012 56 2,990 1,358 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités actions Marquis, Louis 5 04/12/2012 56 3,494 3,134 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Marquis, Louis 5 04/12/2012 56 1,445 1,445 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités actions Minville, Pierre 5 04/12/2012 56 9,342 8,997 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Minville, Pierre 5 04/12/2012 56 3,195 3,195 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités actions Pelletier, Stéfanie 5 04/12/2012 56 2,484 1,503 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Pelletier, Stéfanie 5 04/12/2012 56 1,346 996 CANADA restreintes- UAR/Restricted Share Units-RSUs
December 13, 2012 (2012) 35 OSCB 11336 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed LAURENTIAN BANK OF Unités actions Pilon, Lorraine 5 04/12/2012 56 14,628 9,256 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Pilon, Lorraine 5 04/12/2012 56 8,133 3,328 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités actions Robitaille, Réjean 4, 5 04/12/2012 56 57,221 44,930 CANADA performance- UAP/Performance Share Units-PSUs LAURENTIAN BANK OF Unités d'actions Robitaille, Réjean 4, 5 04/12/2012 56 42,113 15,975 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions de Therrien, Stéphane 5 09/01/2012 00 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions de Therrien, Stéphane 5 04/12/2012 56 10,617 10,617 CANADA performance différées- UAPD / DPSUs LAURENTIAN BANK OF Unités d'actions Therrien, Stéphane 5 09/01/2012 00 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités d'actions Therrien, Stéphane 5 04/12/2012 56 2,786 2,786 CANADA restreintes- UAR/Restricted Share Units-RSUs LAURENTIAN BANK OF Unités actions restreintes Trudeau, Michel Claude 7, 5 04/12/2012 56 5,544 2,219 CANADA Marchés capitaux- UARMC / CMRSUs
LAURENTIAN BANK OF Unités d'actions de Trudeau, Michel Claude 7, 5 04/12/2012 56 8,775 4,327 CANADA performance différées- UAPD / DPSUs LE CHATEAU INC. Subordinate Voting Gruman, Barry 3 06/12/2012 10 3.16 3,192,827 400 Shares Class A shares Legacy Oil + Gas Inc. Common Shares Colborne, Paul 4 29/11/2012 10 7.05 360,250 5,000 Legacy Oil + Gas Inc. Common Shares Colborne, Paul 4 30/11/2012 10 6.98 362,750 2,500 Legacy Oil + Gas Inc. Common Shares Colborne, Paul 4 03/12/2012 10 6.81 365,250 2,500 Legacy Oil + Gas Inc. Common Shares Colborne, Paul 4 04/12/2012 10 6.65 367,750 2,500 Legend Gold Corp. Common Shares Kovacevic, John Gianni 4 29/11/2012 10 0.04 2,614,500 90,000 Legend Gold Corp. Common Shares Kovacevic, John Gianni 4 03/12/2012 10 0.04 2,624,500 10,000 Leon's Furniture Limited Common Shares Leon, Edward F. 4 16/11/2012 30 7.19 91,600 83,825 Leon's Furniture Limited Non-Voting Shares Leon, Edward F. 4 16/11/2012 30 7.19 66,838 -83,825 Leon's Furniture Limited Common Shares Leon, Mark 4 16/11/2012 30 7.19 502,862 117,353 Leon's Furniture Limited Non-Voting Shares Leon, Mark 4 16/11/2012 30 7.19 56,838 -117,353 Leon's Furniture Limited Common Shares Leon, Terrence 5 16/11/2012 30 7.19 766,316 117,353 Leon's Furniture Limited Non-Voting Shares Leon, Terrence 5 16/11/2012 30 7.19 85,784 -117,353 Leon's Furniture Limited Common Shares Scarangella, Dominic 5 16/11/2012 30 7.19 182,164 83,825 Leon's Furniture Limited Non-Voting Shares Scarangella, Dominic 5 16/11/2012 30 7.19 61,470 -83,825 LGX Oil + Gas Inc. Common Shares Janisch, Matthew L. 5 20/08/2012 37 134,500 -2,375,000 LGX Oil + Gas Inc. Warrants Janisch, Matthew L. 5 20/08/2012 37 125,000 -2,375,000 LGX Oil + Gas Inc. Common Shares Labelle, Curtis William 5 20/08/2012 37 25,000 -475,000 LGX Oil + Gas Inc. Warrants Labelle, Curtis William 5 20/08/2012 37 25,000 -475,000 LGX Oil + Gas Inc. Common Shares Oliver, Mark Thomas 5 20/08/2012 37 50,000 -950,000 LGX Oil + Gas Inc. Warrants Oliver, Mark Thomas 5 20/08/2012 37 50,000 -950,000 LGX Oil + Gas Inc. Common Shares Wee, William 5 20/08/2012 37 10,000 -190,000 LGX Oil + Gas Inc. Warrants Wee, William 5 20/08/2012 37 10,000 -190,000 LGX Oil + Gas Inc. Common Shares Yanko, Trenton James 5 20/08/2012 37 1,000,000 -19,000,000 LGX Oil + Gas Inc. Warrants Yanko, Trenton James 5 20/08/2012 37 1,000,000 -19,000,000 LGX Oil + Gas Inc. Common Shares Ziemer, Curtis Wade 5 20/08/2012 37 43,000 -817,000 LGX Oil + Gas Inc. Warrants Ziemer, Curtis Wade 5 20/08/2012 37 43,000 -817,000 Lingo Media Corporation Options Bar-Ziv, Gali 5 26/11/2012 50 540,000 100,000 Lingo Media Corporation Options Gong, Tommy Weibing 4 26/11/2012 50 82,500 62,500 Lingo Media Corporation Options Kraft, Michael 4, 5 26/11/2012 50 745,715 300,000 Lingo Media Corporation Options Qureshi, Khurram 5 26/11/2012 50 252,486 100,000 Lingo Media Corporation Options Remborg, Scott 4 26/11/2012 50 258,607 92,500 Liquor Stores N.A. Ltd. Common Shares Corbett, Craig David 5 23/05/2012 40 -3,200 Liquor Stores N.A. Ltd. Common Shares Corbett, Craig David 5 23/05/2012 40 17.7 0 -3,200 Liquor Stores N.A. Ltd. Common Shares Corbett, Craig David 5 24/05/2012 40 -13,900 Liquor Stores N.A. Ltd. Common Shares Corbett, Craig David 5 24/05/2012 40 17.7 0 -13,900
December 13, 2012 (2012) 35 OSCB 11337 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Liquor Stores N.A. Ltd. Common Shares Morrow, Scott 5 23/05/2012 40 -3,000 Liquor Stores N.A. Ltd. Common Shares Morrow, Scott 5 23/05/2012 40 17.7 0 -3,000 Liquor Stores N.A. Ltd. Common Shares Morrow, Scott 5 24/05/2012 40 -19,500 Liquor Stores N.A. Ltd. Common Shares Morrow, Scott 5 24/05/2012 40 17.7 0 -19,500 Logistec Corporation Common Shares Class A LOGISTEC 1 30/11/2012 38 0 -800 CORPORATION Logistec Corporation Common Shares Class A LOGISTEC 1 04/12/2012 38 24.76 300 300 CORPORATION Logistec Corporation Subordinate Voting LOGISTEC 1 30/11/2012 38 24.49 6,100 1,000 Shares Class B CORPORATION Logistec Corporation Subordinate Voting LOGISTEC 1 30/11/2012 38 1,400 -4,700 Shares Class B CORPORATION Logistec Corporation Subordinate Voting LOGISTEC 1 06/12/2012 38 24.27 1,600 200 Shares Class B CORPORATION Long Run Exploration Ltd. Options ANDREW, WILLIAM E. 4, 5 23/10/2012 00 Long Run Exploration Ltd. Options ANDREW, WILLIAM E. 4, 5 01/12/2012 50 4.49 501,000 501,000 Long Run Exploration Ltd. Options Errico, Jeffery Ernest 4 23/10/2012 00 Long Run Exploration Ltd. Options Errico, Jeffery Ernest 4 01/12/2012 50 4.49 75,000 75,000 Long Run Exploration Ltd. Common Shares Fleury, Jason Wallace 5 14/09/2011 15 6.74 4,167 4,167 Long Run Exploration Ltd. Common Shares Fleury, Jason Wallace 5 23/10/2012 00 Long Run Exploration Ltd. Options Fleury, Jason Wallace 5 23/10/2012 00 Long Run Exploration Ltd. Options Fleury, Jason Wallace 5 01/12/2012 50 4.49 252,000 252,000 Long Run Exploration Ltd. Options Graham, Michael 4 23/10/2012 00 95,500 Long Run Exploration Ltd. Options Graham, Michael 4 01/12/2012 50 4.49 220,500 125,000 Long Run Exploration Ltd. Options Iverson, James Douglas 5 23/10/2012 00 Long Run Exploration Ltd. Options Iverson, James Douglas 5 01/12/2012 50 4.49 252,000 252,000 Long Run Exploration Ltd. Options MILLER, DALE A. 4, 5 23/10/2012 00 Long Run Exploration Ltd. Options MILLER, DALE A. 4, 5 01/12/2012 50 4.49 501,000 501,000 Long Run Exploration Ltd. Options MUNRO, BRADLEY R. 4 23/10/2012 00 Long Run Exploration Ltd. Options MUNRO, BRADLEY R. 4 01/12/2012 50 4.49 75,000 75,000 Long Run Exploration Ltd. Options Newson, Patricia Marie 4 23/10/2012 00 Long Run Exploration Ltd. Options Newson, Patricia Marie 4 01/12/2012 50 4.49 75,000 75,000 Long Run Exploration Ltd. Options Orton, Dale John 5 23/10/2012 00 Long Run Exploration Ltd. Options Orton, Dale John 5 01/12/2012 50 4.49 252,000 252,000 Long Run Exploration Ltd. Options Sprott Resource Corp. 3 30/06/2011 00 Long Run Exploration Ltd. Options Sprott Resource Corp. 3 30/11/2012 50 4.49 75,000 Long Run Exploration Ltd. Options Sprott Resource Corp. 3 01/12/2012 50 4.49 75,000 75,000 Long Run Exploration Ltd. Options Sundstrom, Devin Kent 5 23/10/2012 00 Long Run Exploration Ltd. Options Sundstrom, Devin Kent 5 01/12/2012 50 4.49 252,000 252,000 Long Run Exploration Ltd. Options Tang Kong, William 5 23/10/2012 00 Long Run Exploration Ltd. Options Tang Kong, William 5 01/12/2012 50 4.49 300,000 300,000 Loon Energy Corporation Common Shares Heuchert, Kenneth 4 30/11/2012 10 0.05 140,524 2,000 Raymond Loon Energy Corporation Common Shares Heuchert, Kenneth 4 04/12/2012 10 0.05 144,524 4,000 Raymond Loon Energy Corporation Common Shares Heuchert, Kenneth 4 05/12/2012 10 0.05 147,524 3,000 Raymond Loon Energy Corporation Common Shares Heuchert, Kenneth 4 06/12/2012 10 0.05 148,524 1,000 Raymond Luna Gold Corp. Common Shares Krause, Steven Karl 4 05/12/2012 10 3.2 12,000 4,000 Luna Gold Corp. Common Shares LO, DUANE 5 05/12/2012 10 3.25 5,000 Luna Gold Corp. Common Shares LO, DUANE 5 05/12/2012 10 3.2 30,000 5,000 Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 5.31 10,000 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 4.42 142,000 20,000 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 5.31 10,000 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 5.31 10,000 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 4.42 144,600 2,600 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 51 4.42 149,777 5,177 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 10 5.31 129,777 -20,000 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 10 5.28 127,177 -2,600 Matthew Lundin Mining Corporation Common Shares O'Brien, Neil Patrick 5 05/12/2012 10 5.23 122,000 -5,177 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -10,000 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 363,333 -20,000 Matthew
December 13, 2012 (2012) 35 OSCB 11338 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -10,000 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -10,000 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -1,200 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 360,733 -2,600 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -1,400 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 -1,400 Matthew Lundin Mining Corporation Options O'Brien, Neil Patrick 5 05/12/2012 51 4.42 355,556 -5,177 Matthew Lydian International Limited Options Corrie, Roderick 4, 5 03/12/2012 50 2.12 600,000 300,000 Lydian International Limited Options Coughlin, Timothy James 4, 5 03/12/2012 50 2.12 1,050,000 450,000 Lydian International Limited Options Lowy, Eric 5 03/12/2012 50 2.12 210,000 80,000 Lydian International Limited Options Mullens, Peter James 4 27/12/2007 00 Lydian International Limited Options Mullens, Peter James 4 03/12/2012 50 2.12 150,000 150,000 Lydian International Limited Options Mullens, Peter James 4 03/12/2012 50 2.12 150,000 Lydian International Limited Options Wylie, Gordon 4, 5 03/12/2012 50 2.12 425,000 150,000 Macarthur Minerals Limited Common Shares Phillips, Alan Joseph 5 28/11/2012 10 0.33 137,309 2,500
Macarthur Minerals Limited Common Shares Phillips, Alan Joseph 5 29/11/2012 10 0.33 146,309 9,000
MADALENA VENTURES Options DABNER, Steve 5 01/11/2012 00 INC. MADALENA VENTURES Options DABNER, Steve 5 30/11/2012 50 0.29 1,000,000 1,000,000 INC. MADALENA VENTURES Options Foster, Brent 5 01/11/2012 00 INC. MADALENA VENTURES Options Foster, Brent 5 30/11/2012 50 0.29 800,000 800,000 INC. MADALENA VENTURES Options Shaw, Kevin Daniel 4, 5 27/11/2012 00 INC. MADALENA VENTURES Options Shaw, Kevin Daniel 4, 5 30/11/2012 50 0.29 2,000,000 2,000,000 INC. MADALENA VENTURES Options Stanton, Robert David 5 01/11/2012 00 INC. MADALENA VENTURES Options Stanton, Robert David 5 30/11/2012 50 0.29 800,000 800,000 INC. MAG Silver Corp. Common Shares Megaw, Peter 4 27/11/2012 47 279,886 -225,000 MAG Silver Corp. Common Shares Megaw, Peter 4 27/11/2012 47 276,886 -3,000 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 03/12/2012 51 40.6 93,600 60,000 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 03/12/2012 10 46.14 66,900 -26,700 Magna International Inc. Common Shares Palmer, Jeffrey Owen 5 04/12/2012 10 45.73 33,600 -33,300 Magna International Inc. Options Palmer, Jeffrey Owen 5 03/12/2012 51 40.6 483,334 -60,000 Major Drilling Group Common Shares Tennant, David Buchanan 4 29/11/2012 10 9.27 155,200 100 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 29/11/2012 10 9.16 155,500 300 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 29/11/2012 10 9.17 155,600 100 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 29/11/2012 10 9.15 156,300 700 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 03/12/2012 10 9.15 158,100 1,800 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 03/12/2012 10 9.16 159,100 1,000 International Inc. Major Drilling Group Common Shares Tennant, David Buchanan 4 05/12/2012 10 8.91 159,800 700 International Inc. Man GLG Emerging Markets Units Class A Man GLG Emerging 1 30/11/2012 10 8.72 20,300 20,300 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 30/11/2012 38 0 -20,300 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 03/12/2012 10 8.67 3,100 3,100 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 03/12/2012 38 0 -3,100 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 04/12/2012 10 8.7 27,000 27,000 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 04/12/2012 38 0 -27,000 Income Fund Markets Income Fund
December 13, 2012 (2012) 35 OSCB 11339 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Man GLG Emerging Markets Units Class A Man GLG Emerging 1 05/12/2012 10 8.7 34,200 34,200 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 05/12/2012 38 0 -34,200 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 06/12/2012 10 8.7 55,000 55,000 Income Fund Markets Income Fund Man GLG Emerging Markets Units Class A Man GLG Emerging 1 06/12/2012 38 0 -55,000 Income Fund Markets Income Fund Manulife Financial Preferred Shares MFC Marsden, Lorna Ruth 4 29/11/2012 15 25 12,000 10,000 Corporation Non-cumulative Class 1 Shares Manulife Financial Preferred Shares MFC Marsden, Lorna Ruth 4 30/11/2012 10 25.65 22,678 -6,500 Corporation Non-cumulative Class A Shares Manulife Financial Preferred Shares MFC Marsden, Lorna Ruth 4 30/11/2012 10 25.7 22,578 -100 Corporation Non-cumulative Class A Shares Manulife Financial Preferred Shares MFC Marsden, Lorna Ruth 4 03/12/2012 10 25.65 20,278 -2,300 Corporation Non-cumulative Class A Shares Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 28/11/2012 10 11.03 92,700 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 28/11/2012 10 11.04 92,600 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 28/11/2012 10 11.06 92,500 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 28/11/2012 10 11.05 92,400 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 28/11/2012 10 11.04 92,300 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 29/11/2012 10 11.07 92,200 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 29/11/2012 10 11.05 91,950 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 29/11/2012 10 11.07 91,800 -150 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 30/11/2012 10 11.04 91,650 -150 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 30/11/2012 10 11.05 91,400 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 30/11/2012 10 11.05 91,250 -150 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 30/11/2012 10 11.05 91,100 -150 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 03/12/2012 10 11.04 91,000 -100 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 05/12/2012 10 11.28 90,750 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 05/12/2012 10 11.28 90,500 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 05/12/2012 10 11.25 90,250 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 05/12/2012 10 11.26 90,000 -250 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.29 89,800 -200 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.18 89,600 -200 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.19 89,400 -200 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.13 89,200 -200 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.14 89,000 -200 Maple Leaf Foods Inc. Common Shares Curtin, Daniel John 7 06/12/2012 10 11.24 88,800 -200 Maple Leaf Foods Inc. Common Shares Emerson, David Lee 4 02/05/2012 00 Maple Leaf Foods Inc. Common Shares Emerson, David Lee 4 03/12/2012 10 10.96 5,000 5,000 Maple Leaf Foods Inc. Common Shares Kuhn, Lynda J. 5 05/12/2012 10 11 75,860 -2,800 Maple Leaf Foods Inc. Common Shares McAlpine, Rory A. 5 04/12/2012 10 10.95 31,662 -5,000 Maple Leaf Foods Inc. Common Shares McLean, Barry 7 05/12/2012 10 11.2 134,635 -5,000 Maple Leaf Foods Inc. Common Shares McLean, Barry 7 05/12/2012 10 11.26 129,635 -5,000 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 03/12/2012 10 11.01 332,954 -6,600 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 04/12/2012 10 11.01 329,454 -3,500 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.05 319,454 -10,000 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.05 319,369 -85 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.09 309,369 -10,000 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.25 309,269 -100 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.25 309,169 -100 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.25 309,069 -100 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.2 289,369 -19,700 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.3 289,269 -100 Maple Leaf Foods Inc. Common Shares Vels, Michael Harold 5 05/12/2012 10 11.3 288,669 -600 Maple Leaf Foods Inc. Common Shares Young, Richard 5 29/11/2012 10 11 208,466 -2,000 Maple Leaf Foods Inc. Common Shares Young, Richard 5 30/11/2012 10 11.03 207,466 -1,000 Mason Graphite Inc. Options Docherty, Tyrone Mark 4 01/11/2012 50 0.75 250,000 (formerly, POCML 1 INC.) Mason Graphite Inc. Options Docherty, Tyrone Mark 4 01/11/2012 50 0.75 250,000 (formerly, POCML 1 INC.) Mason Graphite Inc. Common Shares Eldem, Tayfun 4 26/11/2012 00 (formerly, POCML 1 INC.) Mason Graphite Inc. Options Eldem, Tayfun 4 26/11/2012 00 (formerly, POCML 1 INC.) Mason Graphite Inc. Common Shares Marcotte, Simon 5 26/11/2012 00 915,000 (formerly, POCML 1 INC.) Matamec Explorations Inc. Options Leclerc, Aline 4, 5 28/11/2012 50 1,300,000 100,000 Matamec Explorations Inc. Options Prud'homme, Sylvie 4 28/11/2012 50 600,000 100,000
December 13, 2012 (2012) 35 OSCB 11340 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Matamec Explorations Inc. Options St-Gelais, Laval 4 28/11/2012 50 0.18 100,000 Matamec Explorations Inc. Options St-Gelais, Laval 4 28/11/2012 50 0.17 510,000 100,000 Matrix Asset Management Common Shares Matrix Asset Management 1 07/11/2012 38 0.22 1,900 1,900 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 08/11/2012 38 0.215 3,400 1,500 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 09/11/2012 38 0.21 4,900 1,500 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 12/11/2012 38 0.2 6,400 1,500 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 14/11/2012 38 0.21 8,300 1,900 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 28/11/2012 38 0.2 9,800 1,500 Inc. Inc. Matrix Asset Management Common Shares Matrix Asset Management 1 30/11/2012 38 1,500 -8,300 Inc. Inc. Mawson West Ltd. Ordinary Shares McFadzean, Bruce 4, 5 07/10/2012 00 Mawson West Ltd. Ordinary Shares McFadzean, Bruce 4, 5 28/11/2012 30 0.7 500,000 500,000 Mazarin Inc. Options FRIGON, DANIEL 7 22/11/2012 50 100,000 Mazarin Inc. Options FRIGON, DANIEL 7 22/11/2012 50 100,000 100,000 Mazarin Inc. Options GAGNÉ, JACINTHE 5 22/11/2012 50 50,000 Mazarin Inc. Options GAGNÉ, JACINTHE 5 22/11/2012 50 50,000 Mazarin Inc. Options GAGNÉ, JACINTHE 5 22/11/2012 50 50,000 50,000 Mazarin Inc. Options Godbout, Clément 4 22/11/2012 50 0.02 1,000 Mazarin Inc. Options Godbout, Clément 4 22/11/2012 50 0.02 100,000 Mazarin Inc. Options Godbout, Clément 4 22/11/2012 50 100,000 100,000 Mazarin Inc. Options Landry, Paul 4 22/11/2012 50 100,000 Mazarin Inc. Options Landry, Paul 4 22/11/2012 50 100,000 100,000 Mazarin Inc. Options LANGEVIN, LAURENT 7 22/11/2012 50 100,000 Mazarin Inc. Options LANGEVIN, LAURENT 7 22/11/2012 50 100,000 100,000 Mazarin Inc. Options LeBoutillier, John 4, 5 22/11/2012 50 500,000 Mazarin Inc. Options LeBoutillier, John 4, 5 22/11/2012 50 500,000 500,000 Mazarin Inc. Options Potvin, Gérard 4 22/11/2012 50 100,000 Mazarin Inc. Options Potvin, Gérard 4 22/11/2012 50 100,000 100,000 Mazarin Inc. Options Raby, Raymond 7 22/11/2012 50 100,000 Mazarin Inc. Options Raby, Raymond 7 22/11/2012 50 100,000 100,000 Mazarin Inc. Options Simard, Mario 5 22/11/2012 50 250,000 Mazarin Inc. Options Simard, Mario 5 22/11/2012 50 250,000 250,000 MCAN Mortgage Common Shares Stuebing, Robert A. 4 04/01/2012 30 12.874 1,613 33 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 30/03/2012 30 13.684 2,056 86 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 29/06/2012 30 13.675 2,096 40 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 28/09/2012 30 13.565 2,137 41 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 04/01/2012 30 12.874 1,613 33 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 30/03/2012 30 13.684 2,058 86 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 29/06/2012 30 13.675 2,098 40 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 28/09/2012 30 13.565 2,139 41 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 04/01/2012 30 16519 16,516 339 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 30/03/2012 30 13.684 17,240 724 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 29/06/2012 30 13.675 17,580 340 Corporation MCAN Mortgage Common Shares Stuebing, Robert A. 4 28/09/2012 30 13.565 18,155 354 Corporation Mediagrif Interactive Common Shares Lampron, Richard 5 06/12/2012 11 17.5 39,508 5,000 Technologies Inc. Medical Facilities Common Shares Medical Facilities 1 04/12/2012 38 13.53 28,309,955 -8,258 Corporation Corporation Medical Facilities Common Shares Medical Facilities 1 05/12/2012 38 13.67 28,305,697 -4,258 Corporation Corporation Medicure Inc. Common Shares Friesen, Albert David 4, 5 30/11/2012 10 0.5 710,867 2,000 Medicure Inc. Common Shares Friesen, Albert David 4, 5 03/12/2012 10 0.6 714,867 4,000 Medicure Inc. Common Shares Friesen, Albert David 4, 5 05/12/2012 10 0.6 720,867 6,000 Medifocus Inc. Common Shares Gwynneth Gold Limited 3 21/06/2012 00 Medifocus Inc. Common Shares Gwynneth Gold Limited 3 21/06/2012 00 9,866,667 MedX Health Corp. Options Canitano, Luigi 5 22/02/2010 00
December 13, 2012 (2012) 35 OSCB 11341 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed MedX Health Corp. Options Canitano, Luigi 5 27/11/2012 50 375,000 375,000 MedX Health Corp. Options Guillen, Steven 4, 5 27/11/2012 50 0.1 900,000 400,000 MedX Health Corp. Options Van Nest, Gary Norman 4 27/11/2012 50 0.1 535,000 400,000 MEG Energy Corp. Common Shares Carrothers, Ian Scott 5 30/11/2012 57 35.52 2,373 601 MEG Energy Corp. Restricted Share Units Carrothers, Ian Scott 5 30/11/2012 57 35.52 5,445 -601 MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 14/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 14/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 14/11/2012 10 35.5 -5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 14/11/2012 10 35.5 -5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 15/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 15/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 16/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 16/11/2012 51 11 1,163,145 10,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 16/11/2012 10 36.03 -5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 16/11/2012 10 36.03 1,153,145 -10,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 19/11/2012 51 11 5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 19/11/2012 51 11 1,163,145 10,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 19/11/2012 10 35.98 -5,000 Joseph MEG Energy Corp. Common Shares McCAFFREY, William 4, 5 19/11/2012 10 36.8 1,153,145 -10,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 14/11/2012 51 11 -5,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 14/11/2012 51 11 -5,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 16/11/2012 51 11 -5,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 16/11/2012 51 11 422,600 -10,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 19/11/2012 51 11 -5,000 Joseph MEG Energy Corp. Options McCAFFREY, William 4, 5 19/11/2012 51 11 412,600 -10,000 Joseph Melior Resources Inc. Common Shares Takota Asset Management 3 30/11/2012 10 0.11 13,253,829 280,000 Inc Melior Resources Inc. Common Shares Takota Asset Management 3 03/12/2012 10 0.11 13,324,329 70,500 Inc Melior Resources Inc. Common Shares Takota Asset Management 3 04/12/2012 10 0.11 14,062,329 738,000 Inc Melior Resources Inc. Common Shares Takota Asset Management 3 05/12/2012 10 0.11 14,403,329 341,000 Inc Melior Resources Inc. Common Shares Takota Asset Management 3 06/12/2012 10 0.11 14,443,329 40,000 Inc Metalore Resources Limited Common Shares Chilian, George 6 07/12/2012 10 3.9 382,200 400
Methanex Corporation Rights Restricted Share Cook, Phillip Henry 4 01/12/2012 30 6,793 -4,930 Units Methanex Corporation Rights Restricted Share Hamilton, Tom 4 01/12/2012 30 10,299 -6,954 Units Methanex Corporation Common Shares Hognestad, Jone 7 05/12/2012 51 20.76 20,187 4,000 Methanex Corporation Common Shares Hognestad, Jone 7 05/12/2012 10 31.2 16,187 -4,000 Methanex Corporation Options Hognestad, Jone 7 05/12/2012 51 35,350 -4,000 Methanex Corporation Rights Restricted Share Kostelnik, Robert 4 01/12/2012 30 6,793 -4,930 Units Methanex Corporation Rights Restricted Share Reid, John McDonald 4 01/12/2012 30 4,930 89 Units Methanex Corporation Rights Restricted Share Reid, John McDonald 4 01/12/2012 30 0 -4,930 Units Methanex Corporation Rights Restricted Share Rennie, Janice Gaye 4 01/12/2012 30 6,793 -4,930 Units
December 13, 2012 (2012) 35 OSCB 11342 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Methanex Corporation Rights Restricted Share Sloan, Monica 4 01/12/2012 30 6,793 -4,930 Units Metro inc. Common Shares Choinière, Johanne 5 06/12/2012 51 30.16 24,333 7,500 Metro inc. Common Shares Choinière, Johanne 5 06/12/2012 51 37.77 29,613 5,280 Metro inc. Common Shares Choinière, Johanne 5 07/12/2012 10 61.4 23,613 -6,000 Metro inc. Common Shares Choinière, Johanne 5 07/12/2012 10 61.468 16,833 -6,780 Metro inc. Options Choinière, Johanne 5 06/12/2012 51 30.16 83,700 -7,500 Metro inc. Options Choinière, Johanne 5 06/12/2012 51 37.77 78,420 -5,280 Metro inc. Common Shares Gobeil, Paul 4 28/11/2012 47 60.4 76,200 -1,000 Metro inc. Common Shares LESSARD, Pierre H. 4, 5 30/11/2012 47 61.13 194,550 -450 Metro inc. Common Shares LESSARD, Pierre H. 4, 5 03/12/2012 47 61.82 191,550 -3,000 Metro inc. Common Shares Metro inc. 1 01/11/2012 38 20,800 -20,300 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 0 -20,800 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 58.83 100 100 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 58.85 2,600 2,500 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 59.06 2,800 200 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 59.1 3,100 300 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 59.15 10,000 6,900 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 59.24 12,400 2,400 Metro inc. Common Shares Metro inc. 1 02/11/2012 38 59.35 17,300 4,900 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.53 19,800 2,500 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.545 19,900 100 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.55 20,100 200 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.56 26,800 6,700 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.57 27,000 200 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.575 27,100 100 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.58 35,800 8,700 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.59 37,800 2,000 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.6 42,900 5,100 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.61 43,400 500 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.63 50,300 6,900 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.64 53,000 2,700 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.645 53,200 200 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.65 57,800 4,600 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.66 59,000 1,200 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.67 65,300 6,300 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.68 65,400 100 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.7 72,700 7,300 Metro inc. Common Shares Metro inc. 1 05/11/2012 38 58.74 73,900 1,200 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.45 75,700 1,800 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.46 76,200 500 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.5 86,900 10,700 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.52 87,200 300 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.53 96,400 9,200 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.54 97,500 1,100 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.55 97,700 200 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.56 102,600 4,900 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.57 104,900 2,300 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.58 109,900 5,000 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.63 111,200 1,300 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.65 111,700 500 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.73 116,700 5,000 Metro inc. Common Shares Metro inc. 1 06/11/2012 38 58.81 121,700 5,000 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58 122,200 500 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.04 125,200 3,000 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.06 128,500 3,300 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.09 130,500 2,000 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.13 132,200 1,700 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.15 134,700 2,500 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.18 137,200 2,500 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 58.22 179,700 42,500 Metro inc. Common Shares Metro inc. 1 07/11/2012 38 162,400 -17,300 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.5 164,600 2,200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.53 165,000 400 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.54 166,200 1,200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.56 169,400 3,200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.57 175,200 5,800 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.6 190,300 15,100 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.615 193,900 3,600 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.62 195,200 1,300 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.66 197,700 2,500 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.69 201,900 4,200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.7 202,100 200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.72 203,800 1,700
December 13, 2012 (2012) 35 OSCB 11343 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.74 204,000 200 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.77 204,300 300 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.8 205,900 1,600 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.85 206,300 400 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.86 206,900 600 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.87 207,200 300 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.88 207,300 100 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.89 208,600 1,300 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 57.9 220,400 11,800 Metro inc. Common Shares Metro inc. 1 08/11/2012 38 163,800 -56,600 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.4 163,900 100 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.45 164,100 200 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.5 173,800 9,700 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.6 175,400 1,600 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.61 176,000 600 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.62 178,600 2,600 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.64 181,800 3,200 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.65 183,200 1,400 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.67 183,300 100 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.68 184,800 1,500 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.79 188,400 3,600 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.8 188,700 300 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.84 193,400 4,700 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.85 195,200 1,800 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.9 200,200 5,000 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.95 200,300 100 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 57.98 202,300 2,000 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 58 214,600 12,300 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 171,800 -42,800 Metro inc. Common Shares Metro inc. 1 09/11/2012 38 166,800 -5,000 Metro inc. Common Shares Metro inc. 1 13/11/2012 38 108,800 -58,000 Metro inc. Common Shares Metro inc. 1 14/11/2012 38 50,800 -58,000 Metro inc. Common Shares Metro inc. 1 15/11/2012 38 0 -50,800 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.14 300 300 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.15 500 200 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.25 1,000 500 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.28 1,100 100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.29 1,500 400 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.41 1,600 100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.44 1,900 300 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.45 8,000 6,100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.46 9,600 1,600 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.47 9,700 100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.48 10,100 400 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.49 10,400 300 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.5 13,400 3,000 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.52 15,000 1,600 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.53 15,100 100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.54 16,100 1,000 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.55 18,600 2,500 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.56 23,800 5,200 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.58 27,900 4,100 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.6 35,800 7,900 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.61 41,100 5,300 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.62 43,000 1,900 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.63 43,800 800 Metro inc. Common Shares Metro inc. 1 16/11/2012 38 59.64 44,000 200 Metro inc. Common Shares Metro inc. 1 20/11/2012 38 59.55 102,000 58,000 Metro inc. Common Shares Metro inc. 1 20/11/2012 38 59.35 302,000 200,000 Metro inc. Common Shares Metro inc. 1 21/11/2012 38 291,600 -10,400 Metro inc. Common Shares Metro inc. 1 21/11/2012 38 258,000 -33,600 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.03 258,300 300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.04 260,100 1,800 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.05 261,600 1,500 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.09 262,000 400 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.1 265,600 3,600 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.11 266,200 600 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.12 266,300 100 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.13 267,600 1,300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.15 267,900 300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.16 268,100 200 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.18 268,700 600 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.19 271,100 2,400 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.2 277,000 5,900
December 13, 2012 (2012) 35 OSCB 11344 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.23 279,300 2,300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.24 281,200 1,900 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.25 281,800 600 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.26 283,100 1,300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 60.27 285,400 2,300 Metro inc. Common Shares Metro inc. 1 26/11/2012 38 27,400 -258,000 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.63 28,800 1,400 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.72 29,200 400 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.8 30,800 1,600 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.92 32,200 1,400 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.93 33,800 1,600 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.95 35,500 1,700 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 59.98 41,000 5,500 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 60 47,500 6,500 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 60.04 64,500 17,000 Metro inc. Common Shares Metro inc. 1 27/11/2012 38 60.13 77,400 12,900 Metro inc. Common Shares Metro inc. 1 28/11/2012 38 60.105 77,700 300 Metro inc. Common Shares Metro inc. 1 28/11/2012 38 60.14 77,900 200 Metro inc. Common Shares Metro inc. 1 28/11/2012 38 60.185 78,300 400 Metro inc. Common Shares Metro inc. 1 28/11/2012 38 60.22 97,300 19,000 Metro inc. Common Shares RICHER LA FLÈCHE, 4, 5 30/11/2012 51 30.16 86,749 16,400 ERIC Metro inc. Common Shares RICHER LA FLÈCHE, 4, 5 30/11/2012 10 61.102 70,349 -16,400 ERIC Metro inc. Options RICHER LA FLÈCHE, 4, 5 30/11/2012 51 30.16 513,100 -16,400 ERIC Metro inc. Common Shares Rivet, Simon 5 03/12/2012 51 30.16 8,953 2,700 Metro inc. Common Shares Rivet, Simon 5 03/12/2012 10 61.42 8,853 -100 Metro inc. Common Shares Rivet, Simon 5 03/12/2012 10 61.41 8,653 -200 Metro inc. Common Shares Rivet, Simon 5 03/12/2012 10 61.4 6,253 -2,400 Metro inc. Options Rivet, Simon 5 03/12/2012 51 30.16 17,820 -2,700 Metro inc. Common Shares Sawyer, Robert 5 05/12/2012 10 61.925 28,618 -2,000 Metro inc. Common Shares Sawyer, Robert 5 05/12/2012 10 61.95 25,618 -3,000 Metro inc. Common Shares Sawyer, Robert 5 06/12/2012 51 30.16 35,218 9,600 Metro inc. Common Shares Sawyer, Robert 5 06/12/2012 10 61.99 30,618 -4,600 Metro inc. Options Sawyer, Robert 5 06/12/2012 51 30.16 173,700 -9,600 Metropolitan Energy Corp. Common Shares levy, marc evan 4, 5 05/12/2012 10 0.1 442,334 10,000 Metropolitan Energy Corp. Common Shares levy, marc evan 4, 5 05/12/2012 10 0.15 447,334 5,000 MGM Energy Corp. Common Shares Chernoff, Michael N. (initial 4 04/12/2012 57 0.16 1,852,941 352,941 only) MGM Energy Corp. Common Shares Chernoff, Michael N. (initial 4 04/12/2012 57 0.16 1,978,823 1,138,823 only) MGM Energy Corp. Common Shares Chernoff, Michael N. (initial 4 04/12/2012 57 0.16 1,994,123 15,300 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 22/11/2012 10 0.005 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 23/11/2012 10 0.005 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 04/12/2012 57 0.16 0 -1,500,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 22/11/2012 10 0.16 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 22/11/2012 10 0.16 2,840,000 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 23/11/2012 10 0.16 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 23/11/2012 10 0.16 4,840,000 2,000,000 only) MGM Energy Corp. Rights Chernoff, Michael N. (initial 4 04/12/2012 57 0.16 0 -4,840,000 only) MGM Energy Corp. Common Shares Dilts, Nancy Faye 5 04/12/2012 57 0.16 2,470 470 MGM Energy Corp. Rights Dilts, Nancy Faye 5 04/12/2012 57 0.16 0 -2,000 MGM Energy Corp. Common Shares Hogg, John Richard 5 04/12/2012 57 0.16 417,628 79,548 MGM Energy Corp. Rights Hogg, John Richard 5 04/12/2012 57 0.16 0 -338,080 MGM Energy Corp. Common Shares Lee, Bernard K. 6 04/12/2012 57 0.16 711 135 MGM Energy Corp. Common Shares Lee, Bernard K. 6 04/12/2012 57 0.16 2,964 564 MGM Energy Corp. Common Shares Lee, Bernard K. 6 04/12/2012 57 0.16 492,935 93,866 MGM Energy Corp. Rights Lee, Bernard K. 6 04/12/2012 57 0.16 0 -576 MGM Energy Corp. Rights Lee, Bernard K. 6 04/12/2012 57 0.16 0 -2,400 MGM Energy Corp. Rights Lee, Bernard K. 6 04/12/2012 57 0.16 131 -398,938 MGM Energy Corp. Rights Lee, Bernard K. 6 04/12/2012 10 0.16 0 -131 MGM Energy Corp. Common Shares Miller, Richard Nelson 5 04/12/2012 57 0.16 228,823 58,823 MGM Energy Corp. Rights Miller, Richard Nelson 5 04/12/2012 57 0.16 0 -250,000
December 13, 2012 (2012) 35 OSCB 11345 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed MGM Energy Corp. Common Shares Paramount Resources Ltd. 3 04/12/2012 57 0.16 54,147,432 10,313,796
MGM Energy Corp. Rights Paramount Resources Ltd. 3 04/12/2012 57 0.16 0 -43,833,636
MGM Energy Corp. Common Shares Peterson, Robert Byron 4 04/12/2012 57 0.16 30,882 5,882 MGM Energy Corp. Rights Peterson, Robert Byron 4 04/12/2012 57 0.16 0 -25,000 MGM Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 20,839,823 3,969,490 MGM Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 21,832,218 992,395 MGM Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 49,824,667 9,490,412 MGM Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 7,763,823 1,478,823 MGM Energy Corp. Common Shares Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 43,414,602 8,269,446 MGM Energy Corp. Rights Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 0 -16,870,333 MGM Energy Corp. Rights Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 0 -40,334,255 MGM Energy Corp. Rights Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 0 -6,285,000 MGM Energy Corp. Rights Riddell, Clayton H. 3, 4, 6, 5 04/12/2012 57 0.16 0 -35,145,156 MGM Energy Corp. Rights Riddell, James H. T. 4, 6, 5 04/12/2012 58 - Expiration 0 -3,331 of rights MGM Energy Corp. Rights Riddell, James H. T. 4, 6, 5 04/12/2012 58 - Expiration 0 -6,416 of rights MGM Energy Corp. Rights Riddell, James H. T. 4, 6, 5 04/12/2012 58 - Expiration 0 -696 of rights MGM Energy Corp. Rights Riddell, James H. T. 4, 6, 5 04/12/2012 58 - Expiration 0 -127,125 of rights MGM Energy Corp. Common Shares ROONEY, ROBERT ROSS 4 04/12/2012 57 0.16 481,764 91,764
MGM Energy Corp. Rights ROONEY, ROBERT ROSS 4 04/12/2012 57 0.16 0 -390,000
MGM Energy Corp. Common Shares Sykes, Henry William 4, 5 04/12/2012 57 0.16 786,754 192,715 MGM Energy Corp. Rights Sykes, Henry William 4, 5 31/10/2012 56 0.16 594,039 MGM Energy Corp. Rights Sykes, Henry William 4, 5 31/10/2012 56 0.16 839,039 839,039 MGM Energy Corp. Rights Sykes, Henry William 4, 5 04/12/2012 57 0.16 819,039 MGM Energy Corp. Rights Sykes, Henry William 4, 5 04/12/2012 57 0.16 20,000 -819,039 MGM Energy Corp. Rights Sykes, Henry William 4, 5 04/12/2012 58 - Expiration 0 -20,000 of rights Middlefield Can-Global REIT Trust Units Brasseur, Jeremy 6 29/11/2012 10 9.9167 26,000 3,000 Income Fund Middlefield Can-Global REIT Trust Units Brasseur, Jeremy 6 30/11/2012 10 9.925 28,000 2,000 Income Fund Middlefield Can-Global REIT Trust Units Brasseur, Jeremy 6 05/12/2012 10 9.85 4,700 -23,300 Income Fund Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 03/12/2012 38 11.26 5,500 5,500 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 03/12/2012 38 0 -5,500 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 04/12/2012 38 11.2 2,600 2,600 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 04/12/2012 38 0 -2,600 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 05/12/2012 38 11.12 6,700 6,700 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 05/12/2012 38 0 -6,700 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 06/12/2012 38 11.05 1,600 1,600 Corp. shares Middlefield Income Plus II Non-Voting Shares equity Income Plus II 1 06/12/2012 38 0 -1,600 Corp. shares Millrock Resources Inc. Common Shares Altius Resources Inc. 3 03/12/2012 90 0 -830,000 Millrock Resources Inc. Common Shares Altius Resources Inc. 3 03/12/2012 90 0 -4,432,046 Millrock Resources Inc. Warrants Altius Resources Inc. 3 03/12/2012 90 0.35 0 -830,000 Millrock Resources Inc. Warrants Altius Resources Inc. 3 03/12/2012 90 0.35 0 -3,450,000 Millrock Resources Inc. Common Shares van Eeden, Paul Pieter 3 03/12/2012 00 5,262,046 Millrock Resources Inc. Warrants van Eeden, Paul Pieter 3 03/12/2012 00 3,450,000 Millrock Resources Inc. Warrants van Eeden, Paul Pieter 3 03/12/2012 11 0.35 4,280,000 830,000 Minco Gold Corporation Options Cai, Ken 4, 5 28/09/2012 52 1,725,000 -525,000 Minco Gold Corporation Options Cai, Ken 4, 5 13/11/2012 52 1,325,000 -400,000 Minco Gold Corporation Options Cai, Ken 4, 5 04/12/2012 50 0.45 1,850,000 525,000 Minco Gold Corporation Options Clay, Malcolm Frank 4 15/11/2012 52 1.08 325,000 -90,000 Minco Gold Corporation Options Clay, Malcolm Frank 4 04/12/2012 50 0.45 450,000 125,000 Minco Gold Corporation Options Doggett, Michael David 4 28/09/2012 52 0.79 225,000 -275,000 Minco Gold Corporation Options Doggett, Michael David 4 04/12/2012 50 0.45 350,000 125,000 Minco Gold Corporation Options Wei, Ellen 5 23/11/2012 00 160,000
December 13, 2012 (2012) 35 OSCB 11346 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Minco Gold Corporation Options Wei, Ellen 5 04/12/2012 50 0.45 190,000 30,000 Minera IRL Limited Common Shares Macquarie Group Limited 3 05/12/2012 00 3,360,048 Minera IRL Limited Warrants Macquarie Group Limited 3 05/12/2012 00 9,259,259 Minera IRL Limited Warrants Macquarie Group Limited 3 05/12/2012 46 13,932,156 4,672,897 Mineral Mountain Resources Common Shares baker, nelson 4 28/11/2012 10 0.35 3,313,000 97,000 Ltd. Mineral Mountain Resources Common Shares baker, nelson 4 28/11/2012 10 0.35 3,316,000 3,000 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.33 2,057,105 1,000 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.335 2,058,105 1,000 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.33 2,059,605 1,500 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.335 2,061,105 1,500 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.33 2,064,105 3,000 Ltd. Mineral Mountain Resources Common Shares RIEDER, RONALD 5 03/12/2012 10 0.33 2,065,105 1,000 Ltd. MINT Income Fund Trust Units MINT Income Fund 1 30/11/2012 38 10.1 42,148,063 1,800 MINT Income Fund Trust Units MINT Income Fund 1 03/12/2012 38 10.1 42,148,463 400 MINT Income Fund Trust Units MINT Income Fund 1 04/12/2012 38 9.93 42,149,263 800 MINT Income Fund Trust Units MINT Income Fund 1 05/12/2012 38 9.88 42,150,463 1,200 MINT Income Fund Trust Units MINT Income Fund 1 06/12/2012 38 9.88 42,151,063 600 Miocene Metals Limited Common Shares Soever, Alar 4 30/11/2012 10 0.045 390,999 2,000 Miocene Metals Limited Common Shares Soever, Alar 4 30/11/2012 10 0.0458 426,433 35,434 Mitel Networks Corporation Options Ball, Benjamin 4, 6 06/12/2012 50 3.06 305,995 20,194
Mitel Networks Corporation Options Charbonneau, Peter D. 4 06/12/2012 50 3.06 157,946 10,819
Mitel Networks Corporation Options Cossart, Jean-Paul 4 06/12/2012 50 3.06 138,845 10,131 Georges Mitel Networks Corporation Options Kowal, Andrew 4, 6 06/12/2012 50 3.06 305,995 20,194
Mitel Networks Corporation Options Matthews, Terence Hedley 3, 4, 5 06/12/2012 50 3.06 271,379 18,038
Mitel Networks Corporation Options McHugh, John 4 06/12/2012 50 3.06 112,401 11,713
Mitel Networks Corporation Options Perret, Henry Louis 4 06/12/2012 50 3.06 124,061 12,606
Monarques Resources Inc. Common Shares Baril, Michel 4 04/12/2012 10 0.18 139,002 20,000
Monarques Resources Inc. Common Shares Baril, Michel 4 06/12/2012 10 0.17 161,502 22,500
Monarques Resources Inc. Common Shares Baril, Michel 4 07/12/2012 10 0.17 163,002 1,500
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.185 1,775,000 19,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.19 10,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.19 1,776,000 1,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.195 1,781,000 5,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.18 1,792,000 11,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 05/12/2012 10 0.185 1,795,000 3,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 06/12/2012 10 0.195 1,811,000 16,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 06/12/2012 10 0.2 1,815,000 4,000
Monarques Resources Inc. Common Shares Lacoste, Jean-Marc 4, 5 07/12/2012 10 0.195 1,816,000 1,000
Montan Capital Corp. Common Shares Ferrero, Alfredo 4 05/12/2012 00 Montan Capital Corp. Common Shares Ferrero, Alfredo 4 05/12/2012 00 620,000 Montan Capital Corp. Options Ferrero, Alfredo 4 05/12/2012 00 Montan Capital Corp. Options Ferrero, Alfredo 4 05/12/2012 50 0.2 200,000 200,000 Montan Capital Corp. Common Shares Fletcher, Ryan 5 29/08/2011 00 Montan Capital Corp. Common Shares Fletcher, Ryan 5 05/12/2012 00 250,000 Montan Capital Corp. Common Shares Fletcher, Ryan 5 05/12/2012 15 0.2 60,000 Montan Capital Corp. Common Shares Fletcher, Ryan 5 05/12/2012 15 0.2 60,000
December 13, 2012 (2012) 35 OSCB 11347 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Montan Capital Corp. Common Shares Fletcher, Ryan 5 05/12/2012 15 0.2 310,000 60,000 Montan Capital Corp. Options Fletcher, Ryan 5 29/08/2011 00 Montan Capital Corp. Options Fletcher, Ryan 5 05/12/2012 00 Montan Capital Corp. Options Fletcher, Ryan 5 05/12/2012 50 0.2 200,000 200,000 Montan Capital Corp. Common Shares Hodge, David 6 05/12/2012 00 250,000 Montan Capital Corp. Common Shares Hodge, David 6 05/12/2012 15 0.2 310,000 60,000 Montan Capital Corp. Common Shares Olsson, Sven 6 05/12/2012 00 250,000 Montan Capital Corp. Common Shares Robert, Michel 4 05/12/2012 00 250,000 Montan Capital Corp. Options Robert, Michel 4 05/12/2012 00 Montan Capital Corp. Options Robert, Michel 4 05/12/2012 50 0.2 200,000 200,000 Montan Capital Corp. Common Shares Zimtu Capital Corp. 3 05/12/2012 00 1,000,000 Montana Gold Mining Common Shares ELLWOOD, EDWARD 5 30/11/2012 10 0.03 3,224,066 1,000 Company Inc. LEITH Montana Gold Mining Common Shares ELLWOOD, EDWARD 5 30/11/2012 10 0.04 3,225,066 1,000 Company Inc. LEITH Montana Gold Mining Common Shares Teodorovici, Paul Valerian 4 29/11/2012 10 0.03 1,036,858 3,000 Company Inc. Morguard North American Trust Units Miatello, Paul 5 05/12/2012 10 11.25 12,500 2,500 Residential Real Estate Investment Trust Morguard North American Trust Units Morguard Corporation 3 05/12/2012 10 10.927 4,269,466 49,466 Residential Real Estate Investment Trust Morien Resources Corp. Options Akerley, Peter 6 03/12/2012 50 0.27 500,000 180,000 Morien Resources Corp. Options Budreski, John Philip 4, 5 03/12/2012 50 1,284,250 1,134,250 Adrian Morien Resources Corp. Options Byrne, John Philip 4 03/12/2012 50 0.27 250,000 125,000 Morien Resources Corp. Options MacDonald, Kenneth 5 03/12/2012 50 0.27 370,000 157,500 Morien Resources Corp. Options Pitcher, Charles 4 09/07/2012 00 Morien Resources Corp. Options Pitcher, Charles 4 03/12/2012 50 0.27 250,000 250,000 Morien Resources Corp. Options Webster, Philip L. 4 03/12/2012 50 0.27 250,000 125,000 Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 09/09/2011 10 7.8 $5,460
Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 09/09/2011 10 7.8 $5,460
Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 09/09/2011 10 7.8 $12,060 $5,460
Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 16/09/2011 10 7.79 $2,337
Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 16/09/2011 10 7.79 $2,337
Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 16/09/2011 10 7.79 $14,397 $2,337
Mosaic Capital Corporation RSU-Common Share Block, Jeffrey Shaun 7 19/06/2012 56 3.3 25,000
Mosaic Capital Corporation RSU-Common Share Block, Jeffrey Shaun 7 19/06/2012 56 3.3 25,000
Mosaic Capital Corporation RSU-Preferred Security Block, Jeffrey Shaun 7 19/06/2012 56 8.59 82,498
Mosaic Capital Corporation RSU-Preferred Security Block, Jeffrey Shaun 7 19/06/2012 56 8.59 82,498
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 14/11/2011 10 8.35 $900
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 14/11/2011 10 8.35 $7,515 $7,515
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 15/11/2011 10 8.35 $100
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 15/11/2011 10 8.35 $8,350 $835
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 21/11/2011 10 8.2 $1,000
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 21/11/2011 10 8.2 $16,550 $8,200
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 23/01/2012 10 8.45 $1,000
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 23/01/2012 10 8.45 $25,000 $8,450
Mosaic Capital Corporation Preferred Securities C-Growth Trust 3 04/12/2012 10 11 $86,600 $61,600
Mosaic Capital Corporation RSU-Common Share Hill, Michael F 4 19/06/2012 56 3.3 33,750
Mosaic Capital Corporation RSU-Common Share Hill, Michael F 4 19/06/2012 56 3.3 33,750
December 13, 2012 (2012) 35 OSCB 11348 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Mosaic Capital Corporation RSU-Preferred Security Hill, Michael F 4 19/06/2012 56 8.59 111,378
Mosaic Capital Corporation RSU-Preferred Security Hill, Michael F 4 19/06/2012 56 8.59 111,378
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 26/11/2012 10 11 $1,260 -$18,700
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 26/11/2012 10 11.01 -$2,043 -$3,303
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 04/12/2012 10 11 $741,485 $16,500
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 01/11/2012 10 10.9 $72,160 -$35,970
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 02/11/2012 10 10.983 -$4,721 -$76,881
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 26/11/2012 10 11 -$16,821 -$12,100
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 26/11/2012 10 11.01 -$21,225 -$4,404
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 27/11/2012 10 11 -$26,725 -$5,500
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 27/11/2012 10 10.97 -$37,695 -$10,970
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 27/11/2012 10 11 -$8,500 -$58,300
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 27/11/2012 10 10.97 -$16,179 -$7,679
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 02/11/2012 10 11 -$220 -$2,200
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 01/03/2012 90 8.5 $19,975
Mosaic Capital Corporation Preferred Securities KUNIK, Harold 4, 6, 7, 5 01/03/2012 90 8.5 $19,975
Mosaic Capital Corporation RSU-Common Share KUNIK, Harold 4, 6, 7, 5 19/06/2012 56 3.3 83,333
Mosaic Capital Corporation RSU-Common Share KUNIK, Harold 4, 6, 7, 5 19/06/2012 56 3.3 83,333
Mosaic Capital Corporation RSU-Preferred Security KUNIK, Harold 4, 6, 7, 5 19/06/2012 56 8.59 275,000
Mosaic Capital Corporation RSU-Preferred Security KUNIK, Harold 4, 6, 7, 5 19/06/2012 56 8.59 275,000
Mosaic Capital Corporation RSU-Common Share Laughland, Barclay 5 19/06/2012 56 3.3 65,625
Mosaic Capital Corporation RSU-Common Share Laughland, Barclay 5 19/06/2012 56 3.3 65,625
Mosaic Capital Corporation RSU-Preferred Security Laughland, Barclay 5 19/06/2012 56 8.59 216,563
Mosaic Capital Corporation RSU-Preferred Security Laughland, Barclay 5 19/06/2012 56 8.59 216,562
Mosaic Capital Corporation RSU-Preferred Security Laughland, Barclay 5 19/06/2012 56 8.59 216,562
Mosaic Capital Corporation RSU-Common Share Mackay, John 4, 6, 7, 5 19/06/2012 56 3.3 100,000
Mosaic Capital Corporation RSU-Common Share Mackay, John 4, 6, 7, 5 19/06/2012 56 3.3 100,000
Mosaic Capital Corporation RSU-Preferred Security Mackay, John 4, 6, 7, 5 19/06/2012 56 8.59 330,002
Mosaic Capital Corporation RSU-Preferred Security Mackay, John 4, 6, 7, 5 19/06/2012 56 8.59 330,002
Mosaic Capital Corporation RSU-Common Share Taylor, Tim 5 19/06/2012 56 3.3 22,917
Mosaic Capital Corporation RSU-Common Share Taylor, Tim 5 19/06/2012 56 3.3 22,917
Mosaic Capital Corporation RSU-Preferred Security Taylor, Tim 5 19/06/2012 56 8.59 75,626
Mosaic Capital Corporation RSU-Preferred Security Taylor, Tim 5 19/06/2012 56 8.59 75,626
Mosaic Capital Corporation RSU-Common Share Whitnack, Alan Grant 7 19/06/2012 56 3.3 23,333
Mosaic Capital Corporation RSU-Common Share Whitnack, Alan Grant 7 19/06/2012 56 3.3 23,333
Mosaic Capital Corporation RSU-Preferred Security Whitnack, Alan Grant 7 19/06/2012 56 8.59 77,001
December 13, 2012 (2012) 35 OSCB 11349 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Mosaic Capital Corporation RSU-Preferred Security Whitnack, Alan Grant 7 19/06/2012 56 8.59 77,001
MPH Ventures Corp. Warrants Huston, Donald Carl 4 02/12/2012 55 0.31 200,000 -60,000 MPH Ventures Corp. Warrants PETTIT, JIM, GAYDON 4 02/12/2012 55 0.31 900,000 -100,000 MPH Ventures Corp. Warrants Trimble, William 5 02/12/2012 55 0.31 4,000,000 -1,000,000 Muskrat Minerals Options Allingham, John Paul 4 30/11/2002 50 0.65 250,000 50,000 Incorporated Muskrat Minerals Options Sparks, Kenneth Barry 4 30/11/2012 50 0.65 66,000 50,000 Incorporated National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 00 National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 00 992 National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 99 -4,065 National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 99 -4,065 National Bank of Canada Common Shares Saputo, Lino Anthony 4 29/10/2012 90 -4,065 National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 00 National Bank of Canada Common Shares Saputo, Lino Anthony 4 04/04/2012 00 4,065 Nemaska Lithium Inc. Common Shares Bourassa, guy georges 4, 5 03/12/2012 10 0.435 1,487,001 1,000 (formerly NEMASKA EXPLORATION INC.) Nemaska Lithium Inc. Common Shares Bourassa, guy georges 4, 5 04/12/2012 10 0.435 1,489,001 2,000 (formerly NEMASKA EXPLORATION INC.) NEMI Northern Energy & Common Shares Cooney, Michael 3, 4, 5 06/12/2012 10 0.9934 6,479,914 10,000 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 04/09/2012 10 0.949 500 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 04/09/2012 10 0.949 1,000,500 500 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 05/09/2012 10 0.944 9,000 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 05/09/2012 10 0.944 1,009,500 9,000 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 06/09/2012 10 0.942 1,500 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 06/09/2012 10 0.942 1,011,000 1,500 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 04/12/2012 10 1.018 2,000 Mining Inc. NEMI Northern Energy & Common Shares Hooper, Todd Lewis 4 04/12/2012 10 1.018 1,013,000 2,000 Mining Inc. NEMI Northern Energy & Common Shares Leonard, Joel 4 16/04/2012 00 156,208 Mining Inc. Neptune Technologies & Call-options Bélanger, Jean-Daniel 5 12/11/2012 00 Bioressources Inc. Neptune Technologies & Call-options Bélanger, Jean-Daniel 5 04/12/2012 11 0.75 25,000 25,000 Bioressources Inc. Neptune Technologies & Options Bélanger, Jean-Daniel 5 04/12/2012 50 2.9 75,000 50,000 Bioressources Inc. Neptune Technologies & Call-options chartrand, michel 4 01/05/2005 00 Bioressources Inc. Neptune Technologies & Call-options chartrand, michel 4 04/12/2012 11 2.75 150,000 150,000 Bioressources Inc. Neptune Technologies & Call-options chartrand, michel 4 01/05/2005 00 Bioressources Inc. Neptune Technologies & Call-options chartrand, michel 4 04/12/2012 11 0.75 250,000 250,000 Bioressources Inc. Neptune Technologies & Call-options chartrand, michel 4 04/12/2012 11 0.75 300,000 50,000 Bioressources Inc. Neptune Technologies & Options chartrand, michel 4 04/12/2012 50 2.9 515,000 150,000 Bioressources Inc. Neptune Technologies & Options chartrand, michel 4 04/12/2012 50 2.9 535,000 20,000 Bioressources Inc. Neptune Technologies & Call-options Debard, Jean-Claude 4 08/06/2009 00 Bioressources Inc. Neptune Technologies & Call-options Debard, Jean-Claude 4 04/12/2012 11 0.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Options Debard, Jean-Claude 4 04/12/2012 50 2.9 120,000 20,000 Bioressources Inc. Neptune Technologies & Call-options Denis, Ronald 4 14/05/2001 00 Bioressources Inc. Neptune Technologies & Call-options Denis, Ronald 4 04/12/2012 11 0.75 75,000 75,000 Bioressources Inc.
December 13, 2012 (2012) 35 OSCB 11350 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Neptune Technologies & Options Denis, Ronald 4 04/12/2012 50 2.9 95,000 20,000 Bioressources Inc. Neptune Technologies & Call-options Godin, André 5 01/09/2003 00 Bioressources Inc. Neptune Technologies & Call-options Godin, André 5 04/12/2012 11 2.75 150,000 150,000 Bioressources Inc. Neptune Technologies & Call-options Godin, André 5 01/09/2003 00 Bioressources Inc. Neptune Technologies & Call-options Godin, André 5 04/12/2012 11 0.75 250,000 250,000 Bioressources Inc. Neptune Technologies & Options Godin, André 5 04/12/2012 50 2.9 450,000 150,000 Bioressources Inc. Neptune Technologies & Call-options Harland, Henri 3 12/04/2002 00 Bioressources Inc. Neptune Technologies & Call-options Harland, Henri 3 04/12/2012 11 2.75 300,000 300,000 Bioressources Inc. Neptune Technologies & Call-options Harland, Henri 3 12/04/2002 00 Bioressources Inc. Neptune Technologies & Call-options Harland, Henri 3 04/12/2012 11 0.75 500,000 500,000 Bioressources Inc. Neptune Technologies & Call-options Harland, Henri 3 04/12/2012 11 0.75 550,000 50,000 Bioressources Inc. Neptune Technologies & Options Harland, Henri 3 04/12/2012 50 2.9 900,000 250,000 Bioressources Inc. Neptune Technologies & Options Harland, Henri 3 04/12/2012 50 2.9 920,000 20,000 Bioressources Inc. Neptune Technologies & Call-options Huart, Benoît 5 06/09/2011 00 Bioressources Inc. Neptune Technologies & Call-options Huart, Benoît 5 04/12/2012 11 2.75 25,000 25,000 Bioressources Inc. Neptune Technologies & Call-options Huart, Benoît 5 06/09/2011 00 Bioressources Inc. Neptune Technologies & Call-options Huart, Benoît 5 04/12/2012 11 0.75 25,000 25,000 Bioressources Inc. Neptune Technologies & Options Huart, Benoît 5 04/12/2012 50 2.9 117,500 50,000 Bioressources Inc. Neptune Technologies & Call-options Lauzon, Claudie 5 18/07/2011 00 Bioressources Inc. Neptune Technologies & Call-options Lauzon, Claudie 5 04/12/2012 11 2.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Call-options Lauzon, Claudie 5 18/07/2011 00 Bioressources Inc. Neptune Technologies & Call-options Lauzon, Claudie 5 04/12/2012 11 0.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Options Lauzon, Claudie 5 04/12/2012 50 2.9 205,000 50,000 Bioressources Inc. Neptune Technologies & Call-options Massrieh, Wael 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Call-options Massrieh, Wael 5 04/12/2012 11 2.75 20,000 20,000 Bioressources Inc. Neptune Technologies & Options Massrieh, Wael 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Options Massrieh, Wael 5 04/12/2012 50 2.9 40,000 40,000 Bioressources Inc. Neptune Technologies & Call-options Perry, Daniel 4 14/05/2001 00 Bioressources Inc. Neptune Technologies & Call-options Perry, Daniel 4 04/12/2012 11 0.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Options Perry, Daniel 4 04/12/2012 50 2.9 120,000 20,000 Bioressources Inc. Neptune Technologies & Call-options Sampalis, Fotini 5 20/04/2006 00 Bioressources Inc. Neptune Technologies & Call-options Sampalis, Fotini 5 04/12/2012 11 2.75 150,000 150,000 Bioressources Inc. Neptune Technologies & Call-options Sampalis, Fotini 5 20/04/2006 00 Bioressources Inc. Neptune Technologies & Call-options Sampalis, Fotini 5 04/12/2012 11 0.75 175,000 175,000 Bioressources Inc. Neptune Technologies & Options Sampalis, Fotini 5 04/12/2012 50 2.9 350,000 100,000 Bioressources Inc. Neptune Technologies & Call-options Simard, Eric 5 25/05/2012 00 Bioressources Inc.
December 13, 2012 (2012) 35 OSCB 11351 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Neptune Technologies & Call-options Simard, Eric 5 04/12/2012 10 2.75 75,000 75,000 Bioressources Inc. Neptune Technologies & Call-options Simard, Eric 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Call-options Simard, Eric 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Call-options Simard, Eric 5 04/12/2012 11 0.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Options Simard, Eric 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Options Simard, Eric 5 04/12/2012 50 2.9 100,000 100,000 Bioressources Inc. Neptune Technologies & Call-options Timperio, Michel 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Call-options Timperio, Michel 5 04/12/2012 11 2.75 100,000 100,000 Bioressources Inc. Neptune Technologies & Call-options Timperio, Michel 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Call-options Timperio, Michel 5 04/12/2012 11 0.75 200,000 200,000 Bioressources Inc. Neptune Technologies & Options Timperio, Michel 5 25/05/2012 00 Bioressources Inc. Neptune Technologies & Options Timperio, Michel 5 04/12/2012 50 2.9 150,000 150,000 Bioressources Inc. Neptune Technologies & Call-options Waksal, Harlan 4 21/06/2012 00 Bioressources Inc. Neptune Technologies & Call-options Waksal, Harlan 4 04/12/2012 11 0.75 50,000 50,000 Bioressources Inc. Neptune Technologies & Options Waksal, Harlan 4 04/12/2012 50 2.9 520,000 20,000 Bioressources Inc. Nevada Exploration Inc. Options Larson, John 4 03/12/2012 00 500,000 Nevada Sunrise Gold Options HENDERSON, WILLIAM B. 4, 5 04/12/2012 50 1,500,000 200,000 Corporation Nevada Sunrise Gold Options Stanyer, Warren William 4 04/12/2012 50 0.15 1,200,000 200,000 Corporation Nevada Sunrise Gold Common Shares Sweatman, Michael 4 30/11/2012 00 40,000 Corporation Nevada Sunrise Gold Options Sweatman, Michael 4 30/11/2012 00 Corporation Nevada Sunrise Gold Options Sweatman, Michael 4 04/12/2012 50 700,000 700,000 Corporation Nevada Sunrise Gold Options wadman, vicky 5 04/12/2012 50 700,000 100,000 Corporation New Gold Inc. Restricted Share Awards Flores, Oscar Roberto 5 01/12/2012 57 10.36 12,168 -5,666
New Gold Inc. Restricted Share Awards Gallagher, Robert 5 01/12/2012 57 10.36 83,334 -83,333
New Gold Inc. Restricted Share Awards Oliphant, Randall 4 01/12/2012 57 10.36 100,000 -100,000
New Gold Inc. Restricted Share Awards Wallace, Martin John 5 01/12/2012 57 10.36 1,500 -3,166
New Klondike Exploration Common Shares Coulter, Michael 4, 5 30/11/2012 11 0.085 942,485 730,000 Ltd. New Look Eyewear Inc. Common Shares Class A St-Amant, Linda 5 04/12/2012 10 9.46 3,200 -2,500
New Millennium Iron Corp. Common Shares Schindler, John Norman 4, 5 05/12/2012 51 0.83 64,005 35,000 New Millennium Iron Corp. Options Schindler, John Norman 4, 5 05/12/2012 51 0.83 510,000 -35,000 New Pacific Metals Corp. Common Shares New Pacific Metals Corp. 1 30/11/2012 38 51,172 -165,188 New Pacific Metals Corp. Common Shares New Pacific Metals Corp. 1 04/12/2012 10 0.6 58,590 7,418 New Pacific Metals Corp. Common Shares New Pacific Metals Corp. 1 05/12/2012 10 0.6 66,008 7,418 Newstrike Resources Ltd. Common Shares Pollock, John Arthur 3, 4, 5 04/12/2012 10 0.105 12,000 Newstrike Resources Ltd. Common Shares Pollock, John Arthur 3, 4, 5 04/12/2012 10 0.105 3,958,500 15,000 Newton Gold Corp. Common Shares Bottomer, Lindsay Richard 4 28/11/2012 16 0.03 680,000 200,000
Newton Gold Corp. Warrants Bottomer, Lindsay Richard 4 28/11/2012 16 0.05 600,000 200,000
Newton Gold Corp. Common Shares Foreman, Ian James 4 28/11/2012 11 0.03 200,000 Newton Gold Corp. Common Shares Foreman, Ian James 4 28/11/2012 11 0.03 650,000 300,000 Newton Gold Corp. Warrants Foreman, Ian James 4 04/01/2011 00 Newton Gold Corp. Warrants Foreman, Ian James 4 28/11/2012 11 0.05 300,000 300,000 Newton Gold Corp. Common Shares Kordyback, Thomas Albert 4 28/11/2012 11 0.03 350,000 200,000
December 13, 2012 (2012) 35 OSCB 11352 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Newton Gold Corp. Warrants Kordyback, Thomas Albert 4 30/06/2011 00
Newton Gold Corp. Warrants Kordyback, Thomas Albert 4 28/11/2012 53 0.05 200,000 200,000
Newton Gold Corp. Common Shares McLeary, Mark 4, 5 04/01/2011 00 Newton Gold Corp. Common Shares McLeary, Mark 4, 5 28/11/2012 11 0.03 515,000 515,000 Newton Gold Corp. Warrants McLeary, Mark 4, 5 04/01/2011 00 Newton Gold Corp. Warrants McLeary, Mark 4, 5 28/11/2012 11 0.03 515,000 515,000 Nexen Inc. Rights Stock Appreciation Addy, Peter David 7 03/12/2012 58 - 28.39 78,360 -11,000 Rights Expir ation of rights
Nexen Inc. Rights Stock Appreciation Backus, Jeffrey Michael 5 03/12/2012 58 - 28.39 9,000 -8,000 Rights Expir ation of rights
Nexen Inc. Options Bailey, Ronald W. 5 03/12/2012 52 28.39 163,000 -21,000 Nexen Inc. Options Beingessner, Rick Craig 7 03/12/2012 52 28.39 78,200 -18,500 Nexen Inc. Options Dreisinger, Doug 5 03/12/2012 52 28.39 94,300 -22,000 Nexen Inc. Rights Stock Appreciation Fennell, Robert 7 03/12/2012 58 - 28.39 57,300 -10,000 Rights Expir ation of rights
Nexen Inc. Rights Stock Appreciation Harvey, Lewis Trenear 7 03/12/2012 58 - 28.39 35,700 -6,300 Rights Expir ation of rights
Nexen Inc. Rights Stock Appreciation Hutchins, Geraldine 7 03/12/2012 58 - 28.39 17,800 -6,000 Rights Bernadette Expir ation of rights
Nexen Inc. Rights Stock Appreciation Macaulay, Ian Alexander 7 03/12/2012 58 - 28.39 33,900 -8,000 Rights David Expir ation of rights
Nexen Inc. Options Manz, Ronald E. 7 17/10/2011 52 27.465 52,000 -50,000 Nexen Inc. Options Manz, Ronald E. 7 03/12/2012 52 28.4 0 -22,000 Nexen Inc. Rights Stock Appreciation McLachlan, Kevin J 7 03/12/2012 58 - 28.39 20,000 -10,000 Rights Expir ation of rights
Nexen Inc. Options Muller, Brendon Troy 5 03/12/2012 52 28.39 157,600 -30,000 Nexen Inc. Rights Stock Appreciation O'Brien, Alan 7 03/12/2012 58 - 28.39 82,800 -18,000 Rights Expir ation of rights
Nexen Inc. Options Power, Una Marie 7, 5 03/12/2012 52 28.39 341,600 -40,000 Nexen Inc. Options Reinhart, Kevin Jerome 5 03/12/2012 52 28.39 595,300 -80,000 Nexen Inc. Rights Stock Appreciation Roessel, Theresa Anne 7 03/12/2012 58 - 28.39 0 -10,000 Rights Expir ation of rights
Nexen Inc. Options Schonberner, Marilyn Joy 7 03/12/2012 52 28.39 78,800 -21,000 NexGen Financial Common Shares Munro, Laurie 4, 7, 5 06/12/2012 10 6.15 105,172 3,900 Corporation
December 13, 2012 (2012) 35 OSCB 11353 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Niko Resources Ltd. Options Cummings, Charles James 4 30/11/2012 50 8.24 70,833 8,333
Niko Resources Ltd. Options Cummings, Charles James 4 30/11/2012 52 97.76 64,583 -6,250
Niko Resources Ltd. Options Cummings, Charles James 4 05/12/2012 50 8.5 81,250 16,667
Niko Resources Ltd. Options HESJE, MURRAY ELDON 5 05/12/2012 50 8.5 266,667 16,667
Niko Resources Ltd. Common Shares HORNADAY, WILLIAM, 4 29/11/2012 10 8.5 10,000 THOMAS Niko Resources Ltd. Common Shares HORNADAY, WILLIAM, 4 29/11/2012 15 8.5 10,000 THOMAS Niko Resources Ltd. Common Shares HORNADAY, WILLIAM, 4 29/11/2012 15 8.5 109,667 7,650 THOMAS Niko Resources Ltd. Common Shares HORNADAY, WILLIAM, 4 14/03/2003 00 THOMAS Niko Resources Ltd. Common Shares HORNADAY, WILLIAM, 4 29/11/2012 15 8.5 2,350 2,350 THOMAS Niko Resources Ltd. Options HORNADAY, WILLIAM, 4 02/12/2012 50 8.26 533,333 33,333 THOMAS Niko Resources Ltd. Options HORNADAY, WILLIAM, 4 02/12/2012 52 93.15 508,333 -25,000 THOMAS Niko Resources Ltd. Options HORNADAY, WILLIAM, 4 05/12/2012 50 8.5 641,666 133,333 THOMAS Niko Resources Ltd. Common Shares Kathol, Conrad P. 4 03/12/2012 10 8.23 278,979 1,500 Niko Resources Ltd. Common Shares Kathol, Conrad P. 4 03/12/2012 10 8.22 282,479 3,500 Niko Resources Ltd. Common Shares Kathol, Conrad P. 4 04/12/2012 15 8.5 292,479 10,000 Niko Resources Ltd. Options Kathol, Conrad P. 4 30/11/2012 50 8.24 70,833 8,333 Niko Resources Ltd. Options Kathol, Conrad P. 4 30/11/2012 52 93 64,583 -6,250 Niko Resources Ltd. Options Kathol, Conrad P. 4 05/12/2012 50 8.5 81,250 16,667 Niko Resources Ltd. Options Robinson, Wendell W. 4 05/12/2012 50 8.5 6,250 Niko Resources Ltd. Options Robinson, Wendell W. 4 05/12/2012 50 8.5 79,167 16,667 Niko Resources Ltd. Options Robinson, Wendell W. 4 08/12/2012 58 - 49.62 72,917 -6,250 Expir ation of rights
Niko Resources Ltd. Common Shares SAMPSON, EDWARD 4 04/12/2012 15 8.5 10,000 STANLEY Niko Resources Ltd. Common Shares SAMPSON, EDWARD 4 04/12/2012 15 8.5 3,231,064 10,000 STANLEY Niko Resources Ltd. Options SAMPSON, EDWARD 4 30/11/2012 50 8.24 1,079,167 79,167 STANLEY Niko Resources Ltd. Options SAMPSON, EDWARD 4 30/11/2012 52 93 1,019,792 -59,375 STANLEY Niko Resources Ltd. Options SAMPSON, EDWARD 4 02/12/2012 50 8.26 1,069,792 50,000 STANLEY Niko Resources Ltd. Options SAMPSON, EDWARD 4 02/12/2012 52 93.15 1,032,292 -37,500 STANLEY Niko Resources Ltd. Options SAMPSON, EDWARD 4 05/12/2012 50 8.5 1,298,959 266,667 STANLEY Niko Resources Ltd. Common Shares Valk, Glen 5 13/08/2012 00 Niko Resources Ltd. Common Shares Valk, Glen 5 04/12/2012 15 8.5 7,650 Niko Resources Ltd. Common Shares Valk, Glen 5 04/12/2012 15 8.5 7,650 7,650 Niko Resources Ltd. Common Shares Valk, Glen 5 13/08/2012 00 Niko Resources Ltd. Common Shares Valk, Glen 5 04/12/2012 15 8.5 10,000 Niko Resources Ltd. Common Shares Valk, Glen 5 04/12/2012 15 8.5 2,350 2,350 Niko Resources Ltd. Options Valk, Glen 5 13/08/2012 00 Niko Resources Ltd. Options Valk, Glen 5 29/11/2012 50 8.24 50,000 50,000 Niko Resources Ltd. Options Valk, Glen 5 05/12/2012 50 8.5 100,000 50,000 Nitinat Minerals Corporation Common Shares Marrelli, Carmelo 5 07/12/2012 11 -2,999
Nitinat Minerals Corporation Common Shares Marrelli, Carmelo 5 07/12/2012 90 0 -2,999
Nitinat Minerals Corporation Common Shares Marrelli, Carmelo 5 07/12/2012 11 2,999
Nitinat Minerals Corporation Common Shares Marrelli, Carmelo 5 07/12/2012 90 2,999 2,999
Nitinat Minerals Corporation Common Shares Marrelli, Carmelo 5 07/12/2012 10 0.33 0 -2,999
North American Energy Common Shares Ferron, Martin Robert 4, 5 03/12/2012 10 606,064 164 Partners Inc.
December 13, 2012 (2012) 35 OSCB 11354 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed North American Energy Common Shares Ferron, Martin Robert 4, 5 04/12/2012 10 607,400 1,336 Partners Inc. North American Energy Common Shares Ferron, Martin Robert 4, 5 05/12/2012 10 607,700 300 Partners Inc. North American Energy Common Shares Ferron, Martin Robert 4, 5 07/12/2012 10 608,400 700 Partners Inc. North American Energy Deferred Share Unit McIntosh, Ronald A 4 30/11/2012 56 92,733 2,582 Partners Inc. (Common Shares) North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 22/11/2006 00 Partners Inc. North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 30/11/2012 10 $200,000 $200,000 Partners Inc. North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 22/11/2006 00 Partners Inc. North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 30/11/2012 10 $200,000 $200,000 Partners Inc. North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 22/11/2006 00 Partners Inc. North American Energy Notes NOACN 9 1/8 Turner, K. Rick 4 30/11/2012 10 $200,000 $200,000 Partners Inc. North Sea Energy Inc. Common Shares Lambert, Ian Davidson 4 04/12/2012 10 0.22 402,517 9,000 (formerly, Ranger Energy Ltd.) North Sea Energy Inc. Common Shares Lambert, Ian Davidson 4 05/12/2012 10 0.205 404,017 1,500 (formerly, Ranger Energy Ltd.) Northern Gold Mining Inc. Options Brandolini, Nuno 4 30/11/2012 50 700,000 300,000 Northern Gold Mining Inc. Options Cortina Koplowitz, Pelayo 4 21/11/2012 00 Northern Gold Mining Inc. Options Cortina Koplowitz, Pelayo 4 30/11/2012 50 400,000 400,000 Northern Gold Mining Inc. Options Culhane, Patrick Albert 4 30/11/2012 50 1,300,000 500,000 Northern Gold Mining Inc. Options Culhane, Tyler John 5 01/11/2012 00 Northern Gold Mining Inc. Options Culhane, Tyler John 5 30/11/2012 50 300,000 300,000 Northern Gold Mining Inc. Options Gibson, Gregory 4, 5 30/11/2012 50 1,000,000 600,000 Northern Gold Mining Inc. Options Laxton, Heather Anne 5 30/11/2012 50 310,000 50,000 Northern Gold Mining Inc. Options McCormack, Lisa Elisabeth 5 01/11/2012 00
Northern Gold Mining Inc. Options McCormack, Lisa Elisabeth 5 30/11/2012 50 300,000 300,000
Northern Gold Mining Inc. Options Moeller, Eric M. 4 30/11/2012 50 1,300,000 300,000 Northern Gold Mining Inc. Options Shefsky, Martin 4, 5 30/11/2012 50 2,750,000 300,000 Northern Gold Mining Inc. Options Szustak, Eric 5 30/11/2012 50 1,430,000 200,000 Northern Superior Options Booth, Brian 4 07/12/2012 50 0.105 500,000 100,000 Resources Inc. Northern Superior Options Boucher, Donald Roméo 5 07/12/2012 50 0.105 1,675,000 75,000 Resources Inc. Northern Superior Options Morris, Thomas, Findlay 5 07/12/2012 50 0.105 2,466,667 800,000 Resources Inc. Northfield Capital Common Shares CLASS Northfield Capital 1 30/11/2012 38 28.5 8,620 720 Corporation A RESTRICTED VOTING Corporation
Northfield Capital Common Shares CLASS Peters, Brent James 5 06/12/2012 47 28.5 73,100 -900 Corporation A RESTRICTED VOTING
Northstar Healthcare Inc. Common Shares Samuelson, Douglas 4 06/12/2012 46 0.14 158,802 27,969 NovaCopper Inc. Rights Donnelly, Patrick Michael 5 06/08/2012 00 70,000 NovaCopper Inc. Rights Deferred Share Giardini, Tony Serafino 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Giardini, Tony Serafino 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Common Shares Iley, Sacha Amela 5 03/12/2012 57 6,063 760 NovaCopper Inc. Rights NovaGold PSUs Iley, Sacha Amela 5 03/12/2012 57 5,090 -6,810 NovaCopper Inc. Rights NovaGold PSUs Iley, Sacha Amela 5 03/12/2012 59 0 -5,090 NovaCopper Inc. Rights Restricted Share Iley, Sacha Amela 5 30/04/2012 00 Units NovaCopper Inc. Rights Restricted Share Iley, Sacha Amela 5 05/12/2012 56 130,000 130,000 Units NovaCopper Inc. Rights Deferred Share Krepiakevich, Terry 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Krepiakevich, Terry 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Rights Deferred Share Levental, Igor 4 30/04/2012 00 Unit
December 13, 2012 (2012) 35 OSCB 11355 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed NovaCopper Inc. Rights Deferred Share Levental, Igor 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Rights Deferred Share Madhavpeddi, Kalidas 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Madhavpeddi, Kalidas 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Rights Deferred Share McConnell, Gerald James 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share McConnell, Gerald James 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Rights Deferred Share Nauman, Clynton R. 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Nauman, Clynton R. 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Common Shares Piekenbrock, Joseph 5 03/12/2012 57 10,524 886 Robert NovaCopper Inc. Rights NovaGold PSUs Piekenbrock, Joseph 5 03/12/2012 57 4,666 -7,934 Robert NovaCopper Inc. Rights NovaGold PSUs Piekenbrock, Joseph 5 03/12/2012 59 0 -4,666 Robert NovaCopper Inc. Rights Restricted Share Piekenbrock, Joseph 5 30/04/2012 00 Units Robert NovaCopper Inc. Rights Restricted Share Piekenbrock, Joseph 5 05/12/2012 56 200,000 200,000 Units Robert NovaCopper Inc. Common Shares Sanders, Elaine 5 03/12/2012 57 8,965 1,131 NovaCopper Inc. Rights NovaGold PSUs Sanders, Elaine 5 03/12/2012 57 7,669 -10,131 NovaCopper Inc. Rights NovaGold PSUs Sanders, Elaine 5 03/12/2012 59 0 -7,669 NovaCopper Inc. Rights Restricted Share Sanders, Elaine 5 30/04/2012 00 Units NovaCopper Inc. Rights Restricted Share Sanders, Elaine 5 05/12/2012 56 200,000 200,000 Units NovaCopper Inc. Rights Deferred Share Segsworth, Walter Thomas 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Segsworth, Walter Thomas 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Rights Deferred Share Stairs, Janice Alayne 4 30/04/2012 00 Unit NovaCopper Inc. Rights Deferred Share Stairs, Janice Alayne 4 05/12/2012 56 75,000 75,000 Unit NovaCopper Inc. Common Shares Van Nieuwenhuyse, Rick 5 30/04/2012 00 NovaCopper Inc. Common Shares Van Nieuwenhuyse, Rick 5 03/12/2012 57 6,755 6,755 NovaCopper Inc. Common Shares Van Nieuwenhuyse, Rick 5 04/12/2012 57 6,755 NovaCopper Inc. Common Shares Van Nieuwenhuyse, Rick 5 04/12/2012 57 6,755 NovaCopper Inc. Rights NovaGold PSUs Van Nieuwenhuyse, Rick 5 03/12/2012 57 46,756 -60,494 NovaCopper Inc. Rights NovaGold PSUs Van Nieuwenhuyse, Rick 5 03/12/2012 59 0 -46,756 NOVAGOLD RESOURCES Options Dowdall, Sharon Elizabeth 4 05/12/2012 50 4.38 230,050 130,050 INC. NOVAGOLD RESOURCES Rights Deferred Share Dowdall, Sharon Elizabeth 4 01/12/2012 56 1,860 917 INC. Unit NOVAGOLD RESOURCES Options Faber, Marc 4 05/12/2012 50 4.38 345,800 130,050 INC. NOVAGOLD RESOURCES Rights Deferred Share Faber, Marc 4 01/12/2012 56 5,198 918 INC. Unit NOVAGOLD RESOURCES Deferred Share Units Giardini, Tony Serafino 4 01/12/2012 56 6,006 916 INC. (DSU) NOVAGOLD RESOURCES Rights Deferred Share Kaplan, Thomas 4 01/12/2012 56 4.5264 6,121 1,832 INC. Unit NOVAGOLD RESOURCES Options Lang, Gregory Anthony 5 05/12/2012 50 4.38 660,000 INC. NOVAGOLD RESOURCES Options Lang, Gregory Anthony 5 05/12/2012 50 4.38 1,660,000 660,000 INC. NOVAGOLD RESOURCES Rights Performance Lang, Gregory Anthony 5 05/12/2012 56 560,000 260,000 INC. Share Unit NOVAGOLD RESOURCES Common Shares Leathley, Gillyeard(Gil) 4, 5 03/12/2012 57 53,189 20,845 INC. James NOVAGOLD RESOURCES Common Shares Leathley, Gillyeard(Gil) 4, 5 03/12/2012 46 134,499 81,310 INC. James NOVAGOLD RESOURCES Rights Performance Leathley, Gillyeard(Gil) 4, 5 03/12/2012 57 16,038 -39,012 INC. Share Unit James NOVAGOLD RESOURCES Rights Performance Leathley, Gillyeard(Gil) 4, 5 03/12/2012 59 0 -16,038 INC. Share Unit James NOVAGOLD RESOURCES Options Levental, Igor 4 05/12/2012 50 4.38 578,050 130,050 INC.
December 13, 2012 (2012) 35 OSCB 11356 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed NOVAGOLD RESOURCES Rights Deferred Share Levental, Igor 4 01/12/2012 56 7,761 1,835 INC. Unit NOVAGOLD RESOURCES Options Madhavpeddi, Kalidas 4 05/12/2012 50 4.38 673,050 130,050 INC. NOVAGOLD RESOURCES Rights Deferred Share Madhavpeddi, Kalidas 4 01/12/2012 56 6,709 918 INC. Unit NOVAGOLD RESOURCES Rights Deferred Share McConnell, Gerald James 4 01/12/2012 56 11,241 1,832 INC. Unit NOVAGOLD RESOURCES Rights Deferred Share Nauman, Clynton R. 4 01/12/2012 56 6,708 916 INC. Unit NOVAGOLD RESOURCES Options Ottewell, David 5 05/12/2012 50 4.38 540,000 240,000 INC. NOVAGOLD RESOURCES Rights Performance Ottewell, David 5 05/12/2012 56 200,000 100,000 INC. Share Unit NOVAGOLD RESOURCES Common Shares Van Nieuwenhuyse, Rick 4, 5 03/12/2012 57 229,049 40,535 INC. NOVAGOLD RESOURCES Common Shares Van Nieuwenhuyse, Rick 4, 5 04/12/2012 57 4.43 40,535 INC. NOVAGOLD RESOURCES Rights Deferred Share Van Nieuwenhuyse, Rick 4, 5 14/06/2002 00 INC. Unit NOVAGOLD RESOURCES Rights Deferred Share Van Nieuwenhuyse, Rick 4, 5 01/12/2012 56 4.499 944 944 INC. Unit NOVAGOLD RESOURCES Rights Deferred Share Van Nieuwenhuyse, Rick 4, 5 01/12/2012 56 1,860 916 INC. Unit NOVAGOLD RESOURCES Rights Performance Van Nieuwenhuyse, Rick 4, 5 03/12/2012 57 4.43 -40,535 INC. Share Unit NOVAGOLD RESOURCES Rights Performance Van Nieuwenhuyse, Rick 4, 5 03/12/2012 57 31,322 -75,928 INC. Share Unit NOVAGOLD RESOURCES Rights Performance Van Nieuwenhuyse, Rick 4, 5 03/12/2012 59 0 -31,322 INC. Share Unit NOVAGOLD RESOURCES Rights Deferred Share Walsh, Anthony P. 4 01/12/2012 56 4.53 1,860 916 INC. Unit Oando Energy Resources Common Shares Orange, John Robert 4 24/07/2012 37 -228,941 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Common Shares Orange, John Robert 4 24/07/2012 37 -228,941 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Common Shares Orange, John Robert 4 24/07/2012 37 -228,941 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Options Orange, John Robert 4 06/11/2012 50 200,000 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Options Orange, John Robert 4 06/11/2012 50 200,000 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Options Orange, John Robert 4 06/11/2012 50 200,000 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 16 11,059 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Common Shares Orange, John Robert 4 24/07/2012 00 11,059 Inc. (formerly Exile Wellwood Resources Inc.)
December 13, 2012 (2012) 35 OSCB 11357 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Oando Energy Resources Options Orange, John Robert 4 24/07/2012 00 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Options Orange, John Robert 4 06/11/2012 50 200,000 200,000 Inc. (formerly Exile Wellwood Resources Inc.) Oando Energy Resources Warrants Orange, John Robert 4 24/07/2012 00 22,118 Inc. (formerly Exile Wellwood Resources Inc.) Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 02/11/2012 38 5.81 500 500 Oil Sands Sector Fund Trust Units Oil Sands Sector Fund 1 02/11/2012 38 5.81 0 -500 ONEX CORPORATION Options Daly, Andrea Elizabeth 5 04/12/2012 50 40.35 135,000 20,000 ONEX CORPORATION Options Donaldson, Christine Maria 5 04/12/2012 50 40.35 145,000 20,000
ONEX CORPORATION Options Duncanson, Timothy 5 04/12/2012 50 40.35 390,000 25,000 Andrew Robert ONEX CORPORATION Options Gilis, Konstantin 5 04/12/2012 50 40.35 122,000 25,000 ONEX CORPORATION Options Govan, Christopher Allan 5 04/12/2012 50 40.35 235,000 25,000 ONEX CORPORATION Options Heersink, Ewout R. 4, 5 04/12/2012 50 40.35 225,000 25,000 ONEX CORPORATION Options Lay, Michael 7 05/06/2000 00 ONEX CORPORATION Options Lay, Michael 7 04/12/2012 50 40.35 35,000 35,000 ONEX CORPORATION Options Le Blanc, Robert Michael 7 04/12/2012 50 40.35 955,000 50,000 ONEX CORPORATION Options Lewtas, Donald William 5 04/12/2012 50 40.35 290,000 25,000 ONEX CORPORATION Options Mansell, David John 5 04/12/2012 50 40.35 215,000 40,000 ONEX CORPORATION Options Mersky, Seth Mitchell 5 04/12/2012 50 40.35 635,000 50,000 ONEX CORPORATION Options Mersky, Seth Mitchell 5 05/12/2012 38 18.18 460,000 -175,000 ONEX CORPORATION Options Morgan, Anthony David 7 04/12/2012 50 40.35 70,000 20,000 ONEX CORPORATION Options Munk, Anthony 7 04/12/2012 50 40.35 295,000 50,000 ONEX CORPORATION Subordinate Voting Onex Corporation 1 05/11/2012 38 40.465 6,700 6,700 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 05/11/2012 38 0 -6,700 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 12/11/2012 38 40.459 30,600 30,600 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 12/11/2012 38 0 -30,600 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 13/11/2012 38 40.132 31,651 31,651 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 13/11/2012 38 0 -31,651 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 15/11/2012 38 39.671 34,051 34,051 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 15/11/2012 38 0 -34,051 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 16/11/2012 38 39.827 8,400 8,400 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 16/11/2012 38 0 -8,400 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 26/11/2012 38 40 8,900 8,900 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 26/11/2012 38 0 -8,900 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 29/11/2012 38 40.748 34,051 34,051 Shares ONEX CORPORATION Subordinate Voting Onex Corporation 1 29/11/2012 38 0 -34,051 Shares Open Text Corporation Common Shares OTEX Slaunwhite, Michael 4 04/12/2012 51 13.095 50,400 12,000 Common Open Text Corporation Options All OTEX Option Slaunwhite, Michael 4 04/12/2012 51 13.095 69,900 -12,000 Plans Opta Minerals Inc. Common Shares Fryters, Peter 5 03/12/2012 30 2.04 883 758 Opta Minerals Inc. Common Shares Kruse, David 5 03/12/2012 30 2.04 105,221 2,121 Opta Minerals Inc. Common Shares Uguccioni, Paul August 5 03/12/2012 30 2.04 4,317 470 Oracle Mining Corp. Options Edwards, Alan R. 4 03/12/2012 50 0.94 400,000 250,000 Oracle Mining Corp. Options Escribano, Carlos Javier 5 03/12/2012 50 0.94 340,000 150,000 Oracle Mining Corp. Options Francis, Kevin Albert 5 03/12/2012 50 0.94 200,000 146,000 Oracle Mining Corp. Options Grenke, Tiffany 5 03/12/2012 50 0.94 275,000 130,000 Oracle Mining Corp. Options Mercier, Jason Alexander 5 03/12/2012 50 0.94 253,000 68,000 James Oracle Mining Corp. Options Silver, Douglas 4 21/11/2012 00 Oracle Mining Corp. Options Silver, Douglas 4 03/12/2012 50 0.94 200,000 200,000 Osisko Mining Corporation Common Shares Burzynski, John Feliks 5 03/12/2012 10 7.75 335,300 30,000
December 13, 2012 (2012) 35 OSCB 11358 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Osisko Mining Corporation Common Shares Burzynski, John Feliks 5 05/12/2012 10 7.35 345,300 10,000
Osisko Mining Corporation Common Shares Côté, Marcel 4 04/12/2012 10 7.74 113,030 10,000
Osisko Mining Corporation Common Shares Le Bel, André 5 06/12/2012 51 2.2 31,714 10,000
Osisko Mining Corporation Options Le Bel, André 5 06/12/2012 51 2.2 385,300 -10,000
Pacific North West Capital Common Shares Barr, Harry 4, 5 27/11/2012 10 0.05 261,000 10,000 Corp. Painted Pony Petroleum Ltd. Common Shares Axford, Mary Kay 5 03/12/2012 30 10.85 53,934 248
Painted Pony Petroleum Ltd. Common Shares Dunne, Joan 5 03/12/2012 30 10.85 555,215 410
Painted Pony Petroleum Ltd. Common Shares French, James Hazen 5 03/12/2012 30 10.85 513,082 365
Painted Pony Petroleum Ltd. Common Shares Hall, Bruce 5 03/12/2012 30 10.85 788 317
Painted Pony Petroleum Ltd. Common Shares McNamara, Leo Barry 5 03/12/2012 30 10.85 60,712 317
Painted Pony Petroleum Ltd. Common Shares REIMER, JAMES D. 5 03/12/2012 30 10.85 7,009 340
Painted Pony Petroleum Ltd. Common Shares Ward, Patrick Russell 4, 5 03/12/2012 30 10.85 973,901 510
Paramount Resources Ltd. Common Shares Class A Jungé, Dirk 4 05/12/2012 47 39,472 -8,700
Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 26/06/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $60,000 $60,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 26/06/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $60,000 $60,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 26/06/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $40,000 $40,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 26/06/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $300,000 $300,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 26/06/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $2,000,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Lee, Bernard K. 5 04/12/2012 15 $1,540,000 $1,540,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior McMillan, Geoffrey W. P. 5 04/12/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior McMillan, Geoffrey W. P. 5 04/12/2012 15 $100,000 $100,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Purdy, Darrel S. 5 01/06/2006 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Purdy, Darrel S. 5 04/12/2012 15 $50,000 $50,000 Unsecured Notes due December 2019
December 13, 2012 (2012) 35 OSCB 11359 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Paramount Resources Ltd. Notes 7.625% Senior Riddell, Clayton H. 3, 4, 5 04/03/2003 00 Unsecured Notes due December 2019 Paramount Resources Ltd. Notes 7.625% Senior Riddell, Clayton H. 3, 4, 5 04/12/2012 15 $6,000,000 $6,000,000 Unsecured Notes due December 2019 Paramount Resources Ltd. Common Shares Class A Shier, E. Mitchell 5 06/12/2012 51 7.36 11,206 7,500
Paramount Resources Ltd. Common Shares Class A Shier, E. Mitchell 5 06/12/2012 10 34 9,706 -1,500
Paramount Resources Ltd. Common Shares Class A Shier, E. Mitchell 5 06/12/2012 10 33.88 3,706 -6,000
Paramount Resources Ltd. Options Shier, E. Mitchell 5 06/12/2012 51 7.36 175,000 -7,500
Parlane Resource Corp. Options Arca, Gary Vittorio 4 03/12/2012 50 424,000 71,000 Parlane Resource Corp. Options Eadie, Robert 4, 5 03/12/2012 50 566,000 71,000 Partner Jet Corp. Common Shares Herman, Michael William 3 05/12/2012 10 0.075 1,153,834 7,000 Pason Systems Inc. RSU Allsopp, Harold 4 30/11/2012 59 16.55 3,333 -833 Pason Systems Inc. RSU Allsopp, Harold 4 30/11/2012 59 16.55 1,667 -1,666 Pason Systems Inc. RSU Brooks, Gilbert Allen 4 30/11/2012 59 16.55 3,333 -833 Pason Systems Inc. RSU Brooks, Gilbert Allen 4 30/11/2012 59 16.55 1,667 -1,666 Pason Systems Inc. RSU Cobbe, Murray Lynn 4 30/11/2012 59 16.55 1,667 -2,499 Pason Systems Inc. Options Elliott, David Robert 5 30/11/2012 50 16.67 199,000 65,000 Pason Systems Inc. RSU Elliott, David Robert 5 30/11/2012 59 16.55 23,167 -1,500 Pason Systems Inc. RSU Elliott, David Robert 5 30/11/2012 59 16.55 21,333 -1,834 Pason Systems Inc. RSU Elliott, David Robert 5 30/11/2012 59 16.55 16,333 -5,000 Pason Systems Inc. RSU Elliott, David Robert 5 30/11/2012 50 31,333 15,000 Pason Systems Inc. RSU Elliott, David Robert 5 30/11/2012 59 13.04 29,833 -1,500 Pason Systems Inc. Options Holodinsky, David 5 30/11/2012 50 16.67 220,000 65,000 Pason Systems Inc. RSU Holodinsky, David 5 30/11/2012 59 16.55 23,333 -4,167 Pason Systems Inc. RSU Holodinsky, David 5 30/11/2012 59 16.55 19,167 -4,166 Pason Systems Inc. RSU Holodinsky, David 5 30/11/2012 59 16.55 14,167 -5,000 Pason Systems Inc. RSU Holodinsky, David 5 30/11/2012 50 29,167 15,000 Pason Systems Inc. RSU Howe, James Brian 4 30/11/2012 59 16.55 1,667 -2,499 Pason Systems Inc. Options Kessler, Marcel 5 30/11/2012 50 16.67 200,000 100,000 Pason Systems Inc. RSU Kessler, Marcel 5 30/11/2012 59 16.55 16,667 -8,333 Pason Systems Inc. RSU Kessler, Marcel 5 30/11/2012 50 46,667 30,000 Pason Systems Inc. Options Lindsay, James Gregory 7 30/11/2012 50 16.67 290,000 75,000 Pason Systems Inc. RSU Lindsay, James Gregory 7 30/11/2012 59 16.55 26,000 -5,000 Pason Systems Inc. RSU Lindsay, James Gregory 7 30/11/2012 59 16.55 21,000 -5,000 Pason Systems Inc. RSU Lindsay, James Gregory 7 30/11/2012 59 16.55 15,667 -5,333 Pason Systems Inc. RSU Lindsay, James Gregory 7 30/11/2012 50 33,667 18,000 Pason Systems Inc. RSU Rodda, Robert Alexander 5 30/11/2012 59 16.55 28,000 -6,667 Pason Systems Inc. RSU Rodda, Robert Alexander 5 30/11/2012 59 16.55 23,000 -5,000 Pason Systems Inc. RSU Rodda, Robert Alexander 5 30/11/2012 59 16.55 17,000 -6,000 Patheon Inc. Restricted Voting Shares Lytton, Michael 5 03/12/2012 56 3.19 382,400 191,200 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares Mullen, James Charles 4, 5 03/12/2012 56 3.19 2,402,088 1,201,044 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares Shaw, Brian Gordon 4 03/12/2012 56 3.19 120,000 60,000 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares Stockmans, Richard 7, 5 03/12/2012 56 3.19 6,126 3,063 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares sutin, david earl 4 03/12/2012 56 3.19 40,000 20,000 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares Viso, Joaquin 4 03/12/2012 56 3.19 21,648,106 10,824,053 (Common Shares redesignated-Apr/07)
Patheon Inc. Restricted Voting Shares Watchorn, Derek John 4 03/12/2012 56 3.19 59,150 30,825 (Common Shares redesignated-Apr/07)
December 13, 2012 (2012) 35 OSCB 11360 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Pathfinder Convertible Trust Units Pathfinder Convertible 1 30/11/2012 38 11.78 4,419,886 7,000 Debenture Fund Debenture Fund Pathfinder Convertible Trust Units Pathfinder Convertible 1 03/12/2012 38 11.79 4,421,186 1,300 Debenture Fund Debenture Fund Pathfinder Convertible Trust Units Pathfinder Convertible 1 04/12/2012 38 11.78 4,422,786 1,600 Debenture Fund Debenture Fund Pathfinder Convertible Trust Units Pathfinder Convertible 1 05/12/2012 38 11.75 4,424,786 2,000 Debenture Fund Debenture Fund Pathfinder Convertible Trust Units Pathfinder Convertible 1 06/12/2012 38 11.68 4,427,586 2,800 Debenture Fund Debenture Fund Peer 1 Network Enterprises, Common Shares Cytrynbaum, Michael 4 04/12/2012 51 1.4 25,000 25,000 Inc. Peer 1 Network Enterprises, Options Incentive Cytrynbaum, Michael 4 04/12/2012 51 1.4 200,000 -25,000 Inc. Pembina Pipeline Common Shares Edgeworth, Allan Leslie 4 15/10/2012 30 26.207 40,417 207 Corporation Pembina Pipeline Common Shares Edgeworth, Allan Leslie 4 15/11/2012 30 26.366 40,623 206 Corporation Pengrowth Energy Deferred Entitlement Cumming, Thomas 4 05/12/2012 30 29,620 2,108 Corporation Shares Alexander Pengrowth Energy DSU Cumming, Thomas 4 05/12/2012 30 24,306 1,570 Corporation Alexander Pengrowth Energy Deferred Entitlement Foo, Wayne Kim 4 05/12/2012 30 27,836 1,981 Corporation Shares Pengrowth Energy DSU Foo, Wayne Kim 4 05/12/2012 30 24,306 1,570 Corporation Pengrowth Energy Deferred Entitlement Poole, Albert Terence 4 05/12/2012 30 29,620 2,108 Corporation Shares Pengrowth Energy DSU Poole, Albert Terence 4 05/12/2012 30 24,306 1,570 Corporation Pengrowth Energy Deferred Entitlement Zaozirny, John Brian 4 05/12/2012 30 59,860 4,260 Corporation Shares Pengrowth Energy DSU Zaozirny, John Brian 4 05/12/2012 30 40,831 2,666 Corporation People Corporation Common Shares Asmundson, Paul Edward 7 30/11/2012 10 0.395 180,324 824 People Corporation Common Shares Canning, Brevan 5 30/11/2012 10 0.395 406,530 989 People Corporation Common Shares Chwartacki, Bonnie 5 30/11/2012 10 0.395 260,880 1,220 People Corporation Common Shares Gallivan, John Brian 5 30/11/2012 10 0.395 1,734,916 1,400 People Corporation Common Shares Goldberg, Laurie Marc 3, 4, 5 30/11/2012 10 0.395 50,881 1,912 People Corporation Common Shares Horner, Graeme Jeremy 7 30/11/2012 10 0.395 39,555 706 People Corporation Common Shares Johnstone, Eric Roch 7 30/11/2012 10 0.395 52,213 686 People Corporation Common Shares Pittman, Glenn Michael 5 30/11/2012 10 0.395 20,343 824 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 01/11/2012 00 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 27/11/2012 00 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 27/11/2012 00 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 27/11/2012 00 200,000 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 27/11/2012 11 0.05 200,000 Pepcap Ventures Inc. Common Shares Dusik, Victor Stanley 4 27/11/2012 11 0.05 200,000 Pepcap Ventures Inc. Common Shares King, Richard Charles 4 29/11/2012 00 500,000 Pepcap Ventures Inc. Common Shares Swanson, Clark 4 29/11/2012 00 500,000 Pepcap Ventures Inc. Common Shares swanson, gary edward 4 29/11/2012 00 500,000 Pethealth Inc. Common Shares Pethealth Inc. 1 01/01/1999 00 Pethealth Inc. Common Shares Pethealth Inc. 1 08/11/2012 10 0.85 2,418 2,418 Pethealth Inc. Common Shares Pethealth Inc. 1 09/11/2012 10 0.95 42,418 40,000 Pethealth Inc. Common Shares Pethealth Inc. 1 12/11/2012 10 0.86 42,918 500 Pethealth Inc. Common Shares Pethealth Inc. 1 15/11/2012 10 0.88 44,918 2,000 Pethealth Inc. Common Shares Pethealth Inc. 1 20/11/2012 10 0.85 46,918 2,000 Pethealth Inc. Common Shares Pethealth Inc. 1 21/11/2012 10 0.85 49,318 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 22/11/2012 10 0.85 51,718 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 23/11/2012 10 0.85 54,118 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 26/11/2012 10 0.8 56,518 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 27/11/2012 10 0.79 58,518 2,000 Pethealth Inc. Common Shares Pethealth Inc. 1 28/11/2012 10 0.8 60,918 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 29/11/2012 10 0.8 63,318 2,400 Pethealth Inc. Common Shares Pethealth Inc. 1 30/11/2012 10 0.8 65,736 2,418 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 04/12/2012 10 0.053 14,140,707 20,000 Petrolympic Ltd. Common Shares Ekstein, Brocha 3 05/12/2012 10 0.058 14,147,707 7,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 01/11/2012 30 8.0022 366,100 66,100 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 02/11/2012 30 7.7336 466,100 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 05/11/2012 30 8.1935 566,100 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 06/11/2012 30 8.2652 666,100 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 07/11/2012 30 8.0921 764,700 98,600 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 08/11/2012 30 8.1733 864,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 09/11/2012 30 8.2621 964,700 100,000
December 13, 2012 (2012) 35 OSCB 11361 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 12/11/2012 30 8.3236 1,064,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 13/11/2012 30 7.9638 1,164,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 14/11/2012 30 7.7766 1,264,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 15/11/2012 30 7.5483 1,364,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 16/11/2012 30 7.4563 1,464,700 100,000 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 19/11/2012 30 7.8184 1,562,368 97,668 Petrominerales Ltd. Common Shares Petrominerales Ltd. 1 30/11/2012 30 0 -1,562,368 Peyto Exploration & Common Shares Robinson, Scott 5 04/12/2012 10 24.9 455,157 600 Development Corp. Peyto Exploration & Common Shares Robinson, Scott 5 05/12/2012 10 24.6 456,157 1,000 Development Corp. Peyto Exploration & Common Shares Robinson, Scott 5 06/12/2012 10 24.399 457,557 1,400 Development Corp. Phonetime Inc. Common Shares Clifford, Gary 4 03/12/2012 10 0.06 6,470,463 819,000 Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 05/12/2012 10 0.27 2,862,895 2,500 Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 05/12/2012 10 0.275 2,863,895 1,000 Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 06/12/2012 10 0.275 2,880,895 17,000 Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 07/12/2012 10 0.275 2,892,395 11,500 Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 05/12/2012 10 5 826,510 1,500 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 06/12/2012 10 5 830,010 3,500 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/02/2012 35 4.7526 81,633 611 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/02/2012 35 4.7526 81,902 269 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/05/2012 35 4.5815 82,543 641 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/05/2012 35 4.5815 82,825 282 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/08/2012 35 4.6883 83,459 634 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/08/2012 35 4.6883 83,738 279 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/11/2012 35 4.8934 84,352 614 Ltd. Plazacorp Retail Properties Common Shares Brewer, Earl 3, 4, 5 15/11/2012 35 4.8934 84,622 270 Ltd. Plazacorp Retail Properties Common Shares Trenholm, Barbara 4 06/12/2012 90 5.04 56,989 -56,417 Ltd. Plazacorp Retail Properties Common Shares Trenholm, Barbara 4 01/03/2005 00 Ltd. Plazacorp Retail Properties Common Shares Trenholm, Barbara 4 06/12/2012 90 5.04 56,417 56,417 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/02/2012 35 4.7526 81,631 611 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/02/2012 35 4.7526 81,900 269 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/05/2012 35 4.5815 82,541 641 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/05/2012 35 4.5815 82,824 283 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/08/2012 35 4.6883 83,458 634 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/08/2012 35 4.6883 83,737 279 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/11/2012 35 4.8934 84,351 614 Ltd. Plazacorp Retail Properties Common Shares Zakuta, Michael Aaron 3, 4, 5 15/11/2012 35 4.8934 84,622 271 Ltd. Points International Ltd. Common Shares Croxon, David Bruce 4 03/12/2012 10 10.8 17,620 1,000 Potash Ridge Corporation Common Shares Bentinck, Guy 4, 5 15/07/2011 00 400,000 Potash Ridge Corporation Common Shares Bentinck, Guy 4, 5 05/12/2012 15 1 700,000 300,000 Potash Ridge Corporation Options Bentinck, Guy 4, 5 15/07/2011 00 2,000,000 Potash Ridge Corporation Options Bentinck, Guy 4, 5 05/12/2012 50 1 2,300,000 300,000 Potash Ridge Corporation Common Shares Dave, Navin 4 10/04/2012 00 Potash Ridge Corporation Common Shares Dave, Navin 4 05/12/2012 15 1 50,000 50,000 Potash Ridge Corporation Options Dave, Navin 4 10/04/2012 00 Potash Ridge Corporation Options Dave, Navin 4 05/12/2012 50 1 250,000 250,000 Potash Ridge Corporation Common Shares Gross, Robert Craig 4 08/11/2012 00 Potash Ridge Corporation Common Shares Gross, Robert Craig 4 05/12/2012 15 1 2,500 2,500 Potash Ridge Corporation Options Gross, Robert Craig 4 08/11/2012 00 Potash Ridge Corporation Options Gross, Robert Craig 4 05/12/2012 50 1 250,000 250,000 Potash Ridge Corporation Common Shares Hampton, Andrew Paul 5 28/11/2012 00
December 13, 2012 (2012) 35 OSCB 11362 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Potash Ridge Corporation Common Shares Hampton, Andrew Paul 5 05/12/2012 15 1 25,000 25,000 Potash Ridge Corporation Options Hampton, Andrew Paul 5 28/11/2012 00 Potash Ridge Corporation Options Hampton, Andrew Paul 5 28/11/2012 00 Potash Ridge Corporation Options Hampton, Andrew Paul 5 28/11/2012 00 60,000 Potash Ridge Corporation Options Hampton, Andrew Paul 5 05/12/2012 50 1 400,000 Potash Ridge Corporation Options Hampton, Andrew Paul 5 05/12/2012 50 1 460,000 400,000 Potash Ridge Corporation Options Harapiak, Stephen William 4 10/04/2012 00 Potash Ridge Corporation Options Harapiak, Stephen William 4 05/12/2012 50 1 250,000 250,000 Potash Ridge Corporation Common Shares Hillis, Jeffrey Andrew 5 01/08/2012 00 Potash Ridge Corporation Common Shares Hillis, Jeffrey Andrew 5 05/12/2012 15 1 50,000 50,000 Potash Ridge Corporation Options Hillis, Jeffrey Andrew 5 01/08/2012 00 Potash Ridge Corporation Options Hillis, Jeffrey Andrew 5 05/12/2012 50 1 350,000 350,000 Potash Ridge Corporation Common Shares Inwentash, Sheldon 3, 6 05/12/2012 00 8,000,000 Potash Ridge Corporation Common Shares Inwentash, Sheldon 3, 6 05/12/2012 00 1,500,000 Potash Ridge Corporation Warrants Inwentash, Sheldon 3, 6 05/12/2012 00 1,250,000 Potash Ridge Corporation Warrants Inwentash, Sheldon 3, 6 05/12/2012 00 750,000 Potash Ridge Corporation Common Shares Nelson, Laura Suzanne 5 28/11/2012 00 Potash Ridge Corporation Common Shares Nelson, Laura Suzanne 5 05/12/2012 15 1 10,000 10,000 Potash Ridge Corporation Options Nelson, Laura Suzanne 5 28/11/2012 00 Potash Ridge Corporation Options Nelson, Laura Suzanne 5 05/12/2012 50 1 350,000 350,000 Potash Ridge Corporation Common Shares Pinetree Capital Ltd. 3 05/12/2012 00 8,000,000 Potash Ridge Corporation Warrants Pinetree Capital Ltd. 3 05/12/2012 00 1,250,000 Potash Ridge Corporation Common Shares Rossi, Rocco 4 10/04/2012 00 Potash Ridge Corporation Common Shares Rossi, Rocco 4 05/12/2012 15 1 10,000 10,000 Potash Ridge Corporation Options Rossi, Rocco 4 10/04/2012 00 Potash Ridge Corporation Options Rossi, Rocco 4 05/12/2012 50 1 250,000 250,000 Potash Ridge Corporation Common Shares SHARAN, RAHOUL 4 03/12/2012 16 1 3,149,999 50,000 Potash Ridge Corporation Options SHARAN, RAHOUL 4 30/11/2012 00 200,000 Potash Ridge Corporation Common Shares Sprott Resource Corp. 3 05/12/2012 15 1 16,144,746 2,944,746 Potash Ridge Corporation Common Shares Non- Sprott Resource Corp. 3 28/11/2012 00 voting Potash Ridge Corporation Common Shares Non- Sprott Resource Corp. 3 05/12/2012 16 5,055,254 5,055,254 voting Potash Ridge Corporation Warrants Sprott Resource Corp. 3 28/11/2012 00 Potash Ridge Corporation Warrants Sprott Resource Corp. 3 05/12/2012 16 5,055,254 5,055,254 Precipitate Gold Corp. Options Wilson, Jeffrey 4 03/12/2012 00 150,000 Premier Gold Mines Limited Common Shares Begeman, John A. 4 30/11/2012 51 2 397,500 35,000
Premier Gold Mines Limited Options Begeman, John A. 4 30/11/2012 51 445,000 -35,000
Premier Royalty Inc. Common Shares Begeman, John A. 6 04/12/2012 00 Premier Royalty Inc. Common Shares Colin, Jean-Pierre 6 04/12/2012 00 Premier Royalty Inc. Common Shares Downie, Ewan Stewart 4 04/12/2012 00 Premier Royalty Inc. Common Shares Drake, Shaun Anthony 5 04/12/2012 00 Premier Royalty Inc. Options Drake, Shaun Anthony 5 04/12/2012 00 20,000 Premier Royalty Inc. Common Shares Drost, Abraham Peter 4, 5 04/12/2012 00 131,600 Premier Royalty Inc. Warrants Drost, Abraham Peter 4, 5 04/12/2012 00 49,350 Premier Royalty Inc. Common Shares Filipovic, Steven John 4 04/12/2012 00 Premier Royalty Inc. Common Shares Katz, Howard Mark 4 04/12/2012 00 Premier Royalty Inc. Common Shares Knowles, Henry Joseph 6 04/12/2012 00 Premier Royalty Inc. Common Shares Lee, Eugene 5 04/12/2012 00 Premier Royalty Inc. Common Shares McGibbon, Stephen John 6 04/12/2012 00 Premier Royalty Inc. Common Shares Morris, Brian Wayne 6 04/12/2012 00 Premier Royalty Inc. Common Shares Premier Gold Mines Limited 3 04/12/2012 00 33,655,821
Premier Royalty Inc. Warrants Premier Gold Mines Limited 3 04/12/2012 00 5,508,176
Premier Royalty Inc. Warrants Class II Premier Gold Mines Limited 3 04/12/2012 00 1,457,500
Premier Royalty Inc. Common Shares Scherkus, Ebe 6 04/12/2012 00 Premier Royalty Inc. Common Shares Seaman, John 6 04/12/2012 00 Premium Brands Holdings Common Shares BELIVEAU, JOHN 7 27/11/2012 30 17.85 50,054 -800 Corporation STEPHEN Premium Brands Holdings Common Shares BELIVEAU, JOHN 7 27/11/2012 30 17.83 50,854 800 Corporation STEPHEN Premium Brands Holdings Common Shares BELIVEAU, JOHN 7 04/12/2012 30 17.87 50,922 68 Corporation STEPHEN Premium Brands Holdings Common Shares CARRIERE, DAVID 5 04/12/2012 30 17.87 60,696 68 Corporation JOESPH LEONARD Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 15/11/2012 38 121 $26 $26 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 16/11/2012 38 119.88 $52 $26 Corporation 7.00% Subordinated Corporation
December 13, 2012 (2012) 35 OSCB 11363 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 19/11/2012 38 119.88 $62 $10 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 20/11/2012 38 117.06 $88 $26 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 21/11/2012 38 117.06 $98 $10 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 22/11/2012 38 117.06 $124 $26 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 23/11/2012 38 117.06 $134 $10 Corporation 7.00% Subordinated Corporation Premium Brands Holdings Convertible Debentures Premium Brands Holdings 1 30/11/2012 38 $0 -$134 Corporation 7.00% Subordinated Corporation Primary Energy Recycling Rights Common shares Boulanger, Rodney 4 30/11/2012 56 16,673 176 Corporation related to Directors Deferred Share Unit plan Primary Energy Recycling Rights Common shares Graham, Douglas V. 4 30/11/2012 56 7,446 79 Corporation related to Directors Deferred Share Unit plan Primary Energy Recycling Rights Common shares Lavigne, A. Michel 4, 5 30/11/2012 56 13,846 146 Corporation related to Directors Deferred Share Unit plan Primary Energy Recycling Rights Common shares Pether, Donald Allison 4 30/11/2012 56 31,328 331 Corporation related to Directors Deferred Share Unit plan Primary Energy Recycling Rights Common shares Pickwoad, Christopher 4 30/11/2012 56 6,478 68 Corporation related to Directors Deferred Share Unit plan Primary Energy Recycling Rights Common shares Waisberg, Lorie 4 30/11/2012 56 11,884 125 Corporation related to Directors Deferred Share Unit plan Primero Mining Corp. Rights Phantom Share Adams, Renaud 5 30/11/2012 59 297,436 -33,333 Units Probe Mines Limited Options Langlois, Patrick 5 05/12/2012 50 1.9 200,000 50,000 Probe Mines Limited Options Marrelli, Carmelo 5 05/12/2012 50 1.9 290,000 15,000 Progressive Waste Solutions Common Shares Brown, Thomas Lee 7 03/12/2012 10 20.76 50,964 -9,501 Ltd.(formerly IESI-BFC Ltd.)
Progressive Waste Solutions Common Shares Hulligan, William 5 03/12/2012 10 20.76 71,864 -6,465 Ltd.(formerly IESI-BFC Ltd.)
Progressive Waste Solutions Common Shares Pio, Domenic Dan 7 03/12/2012 10 20.63 14,167 -8,716 Ltd.(formerly IESI-BFC Ltd.)
Progressive Waste Solutions Common Shares Quarin, Joseph 5 03/12/2012 10 10.63 -13,538 Ltd.(formerly IESI-BFC Ltd.)
Progressive Waste Solutions Common Shares Quarin, Joseph 5 03/12/2012 10 20.63 -13,538 Ltd.(formerly IESI-BFC Ltd.)
Progressive Waste Solutions Common Shares Quarin, Joseph 5 03/12/2012 10 20.63 146,867 -13,538 Ltd.(formerly IESI-BFC Ltd.)
ProMetic Life Sciences Inc. Common Shares Delorme, Nancy 5 04/07/2005 00
ProMetic Life Sciences Inc. Common Shares Delorme, Nancy 5 04/07/2005 00
ProMetic Life Sciences Inc. Common Shares Delorme, Nancy 5 04/12/2012 10 0.175 56,000 56,000
Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 03/12/2012 51 2.59 80,741 22,200 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 03/12/2012 10 2.73 58,741 -22,000 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 03/12/2012 10 2.75 58,541 -200 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 04/12/2012 51 2.59 111,341 52,800 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 04/12/2012 10 2.75 96,541 -14,800 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 04/12/2012 10 2.7368 81,541 -15,000 Pulse Seismic Inc. Common Shares Bectold, Jeffrey Patrick 5 04/12/2012 10 2.73 58,541 -23,000 Pulse Seismic Inc. Options Bectold, Jeffrey Patrick 5 03/12/2012 51 2.59 52,800 -22,200 Pulse Seismic Inc. Options Bectold, Jeffrey Patrick 5 04/12/2012 51 2.59 0 -52,800 Pulse Seismic Inc. Common Shares GALE, Brent Donald 5 05/12/2012 10 2.72 243,205 -56,800 Pulse Seismic Inc. Common Shares GALE, Brent Donald 5 06/12/2012 10 2.73 240,605 -2,600 Pulse Seismic Inc. Common Shares GALE, Brent Donald 5 06/12/2012 10 2.72 220,005 -20,600 Pulse Seismic Inc. Common Shares GALE, Brent Donald 5 06/12/2012 10 2.74 202,005 -18,000 Pulse Seismic Inc. Common Shares GALE, Brent Donald 5 06/12/2012 10 2.75 200,005 -2,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 06/11/2012 38 2.5 2,000 2,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 07/11/2012 38 2.48 4,000 2,000
December 13, 2012 (2012) 35 OSCB 11364 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 08/11/2012 38 2.48 6,000 2,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 09/11/2012 38 2.45 10,000 4,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 14/11/2012 38 2.45 16,000 6,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 15/11/2012 38 2.46 18,000 2,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 16/11/2012 38 2.48 20,000 2,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 26/11/2012 38 2.5 26,000 6,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 27/11/2012 38 2.51 32,000 6,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 28/11/2012 38 2.59 38,000 6,000 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 29/11/2012 38 2.7 44,480 6,480 Pulse Seismic Inc. Common Shares Pulse Seismic Inc. 1 30/11/2012 38 0 -44,480 Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 04/12/2012 10 0.27 918,500 2,000 Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 06/12/2012 10 0.268 921,000 2,500 Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 07/12/2012 10 0.26 924,500 3,500 Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 07/12/2012 10 0.265 926,500 2,000 Pure Technologies Ltd. Common Shares Holley, Mark William 5 03/12/2012 10 4.25 145,405 -10,700 Pure Technologies Ltd. Common Shares WRIGGLESWORTH, 5 05/12/2012 30 4.23 147,286 2,237 MICHAEL ROBERT QLT Inc. Common Shares QLT Inc. 1 01/11/2012 38 7.5333 23,383 23,383 QLT Inc. Common Shares QLT Inc. 1 01/11/2012 38 0 -23,383 QLT Inc. Common Shares QLT Inc. 1 02/11/2012 38 7.5367 30,200 30,200 QLT Inc. Common Shares QLT Inc. 1 02/11/2012 38 0 -30,200 QLT Inc. Common Shares QLT Inc. 1 05/11/2012 38 7.543 9,685 9,685 QLT Inc. Common Shares QLT Inc. 1 05/11/2012 38 0 -9,685 QLT Inc. Common Shares QLT Inc. 1 06/11/2012 38 7.6338 38,432 38,432 QLT Inc. Common Shares QLT Inc. 1 06/11/2012 38 0 -38,432 QLT Inc. Common Shares QLT Inc. 1 07/11/2012 38 7.8564 27,410 27,410 QLT Inc. Common Shares QLT Inc. 1 07/11/2012 38 0 -27,410 QLT Inc. Common Shares QLT Inc. 1 08/11/2012 38 7.8389 23,520 23,520 QLT Inc. Common Shares QLT Inc. 1 08/11/2012 38 0 -23,520 QLT Inc. Common Shares QLT Inc. 1 09/11/2012 38 7.9177 22,957 22,957 QLT Inc. Common Shares QLT Inc. 1 09/11/2012 38 0 -22,957 QLT Inc. Common Shares QLT Inc. 1 12/11/2012 38 7.8449 32,800 32,800 QLT Inc. Common Shares QLT Inc. 1 12/11/2012 38 0 -32,800 QLT Inc. Common Shares QLT Inc. 1 13/11/2012 38 7.8439 6,940 6,940 QLT Inc. Common Shares QLT Inc. 1 13/11/2012 38 0 -6,940 QLT Inc. Common Shares QLT Inc. 1 14/11/2012 38 7.8534 30,940 30,940 QLT Inc. Common Shares QLT Inc. 1 14/11/2012 38 0 -30,940 QLT Inc. Common Shares QLT Inc. 1 15/11/2012 38 7.7249 44,900 44,900 QLT Inc. Common Shares QLT Inc. 1 15/11/2012 38 0 -44,900 QLT Inc. Common Shares QLT Inc. 1 16/11/2012 38 7.7473 16,323 16,323 QLT Inc. Common Shares QLT Inc. 1 16/11/2012 38 0 -16,323 QLT Inc. Common Shares QLT Inc. 1 19/11/2012 38 7.9221 6,368 6,368 QLT Inc. Common Shares QLT Inc. 1 19/11/2012 38 0 -6,368 QLT Inc. Common Shares QLT Inc. 1 20/11/2012 38 7.9465 12,096 12,096 QLT Inc. Common Shares QLT Inc. 1 20/11/2012 38 0 -12,096 QLT Inc. Common Shares QLT Inc. 1 21/11/2012 38 7.9479 13,080 13,080 QLT Inc. Common Shares QLT Inc. 1 21/11/2012 38 0 -13,080 QLT Inc. Common Shares QLT Inc. 1 23/11/2012 38 7.95 4,400 4,400 QLT Inc. Common Shares QLT Inc. 1 23/11/2012 38 0 -4,400 QLT Inc. Common Shares QLT Inc. 1 26/11/2012 38 7.8639 19,045 19,045 QLT Inc. Common Shares QLT Inc. 1 26/11/2012 38 0 -19,045 QLT Inc. Common Shares QLT Inc. 1 27/11/2012 38 7.9587 27,412 27,412 QLT Inc. Common Shares QLT Inc. 1 27/11/2012 38 0 -27,412 QLT Inc. Common Shares QLT Inc. 1 28/11/2012 38 7.9015 32,566 32,566 QLT Inc. Common Shares QLT Inc. 1 28/11/2012 38 0 -32,566 QLT Inc. Common Shares QLT Inc. 1 29/11/2012 38 7.8841 33,400 33,400 QLT Inc. Common Shares QLT Inc. 1 29/11/2012 38 0 -33,400 QLT Inc. Common Shares QLT Inc. 1 30/11/2012 38 7.8351 29,000 29,000 QLT Inc. Common Shares QLT Inc. 1 30/11/2012 38 0 -29,000 QMX Gold Corporation Common Shares Perron, François 4, 5 05/12/2012 10 0.2325 700,000 200,000 (formerly Alexis Minerals Corporation) QSOLAR Limited Common Shares Maddin, Preston J. 4, 5 03/12/2012 11 0.1 540,000 60,000 QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 03/12/2012 11 4,043,085 -60,000 Quebecor Inc. Subordinate Voting Quebecor inc. 1 15/11/2012 38 36.09 9,900 9,900 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 16/11/2012 38 36.784 24,900 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 19/11/2012 38 36.844 38,300 13,400 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 20/11/2012 38 37.179 53,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 21/11/2012 38 37.051 68,300 15,000 Shares Catégorie B
December 13, 2012 (2012) 35 OSCB 11365 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Quebecor Inc. Subordinate Voting Quebecor inc. 1 22/11/2012 38 37.407 79,300 11,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 23/11/2012 38 37.326 90,300 11,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 26/11/2012 38 37.633 105,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 27/11/2012 38 37.639 120,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 28/11/2012 38 37.667 135,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 29/11/2012 38 38.008 150,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 30/11/2012 38 38.194 165,300 15,000 Shares Catégorie B Quebecor Inc. Subordinate Voting Quebecor inc. 1 30/11/2012 38 0 -165,300 Shares Catégorie B RDM Corporation Common Shares Nally, Robert 4 30/11/2012 10 1.58 14,300 -1,200 RDM Corporation Common Shares Nally, Robert 4 04/12/2012 10 1.5 12,300 -2,000 Red Eagle Mining Options Pease, Robert 4 06/12/2012 50 0.55 325,000 100,000 Corporation Red Eagle Mining Options Slater, Ian 4, 5 06/12/2012 50 0.55 800,000 300,000 Corporation Red Mile Minerals Corp. Common Shares Hickey, John Vincent 4, 5 30/11/2012 10 0.035 945,000 15,000 Redknee Solutions Inc. Options Jamal, Mohamed Mansurali 5 29/09/2012 00
Redknee Solutions Inc. Options Jamal, Mohamed Mansurali 5 04/12/2012 50 325,000 325,000
Redline Communications Common Shares Kramer, David 3 06/12/2012 10 5.06 271,825 1,600 Group Inc. Redline Communications Common Shares Kramer, David 3 07/12/2012 10 5.11 272,325 500 Group Inc. RedWater Energy Corp. Common Shares Francis, Kyle William 4, 5 05/12/2012 10 0.145 946,744 25,000 Douglas RedWater Energy Corp. Common Shares Waters, Gary William 4, 5 05/12/2012 10 0.15 1,268,616 10,000 Redzone Resources Ltd. Common Shares Murphy, Michael Darren 5 07/12/2012 10 0.14 2,410,166 1,000,000 Regal Lifestyle Communities Common Shares dato, edward j 4 16/10/2012 00 Inc. Regal Lifestyle Communities Common Shares dato, edward j 4 29/11/2012 10 9.3 2,000 2,000 Inc. Regal Lifestyle Communities Common Shares dato, edward j 4 03/12/2012 10 9.06 2,200 200 Inc. Regal Lifestyle Communities Common Shares dato, edward j 4 04/12/2012 10 9.17 3,000 800 Inc. Regal Lifestyle Communities Common Shares dato, edward j 4 16/10/2012 00 Inc. Regal Lifestyle Communities Common Shares dato, edward j 4 16/10/2012 15 10 5,000 5,000 Inc. REIT INDEXPLUS Income Trust Units REIT Indexplus Income 1 03/12/2012 38 11.28 4,743,264 5,600 Fund Fund REIT INDEXPLUS Income Trust Units REIT Indexplus Income 1 04/12/2012 38 11.18 4,743,964 700 Fund Fund REIT INDEXPLUS Income Trust Units REIT Indexplus Income 1 05/12/2012 38 11.32 4,744,764 800 Fund Fund Response Biomedical Corp Common Shares Adams, William James 5 13/08/2012 00
Response Biomedical Corp Common Shares Adams, William James 5 30/10/2012 10 1.05 2,900
Response Biomedical Corp Common Shares Adams, William James 5 28/11/2012 10 1.05 4,100 4,100
Response Biomedical Corp Common Shares Adams, William James 5 30/11/2012 10 1.05 7,000 2,900
Revett Minerals Inc. Common Shares Lindsey, Timothy 4 03/12/2012 10 3.23 423,466 7,900 Revolution Resources Corp. Common Shares Keay, Aaron 4 27/04/2010 00 354,000
Rheingold Exploration Corp. Common Shares Bonner, Frederick Joseph 4 30/11/2012 10 0.11 90,000 -10,000
Richards Packaging Income Trust Units McLeod, Wayne 4 30/11/2012 10 8.85 4,550 1,800 Fund Richards Packaging Income Trust Units McLeod, Wayne 4 03/12/2012 10 8.85 4,650 100 Fund Richards Packaging Income Trust Units McLeod, Wayne 4 04/12/2012 10 8.85 4,750 100 Fund
December 13, 2012 (2012) 35 OSCB 11366 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Richards Packaging Income Trust Units McLeod, Wayne 4 05/12/2012 10 8.85 5,250 500 Fund Richelieu Hardware Ltd. Unités d'actions différées Chicoyne, Denyse 4 30/11/2012 56 34.22 13,372 263
Richelieu Hardware Ltd. Unités d'actions différées Courteau, Robert 4 30/11/2012 56 34.22 13,415 263
Richelieu Hardware Ltd. Unités d'actions différées DOUVILLE, Jean R. 4 30/11/2012 56 34.22 13,558 318
Richelieu Hardware Ltd. Unités d'actions différées Gauvin, Mathieu 4 30/11/2012 56 34.22 15,224 318
Richelieu Hardware Ltd. Unités d'actions différées Proteau, Jocelyn 4 30/11/2012 56 34.22 6,273 132
Richmond Minerals Inc. Common Shares Hawkins, Warren Russell 4, 5 27/11/2012 10 0.15 500,000 Richmond Minerals Inc. Common Shares Hawkins, Warren Russell 4, 5 27/11/2012 10 0.015 1,119,000 500,000 Rio Alto Mining Limited Common Shares Black, Alexander 4, 5 05/12/2012 51 3.22 4,969,651 50,000 Rio Alto Mining Limited Options Black, Alexander 4, 5 05/12/2012 51 100,000 -50,000 Rio Alto Mining Limited Common Shares Garay, Enrique 5 04/12/2012 10 5.15 38,500 38,500 Rio Alto Mining Limited Common Shares Tweddle, Paul 5 30/11/2012 10 5 10,200 3,200 Rio Alto Mining Limited Common Shares Tweddle, Paul 5 07/12/2012 10 5.1 15,500 5,300 Rio Cristal Resources Options Swarthout, Andrew 4 03/04/2012 50 800,000 200,000 Corporation Ritchie Bros. Auctioneers Common Shares Mackay, Robert King 5 06/12/2012 90 175,012 -50,000 Incorporated Ritchie Bros. Auctioneers Common Shares Mackay, Robert King 5 06/12/2012 90 50,000 50,000 Incorporated Ritchie Bros. Auctioneers Common Shares Mackay, Robert King 5 06/12/2012 10 22.001 0 -50,000 Incorporated Riverside Resources Inc. Common Shares Staude, John-Mark Gardner 5 06/12/2012 10 0.64 1,070,460 2,000
RMP Energy Inc. (formerly Common Shares Swift, Lloyd Charles 4 04/12/2012 10 2.55 99,900 -49,950 Orleans Energy Ltd.) Rockex Mining Corporation Options Stewart, Stephen Alexander 5 19/11/2012 00 (formerly Enviropave Nelson International Ltd.)
Rockex Mining Corporation Options Stewart, Stephen Alexander 5 19/11/2012 50 100,000 100,000 (formerly Enviropave Nelson International Ltd.)
Rockhaven Resources Ltd. Options Carne, Robert Clifton 4, 5 07/12/2012 50 100,000
Rockhaven Resources Ltd. Options Carne, Robert Clifton 4, 5 07/12/2012 50 100,000
Rockhaven Resources Ltd. Options Carne, Robert Clifton 4, 5 07/12/2012 50 300,000 100,000
Rockhaven Resources Ltd. Common Shares Donaldson, Larry Bryce 6 01/02/2008 00
Rockhaven Resources Ltd. Common Shares Donaldson, Larry Bryce 6 30/11/2012 10 200,000 200,000
Rockhaven Resources Ltd. Options Eaton, William Douglas 6 07/12/2012 50 75,000 75,000
Rockhaven Resources Ltd. Common Shares Strategic Metals Ltd. 3 05/12/2012 10 19,037,500 50,000
Rockhaven Resources Ltd. Common Shares Strategic Metals Ltd. 3 07/12/2012 10 19,062,500 25,000
Rockland Minerals Corp. Common Shares Loree, Bryan 4, 5 03/12/2012 10 0.08 1,247,700 1,000 Rockland Minerals Corp. Common Shares Mlait, Ravinder 4, 5 03/12/2012 10 0.07 1,161,500 1,000 ROI Canadian High Income Trust Units Vos, Willem Frederik 4 30/11/2012 00 2,463 Mortgage Fund (formerly ROI High Income Private Placement Fund) ROI Canadian Mortgage Trust Units Vos, Willem Frederik 4 30/11/2012 00 3,106 Income Fund (formerly ROI Private Placement Fund) ROI Canadian Real Estate Trust Units Cipriano, Fernando 4 30/11/2012 00 393 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Dundas, David Frederick 5 30/11/2012 00 260 Fund (formerly ROI Strategic Private Placement Fund)
December 13, 2012 (2012) 35 OSCB 11367 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed ROI Canadian Real Estate Trust Units Dundas, David Frederick 5 30/11/2012 00 260 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Garbus, Gilbert Charles 5 30/11/2012 00 3,779 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Jhooti, Jasmina Kaur 5 30/11/2012 00 3,779 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Sterling, John Fitzgerald 4 30/11/2012 00 136,922 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Vos, Willem Frederik 4 30/11/2012 00 390 Fund (formerly ROI Strategic Private Placement Fund)
ROI Canadian Real Estate Trust Units Vos, Willem Frederik 4 30/11/2012 00 390 Fund (formerly ROI Strategic Private Placement Fund)
Route1 Inc. Common Shares Busseri, Tony P 4 07/12/2012 10 0.035 1,534,666 146,000 Route1 Inc. Common Shares De Jong, Louis Anthony 4 26/11/2012 00 5,000,000 Route1 Inc. Common Shares De Jong, Louis Anthony 4 26/11/2012 00 17,000,000 Route1 Inc. Common Shares De Jong, Louis Anthony 4 26/11/2012 00 644,000 Route1 Inc. Common Shares Fraser, David 4 21/11/2012 00 Route1 Inc. Common Shares Fraser, David 4 04/12/2012 10 0.04 125,000 125,000 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/02/2012 30 53.55 12,115 115 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/05/2012 30 52.2 12,246 131 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/08/2012 30 54.08 12,375 129 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 23/11/2012 30 57.28 12,504 129 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/02/2012 30 53.55 3,840 38 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/05/2012 30 52.2 3,881 41 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 24/08/2012 30 54.08 3,921 40 Royal Bank of Canada Common Shares Beattie, William Geoffrey 4 23/11/2012 30 57.28 3,962 41 Royal Bank of Canada Common Shares Gauthier, Paule 4 24/02/2011 30 56.82 30,612 77 Royal Bank of Canada Common Shares Gauthier, Paule 4 24/05/2011 30 59.79 30,686 74 Royal Bank of Canada Common Shares Gauthier, Paule 4 24/02/2012 30 54 31,020 93 Royal Bank of Canada Common Shares Gauthier, Paule 4 24/05/2012 30 52.5 31,121 101 Royal Bank of Canada Common Shares Gauthier, Paule 4 24/08/2012 30 54.08 31,220 99 Royal Bank of Canada Common Shares Gauthier, Paule 4 23/11/2012 30 57.28 31,320 100 Royal Bank of Canada Common Shares Young, Victor Leyland 4 24/02/2012 30 53.548 25,352 253 Royal Bank of Canada Common Shares Young, Victor Leyland 4 24/05/2012 30 52.498 25,627 275 Royal Bank of Canada Common Shares Young, Victor Leyland 4 24/08/2012 30 54.081 25,897 270 Royal Bank of Canada Common Shares Young, Victor Leyland 4 23/11/2012 30 271 271 Royal Bank of Canada Common Shares Young, Victor Leyland 4 23/11/2012 30 57.282 26,168 271 Royal Bank of Canada Common Shares Young, Victor Leyland 4 04/12/2012 10 58.5 27,418 1,250 Royal Host Inc. Convertible Debentures Carnella, Jonathan 5 09/05/2011 00 5.90% unsecured Alexander subordinated, Series D, due June 30, 2014 Royal Host Inc. Convertible Debentures Carnella, Jonathan 5 05/12/2012 10 89.81 $75,000 $75,000 5.90% unsecured Alexander subordinated, Series D, due June 30, 2014 Royal Host Inc. Common Shares Royal Host Inc. 1 01/01/2011 00 Royal Host Inc. Common Shares Royal Host Inc. 1 30/11/2012 38 1.12 2,688 2,688 Royal Sapphire Corp. Common Shares Amor, Greg 4 07/12/2012 11 0.15 1,740,000 -375,000 Royce Resources Corp. Common Shares Keep, Gordon 5 03/12/2012 10 0.02 3,672,885 3,141,000 Rugby Mining Limited Options Daubaras, Darcy Glenn 5 01/12/2012 50 0.405 300,000 185,000 Rugby Mining Limited Options Roxburgh, Bryce 4 02/12/2012 50 0.405 500,000 300,000 Russel Metals Inc. Common Shares Baker, Jennifer Ellen 5 07/12/2012 10 26.75 483 -100 Rutter Inc. Common Shares Bruce, Gary C. 4 04/12/2012 10 0.045 70,000 50,000 Rutter Inc. Common Shares Bruce, Gary C. 4 05/12/2012 10 0.045 93,000 23,000 Rutter Inc. Common Shares Bruce, Gary C. 4 05/12/2012 10 0.05 120,000 27,000 Rutter Inc. Common Shares Clarke, Donald 3, 4 03/12/2012 10 0.04 13,557,258 90,000 Rutter Inc. Common Shares Clarke, Donald 3, 4 04/12/2012 10 0.04 13,665,258 108,000 Rye Patch Gold Corp. Common Shares Howald, William Carl 4, 5 05/12/2012 10 0.415 10,000 Rye Patch Gold Corp. Common Shares Howald, William Carl 4, 5 05/12/2012 10 0.425 2,165,500 10,000 Rye Patch Gold Corp. Common Shares Howald, William Carl 4, 5 06/12/2012 10 0.41 2,175,500 10,000 Sabina Gold & Silver Corp. Common Shares Goodman, Ned 6 04/12/2012 47 522,500 -50,000
December 13, 2012 (2012) 35 OSCB 11368 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Sandvine Corporation Common Shares Caputo, David 4 06/12/2012 30 1.33 65,305 1,125 Sandvine Corporation Common Shares Donnelly, Tom 5 06/12/2012 30 1.33 9,750 282 Sandvine Corporation Common Shares Hamilton, Scott 4 06/12/2012 30 1.33 17,645 99 Sandvine Corporation Common Shares Siim, Brad 5 06/12/2012 30 1.33 9,658 588 Saputo Inc. Common Shares Saputo inc. 1 12/11/2012 38 42.85 375,000 375,000 Saputo Inc. Common Shares Saputo inc. 1 15/11/2012 38 0 -375,000 Savaria Corporation Common Shares Savaria Corporation 1 30/11/2012 38 0 -2,000 Second Wave Petroleum Common Shares Bergmann, Randy 5 30/11/2012 30 0.4785 19,423 1,850 Inc. Second Wave Petroleum Common Shares Conrad, Ronald Brent 5 30/11/2012 30 0.4785 15,883 1,850 Inc. Second Wave Petroleum Common Shares Denecky, Randy 5 30/11/2012 30 0.4785 249,641 2,025 Inc. Second Wave Petroleum Common Shares Migneault, Benjamin 5 30/11/2012 30 0.4785 10,935 1,851 Inc. Conrad Second Wave Petroleum Common Shares Witwer, Colin Boyd 4, 5 30/11/2012 30 0.4785 402,192 2,340 Inc. Serabi Gold plc Warrants Harvey, T. Sean 4 03/12/2012 55 0 -100,000 Serabi Gold plc Warrants Jones, Douglas 4 03/12/2012 55 0 -50,000 Serabi Gold plc Warrants Kingsman, Anna 3 03/12/2012 55 0 -500,000 Serabi Gold plc Warrants Williams, Melvyn 4 03/12/2012 55 0 -22,500 ShaMaran Petroleum Corp. Options Kabra, Pradeep 5 23/09/2010 50 0.54 1,000,000 200,000 (formerly Bayou Bend Petroleum Ltd.) SHAW COMMUNICATIONS Directors' Deferred Share BURNS, ADRIAN 4 30/11/2012 30 21.48 30,580 115 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Galbraith, George 4 30/11/2012 30 21.48 6,383 24 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Green, Richard R. 4 30/11/2012 30 21.844 16,414 456 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Haverstock, Lynda 4 30/11/2012 30 21.651 13,154 149 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Keating, Gregory John 4 30/11/2012 30 21.48 22,008 82 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share O'Brien, Michael Wilfrid 4 30/11/2012 30 21.48 34,407 129 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Pew, Paul Kenneth 4 30/11/2012 30 21.681 34,108 598 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Royer, Jeffrey 4 30/11/2012 30 21.655 40,756 481 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Shaw, Bradley 4, 5 30/11/2012 30 21.48 5,869 22 INC. Units (DDSU) SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 1,364,740 5,443 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 36,281 234 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 212,144 53 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 1,776 45 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 1,776 45 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 847 22 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 847 22 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, JR 3, 4, 5 29/11/2012 30 20.928 1,776 45 INC. "B" SHAW COMMUNICATIONS Non-Voting Shares Class Shaw, Julie 5 29/11/2012 30 20.928 10,163 48 INC. "B" SHAW COMMUNICATIONS Directors' Deferred Share Sparkman, JC 4 30/11/2012 30 21.64 27,347 102 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Vogel, Carl E. 4 30/11/2012 30 21.64 6,383 23 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Weatherill, Sheila Christine 4 30/11/2012 30 21.686 12,722 247 INC. Units (DDSU) SHAW COMMUNICATIONS Directors' Deferred Share Yuill, Willard 4 30/11/2012 30 21.48 10,295 39 INC. Units (DDSU) Sherritt International Debentures 7.5% Senior Lalonde, Marc 4 20/11/2012 10 $0 -$200,000 Corporation Unsecured Series 2 due September 24, 2020 Shoppers Drug Mart Rights Restricted Share Caplice, John David 5 01/12/2012 59 9,063 -6,927 Corporation Units
December 13, 2012 (2012) 35 OSCB 11369 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Shoppers Drug Mart Rights Restricted Share DAMIANI, PAUL 5 01/12/2012 59 11,200 -7,649 Corporation Units Shoppers Drug Mart Rights Restricted Share Lukow, Bradley Stephen 5 01/12/2012 59 22,975 -14,559 Corporation Units Shoppers Drug Mart Rights Restricted Share Motz, Michael James 5 01/12/2012 59 35,594 -9,056 Corporation Units Shoppers Drug Mart Rights Restricted Share PEDINELLI, FRANCO 5 01/12/2012 59 10,565 -5,110 Corporation Units Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 01/11/2012 38 41.865 80,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 02/11/2012 38 41.916 100,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 05/11/2012 38 41.552 120,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 06/11/2012 38 41.45 140,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 07/11/2012 38 41.214 160,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 08/11/2012 38 41.317 180,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 09/11/2012 38 41.086 200,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 12/11/2012 38 41.106 220,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 13/11/2012 38 42.234 240,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 14/11/2012 38 42.612 260,000 20,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 20/11/2012 38 41.6 310,000 50,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 26/11/2012 38 41.564 440,300 130,300 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 27/11/2012 38 41.417 618,300 178,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 28/11/2012 38 41.361 688,300 70,000 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 29/11/2012 38 41.493 755,200 66,900 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 30/11/2012 38 41.647 811,500 56,300 Corporation Corporation Shoppers Drug Mart Common Shares Shoppers Drug Mart 1 30/11/2012 38 193,200 -618,300 Corporation Corporation Shoppers Drug Mart Rights Restricted Share VUICIC, MARY-ALICE 5 01/12/2012 59 17,662 -11,324 Corporation Units Shoreline Energy Corp. Options Stock Options Alspach, Shaun 4, 5 30/11/2012 50 3.88 81,000 27,000 Shoreline Energy Corp. Options Boydol, Janet Marie 5 01/09/2011 00 Shoreline Energy Corp. Options Boydol, Janet Marie 5 30/11/2012 50 32,000 32,000 Shoreline Energy Corp. Options Cumming, Brian Robert 5 29/08/2011 00 Shoreline Energy Corp. Options Cumming, Brian Robert 5 30/11/2012 50 27,000 27,000 Shoreline Energy Corp. Options Folk, Trevor 5 28/06/2010 00 Shoreline Energy Corp. Options Folk, Trevor 5 30/11/2012 50 3.88 27,000 27,000 Shoreline Energy Corp. Options Henry, Peter John 4 30/11/2012 50 3.88 30,000 10,000 Shoreline Energy Corp. Options Schultz, Dean 4 30/11/2012 50 3.88 30,000 10,000 Shoreline Energy Corp. Options Williams, John B. 4 30/11/2012 50 3.88 30,000 10,000 SIERRA MADRE Common Shares von Einsiedel, Carl 4, 5 29/11/2012 10 0.015 5,064,000 40,000 DEVELOPMENTS INC. Alexander SIERRA MADRE Common Shares von Einsiedel, Carl 4, 5 30/11/2012 10 0.015 5,093,000 29,000 DEVELOPMENTS INC. Alexander Silver Wheaton Corp. OTC Calls (including Holtby, Douglas Martin 7 04/12/2012 70 0.66 650 -600 Private Options to Purchase) Silver Wheaton Corp. OTC Calls (including Holtby, Douglas Martin 7 04/12/2012 70 0.03 0 -650 Private Options to Purchase) Silver Wheaton Corp. OTC Calls (including Holtby, Douglas Martin 7 04/12/2012 70 0.66 0 -400 Private Options to Purchase) SILVERCORP METALS Options Kong, David TokPay 4 04/12/2012 50 5.4 65,000 10,000 INC. SilverCrest Mines Inc. Options Drever, John Scott 4, 5 05/12/2012 50 2.6 1,275,000 250,000 SilverCrest Mines Inc. Options Fier, Nathan Eric 3, 5 05/12/2012 50 2.6 1,275,000 250,000 SilverCrest Mines Inc. Options Glanville, Ross Owen 4 05/12/2012 50 2.6 400,000 100,000 SilverCrest Mines Inc. Options Magnusson, Barney 3, 4, 5 05/12/2012 50 2.6 1,275,000 250,000
December 13, 2012 (2012) 35 OSCB 11370 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed SilverCrest Mines Inc. Options McFarlane, Brent 5 05/12/2012 50 2.6 350,000 100,000 SilverCrest Mines Inc. Options Poznanski, Bernard 5 05/12/2012 50 225,000 25,000 SilverCrest Mines Inc. Options Sanders, George Walter 4 05/12/2012 50 2.6 550,000 100,000 SilverCrest Mines Inc. Options Thody, Graham Campbell 4 05/12/2012 50 2.6 725,000 100,000 Sirocco Mining Inc. (formerly Common Shares Conibear, Paul K. 4, 5 07/12/2012 51 0.5 727,066 385,000 Atacama Minerals Corp.)
Sirocco Mining Inc. (formerly Options Conibear, Paul K. 4, 5 07/12/2012 51 0.5 0 -385,000 Atacama Minerals Corp.)
Slam Exploration Ltd. Common Shares FRENETTE, ROGER 4 03/12/2012 90 8,100 8,100 Slam Exploration Ltd. Common Shares FRENETTE, ROGER 4 03/12/2012 90 0 -8,100 Slam Exploration Ltd. Common Shares Hansuld, John Alexander 4, 5 28/11/2012 11 0.2 20,000 Slam Exploration Ltd. Common Shares Hansuld, John Alexander 4, 5 28/11/2012 11 0.2 83,100 50,000 Slam Exploration Ltd. Warrants Hansuld, John Alexander 4, 5 28/11/2012 11 20,000 Slam Exploration Ltd. Warrants Hansuld, John Alexander 4, 5 28/11/2012 11 25,000 25,000 Slate U.S. Opportunity (No. Units Class I Altman, Samuel 4 26/11/2012 00 15,000 2) Realty Trust Slate U.S. Opportunity (No. Units Class I Altman, Samuel 4 26/11/2012 00 250,000 2) Realty Trust SMART Technologies Inc. Performance Share Units KNOWLTON, NANCY L 4 29/10/2012 38 0 -105,000
SMART Technologies Inc. Performance Share Units MARTIN, DAVID A 4 29/10/2012 38 0 -105,000
SMART Technologies Inc. Subordinate Voting Ramotowski, Pamela Anne 7 16/02/2012 00 28,125 Shares Class A Subordinate Voting Shares Sniper Resources Ltd. Common Shares Baxter, Scott David 3, 4, 5 03/12/2012 10 0.05 4,905,880 5,000 Sniper Resources Ltd. Common Shares Baxter, Scott David 3, 4, 5 03/12/2012 10 0.04 4,907,880 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 02/12/2011 38 9.41 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 02/12/2011 38 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 02/12/2011 38 9.4 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 02/12/2011 38 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 19/03/2012 38 12.3 200 200 Softchoice Corporation Common Shares Softchoice Corporation 1 19/03/2012 38 0 -200 Softchoice Corporation Common Shares Softchoice Corporation 1 19/03/2012 38 12.35 2,800 2,800 Softchoice Corporation Common Shares Softchoice Corporation 1 19/03/2012 38 0 -2,800 Softchoice Corporation Common Shares Softchoice Corporation 1 20/03/2012 38 12.7 700 700 Softchoice Corporation Common Shares Softchoice Corporation 1 20/03/2012 38 12.7 0 -700 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.35 1,000 1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.35 0 -1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.31 1,300 1,300 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.31 0 -1,300 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.32 1,700 1,700 Softchoice Corporation Common Shares Softchoice Corporation 1 23/05/2012 38 11.32 0 -1,700 Softchoice Corporation Common Shares Softchoice Corporation 1 24/05/2012 38 11.4 2,700 2,700 Softchoice Corporation Common Shares Softchoice Corporation 1 24/05/2012 38 11.4 0 -2,700 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 11.97 100 100 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 11.97 0 -100 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 11.98 1,800 1,800 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 11.98 0 -1,800 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 12 2,100 2,100 Softchoice Corporation Common Shares Softchoice Corporation 1 25/05/2012 38 12 0 -2,100 Softchoice Corporation Common Shares Softchoice Corporation 1 28/05/2012 38 12.14 4,000 4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 28/05/2012 38 12.14 0 -4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 29/05/2012 38 12 4,000 4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 29/05/2012 38 12 0 -4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 30/05/2012 38 12 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 30/05/2012 38 12 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 30/05/2012 38 11.95 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 30/05/2012 38 11.95 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 31/05/2012 38 11.73 300 300 Softchoice Corporation Common Shares Softchoice Corporation 1 31/05/2012 38 11.73 0 -300 Softchoice Corporation Common Shares Softchoice Corporation 1 01/06/2012 38 11.68 4,000 4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 01/06/2012 38 11.68 0 -4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 05/06/2012 38 11.74 3,500 3,500 Softchoice Corporation Common Shares Softchoice Corporation 1 05/06/2012 38 11.74 0 -3,500 Softchoice Corporation Common Shares Softchoice Corporation 1 05/06/2012 38 11.8 500 500 Softchoice Corporation Common Shares Softchoice Corporation 1 05/06/2012 38 11.8 0 -500 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.39 100 100 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.39 0 -100 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.4 300 300 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.5 1,100 800
December 13, 2012 (2012) 35 OSCB 11371 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.4 800 -300 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.5 0 -800 Softchoice Corporation Common Shares Softchoice Corporation 1 13/06/2012 38 11.74 3,500 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.75 500 500 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.76 1,500 1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.59 1,700 200 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 37 11.6 2,400 700 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.75 1,900 -500 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.76 900 -1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.59 700 -200 Softchoice Corporation Common Shares Softchoice Corporation 1 19/06/2012 38 11.6 0 -700 Softchoice Corporation Common Shares Softchoice Corporation 1 21/06/2012 38 11.95 900 900 Softchoice Corporation Common Shares Softchoice Corporation 1 21/06/2012 38 11.95 0 -900 Softchoice Corporation Common Shares Softchoice Corporation 1 21/06/2012 38 12 3,100 3,100 Softchoice Corporation Common Shares Softchoice Corporation 1 21/06/2012 38 12 0 -3,100 Softchoice Corporation Common Shares Softchoice Corporation 1 22/06/2012 38 11.87 300 300 Softchoice Corporation Common Shares Softchoice Corporation 1 22/06/2012 38 11.87 0 -300 Softchoice Corporation Common Shares Softchoice Corporation 1 22/06/2012 38 12 3,700 3,700 Softchoice Corporation Common Shares Softchoice Corporation 1 22/06/2012 38 12 0 -3,700 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.1 500 500 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.1 0 -500 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.15 1,100 1,100 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.15 0 -1,100 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.2 2,400 2,400 Softchoice Corporation Common Shares Softchoice Corporation 1 04/09/2012 38 11.2 0 -2,400 Softchoice Corporation Common Shares Softchoice Corporation 1 06/09/2012 38 11.41 1,000 1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 06/09/2012 38 11.41 0 -1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 07/09/2012 38 11.3 300 300 Softchoice Corporation Common Shares Softchoice Corporation 1 07/09/2012 38 11.3 0 -300 Softchoice Corporation Common Shares Softchoice Corporation 1 07/09/2012 38 11.31 600 600 Softchoice Corporation Common Shares Softchoice Corporation 1 07/09/2012 38 11.31 0 -600 Softchoice Corporation Common Shares Softchoice Corporation 1 10/09/2012 38 11.26 400 400 Softchoice Corporation Common Shares Softchoice Corporation 1 10/09/2012 38 11.26 0 -400 Softchoice Corporation Common Shares Softchoice Corporation 1 10/09/2012 38 11.38 3,600 3,600 Softchoice Corporation Common Shares Softchoice Corporation 1 10/09/2012 38 11.38 0 -3,600 Softchoice Corporation Common Shares Softchoice Corporation 1 11/09/2012 38 11.37 1,000 1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 11/09/2012 38 11.37 0 -1,000 Softchoice Corporation Common Shares Softchoice Corporation 1 11/09/2012 38 11.3 3,000 3,000 Softchoice Corporation Common Shares Softchoice Corporation 1 11/09/2012 38 11.3 0 -3,000 Softchoice Corporation Common Shares Softchoice Corporation 1 17/09/2012 38 11 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 17/09/2012 38 11 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 17/09/2012 38 10.85 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 17/09/2012 38 10.85 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 27/09/2012 38 11.8 2,000 2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 27/09/2012 38 11.8 0 -2,000 Softchoice Corporation Common Shares Softchoice Corporation 1 28/11/2012 38 11.74 4,000 4,000 Softchoice Corporation Common Shares Softchoice Corporation 1 28/11/2012 38 11.74 0 -4,000 Solid Gold Resources Corp. Common Shares stretch, darryl 4, 5 27/11/2012 10 0.035 689,000 50,000
Solimar Energy Limited Common Shares Bednar, Jason Michael 4 01/12/2012 46 0.05 1,083,730 325,000 Solimar Energy Limited Options Bednar, Jason Michael 4 01/12/2012 50 0.1 5,500,000 1,000,000 Sophiris Bio Inc. (formerly Options Knauf, Noah 4 30/11/2012 00 Protox Therapeutics Inc.) Sophiris Bio Inc. (formerly Options Knauf, Noah 4 30/11/2012 50 0.27 60,000 60,000 Protox Therapeutics Inc.) Spectral Diagnostics Inc. Common Shares WALKER, PAUL M. 5 04/12/2012 10 0.155 11,000 1,000 Spectral Diagnostics Inc. Common Shares WALKER, PAUL M. 5 04/12/2012 10 0.126 19,000 8,000 Spectral Diagnostics Inc. Common Shares WALKER, PAUL M. 5 04/12/2012 10 0.17 29,000 10,000 Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 30/11/2012 10 0.173 302,958 2,500
Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 04/12/2012 10 0.18 6,631,074 10,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 05/12/2012 10 0.18 6,641,074 10,000 Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 06/12/2012 10 0.17 6,651,074 10,000 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 01/11/2012 38 3.9344 15,143 15,143 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 01/11/2012 38 3.9344 0 -15,143 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 02/11/2012 38 3.9092 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 02/11/2012 38 3.9092 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 05/11/2012 38 3.834 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 05/11/2012 38 3.834 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 06/11/2012 38 3.8937 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 06/11/2012 38 3.8937 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 07/11/2012 38 3.8412 14,843 14,843 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 07/11/2012 38 3.8412 0 -14,843 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 08/11/2012 38 3.8782 17,243 17,243
December 13, 2012 (2012) 35 OSCB 11372 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 08/11/2012 38 3.8782 0 -17,243 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 09/11/2012 38 3.8939 18,843 18,843 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 09/11/2012 38 3.8939 0 -18,843 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 12/11/2012 38 3.9231 17,943 17,943 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 12/11/2012 38 3.9231 0 -17,943 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 13/11/2012 38 3.9406 16,643 16,643 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 13/11/2012 38 3.9406 0 -16,643 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 14/11/2012 38 3.9301 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 14/11/2012 38 3.9301 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 15/11/2012 38 3.8153 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 15/11/2012 38 3.8153 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 16/11/2012 38 3.7819 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 16/11/2012 38 3.7819 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 19/11/2012 38 3.7605 17,443 17,443 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 19/11/2012 38 3.7605 0 -17,443 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 20/11/2012 38 3.7607 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 20/11/2012 38 3.7607 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 21/11/2012 38 3.7421 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 21/11/2012 38 3.7421 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 22/11/2012 38 3.6589 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 22/11/2012 38 3.6589 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 23/11/2012 38 3.6198 18,143 18,143 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 23/11/2012 38 3.6198 0 -18,143 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 26/11/2012 38 3.55 4,000,000 4,000,000 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 26/11/2012 38 3.55 0 -4,000,000 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 27/11/2012 38 3.7177 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 27/11/2012 38 3.7177 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 28/11/2012 38 3.6619 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 28/11/2012 38 3.6619 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 29/11/2012 38 3.6079 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 29/11/2012 38 3.6079 0 -19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 30/11/2012 38 3.6 19,043 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 30/11/2012 38 3.6 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 30/11/2012 38 3.6 19,043 Sprott Resource Corp. Common Shares Sprott Resource Corp. 1 30/11/2012 38 3.6 0 -19,043 Sprott Resource Lending Common Shares Sprott Resource Lending 1 02/11/2012 38 10,000 -10,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 05/11/2012 38 1.4 15,000 5,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 06/11/2012 38 5,000 -10,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 08/11/2012 38 0 -5,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 09/11/2012 38 1.41 5,000 5,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 09/11/2012 38 1.4 10,098 5,098 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 13/11/2012 38 1.4 14,098 4,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 13/11/2012 38 1.41 15,798 1,700 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 13/11/2012 38 1.42 15,896 98 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 13/11/2012 38 1.41 16,496 600 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 13/11/2012 38 1.41 20,196 3,700 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 15/11/2012 38 1.38 30,294 10,098 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 16/11/2012 38 1.43 380,294 350,000 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 16/11/2012 38 360,098 -20,196 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 20/11/2012 38 350,000 -10,098 Corp. Corp. Sprott Resource Lending Common Shares Sprott Resource Lending 1 21/11/2012 38 0 -350,000 Corp. Corp. St-Georges Platinum & Base Common Shares Dumas, Francois 3, 4, 5 28/11/2012 10 0.01 9,261,500 500,000 Metals Ltd. STEALTH MINERALS Common Shares HARDER, JUDITH 5 05/05/2011 00 LIMITED LORRAINE BAILLIE STEALTH MINERALS Common Shares HARDER, JUDITH 5 05/05/2011 00 LIMITED LORRAINE BAILLIE
December 13, 2012 (2012) 35 OSCB 11373 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed STEALTH MINERALS Common Shares HARDER, JUDITH 5 05/05/2011 00 LIMITED LORRAINE BAILLIE STEALTH MINERALS Common Shares HARDER, JUDITH 5 05/05/2011 00 570,000 LIMITED LORRAINE BAILLIE StorageVault Canada Inc. Common Shares Simpson, Alan Arthur 3, 4, 5 03/12/2012 10 0.24 3,528,485 7,500 StorageVault Canada Inc. Common Shares Simpson, Alan Arthur 3, 4, 5 05/12/2012 10 0.235 3,530,485 2,000 StorageVault Canada Inc. Common Shares Simpson, Alan Arthur 3, 4, 5 06/12/2012 10 0.2 3,540,485 10,000 Strad Energy Services Ltd. Common Shares Hopkie, Shane Barry 5 30/11/2012 10 3.35 2,800 Strad Energy Services Ltd. Common Shares Hopkie, Shane Barry 5 30/11/2012 10 3.35 5,767 2,400 Strad Energy Services Ltd. Common Shares Hopkie, Shane Barry 5 04/12/2012 10 3.46 7,767 2,000 Strad Energy Services Ltd. Common Shares Hopkie, Shane Barry 5 05/12/2012 10 3.48 58,367 50,600 Strata Minerals Inc. Common Shares Agro, Hugh 4 05/12/2012 10 0.075 1,700,500 25,000 Strata-X Energy Ltd. Promissory Notes 6.5% Prefontaine, Ronald Francis 4 10/10/2008 00
Strata-X Energy Ltd. Promissory Notes 6.5% Prefontaine, Ronald Francis 4 30/11/2011 11 $2,000,000 $2,000,000
Strata-X Energy Ltd. Common Shares Walker, M. Douglas 4, 5 05/12/2012 10 0.38 750,500 -9,000 Strateco Resources Inc. Common Shares Masse, Jean-Guy 4 30/11/2012 10 0.2 13,000 -31,000 Strateco Resources Inc. Common Shares Masse, Jean-Guy 4 30/11/2012 10 0.2 0 -19,000 Strategic Oil & Gas Ltd. Common Shares Schoch, Arn 4 05/12/2012 10 1.0334 2,450,191 -35,000 Strategic Oil & Gas Ltd. Common Shares Schoch, Arn 4 06/12/2012 10 1.05 423,232 -25,000 Strategic Oil & Gas Ltd. Options Wright, Douglas McRae 5 23/07/2012 00 Strategic Oil & Gas Ltd. Options Wright, Douglas McRae 5 31/07/2012 50 0.6 100,000 100,000 Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 04/12/2012 10 6.24 728,022 5,000 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Gallagher, Denis Joseph 4, 5 04/12/2012 10 6.23 733,022 5,000 (formerly, Student Transportation of America Ltd.) Student Transportation Inc. Common Shares Student Transportation Inc 1 04/12/2012 38 6.25 313,108 7,100 (formerly, Student Transportation of America Ltd.) Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 01/11/2012 38 34.546 115,700 115,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 01/11/2012 38 0 -115,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 02/11/2012 38 34.751 115,100 115,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 02/11/2012 38 0 -115,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 05/11/2012 38 34.466 116,000 116,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 05/11/2012 38 0 -116,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 06/11/2012 38 34.427 116,100 116,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 06/11/2012 38 0 -116,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 07/11/2012 38 33.67 118,700 118,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 07/11/2012 38 0 -118,700 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 08/11/2012 38 33.485 119,400 119,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 08/11/2012 38 0 -119,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 09/11/2012 38 33.189 120,500 120,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 09/11/2012 38 0 -120,500 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 12/11/2012 38 33.369 119,800 119,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 12/11/2012 38 0 -119,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 13/11/2012 38 32.894 243,200 243,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 13/11/2012 38 0 -243,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 14/11/2012 38 32.259 247,900 247,900 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 14/11/2012 38 0 -247,900 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 15/11/2012 38 31.731 252,100 252,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 15/11/2012 38 0 -252,100 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 16/11/2012 38 31.539 253,600 253,600 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 16/11/2012 38 0 -253,600 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 19/11/2012 38 32.535 245,800 245,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 19/11/2012 38 0 -245,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 20/11/2012 38 32.594 245,400 245,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 20/11/2012 38 0 -245,400 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 21/11/2012 38 32.978 121,200 121,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 21/11/2012 38 0 -121,200 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 22/11/2012 38 33.326 120,000 120,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 22/11/2012 38 0 -120,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 23/11/2012 38 33.508 119,300 119,300 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 23/11/2012 38 0 -119,300 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 26/11/2012 38 33.307 120,000 120,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 26/11/2012 38 0 -120,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 27/11/2012 38 33.165 120,600 120,600 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 27/11/2012 38 0 -120,600 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 28/11/2012 38 32.388 246,000 246,000
December 13, 2012 (2012) 35 OSCB 11374 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 28/11/2012 38 0 -246,000 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 29/11/2012 38 32.938 242,800 242,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 29/11/2012 38 0 -242,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 30/11/2012 38 32.737 242,800 242,800 Suncor Energy Inc. Common Shares Suncor Energy Inc. 1 30/11/2012 38 0 -242,800 SunOpta Inc. Common Shares Dietrich, John 5 05/12/2012 10 5.2989 39,355 837 SunOpta Inc. Common Shares Kendall, Jeremy 4, 5 05/12/2012 10 5.2989 505,753 256 SunOpta Inc. Common Shares McKeracher, Robert 5 05/12/2012 10 5.2989 12,533 1,572 SunOpta Inc. Common Shares Ruelle, John 5 05/12/2012 10 5.2989 2,356 1,240 Sunshine Oilsands Ltd. Common Shares Class A Hancheruk, Jason James 5 30/11/2012 10 0.365 325,900 -85,000
Sunshine Oilsands Ltd. Common Shares Class A Turnbull, Gregory George 4 03/12/2012 10 0.33 500,000 150,000
Super Nova Minerals Corp. Common Shares Hara, Kumiko 5 29/10/2012 00
Super Nova Minerals Corp. Common Shares Wiese, Wolfgang 4, 6, 5 29/11/2012 10 0.09 2,265,050 11,000
Super Nova Minerals Corp. Common Shares Wiese, Wolfgang 4, 6, 5 04/12/2012 10 0.09 2,285,050 20,000
Superior Plus Corp. Common Shares Wrisley, Keith Allen 7 04/06/2012 00 Superior Plus Corp. Common Shares Wrisley, Keith Allen 7 05/12/2012 10 10.24 3,000 3,000 Supremex Inc. Common Shares Clarke Inc. 3 26/11/2012 10 1.08 13,094,200 3,292,300 Supremex Inc. Common Shares Supremex Inc 1 30/11/2012 38 1.168 24,200 24,200 Supremex Inc. Common Shares Supremex Inc 1 04/12/2012 38 1.1051 35,000 10,800 Supremex Inc. Common Shares Supremex Inc 1 05/12/2012 38 10,800 -24,200 Surge Energy Inc. Common Shares Colborne, Paul 4 29/11/2012 10 5.55 189,000 8,500 Surge Energy Inc. Common Shares Colborne, Paul 4 30/11/2012 10 5.47 191,500 2,500 Surge Energy Inc. Common Shares Colborne, Paul 4 03/12/2012 10 5.49 194,000 2,500 Surge Energy Inc. Common Shares Colborne, Paul 4 04/12/2012 10 5.49 196,500 2,500 Synex International Inc. Common Shares Stephens, Alan William 4, 5 06/12/2012 10 0.52 461,555 -5,000 TAD Mineral Exploration Inc. Common Shares Gigliotti, Jason 4 06/03/2012 16 0.05 328,000 28,000
TAD Mineral Exploration Inc. Common Shares Gigliotti, Jason 4 16/03/2012 16 0.05 338,000 10,000
TAD Mineral Exploration Inc. Common Shares Gigliotti, Jason 4 18/04/2012 16 0.05 348,000 10,000
Taiga Building Products Ltd. Common Shares Morris, Doug 4, 5 06/12/2012 10 589,292 10,000
Taiga Building Products Ltd. Common Shares Stefan, Tom 5 27/11/2012 10 205,600 23,500
Taiga Building Products Ltd. Common Shares Stefan, Tom 5 04/12/2012 10 0.75 212,600 7,000
Talon Metals Corp. Common Shares Kicis, Michael David 5 27/11/2012 00 4,300 Talon Metals Corp. Options Kicis, Michael David 5 27/11/2012 00 200,000 Tanzanian Royalty Common Shares HANSEN, HELEN 5 03/12/2012 30 4.54 1,725 182 Exploration Corporation ELIZABETH Tanzanian Royalty Common Shares Van Tongeren, Steven 5 03/12/2012 30 4.54 65,373 319 Exploration Corporation Petrus Taranis Resources Inc. Options Gardiner, John James 3, 4, 5 07/11/2012 52 450,000 -102,000 Taranis Resources Inc. Options Helgeson, James Maynard 4 07/11/2012 52 450,000 -82,000
Taranis Resources Inc. Options Kent, George Robert 4, 5 07/11/2012 52 250,000 -82,000 Taranis Resources Inc. Options McDonald, Gary Ralph 4 07/11/2012 52 450,000 -61,000 Taranis Resources Inc. Options Yeadon, Glenn Robert 4, 5 07/11/2012 52 450,000 -41,000 Taseko Mines Limited Common Shares McManus, John 5 24/09/2012 10 1 50,000 Taseko Mines Limited Common Shares McManus, John 5 24/09/2012 51 1 122,500 50,000 Taseko Mines Limited Common Shares McManus, John 5 24/09/2012 10 3.2152 72,500 -50,000 Taseko Mines Limited Common Shares McManus, John 5 28/09/2012 51 1 122,500 50,000 Taseko Mines Limited Common Shares McManus, John 5 28/09/2012 10 3.25 72,500 -50,000 Taseko Mines Limited Options McManus, John 5 24/09/2012 51 1 1,215,000 -50,000 Taseko Mines Limited Options McManus, John 5 28/09/2012 51 1 1,165,000 -50,000 Teck Resources Limited Class B Subordinate Caisse de dépôt et 3 30/11/2012 10 33.61 8,214,997 1,500 Voting Shares placement du Québec Teck Resources Limited Class B Subordinate Teck Resources Limited 1 02/11/2012 38 33.128 366,681 366,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 02/11/2012 38 33.284 566,681 200,000 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 07/11/2012 38 32.788 896,762 330,081 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 07/11/2012 38 32.9 1,125,735 228,973 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 07/11/2012 38 559,054 -566,681 Voting Shares
December 13, 2012 (2012) 35 OSCB 11375 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Teck Resources Limited Class B Subordinate Teck Resources Limited 1 08/11/2012 38 32.9 895,735 336,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 08/11/2012 38 32.931 1,125,735 230,000 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 09/11/2012 38 32.81 1,134,416 8,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 09/11/2012 38 32.836 1,230,216 95,800 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 13/11/2012 38 32.91 1,484,497 254,281 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 13/11/2012 38 32.879 1,714,497 230,000 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 13/11/2012 38 1,155,443 -559,054 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 14/11/2012 38 32.617 1,492,124 336,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 14/11/2012 38 32.523 1,722,124 230,000 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 14/11/2012 38 1,155,443 -566,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 15/11/2012 38 31.899 1,492,124 336,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 15/11/2012 38 31.822 1,722,124 230,000 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 15/11/2012 38 1,617,643 -104,481 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 16/11/2012 38 31.648 1,767,043 149,400 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 16/11/2012 38 31.745 1,970,324 203,281 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 16/11/2012 38 1,486,043 -484,281 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 19/11/2012 38 919,362 -566,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 20/11/2012 38 352,681 -566,681 Voting Shares Teck Resources Limited Class B Subordinate Teck Resources Limited 1 21/11/2012 38 0 -352,681 Voting Shares Telferscot Resources Inc. Warrants Chertkow, Louis 3, 4 28/10/2011 00 Telferscot Resources Inc. Warrants Chertkow, Louis 3, 4 29/11/2012 11 0.05 2,000,000 2,000,000 Telferscot Resources Inc. Options Kritzinger, Geoff 5 30/11/2012 50 0.15 300,000 100,000 TELUS Corporation Non-Voting Shares Blair, Joshua Andrew 5 01/10/2012 30 11,267 329 TELUS Corporation Non-Voting Shares Blair, Joshua Andrew 5 01/10/2012 30 11,596 329 TELUS Corporation Non-Voting Shares Blair, Joshua Andrew 5 30/11/2012 30 64.6 12,130 534 TELUS Corporation Non-Voting Shares Blair, Joshua Andrew 5 30/11/2012 30 64.6 12,664 534 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 18/05/2012 30 53.66 45,098 2,528 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 18/05/2012 30 58.37 70,798 25,700 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 01/10/2012 30 72,655 1,857 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 01/10/2012 30 74,512 1,857 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2012 30 64.03 73,555 -957 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2012 30 63.57 57,955 -15,600 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2012 30 64.03 56,998 -957 TELUS Corporation Restricted Share Units Blair, Joshua Andrew 5 30/11/2012 30 63.57 41,398 -15,600 TELUS Corporation Restricted Share Units Côté, François 5 18/05/2012 30 58.37 63,671 20,560 TELUS Corporation Restricted Share Units Côté, François 5 18/05/2012 30 53.66 66,131 2,460 TELUS Corporation Restricted Share Units Gardner, Robert 5 18/05/2012 30 58.37 8,541 3,631 TELUS Corporation Restricted Share Units Gardner, Robert 5 29/11/2012 30 8,817 276 TELUS Corporation Restricted Share Units Gardner, Robert 5 29/11/2012 30 63.57 5,887 -2,930 TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 18/05/2012 30 58.37 71,105 29,125
TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 18/05/2012 30 53.66 74,035 2,930
TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 01/10/2012 30 75,949 1,914
TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 30/11/2012 30 64.03 74,575 -1,374
TELUS Corporation Restricted Share Units McFarlane, Robert Gordon 5 30/11/2012 30 63.57 61,575 -13,000
TELUS Corporation Restricted Share Units Mercier, Monique 5 18/05/2012 30 58.37 7,218 572 TELUS Corporation Restricted Share Units Mercier, Monique 5 18/05/2012 30 58.37 10,645 3,427 TELUS Corporation Restricted Share Units Mercier, Monique 5 01/10/2012 30 11,000 355 TELUS Corporation Restricted Share Units Mercier, Monique 5 30/11/2012 30 63.57 9,921 -1,079 TELUS Corporation Restricted Share Units Natale, Joe 5 18/05/2012 30 58.37 111,889 38,550 TELUS Corporation Restricted Share Units Natale, Joe 5 18/05/2012 30 53.66 116,317 4,428
December 13, 2012 (2012) 35 OSCB 11376 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed TELUS Corporation Restricted Share Units Natale, Joe 5 01/10/2012 30 119,404 3,087 TELUS Corporation Restricted Share Units Natale, Joe 5 30/11/2012 30 64.03 118,229 -1,175 TELUS Corporation Restricted Share Units Natale, Joe 5 30/11/2012 30 63.57 93,246 -24,983 TELUS Corporation Restricted Share Units Sayles, William Michael 5 01/10/2012 30 14,703 289 TELUS Corporation Restricted Share Units Sayles, William Michael 5 29/11/2012 30 63.57 12,474 -2,229 TELUS Corporation Restricted Share Units Spadotto, Eros 7 18/05/2012 30 58.37 73,446 29,125 TELUS Corporation Restricted Share Units Spadotto, Eros 7 18/05/2012 30 53.66 76,137 2,691 Terra Firma Capital Common Shares Silber, Allan Charles 3, 4 30/11/2012 10 0.195 2,050,998 1,000 Corporation Terra Firma Capital Common Shares Silber, Allan Charles 3, 4 30/11/2012 10 0.2 2,051,498 500 Corporation Tesco Corporation Common Shares O'Blenes, Jonathan Brian 5 04/12/2012 51 7.51 7,787 667 Tesco Corporation Common Shares O'Blenes, Jonathan Brian 5 04/12/2012 51 10.38 11,187 3,400 Tesco Corporation Common Shares O'Blenes, Jonathan Brian 5 04/12/2012 10 10.724 2,784 -8,403 Tesco Corporation Options Stock Options O'Blenes, Jonathan Brian 5 04/12/2012 51 31,000 -667 Tesco Corporation Options Stock Options O'Blenes, Jonathan Brian 5 04/12/2012 51 27,600 -3,400 Tesla Exploration Ltd. Common Shares Tesla Exploration Ltd. 1 06/12/2012 38 0 -1,200 (formerly Norex Exploration Services Inc.) Tethys Petroleum Limited Warrants December 2012 Philliskirk, Ian 5 01/02/2009 00 Warrants Tethys Petroleum Limited Warrants December 2012 Philliskirk, Ian 5 01/12/2012 53 0.64 232,620 232,620 Warrants Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 03/12/2012 10 0.44 31,422,341 -116,051 Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 03/12/2012 90 31,284,341 -138,000 Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 04/12/2012 10 0.43 31,287,841 3,500 THE CALDWELL Common Shares Falagario, Michael R.J. 7 30/11/2012 10 0.9 50,000 25,000 PARTNERS INTERNATIONAL INC. The Descartes Systems Deferred Share Unit Anderson, David Langley 4 03/12/2012 97 8.65 4,552 867 Group Inc. The Descartes Systems Deferred Share Unit Anderson, David Langley 4 03/12/2012 97 8.47 5,437 885 Group Inc. The Descartes Systems Deferred Share Unit Beatson, David I. 4 03/12/2012 97 8.65 13,202 434 Group Inc. The Descartes Systems Deferred Share Unit Beatson, David I. 4 03/12/2012 97 8.47 13,645 443 Group Inc. The Descartes Systems Deferred Share Unit Demirian, Eric 4 03/12/2012 97 8.65 4,552 867 Group Inc. The Descartes Systems Deferred Share Unit Demirian, Eric 4 03/12/2012 97 8.47 5,437 885 Group Inc. The Descartes Systems Restricted Stock Unit - Diederik, Raimond 5 30/11/2012 97 9,574 -1,979 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Jones, Christopher 5 30/11/2012 97 27,283 -1,980 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Jones, Christopher 5 30/11/2012 97 25,019 -2,264 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Mesher, Arthur 4, 5 30/11/2012 97 86,409 -6,833 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Mesher, Arthur 4, 5 30/11/2012 97 73,133 -13,276 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Pagan, John Scott 7, 5 30/11/2012 97 28,446 -2,251 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Pagan, John Scott 7, 5 30/11/2012 97 23,894 -4,552 Group Inc. Cash-settled The Descartes Systems Restricted Stock Unit - Ratza, Stephanie Lynn 5 01/12/2012 97 8.49 8,333 -2,042 Group Inc. Cash-settled The Descartes Systems Deferred Share Unit Walker, John Joseph 4 03/12/2012 97 8.65 3,332 867 Group Inc. The Descartes Systems Deferred Share Unit Walker, John Joseph 4 03/12/2012 97 8.47 4,217 885 Group Inc. The Descartes Systems Deferred Share Unit Watt, Stephen 4 03/12/2012 97 8.65 56,438 1,517 Group Inc. The Descartes Systems Deferred Share Unit Watt, Stephen 4 03/12/2012 97 8.47 57,988 1,550 Group Inc. The Jean Coutu Group Unités d'actions différées Bastarache, Lise 4 01/12/2012 35 14.657 10,045 49 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Bastarache, Lise 4 01/12/2012 56 14.395 10,283 238 (PJC) Inc. The Jean Coutu Group Options Bisson, Hélène 5 30/11/2012 51 8.9 44,894 -7,862 (PJC) Inc. The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 51 8.9 7,862 7,862 (PJC) Inc. Shares Catégorie A
December 13, 2012 (2012) 35 OSCB 11377 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 10 14.54 7,562 -300 (PJC) Inc. Shares Catégorie A The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 10 14.52 6,562 -1,000 (PJC) Inc. Shares Catégorie A The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 10 14.51 4,700 -1,862 (PJC) Inc. Shares Catégorie A The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 10 14.525 4,600 -100 (PJC) Inc. Shares Catégorie A The Jean Coutu Group Subordinate Voting Bisson, Hélène 5 30/11/2012 10 14.5 0 -4,600 (PJC) Inc. Shares Catégorie A The Jean Coutu Group Unités d'actions différées Dutil, Marcel E. 4 01/12/2012 35 14.657 48,787 236 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Dutil, Marcel E. 4 01/12/2012 56 14.395 49,716 929 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Forget, Nicolle 4 01/12/2012 35 14.657 2,724 13 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Lacroix, Robert 4 01/12/2012 35 14.657 31,417 149 (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 01/11/2012 38 29,700 -29,500 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 01/11/2012 38 15.018 59,700 30,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 02/11/2012 38 51,500 -8,200 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 02/11/2012 38 15.001 95,500 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 05/11/2012 38 74,000 -21,500 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 05/11/2012 38 14.769 118,000 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 06/11/2012 38 14.742 162,000 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 06/11/2012 38 132,000 -30,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 07/11/2012 38 14.709 176,000 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 07/11/2012 38 132,000 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 08/11/2012 38 14.504 164,300 32,300 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 08/11/2012 38 120,300 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 09/11/2012 38 14.622 165,000 44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 09/11/2012 38 121,000 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 12/11/2012 38 14.688 146,900 25,900 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 13/11/2012 38 14.607 181,200 34,300 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 13/11/2012 38 137,200 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 14/11/2012 38 14.714 181,200 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 14/11/2012 38 148,900 -32,300 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 15/11/2012 38 14.71 186,500 37,600 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 15/11/2012 38 141,800 -44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 15/11/2012 38 115,900 -25,900 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 16/11/2012 38 14.646 137,100 21,200 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 16/11/2012 38 102,800 -34,300 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 19/11/2012 38 14.823 127,000 24,200 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 19/11/2012 38 83,000 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 20/11/2012 38 14.9 127,000 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc.
December 13, 2012 (2012) 35 OSCB 11378 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 20/11/2012 38 89,400 -37,600 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 21/11/2012 38 14.583 116,000 26,600 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 21/11/2012 38 94,800 -21,200 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 22/11/2012 38 14.812 112,500 17,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 22/11/2012 38 88,300 -24,200 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 23/11/2012 38 14.809 132,300 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 26/11/2012 38 14.605 176,300 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 26/11/2012 38 105,700 -70,600 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 27/11/2012 38 14.388 150,400 44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 27/11/2012 38 132,700 -17,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 28/11/2012 38 14.346 176,700 44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 28/11/2012 38 132,700 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 29/11/2012 38 14.375 177,400 44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 29/11/2012 38 133,400 -44,000 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 30/11/2012 38 14.461 178,100 44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Subordinate Voting Le Groupe Jean Coutu 1 30/11/2012 38 133,400 -44,700 (PJC) Inc. Shares Catégorie A (PJC) Inc. The Jean Coutu Group Unités d'actions différées Martineau, Yvon 4 01/12/2012 35 14.657 54,696 266 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Martineau, Yvon 4 01/12/2012 56 14.395 55,946 1,250 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Thabet, Annie 4 06/07/2010 00 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Thabet, Annie 4 01/12/2012 35 14.657 3 3 (PJC) Inc. The Jean Coutu Group Unités d'actions différées Thabet, Annie 4 01/12/2012 56 14.395 602 599 (PJC) Inc. Thermal Energy International Common Shares Class A Bailey, Grant Richard 7 01/11/2009 00 Inc. Thermal Energy International Common Shares Class A Bailey, Grant Richard 7 03/12/2012 10 0.05 189,700 189,700 Inc. Thermal Energy International Common Shares Class A Gibbs, Donald 4 28/06/2011 00 Inc. Thermal Energy International Common Shares Class A Gibbs, Donald 4 30/11/2012 10 0.045 41,500 41,500 Inc. theScore, Inc. Options Hearne, Thomas Joseph 5 19/10/2012 00 theScore, Inc. Options Hearne, Thomas Joseph 5 28/11/2012 50 0.13 400,000 400,000 theScore, Inc. Options Lean, Ralph E. 4 19/10/2012 00 theScore, Inc. Options Lean, Ralph E. 4 28/11/2012 50 0.13 40,000 40,000 theScore, Inc. Options Levy, Benjamin David 4, 5 19/10/2012 00 theScore, Inc. Options Levy, Benjamin David 4, 5 28/11/2012 50 0.13 400,000 400,000 theScore, Inc. Options Levy, John S. 3, 4, 5 28/11/2012 50 0.13 1,600,000 1,600,000 theScore, Inc. Options Levy, John S. 3, 4, 5 19/10/2012 00 theScore, Inc. Options Merker, Brian 5 19/10/2012 00 theScore, Inc. Options Merker, Brian 5 28/11/2012 50 0.13 150,000 150,000 theScore, Inc. Options Read, Kenneth J. 4 19/10/2012 00 theScore, Inc. Options Read, Kenneth J. 4 28/11/2012 50 0.13 40,000 40,000 theScore, Inc. Options Schneider, Lorry H. 4 19/10/2012 00 theScore, Inc. Options Schneider, Lorry H. 4 28/11/2012 50 0.13 40,000 40,000 theScore, Inc. Options Scholes, Mark A. 4 19/10/2012 00 theScore, Inc. Options Scholes, Mark A. 4 28/11/2012 50 0.13 40,000 40,000 theScore, Inc. Options Thomson, William 4 19/10/2012 00 theScore, Inc. Options Thomson, William 4 28/11/2012 50 0.13 40,000 40,000 theScore, Inc. Options Zega, Mark 4 19/10/2012 00 theScore, Inc. Options Zega, Mark 4 28/11/2012 50 0.13 40,000 40,000 Thompson Creek Metals Common Shares Loughrey, Kevin 4, 7, 5 29/11/2012 10 2.86 146,000 20,000 Company Inc.
December 13, 2012 (2012) 35 OSCB 11379 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Thompson Creek Metals Common Shares Wilson, Mark 5 28/11/2012 10 2.66 12,000 3,200 Company Inc. Thomson Reuters Common Shares Smith, James Clifton 5 05/12/2012 47 125,530 -900 Corporation Thundermin Resources Inc. Common Shares Arnold, John Martin 4, 5 04/12/2012 10 0.045 597,567 100,000
Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/11/2012 38 49.685 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/11/2012 38 49.685 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 05/11/2012 38 49.68 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 05/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 06/11/2012 38 49.812 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 06/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 07/11/2012 38 49.789 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 07/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/11/2012 38 48.126 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/11/2012 38 46.72 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/11/2012 38 46.759 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 13/11/2012 38 46.679 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 13/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 14/11/2012 38 46.145 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 14/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/11/2012 38 46.039 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/11/2012 38 46.158 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/11/2012 38 46.16 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 20/11/2012 38 46.377 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 20/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 21/11/2012 38 46.526 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 21/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/11/2012 38 46.648 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/11/2012 38 46.742 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/11/2012 38 46.465 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 27/11/2012 38 46.473 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 27/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 28/11/2012 38 46.333 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 28/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 29/11/2012 38 46.447 12,000 12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 29/11/2012 38 0 -12,000 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 30/11/2012 38 46.286 12,500 12,500 Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 30/11/2012 38 0 -12,500 Times Three Wireless Inc. Common Shares Guebert, David Dean 5 05/12/2012 10 0.12 7,770,716 2,000 Times Three Wireless Inc. Common Shares Middleton, William 4, 5 28/11/2012 10 0.12 2,015,500 2,000 Times Three Wireless Inc. Common Shares Middleton, William 4, 5 30/11/2012 10 0.115 2,017,500 2,000 Timmins Gold Corp. Common Shares Bonilla, Miguel 5 04/12/2012 10 3 90,000 -10,000 Timmins Gold Corp. Common Shares Bonilla, Miguel 5 06/12/2012 10 2.95 80,000 -10,000 Timmins Gold Corp. Common Shares Bonilla, Miguel 5 06/12/2012 10 3.05 74,000 -6,000 Timmins Gold Corp. Common Shares Bonilla, Miguel 5 07/12/2012 10 3.05 38,000 -36,000 Timmins Gold Corp. Common Shares Bonillas Zepeda, Francisco 4, 5 04/12/2012 10 3 2,868,029 -9,671 Arturo Timmins Gold Corp. Common Shares Bonillas Zepeda, Francisco 4, 5 06/12/2012 10 3 2,843,029 -25,000 Arturo Timmins Gold Corp. Common Shares Bonillas Zepeda, Francisco 4, 5 07/12/2012 10 3.05 2,818,029 -25,000 Arturo Timmins Gold Corp. Common Shares Bragagnolo, Bruce 4, 5 04/12/2012 10 3 2,948,400 -2,600 Timmins Gold Corp. Common Shares Bragagnolo, Bruce 4, 5 06/12/2012 10 3.05 2,946,000 -2,400 Timmins Gold Corp. Common Shares Bragagnolo, Bruce 4, 5 06/12/2012 10 2.98 2,941,000 -5,000 Timmins Gold Corp. Common Shares Bragagnolo, Bruce 4, 5 06/12/2012 10 2.94 2,936,000 -5,000 Timmins Gold Corp. Common Shares Soto Bedolla, Miguel Angel 4, 5 04/12/2012 10 2.94 188,000 -9,500
Timmins Gold Corp. Common Shares Soto Bedolla, Miguel Angel 4, 5 04/12/2012 10 3 178,000 -10,000
Timmins Gold Corp. Common Shares Soto Bedolla, Miguel Angel 4, 5 04/12/2012 10 3.04 165,000 -13,000
December 13, 2012 (2012) 35 OSCB 11380 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Timmins Gold Corp. Common Shares Soto Bedolla, Miguel Angel 4, 5 05/12/2012 10 2.95 164,700 -300
Timmins Gold Corp. Common Shares Soto Bedolla, Miguel Angel 4, 5 07/12/2012 10 3 154,700 -10,000
Tintina Mines Limited Promissory Notes Grid rassmuss, juan 3, 4, 5 30/11/2012 11 $10,101,485 $500,000 Note Loan Agreement TMX Group Limited Common Shares Ptasznik, Michael Steven 5 30/11/2012 51 48.2 8,671 7,993 TMX Group Limited Common Shares Ptasznik, Michael Steven 5 30/11/2012 10 49.304 678 -7,993 TMX Group Limited Options Ptasznik, Michael Steven 5 30/11/2012 51 48.2 47,777 -7,993 Top 20 U.S. Dividend Trust Units Class A Units Bowland, James Parkinson 4 10/09/2012 00
Top 20 U.S. Dividend Trust Units Class A Units Scotia Capital Inc. 3 05/12/2012 10 9.21 75,700 -500 Top 20 U.S. Dividend Trust Units Class A Units Scotia Capital Inc. 3 05/12/2012 10 9.2 75,500 -200 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 51 13.87 66,400 6,000 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 10 20.89 65,800 -600 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 10 20.88 63,600 -2,200 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 10 20.87 62,300 -1,300 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 10 20.85 61,100 -1,200 Toromont Industries Ltd. Common Shares McLeod, Steven Douglas 5 05/12/2012 10 20.83 60,400 -700 Toromont Industries Ltd. Options McLeod, Steven Douglas 5 05/12/2012 51 87,000 -6,000 Toromont Industries Ltd. Common Shares Wetherald, David 5 03/12/2012 51 16.76 27,200 6,000 Toromont Industries Ltd. Common Shares Wetherald, David 5 03/12/2012 10 19.4 21,200 -6,000 Toromont Industries Ltd. Common Shares Wetherald, David 5 05/12/2012 51 17.1 26,200 5,000 Toromont Industries Ltd. Common Shares Wetherald, David 5 05/12/2012 10 20 21,200 -5,000 Toromont Industries Ltd. Options Wetherald, David 5 03/12/2012 51 69,000 -6,000 Toromont Industries Ltd. Options Wetherald, David 5 05/12/2012 51 17.1 64,000 -5,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 03/12/2012 10 13.995 28,800 10,000 Total Energy Services Inc. Common Shares Total Energy Services Inc 1 05/12/2012 10 13.859 35,300 6,500 Tourmaline Oil Corp. Common Shares Keenan, Kevin 4 03/12/2012 10 33.492 346,555 -20,000 Tourmaline Oil Corp. Common Shares Keenan, Kevin 4 06/12/2012 51 7 396,555 50,000 Tourmaline Oil Corp. Options Keenan, Kevin 4 06/12/2012 51 7 160,000 -50,000 Tourmaline Oil Corp. Common Shares Kirker, William Scott 5 03/12/2012 51 7 555,292 26,800 Tourmaline Oil Corp. Common Shares Kirker, William Scott 5 07/12/2012 10 33.264 530,292 -25,000 Tourmaline Oil Corp. Options Kirker, William Scott 5 03/12/2012 51 7 235,000 -26,800 Tourmaline Oil Corp. Common Shares Nowek, Stan 5 03/12/2012 51 7 695,665 66,666 Tourmaline Oil Corp. Common Shares Nowek, Stan 5 06/12/2012 10 33.3 628,999 -66,666 Tourmaline Oil Corp. Options Nowek, Stan 5 03/12/2012 51 7 330,000 -66,666 Tourmaline Oil Corp. Common Shares Robinson, Brian 5 03/12/2012 51 7 621,043 75,000 Tourmaline Oil Corp. Common Shares Robinson, Brian 5 06/12/2012 10 33.101 571,043 -50,000 Tourmaline Oil Corp. Options Robinson, Brian 5 03/12/2012 51 7 445,000 -75,000 TransAlta Corporation Common Shares Kousinioris, John Harry 5 03/12/2012 00 TransAlta Corporation PSOP (Performance Kousinioris, John Harry 5 03/12/2012 00 Share Ownership Plan) TransAlta Corporation RSU (Restricted Share Kousinioris, John Harry 5 03/12/2012 00 Units) TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 51 33.08 23,000 19,000 TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 10 45.93 22,300 -700 TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 10 45.92 14,600 -7,700 TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 10 45.915 9,800 -4,800 TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 10 45.91 7,500 -2,300 TransCanada Corporation Common Shares Hobbs, Lee G. 5 03/12/2012 10 45.9 4,000 -3,500 TransCanada Corporation Options Granted June 12, Hobbs, Lee G. 5 03/12/2012 51 4,000 -19,000 2006 @33.08 CDN Expiry June 12, 2013 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 51 33.08 60,790 50,000 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.78 56,490 -4,300 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.76 53,590 -2,900 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.75 51,890 -1,700 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.74 51,390 -500 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.73 49,590 -1,800 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.72 46,990 -2,600 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.71 45,890 -1,100 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.7 32,990 -12,900 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.68 20,590 -12,400 TransCanada Corporation Common Shares Lohnes, Gregory Alan 5 30/11/2012 10 45.67 10,790 -9,800 TransCanada Corporation Options Granted June 12, Lohnes, Gregory Alan 5 30/11/2012 51 0 -50,000 2006 @33.08 CDN Expiry June 12, 2013 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 51 35.23 18,310 12,000 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 10 45.28 16,410 -1,900 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 10 45.27 15,710 -700 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 10 45.26 14,610 -1,100 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 10 45.23 8,010 -6,600 TransCanada Corporation Common Shares MacGregor, Paul F. 5 29/11/2012 10 45.19 7,927 -83
December 13, 2012 (2012) 35 OSCB 11381 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed TransCanada Corporation Options Granted Feb. 27, MacGregor, Paul F. 5 29/11/2012 51 0 -12,000 2006 @ $35.23 CDN Expiry Feb. 27, 2013 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 51 35.23 16,376 14,000 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 10 45.78 12,776 -3,600 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 10 45.73 10,876 -1,900 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 10 45.72 9,676 -1,200 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 10 45.71 6,776 -2,900 TransCanada Corporation Common Shares Marchand, Donald R. 5 30/11/2012 10 45.7 2,376 -4,400 TransCanada Corporation Options Granted Feb. 27, Marchand, Donald R. 5 30/11/2012 51 0 -14,000 2006 @ $35.23 CDN Expiry Feb. 27, 2013 Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 01/11/2012 38 10.469 143,900 95,700 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 02/11/2012 38 10.225 167,800 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 02/11/2012 38 167,400 -400 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 02/11/2012 38 143,500 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 05/11/2012 38 10.219 167,400 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 05/11/2012 38 143,500 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 06/11/2012 38 10.378 167,400 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 06/11/2012 38 71,700 -95,700 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 07/11/2012 38 10.348 88,600 16,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 07/11/2012 38 64,700 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 08/11/2012 38 9.8068 338,600 273,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 08/11/2012 38 314,700 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 09/11/2012 38 9.85 338,600 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 09/11/2012 38 314,700 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 12/11/2012 38 9.9608 338,600 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 13/11/2012 38 9.709 362,500 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 14/11/2012 38 9.6348 386,400 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 14/11/2012 38 112,500 -273,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 14/11/2012 38 95,600 -16,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 15/11/2012 38 9.4774 111,500 15,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 15/11/2012 38 63,700 -47,800 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 16/11/2012 38 9.3599 83,200 19,500 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 16/11/2012 38 59,300 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 19/11/2012 38 9.6908 83,200 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 19/11/2012 38 59,300 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 20/11/2012 38 9.5644 83,200 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 20/11/2012 38 67,300 -15,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 21/11/2012 38 9.32 139,000 71,700 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 21/11/2012 38 119,500 -19,500 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 22/11/2012 38 9.5252 134,000 14,500 Shares Catégorie A
December 13, 2012 (2012) 35 OSCB 11382 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 22/11/2012 38 110,100 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 23/11/2012 38 9.4846 134,000 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 23/11/2012 38 110,100 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 26/11/2012 38 9.413 134,000 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 26/11/2012 38 62,300 -71,700 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 27/11/2012 38 9.4657 86,200 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 27/11/2012 38 71,700 -14,500 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 28/11/2012 38 9.4748 95,600 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 28/11/2012 38 71,700 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 29/11/2012 38 9.6866 95,600 23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 29/11/2012 38 71,700 -23,900 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 30/11/2012 38 9.6651 94,700 23,000 Shares Catégorie A Transcontinental Inc. Subordinate Voting Transcontinental inc. 1 30/11/2012 38 70,800 -23,900 Shares Catégorie A TransForce Inc. Common Shares TransForce Inc. 1 01/11/2012 38 18.5 145,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 02/11/2012 38 18.35 192,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 05/11/2012 38 18.38 239,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 06/11/2012 38 18.11 439,100 200,000 TransForce Inc. Common Shares TransForce Inc. 1 07/11/2012 38 17.58 486,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 08/11/2012 38 17.36 533,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 09/11/2012 38 17.45 580,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 12/11/2012 38 17.59 627,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 13/11/2012 38 17.47 674,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 14/11/2012 38 17.36 721,100 47,000 TransForce Inc. Common Shares TransForce Inc. 1 15/11/2012 38 17.2 751,100 30,000 TransForce Inc. Common Shares TransForce Inc. 1 16/11/2012 38 17.06 776,100 25,000 TransForce Inc. Common Shares TransForce Inc. 1 19/11/2012 38 17.62 801,100 25,000 TransForce Inc. Common Shares TransForce Inc. 1 03/12/2012 38 0 -801,100 Transition Therapeutics Inc. Common Shares Baehr, Paul 4 04/12/2012 10 21,445 17,000
Transition Therapeutics Inc. Common Shares CRUZ, TONY 4, 5 03/12/2012 10 2.3 25,200 5,200
Transition Therapeutics Inc. Common Shares CRUZ, TONY 4, 5 04/12/2012 10 2.3 28,100 2,900
Transition Therapeutics Inc. Common Shares CRUZ, TONY 4, 5 06/12/2012 10 2.3 28,400 300
Tree Island Steel Ltd. Common Shares Rosenfeld, Harry 4 01/10/2012 36 4,506,400 Tree Island Steel Ltd. Common Shares Rosenfeld, Harry 4 01/10/2012 36 4,506,400 Tree Island Steel Ltd. Convertible Debentures Rosenfeld, Harry 4 01/10/2012 36 $5,000,000 Tree Island Steel Ltd. Convertible Debentures Rosenfeld, Harry 4 01/10/2012 36 $5,000,000 Tree Island Steel Ltd. Warrants Rosenfeld, Harry 4 01/10/2012 36 1,875,000 Tree Island Steel Ltd. Warrants Rosenfeld, Harry 4 01/10/2012 36 1,875,000 Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd. 1 02/11/2012 38 0.5 1,500 1,500 (formerly known as Tree Island Wire Income Fund) Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd. 1 05/11/2012 38 0.5 3,000 1,500 (formerly known as Tree Island Wire Income Fund) Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd. 1 09/11/2012 38 0.5 5,000 2,000 (formerly known as Tree Island Wire Income Fund) Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd. 1 19/11/2012 38 0.5 8,400 3,400 (formerly known as Tree Island Wire Income Fund) Tree Island Steel Ltd. Common Shares Tree Island Steel Ltd. 1 30/11/2012 38 0.5 0 -8,400 (formerly known as Tree Island Wire Income Fund) Trevali Mining Corporation Common Shares Stakiw, Edward Stephen 5 27/11/2012 00 134,000 Trevali Mining Corporation Options Stakiw, Edward Stephen 5 27/11/2012 00 550,000 Trevali Mining Corporation Warrants Stakiw, Edward Stephen 5 27/11/2012 00 48,000 TriAusMin Limited Options SNOWDEN, ALAN JOHN 4, 6 23/10/2012 50 500,000 200,000 ECCLES
December 13, 2012 (2012) 35 OSCB 11383 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Tribute Resources Inc. Common Shares Tribute Resources Inc. 1 26/11/2012 38 0.05 40,000 40,000 Tricon Capital Group Inc. Common Shares Berman, David 3, 4, 6, 5 04/12/2012 15 5.7 4,037,463 150,000 Tricon Capital Group Inc. Common Shares Berman, Gary 5 04/12/2012 15 5.7 24,900 17,500 Tricon Capital Group Inc. Common Shares Giles, David 5 14/05/2010 00 Tricon Capital Group Inc. Common Shares Giles, David 5 04/12/2012 15 5.7 1,760 1,760 Tricon Capital Group Inc. Common Shares MATUS, GEOFFREY 3, 4, 6, 5 04/12/2012 15 5.7 1,212,838 -650,000 Troy Resources Limited Options Benson, Paul 4 04/12/2012 56 100,000 100,000 Troy Resources Limited Options Benson, Paul 4 04/12/2012 56 200,000 100,000 Troy Resources Limited Options Benson, Paul 4 04/12/2012 56 300,000 100,000 Troy Resources Limited Common Shares Parish, Clement Robin 4 04/12/2012 10 3.99 4,140,221 1,553 Woodbine Troy Resources Limited Common Shares Parish, Clement Robin 4 07/12/2012 10 3.94 4,148,668 8,447 Woodbine TrueContext Mobile Options Moran, Timothy James 5 06/12/2012 50 565,000 40,000 Solutions Corporation (formerly Carlaw Capital II Corp.) TTM Resources Inc. Common Shares Clarke, Warring Kennedy 4 01/12/2012 10 0.035 4,472,943 44,000 Crichton TTM Resources Inc. Common Shares Clarke, Warring Kennedy 4 01/12/2012 10 0.04 4,592,943 120,000 Crichton TTM Resources Inc. Common Shares Jordens, Richard 4 30/11/2012 10 0.03 3,442,500 110,500 Tucows Inc. Common Shares Karp, Allen 4 14/10/2005 00 20,000 Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 8.35 1,560,837 -96,965 Ltd. Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 8.2 1,347,510 -213,327 Ltd. Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 8.77 1,192,364 -155,146 Ltd. Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 13.76 998,433 -193,931 Ltd. Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 27.83 775,691 -222,742 Ltd. Turquoise Hill Resources Options Meredith, Peter 4 29/11/2012 38 21.44 303,208 -472,483 Ltd. Tuscany International Drilling Common Shares Dawson, Walter Alfred 4 06/12/2012 10 0.2275 34,483,676 80,000 Inc. Twin Butte Energy Ltd. Common Shares Bowman, Robert D. 5 03/12/2012 10 2.86 128,944 732 Twin Butte Energy Ltd. Common Shares Bowman, Robert D. 5 03/12/2012 30 2.86 129,923 979 Twin Butte Energy Ltd. Common Shares Cathcart, Neil Thomes 5 03/12/2012 30 2.86 313,343 734 Twin Butte Energy Ltd. Common Shares Gamache, Claude Maurice 5 03/12/2012 30 2.86 190,910 716
Twin Butte Energy Ltd. Common Shares Greschner, Thomas Joseph 4 05/12/2012 11 985,740 -1,073,489
Twin Butte Energy Ltd. Common Shares Greschner, Thomas Joseph 4 05/12/2012 10 676,840 -308,900
Twin Butte Energy Ltd. Common Shares Greschner, Thomas Joseph 4 05/12/2012 11 154,259 -66,511
Twin Butte Energy Ltd. Common Shares Hall, Bruce William 5 03/12/2012 30 2.86 381,383 821 Twin Butte Energy Ltd. Common Shares Kraft, Preston 5 03/12/2012 30 2.86 56,129 786 Twin Butte Energy Ltd. Common Shares SAUNDERS, JAMES 4, 5 03/12/2012 30 2.86 4,238,944 874 MACLEO Twin Butte Energy Ltd. Common Shares Steele, Alan 5 03/12/2012 30 2.86 837,427 1,095 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 30/11/2012 38 22.819 2,700 2,700 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 30/11/2012 38 22.819 0 -2,700 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 03/12/2012 38 22.859 2,900 2,900 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 03/12/2012 38 22.859 0 -2,900 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 04/12/2012 38 22.438 2,900 2,900 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 04/12/2012 38 22.438 0 -2,900 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 05/12/2012 38 22.251 2,100 2,100 Uni-Sélect Inc. Common Shares Uni-Sélect Inc. 1 05/12/2012 38 22.251 0 -2,100 Uranium Focused Energy Trust Units Uranium Focused Energy 1 30/11/2012 38 2.08 19,666,901 5,000 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 03/12/2012 38 2.04 19,668,201 1,300 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 03/12/2012 38 2.05 19,669,201 1,000 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 04/12/2012 38 2.04 19,670,201 1,000 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 05/12/2012 38 2 19,670,601 400 Fund Fund Uranium Focused Energy Trust Units Uranium Focused Energy 1 05/12/2012 38 2.04 19,671,601 1,000 Fund Fund
December 13, 2012 (2012) 35 OSCB 11384 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Uranium Focused Energy Trust Units Uranium Focused Energy 1 06/12/2012 38 2.03 19,672,601 1,000 Fund Fund Valhalla Resources Ltd. Common Shares Ramshaw, Douglas William 5 30/11/2012 10 0.03 372,000 100,000
Valterra Resource Common Shares Sveinson, Frederick J. 5 03/12/2012 10 0.16 1,170,000 5,000 Corporation Valterra Resource Common Shares Sveinson, Frederick J. 5 07/12/2012 10 0.16 1,175,000 5,000 Corporation Velan Inc. Subordinate Voting Velan Inc. 1 07/11/2012 38 11.55 2,000 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 08/11/2012 38 11.6 3,000 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 13/11/2012 38 11.35 4,000 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 15/11/2012 38 11.4 5,000 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 19/11/2012 38 11.4 6,000 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 22/11/2012 38 11.25 6,600 600 Shares Velan Inc. Subordinate Voting Velan Inc. 1 23/11/2012 38 11.2 7,600 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 26/11/2012 38 11.2 8,600 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 27/11/2012 38 11.2 9,600 1,000 Shares Velan Inc. Subordinate Voting Velan Inc. 1 28/11/2012 38 11.2 10,600 1,000 Shares Verde Potash Plc Common Shares Fonseca, Getulio Lamartine 4 05/12/2012 51 1.2 80,000 80,000 De Paula Verde Potash Plc Common Shares Fonseca, Getulio Lamartine 4 05/12/2012 11 2.85 46,315 -33,685 De Paula Verde Potash Plc Options Fonseca, Getulio Lamartine 4 05/12/2012 51 0 -80,000 De Paula Veresen Inc. Common Shares Eastman, Paul 5 23/01/2012 30 736 4 Veresen Inc. Common Shares Eastman, Paul 5 23/02/2012 30 740 4 Veresen Inc. Common Shares Eastman, Paul 5 23/03/2012 30 744 4 Veresen Inc. Common Shares Eastman, Paul 5 23/04/2012 30 748 4 Veresen Inc. Common Shares Eastman, Paul 5 23/05/2012 30 752 4 Veresen Inc. Common Shares Eastman, Paul 5 22/06/2012 30 7,757 5 Veresen Inc. Common Shares Eastman, Paul 5 23/06/2012 30 7,762 5 Veresen Inc. Common Shares Eastman, Paul 5 23/07/2012 30 7,767 5 Veresen Inc. Common Shares Eastman, Paul 5 23/07/2012 30 7,816 49 Veresen Inc. Common Shares Eastman, Paul 5 23/08/2012 30 7,821 5 Veresen Inc. Common Shares Eastman, Paul 5 23/08/2012 30 49 Veresen Inc. Common Shares Eastman, Paul 5 23/08/2012 30 7,869 48 Veresen Inc. Common Shares Eastman, Paul 5 21/09/2012 30 7,874 5 Veresen Inc. Common Shares Eastman, Paul 5 21/09/2012 30 49 Veresen Inc. Common Shares Eastman, Paul 5 21/09/2012 30 7,922 48 Veresen Inc. Common Shares Eastman, Paul 5 23/10/2012 30 7,927 5 Veresen Inc. Common Shares Eastman, Paul 5 23/10/2012 30 7,974 47 Veresen Inc. Common Shares Eastman, Paul 5 23/11/2012 30 7,979 5 Veresen Inc. Common Shares Eastman, Paul 5 23/11/2012 30 8,029 50 Vermilion Energy Inc. Common Shares Donovan, John 5 29/11/2012 10 50 -20,000 Vermilion Energy Inc. Common Shares Donovan, John 5 29/11/2012 10 49.982 182,271 -20,000 Vermilion Energy Inc. Common Shares Donovan, John 5 30/11/2012 10 50 -20,000 Vermilion Energy Inc. Common Shares Donovan, John 5 30/11/2012 10 50.036 162,271 -20,000 Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 05/12/2012 10 50.7 2,368,500 -94,400 Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 01/09/2010 00 Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 01/09/2010 00 Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 01/09/2010 00 Vermilion Energy Inc. Common Shares Ghersinich, Claudio 4 01/09/2010 00 Vermilion Energy Inc. Common Shares Madison, William F. 4 03/12/2012 10 51.022 17,759 -3,633 Vermilion Energy Inc. Common Shares Madison, William F. 4 06/12/2012 10 50.492 7,440 1,800 Vermilion Energy Inc. Common Shares Madison, William F. 4 06/12/2012 10 50.499 9,273 1,833 Versatile Systems Inc. Common Shares Atkinson, Fraser 4, 5 07/12/2012 10 0.025 4,432,500 274,000 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -382,587 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -382,587 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -343,875 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -343,875 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -12,500 Virgin Metals Inc. Warrants Inwentash, Sheldon 6 01/12/2012 55 0.25 -12,500 Virgin Metals Inc. Warrants Pinetree Capital Ltd. 3 01/12/2012 55 25 -382,587 Virgin Metals Inc. Warrants Pinetree Capital Ltd. 3 01/12/2012 55 25 -382,587
December 13, 2012 (2012) 35 OSCB 11385 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed Viterra Inc. Common Shares Ast, Edward Arthur 7 30/11/2012 30 15.479 16,520 64 Viterra Inc. Common Shares Bell, James Russell 5 30/11/2012 30 15.479 14,541 91 Viterra Inc. Common Shares Berger, Steven 5 30/11/2012 30 15.479 9,520 71 Viterra Inc. Common Shares Brooks, Mike A. 5 30/11/2012 30 15.479 2,727 55 Viterra Inc. Common Shares Cameron, Ronald Gordon 5 30/11/2012 30 15.479 38,582 72 Viterra Inc. Common Shares Gerrand, Karl 5 30/11/2012 30 15.479 22,901 87 Viterra Inc. Common Shares Lister, Warren Scott 5 30/11/2012 30 15.479 13,028 76 Viterra Inc. Common Shares McQueen, Dean 7 30/11/2012 30 15.479 25,002 89 Viterra Inc. Common Shares Mooney, William 5 30/11/2012 30 15.497 7,130 72 Viterra Inc. Common Shares Schmidt, Mayo 5 30/11/2012 30 15.479 636,388 84 Viterra Inc. Common Shares Smith, Kelley Jo 5 30/11/2012 30 15.479 9,424 63 Viterra Inc. Common Shares Theaker, Grant 5 30/11/2012 30 15.479 10,525 86 Viterra Inc. Common Shares Wansbutter, Richard 5 30/11/2012 30 15.479 22,887 65 Viterra Inc. Common Shares Wonnacott, Doug 5 30/11/2012 30 15.479 22,831 77 VoodooVox Inc. (formerly Debentures 12% Coupon Durance, Michael Earl 4 30/11/2012 11 1000 $100 $50 Call Genie Inc.) with 3 Warrants VoodooVox Inc. (formerly Warrants Durance, Michael Earl 4 30/11/2012 11 348,000 150,000 Call Genie Inc.) VoodooVox Inc. (formerly Debentures Tsui, Micky Shing-Chi 4 01/10/2012 00 $25 Call Genie Inc.) VoodooVox Inc. (formerly Debentures Tsui, Micky Shing-Chi 4 30/11/2012 11 1000 $50 $25 Call Genie Inc.) VoodooVox Inc. (formerly Warrants Tsui, Micky Shing-Chi 4 01/10/2012 00 Call Genie Inc.) VoodooVox Inc. (formerly Warrants Tsui, Micky Shing-Chi 4 30/11/2012 11 0.02 75,000 75,000 Call Genie Inc.) Wallbridge Mining Company Common Shares HOLMES, WARREN 4 04/12/2012 10 0.16 2,478,000 -22,000 Limited Wallbridge Mining Company Common Shares HOLMES, WARREN 4 07/12/2012 10 0.155 2,473,500 -4,500 Limited West Fraser Timber Co. Ltd. Common Shares Ketcham Kerr, Mary 3 31/01/2011 36 98,624 25,000
West Fraser Timber Co. Ltd. Exchangeable Shares Ketcham Kerr, Mary 3 31/01/2011 36 52,728 -25,000 Class B Common Shares exchangeable for Common Shares West Red Lake Gold Mines Common Shares Seitz, Robert 4, 5 29/11/2012 10 0.1 306,500 5,000 Inc.(Formerly Hy Lake Gold Inc.) West Red Lake Gold Mines Common Shares Seitz, Robert 4, 5 03/12/2012 10 0.1 320,500 14,000 Inc.(Formerly Hy Lake Gold Inc.) West Red Lake Gold Mines Common Shares Seitz, Robert 4, 5 03/12/2012 10 0.145 321,500 1,000 Inc.(Formerly Hy Lake Gold Inc.) Western Financial Group unlisted employee share Catherine, Rogers 5 01/10/1999 00 $7,207 Inc. ownership plan preferred Western Financial Group Private employee share Tannas, Scott 4, 5 27/03/2003 00 $9,479 Inc. ownership preferred shares Western Potash Corp. Options Costigan, John 5 29/11/2012 50 0.45 800,000 50,000 Western Potash Corp. Options Doyle, Buddy James 4 29/11/2012 50 0.45 1,505,000 100,000 Western Potash Corp. Options Hodge, David 4, 5 29/11/2012 50 0.45 2,105,000 150,000 Western Potash Corp. Options Lock, Richard Philip 5 29/11/2012 50 0.45 500,000 300,000 Western Potash Corp. Options Miles, Peter Leighton 4 29/11/2012 50 350,000 100,000 Western Potash Corp. Options Nikolai, Troy Douglas 4 29/11/2012 50 0.45 1,335,000 100,000 Western Potash Corp. Options Pekeski, Dean Edward 5 29/11/2012 50 0.45 1,050,000 50,000 Western Potash Corp. Options Power, Patrick Edward 4 29/11/2012 50 0.45 2,380,000 225,000 Western Potash Corp. Options SUN, Limin (Linda) 5 20/03/2011 50 1.16 125,000 Western Potash Corp. Options SUN, Limin (Linda) 5 20/03/2011 50 1.16 125,000 Western Potash Corp. Options SUN, Limin (Linda) 5 29/11/2012 50 0.45 250,000 50,000 Western Potash Corp. Options Thornley-Hall, David 5 29/11/2012 50 0.45 550,000 50,000 Western Potash Corp. Options Varas, Jorge Patricio 4, 5 30/11/2012 50 0.45 2,655,000 100,000 Western Troy Capital Common Shares thompson, edward george 4 05/12/2012 10 0.04 382,000 18,000 Resources Inc. WesternOne Equity Income Units WEQ.UN Hurdman, Frederick 3 29/11/2012 10 8.076 2,980,523 1,050 Fund Fairbanks WesternOne Equity Income Units WEQ.UN Hurdman, Frederick 3 30/11/2012 10 8.016 2,981,683 1,160 Fund Fairbanks WesternZagros Resources Common Shares Abu Dhabi National Energy 3 30/11/2012 10 1.15 0 -74,000,000 Ltd. Company PJSC WesternZagros Resources Common Shares Richard Chandler Holdings 3 30/11/2012 00 Ltd.
December 13, 2012 (2012) 35 OSCB 11386 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed WesternZagros Resources Common Shares Richard Chandler Holdings 3 30/11/2012 11 1.18 62,670,000 62,670,000 Ltd. WestJet Airlines Ltd. Common Shares - Voting Beddoe, Clive 5 30/11/2012 47 2,122,621 -5,488
WestJet Airlines Ltd. Common Shares - Voting Beddoe, Clive 5 04/12/2012 10 19.25 1,622,621 -500,000
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.83 14,093 -1,000
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.82 12,493 -1,600
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.835 12,293 -200
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.82 12,093 -200
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.75 9,093 -3,000
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 05/12/2012 10 19.74 4,093 -5,000
WestJet Airlines Ltd. Common Shares - Voting Culmone, Vito 5 07/12/2012 51 14.87 6,567 2,474
WestJet Airlines Ltd. Options 2011 Stock Culmone, Vito 5 07/12/2012 51 14.87 19,457 -9,727 Options WestJet Airlines Ltd. Common Shares - Voting Cummings, Robert 5 03/12/2012 10 19.3 27,515 -1,000
WestJet Airlines Ltd. Common Shares - Voting Cummings, Robert 5 06/12/2012 10 19.944 26,515 -1,000
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 52,900 -5,600
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 44,300 -8,600
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 43,580 -720
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 -720
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 43,155 -425
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 30,455 -12,700
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 18,255 -12,200
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 30/11/2012 47 755 -17,500
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 28/11/2012 10 19 1,343,371 -4,500
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.1 1,342,971 -400
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.1 1,342,871 -100
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.36 1,342,771 -100
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.049 1,289,771 -53,000
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.342 1,262,271 -27,500
WestJet Airlines Ltd. Common Shares - Voting Matthews, Wilmot Leslie 4 03/12/2012 10 19.472 1,247,871 -14,400
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 03/12/2012 10 19.107 35,123 -3,000
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 03/12/2012 57 36,049 926
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 03/12/2012 10 19.099 35,145 -904
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 04/12/2012 51 12.49 40,953 5,808
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 04/12/2012 51 12.77 51,776 10,823
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 04/12/2012 10 19.194 35,145 -16,631
WestJet Airlines Ltd. Common Shares - Voting Pugliese, Ferio 5 04/12/2012 10 19.25 35,123 -22
WestJet Airlines Ltd. Options 2009 Stock Pugliese, Ferio 5 04/12/2012 51 12.49 0 -16,290 Options
December 13, 2012 (2012) 35 OSCB 11387 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed WestJet Airlines Ltd. Options 2010 Stock Pugliese, Ferio 5 04/12/2012 51 12.77 0 -31,638 Options WestJet Airlines Ltd. Rights 2008 Share Units Pugliese, Ferio 5 03/12/2012 57 7,632 -904 WestJet Airlines Ltd. Common Shares - Voting Saretsky, Gregg Albert 5 03/12/2012 57 81,311 2,799
WestJet Airlines Ltd. Common Shares - Voting Saretsky, Gregg Albert 5 03/12/2012 10 19.401 78,577 -2,734
WestJet Airlines Ltd. Common Shares - Voting Saretsky, Gregg Albert 5 03/12/2012 10 19.407 61,718 -16,859
WestJet Airlines Ltd. Common Shares - Voting Saretsky, Gregg Albert 5 04/12/2012 10 19.25 61,653 -65
WestJet Airlines Ltd. Rights 2009 Share Units Saretsky, Gregg Albert 5 03/12/2012 57 0 -2,734 Westridge Resources Inc. Common Shares Schulhof, Peter 5 30/11/2012 10 0.15 1,318,187 5,000 Whistler Blackcomb Common Shares Intrawest ULC 3 04/12/2012 11 12.75 3,750,000 -9,092,500 Holdings Inc. White Tiger Gold Ltd. Common Shares Ramachandran, Ram 4 06/12/2012 10 10,000 -90,000 Wildcat Silver Corporation Common Shares Wares, Robert 4 04/12/2012 10 0.82 1,130,000 50,000 Williams Creek Gold Limited Common Shares Interinvest Corporation 3 30/11/2012 10 0.21 11,935,879 62,000
Williams Creek Gold Limited Common Shares Interinvest Corporation 3 30/11/2012 10 0.28 11,938,879 3,000
Williams Creek Gold Limited Common Shares Interinvest Corporation 3 04/12/2012 11 11,875,879 -63,000
Williams Creek Gold Limited Common Shares Interinvest Corporation 3 04/12/2012 10 0.24 11,880,879 5,000
Wireless Matrix Corporation Common Shares Christofilis, Constantinos 3 03/12/2012 10 0.53 7,489,100 -268,700
Wireless Matrix Corporation Common Shares Christofilis, Constantinos 3 03/12/2012 10 0.53 8,364,100 268,700
Wireless Matrix Corporation Common Shares Lake Union Capital 3 29/11/2012 10 0.5084 1,285,600 60,000 Management, LLC Wireless Matrix Corporation Common Shares Lake Union Capital 3 29/11/2012 10 0.524 1,350,600 65,000 Management, LLC Wireless Matrix Corporation Common Shares Lake Union Capital 3 30/11/2012 10 0.5278 1,379,600 29,000 Management, LLC Wireless Matrix Corporation Common Shares Lake Union Capital 3 03/12/2012 10 0.5427 1,381,600 2,000 Management, LLC Wolfden Resources Common Shares Downie, Ewan Stewart 4 29/11/2012 10 0.32 2,435,100 25,000 Corporation Wolfden Resources Common Shares Downie, Ewan Stewart 4 30/11/2012 10 0.3 2,460,100 25,000 Corporation Wolfden Resources Common Shares Hoy, Donald 4, 5 03/12/2012 10 0.3 315,500 500 Corporation Wolfden Resources Common Shares Hoy, Donald 4, 5 06/12/2012 10 0.3 320,500 5,000 Corporation Wolverine Minerals Corp. Common Shares Doyle, Thomas Anthony 3, 4, 5 30/11/2012 10 0.035 389,000 34,000 Wolverine Minerals Corp. Common Shares Doyle, Thomas Anthony 3, 4, 5 30/11/2012 11 0.035 398,000 9,000 Wolverine Minerals Corp. Common Shares Doyle, Thomas Anthony 3, 4, 5 30/11/2012 10 0.035 483,000 85,000 WPC Resources Inc. Common Shares Fabbro, Allan John 4, 5 30/11/2012 10 0.03 1,709,240 91,000 WPC Resources Inc. Common Shares Fabbro, Allan John 4, 5 03/12/2012 10 0.03 1,739,240 30,000 WPC Resources Inc. Common Shares Fabbro, Allan John 4, 5 05/12/2012 10 0.03 1,764,240 25,000 Yangaroo Inc. Common Shares Ingalls & Snyder, LLC 3 30/11/2012 10 0.0452 19,656,997 -75,000 Yangaroo Inc. Common Shares Ingalls & Snyder, LLC 3 03/12/2012 10 0.0452 19,556,997 -100,000 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 04/12/2012 10 7.91 166,851 1,200 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 05/12/2012 10 8 170,351 3,500 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 06/12/2012 10 7.91 178,051 7,700 Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 06/12/2012 10 7.89 516,885 600 Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 06/12/2012 10 7.87 16,193 2,400 Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 07/12/2012 10 7.82 21,193 5,000 Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 07/12/2012 10 7.76 26,193 5,000 Zazu Metals Corporation Common Shares Atzmon, Gil 5 06/12/2012 10 0.84 4,295,500 500 Zazu Metals Corporation Common Shares Atzmon, Gil 5 07/12/2012 10 0.85 4,298,500 3,000 ZCL Composites Inc. Options Bachmeier, Ronald Marvin 7 06/12/2012 50 4.72 185,000 50,000 ZCL Composites Inc. Options Bentley, David Bruce 4 11/05/2012 00 McEwen ZCL Composites Inc. Options Bentley, David Bruce 4 06/12/2012 50 20,000 20,000 McEwen ZCL Composites Inc. Options Franceschini, Anthony P. 4 06/12/2012 50 4.72 85,000 25,000 ZCL Composites Inc. Options Gill, Kapul 5 08/09/2012 00 40,000
December 13, 2012 (2012) 35 OSCB 11388 Insider Reporting
Issuer Name Security Insider Name Rel'n Transaction T/O Unit Date/Month End Acquired/ Date Price Holdings Disposed ZCL Composites Inc. Options Graham, Roderick William 4 06/12/2012 50 4.72 45,000 20,000 ZCL Composites Inc. Options Graham, Roderick William 4 06/12/2012 50 4.72 125,000 20,000 ZCL Composites Inc. Options Lafferty, Bernard Allan 5 06/12/2012 50 4.72 36,000 3,000 ZCL Composites Inc. Options Olson, Allan Stuart 4 05/12/2012 50 4.72 80,000 20,000 ZCL Composites Inc. Options Pejs, Michael 5 05/12/2012 50 4.72 37,500 12,500 ZCL Composites Inc. Options Roozen, Harold 4 06/12/2012 50 4.72 100,000 20,000 Zedi Inc. Options Artindale, James Stanton 4 30/11/2012 52 0.77 112,667 -16,000 Zedi Inc. Options Deane, Debra 5 30/11/2012 52 0.77 143,900 -26,667 Zedi Inc. Options Exner, Ronald Grant 5 30/11/2012 52 0.77 245,334 -30,333 Zedi Inc. Common Shares Freeman, James Edward 5 06/12/2012 10 0.57 301,528 -17,000 Zedi Inc. Options Freeman, James Edward 5 30/11/2012 52 0.77 335,334 -60,666 Zedi Inc. Options Gaudet, Clement 5 30/11/2012 52 0.77 360,334 -60,666 Zedi Inc. Options Gilbert, Daryl Harvey 4 30/11/2012 52 0.77 96,000 -16,000 Zedi Inc. Options Gordon, Robert Wilson 5 30/11/2012 52 0.77 335,334 -60,666 Zedi Inc. Options Heard, Roderick Reece 5 30/11/2012 52 0.77 226,982 -34,666 Zedi Inc. Options Heffernan, Matthew 4 30/11/2012 52 0.77 900,000 -83,334 Zedi Inc. Options Ito, Tokunosuke 5 30/11/2012 52 0.77 218,814 -30,333 Zedi Inc. Options Lambert, Martin 4 30/11/2012 52 0.77 96,000 -16,000 Zedi Inc. Options Lebel, Pierre 4 30/11/2012 52 0.77 128,000 -21,334 Zedi Inc. Options Marlin, Douglas Gordon 4 30/11/2012 52 0.77 96,000 -16,000 Zedi Inc. Options Smith, Keith 4, 5 30/11/2012 52 0.77 127,999 -21,334 Zedi Inc. Options Spagnolo, Ilario Cosimo 5 30/11/2012 52 0.77 190,313 -8,667 Zedi Inc. Options Winter, Alan 4 30/11/2012 52 0.77 96,000 -16,000
December 13, 2012 (2012) 35 OSCB 11389 Insider Reporting
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December 13, 2012 (2012) 35 OSCB 11390 Chapter 8 Notice of Exempt Financings
REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1
Transaction No. of Issuer/Security Total No. of Date Purchasers Purchase Securities Price ($) Distributed 11/12/2012 4 3MV Energy Corp. - Units 390,173.13 1,560,693.00
11/19/2012 9 3MV Energy Corp. - Units 362,369.61 1,449,481.00
10/24/2012 20 Abzu Gold Ltd. - Units 581,649.86 5,287,726.00
11/15/2012 7 Alta Pacific Mortgage Investment Corp. - Common 330,400.00 3,304.00 Shares 11/19/2012 1 AndeanGold Ltd. - Common Shares 10,000.00 200,000.00
10/17/2012 1 Astro Malaysia Holdings Berhad - Common Shares 193,620.00 200,000.00
11/19/2012 314 Athabasca Oil Corporation - Trust certificates 550,000,000.00 550,000.00
11/05/2012 1 Axela Inc. - Debenture 750,000.00 1.00
11/19/2012 50 BioExx Specialty Proteins Ltd. (formerly, Bi-Extraction 2,925,000.00 N/A Inc.) - Debentures 05/04/2012 6 Biorem Inc. - Units 535,000.00 535.00
11/30/2012 34 Biosenta Inc. - Units 1,262,600.60 6,313,003.00
10/31/2012 2 BIP Enwave AIV LP - Limited Partnership Units 76,037,554.02 76,067,971.21
08/22/2012 1 Black Horse Resources Inc. - Common Shares 0.00 1,074,107.00
11/16/2012 17 BluMetric Environmental Inc. - Common Shares 1,043,998.02 1,588,206.00
05/31/2012 to 2 BNY Trust Company of Canada, as trustee of MOVE 18,032,234.30 N/A 06/18/2012 Trust ("Comet Trust") - Notes 09/21/2012 2 Brigadier Gold Limited - Units 20,562.00 411,240.00
11/01/2012 13 Brookfield Renewable Kwagis Holding Inc. - Bonds 175,000,000.00 175,000,000.00
10/30/2012 5 Callinex Mines Inc. - Common Shares 690,000.00 1,725,000.00
11/09/2012 16 Calyx Bio-Ventures Inc. - Units 2,449,199.00 816,399.00
11/09/2012 1 Canadian Horizons First MIC Fund Inc. - Preferred 75,000.00 75,000.00 Shares 11/08/2012 38 Canadian Oilfield Solutions Corp. - Units 2,588,550.00 17,257,000.00
11/22/2012 11 Carlisle Goldfields Limited - Common Shares 3,125,050.05 20,833,667.00
11/30/2012 1 Carrie Arran Resources Inc. - Common Shares 3,750.00 25,000.00
08/31/2012 15 Carube Resources Inc. - Common Shares 438,500.00 1,754,000.00
10/26/2012 1 Carube Resources Inc. - Common Shares 60,000.00 240,000.00
December 13, 2012 (2012) 35 OSCB 11391 Notice of Exempt Financings
Transaction No. of Issuer/Security Total No. of Date Purchasers Purchase Securities Price ($) Distributed 04/18/2012 to 4 Coller International Partners VI Feeder Fund L.P. - 146,653,000.00 N/A 07/13/2012 Limited Partnership Interest 05/08/2012 to 2 Coller International Partners VI L.P. - Limited 116,450,500.00 N/A 07/11/2012 Partnership Interest 10/31/2012 1 Corsa Fund 2012, LP - Limited Partnership Interest 999,960.00 1,000,000.00
08/24/2012 10 Creative Wealth Monthly Pay Trust - Trust Units 321,220.00 32,122.00
11/26/2012 6 Cynapsus Therapeutics Inc. - Common Shares 63,100.00 1,262,000.00
11/15/2012 1 Detour Gold Corporation - Common Shares 135,800.00 5,000.00
10/26/2012 1 DFA Five-Year Global Fixed Income Portfolio - 999,112.75 88,731.15 Common Shares 10/26/2012 1 DFA Inflation-Protected Securities Portfolio - Common 1,498,837.22 116,279.07 Shares 10/31/2012 1 DFA Real Estate Securities Portfolio - Common 1,499,416.20 58,071.89 Shares 11/23/2012 241 Element Financial Corporation - Special Warrants 110,174,999.00 19,500,000.00
12/30/2011 to 8 Emerging Markets Value Portfolio - Common Shares 60,608,463.30 2,339,836.56 10/18/2012 11/26/2012 1 Enablence Technologies Inc - Common Shares 1,279,000.00 77,446,927.00
09/19/2012 45 Fire River Gold Corp. - Common Shares 7,065,141.93 108,694,492.00
11/21/2012 56 First Global Data Limited - Common Shares 14,551,579.83 N/A
12/03/2012 1 Fortune Minerals Limited - Flow-Through Shares 50,000.00 100,000.00
11/20/2012 to 22 Fortune Minerals Limited - Flow-Through Shares 1,950,000.00 3,900,000.00 11/30/2012 10/31/2012 2 Gatineau Centre Development Limited Partnership - 48,000.00 48,000.00 Units 08/14/2012 36 Global Met Coal Corporation - Units 711,833.97 10,319,057.00
11/20/2012 5 Globex Mining Enterprises Inc. - Common Shares 938,150.00 735,500.00
10/30/2012 24 Gold Reach Resources Ltd. - Units 1,419,381.25 811,075.00
11/16/2012 6 Golden Dawn Minerals Inc - Common Shares 140,500.00 2,590,000.00
10/18/2012 6 Goldeye Explorations Limited - Flow-Through Units 152,100.00 1,014,000.00
10/18/2012 2 Goldeye Explorations Limited - Units 17,500.00 140,000.00
11/02/2012 7 Goldstream Mineerals Inc. - Units 2,324,000.00 7,100,000.00
10/30/2012 92 Gran Colombia Gold Corp. - Investment Trust Interests 99,940,000.00 100,000.00
11/06/2012 25 Greystone Managed Investments Inc. - Common 125,215,000.00 1,404,747.75 Shares 10/26/2012 132 Harbour First Mortgage Investment Trust - Trust Units 5,770,000.00 57,700.00
December 13, 2012 (2012) 35 OSCB 11392 Notice of Exempt Financings
Transaction No. of Issuer/Security Total No. of Date Purchasers Purchase Securities Price ($) Distributed 09/24/2012 2 Health Care REIT, Inc. - Common Shares 9,331,300.00 26,000,000.00
11/21/2012 1 HedgeForum BlueCrest Ltd. - Units 517,597.50 N/A
11/21/2012 1 HedgeForum OZF, Ltd. - Units 468,302.50 N/A
11/21/2012 1 HedgeForum Visium Ltd. - Units 443,655.00 N/A
06/08/2012 to 193 Horn Petroleum Corporation - Units 15,008,640.00 18,750,000.00 06/18/2012 10/31/2012 8 Imperial Capital Partners Ltd. - Capital Commitment 1,075,000.00 N/A
11/30/2012 6 Intertainment Media Inc. - Units 904,000.00 4,520,000.00
11/08/2012 2 Invesco Finance PLC - Notes 9,986,000.00 N/A
09/27/2012 7 Jourdan Resources Inc. - Units 85,000.00 1,700.00
07/04/2012 6 Kilkenny Capital Corporation - Common Shares 100,000.00 1,000,000.00
10/29/2012 to 7 League IGW Real Estate Investment Trust - Units 111,800.00 111,800.00 10/31/2012 10/29/2012 to 15 League IGW Real Estate Investment Trust - Units 684,331.29 281,200.00 10/31/2012 10/31/2012 9 Legend Power Systems Inc. - Units 66,666.65 1,333,333.00
11/14/2012 1 Llave Oro Inc. - Units 35,000.00 100,000.00
11/20/2012 1 Macy's Retail Holdings, Inc. - Note 499,310.00 1.00
09/30/2012 2 Manitou Gold Inc. - Common Shares 0.00 50,000.00
09/25/2012 1 Marathon Gold Corporation - Common Shares 300,000.00 410,397.00
10/03/2012 11 MicroPlanet Technology Corp. - Common Shares 33,951.38 3,919,028.00
10/22/2012 5 Newbaska Gold and Copper Mines Ltd/ - Mines D'Or et 53,636.06 357,573.00 dec Cuivre Newbaska Itee – Common Shares 09/13/2012 111 Mint Technology Corp - Units 3,200,000.00 3,200,000.00
09/26/2012 34 Mint Technology Corp. - Units 300,000.00 300,000.00
10/31/2012 20 Morrison Laurier Mortgage Corporation - Preferred 1,467,500.00 N/A Shares 11/20/2012 21 Morumbi Resources Inc. - Units 1,005,099.55 2,871,713.00
09/13/2012 15 Naturally Advanced Technologies Inc. - Units 918,026.50 418,429.00
10/24/2012 28 New Klondike Exploration Ltd. - Units 500,000.00 5,000,000.00
11/05/2012 10 Nomad Ventures Inc. - Flow-Through Shares 150,000.00 850,000.00
11/15/2012 93 Nordex Explosives Ltd. - Common Shares 4,284,840.15 9,521,867.00
11/30/2012 21 Pan American Fertilizer Corp. - Units 525,000.00 2,100,000.00
11/26/2012 16 Parlay Entertainment Inc. - Investment Trust Interests 400,000.00 8,000,000.00
December 13, 2012 (2012) 35 OSCB 11393 Notice of Exempt Financings
Transaction No. of Issuer/Security Total No. of Date Purchasers Purchase Securities Price ($) Distributed 11/16/2012 3 Probe Mines Limited - Common Shares 61,125.00 37,500.00
10/19/2012 1 Prologis International Funding II S.A. - Note 14,898,000.00 1.00
11/19/2012 13 Prosperity Goldfields Corp. - Units 3,204,750.00 16,125,000.00
11/28/2012 2 QMX Gold Corporation - Notes 17,500,000.00 17.50
09/27/2012 32 Redtail Metals Corp. - Units 1,025,000.00 10,250,000.00
08/24/2012 28 Rio Silver Inc. - Units 550,000.00 6,875,000.00
11/22/2012 2 ROI Capital C/O 2154197 Ontario Inc. & Benjamin 738,756.00 738,756.00 Hospitality Inc. - Units 10/17/2012 2 ROI Capital C/O Castlepoint Studio Partners Limited - 155,974.67 155,974.67 Units 10/31/2012 2 ROI Capital C/O Castlepoint Studio Partners Limited - 24,240.98 24,240.98 Units 10/17/2012 3 ROI Capital C/O Empire Communities Brampton - 331,803.28 331,803.28 Units 10/29/2012 2 ROI Capital C/O Reefer Holdings Limited - Units 7,100,000.00 7,100,000.00
10/31/2012 1 ROI Capital C/O Villarboit Markham - Units 1,044,000.00 144,000.00
10/31/2012 1 ROI Capital C/O Villarboit North Bay - Units 280,000.00 280,000.00
11/21/2012 71 Seabridge Gold Inc. - Common Shares 24,038,168.00 1,100,000.00
09/21/2012 4 SENSIO Technologies Inc. - Common Shares 3,449,999.85 10,454,545.00
11/30/2012 13 Shoal Point Energy Ltd. - Units 259,819.98 4,330,333.00
10/01/2012 7 Shoal Point Energy Ltd. (amended) - Units 133,000.00 2,016,664.00
11/13/2012 5 Shpere 3D Inc. - Common Shares 395,655.00 465,476.00
08/20/2012 1 Souche Holding Inc. - Common Shares 0.00 40,000.00
11/22/2012 3 Superior Copper Corporation - Common Shares 9,000.00 180,000.00
11/23/2012 3 Tembo Gold Corp. - Units 225,000.00 450,000.00
10/11/2012 43 Temex Resources Corp. - Units 8,945,600.80 N/A
06/27/2012 1 The CIM Group - N/A 507,500.00 N/A
11/22/2012 11 Tirex Resources Ltd. - Common Shares 1,208,120.00 1,725,886.00
11/22/2012 200 Toscana Energy Income Corporation - Common 10,000,500.00 666,700.00 Shares 11/20/2012 2 TransGaming Inc. - Units 175,000.00 875,000.00
11/12/2012 to 26 UBS AG, Jersey Branch - Certificates 7,499,690.97 26.00 11/16/2012 11/05/2012 to 25 UBS AG, Jersey Branch - Certificates 8,602,125.37 25.00 11/09/2012
December 13, 2012 (2012) 35 OSCB 11394 Notice of Exempt Financings
Transaction No. of Issuer/Security Total No. of Date Purchasers Purchase Securities Price ($) Distributed 10/29/2012 to 28 UBS AG, Jersey Branch - Certificates 8,737,172.97 28.00 10/30/2012 11/14/2012 1 UBS AG, Zurich - Certificate 89,594.05 1.00
11/05/2012 1 UBS AG, Zurich - Certificates 502,783.95 300.00
09/13/2012 12 Unigold Inc. - Common Shares 5,040,000.00 11,200,000.00
10/04/2012 15 Urbanimmersive Technologies Inc. (formerly UI Capital 2,500,000.00 3,333,333.00 Inc.) - Common Shares 05/29/2012 to 2 U.S. Core Equity 2 Portfolio - Common Shares 1,605,831.55 135,895.62 10/31/2012 08/22/2012 1 Vision Critical Communications Inc. - Common Shares 20,000,000.00 6,095,862.00
11/01/2012 17 Walton GA Yargo Township LP - Units 1,135,512.85 113,574.00
11/01/2012 13 Walton NC Concord Investment Corporation - Common 243,080.00 24,308.00 Shares 08/16/2012 16 Walton NC Westlake Investment Corporation - 404,860.00 40,486.00 Common Shares 10/25/2012 1 Water Power Group Limited Partnership - Units 100,000.00 2.00
06/11/2012 3 Windfire Capital Corp. - Common Shares 72,000.00 400,000.00
10/17/2012 3 Workday, Inc. - Common Shares 463,546.72 16,900.00
December 13, 2012 (2012) 35 OSCB 11395 Notice of Exempt Financings
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December 13, 2012 (2012) 35 OSCB 11396 Chapter 11
IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: Amarok Energy Inc. Black Birch Capital Acquisition III Corp. Principal Regulator - Alberta Principal Regulator - Ontario Type and Date: Type and Date: Preliminary Short Form Prospectus dated December 10, Preliminary CPC Prospectus dated December 4, 2012 2012 NP 11-202 Receipt dated December 4, 2012 NP 11-202 Receipt dated December 10, 2012 Offering Price and Description: Offering Price and Description: Maximum Offering :$1,900,000.00 - 19,000,000 Common Minimum $15,000,000 to Maximum $20,000,000 Shares Minimum of 41,666,667 to Maximum of 55,555,556 Minimum Offering: $400,000.00 - 4,000,000 Common Offered Shares Shares Price $0.36 per Offered Share Price: $0.10 per Common Share Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): INTEGRALWEALTH SECURITIES LIMITED Macquarie Private Wealth Inc. DUNDEE SECURITIES LTD. Promoter(s): PI FINANCIAL CORP. Paul Haber Promoter(s): Project #1994530 - Project #1996352 ______Issuer Name: ______Boyd Group Income Fund Issuer Name: Principal Regulator - Manitoba Argent Energy Trust Type and Date: Principal Regulator - Alberta Preliminary Short Form Prospectus dated December 5, Type and Date: 2012 Preliminary Short Form Prospectus dated December 10, NP 11-202 Receipt dated December 5, 2012 2012 Offering Price and Description: NP 11-202 Receipt dated December 10, 2012 $30,000,000.00 Aggregate Principal Amount - 5.75% Offering Price and Description: Convertible Unsecured Subordinated Debentures $100,021,500.00 Price: $1,000 per Debenture 10,755,000 Units Underwriter(s) or Distributor(s): Price $9.30 per Unit National Bank Financial Inc. Underwriter(s) or Distributor(s): Cormark Securities Inc. SCOTIA CAPITAL INC. CIBC World Markets Inc. CIBC WORLD MARKETS INC. Laurentian Bank Securities Inc. RBC DOMINION SECURITIES INC. Octagon Capital Corp. BMO Nesbitt Burns Inc. Promoter(s): TD Securities Inc. - National Bank Financial Inc. Project #1994951 Canaccord Genuity Corp. FirstEnergy Capital Corp. ______Dundee Securities Ltd. GMP Securities L.P. Promoter(s): - Project #1996356
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December 13, 2012 (2012) 35 OSCB 11397 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: BTB Real Estate Investment Trust Fairfax Financial Holdings Limited Principal Regulator - Quebec Principal Regulator - Ontario Type and Date: Type and Date: Preliminary Short Form Prospectus dated December 7, Preliminary Base Shelf Prospectus dated December 3, 2012 2012 NP 11-202 Receipt dated December 7, 2012 NP 11-202 Receipt dated December 4, 2012 Offering Price and Description: Offering Price and Description: $20,001,300.00 - 4,598,000 Units Cdn$2,000,000,000.00 Price:$4.35 per Unit Subordinate Voting Shares Underwriter(s) or Distributor(s): Preferred Shares NATIONAL BANK FINANCIAL INC. Debt Securities CANACCORD GENUITY CORP. Subscription Receipts DUNDEE SECURITIES LTD. Warrants GMP SECURITIES L.P. Share Purchase Contracts DESJARDINS SECURITIES INC. Units HSBC SECURITIES (CANADA) INC. Underwriter(s) or Distributor(s): RAYMOND JAMES LTD. - Promoter(s): Promoter(s): - - Project #1995707 Project #1994336
______Issuer Name: Issuer Name: Canexus Corporation Glacier Credit Card Trust Principal Regulator - Alberta Principal Regulator - Ontario Type and Date: Type and Date: Preliminary Short Form Prospectus dated December 5, Preliminary Based Shelf Prospectus dated December 10, 2012 2012 NP 11-202 Receipt dated December 5, 2012 NP 11-202 Receipt dated December 10, 2012 Offering Price and Description: Offering Price and Description: $75,050,000.00 - 9,500,000 Common Shares Up to $1,500,000,000.00 Credit Card Asset-Backed Notes Price: $7.90 per Common Share Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): BMO NESBITT BURNS INC. SCOTIA CAPITAL INC. CIBC WORLD MARKETS INC. CIBC WORLD MARKETS INC. DESJARDINS SECURITIES INC. NATIONAL BANK FINANCIAL INC. HSBC SECURITIES (CANADA) INC. TD SECURITIES INC. NATIONAL BANK FINANCIAL INC. ACUMEN CAPITAL FINANCE PARTNERS LIMITED RBC DOMINION SECURITIES INC. BMO NESBITT BURNS INC. SCOTIA CAPITAL INC. HSBC SECURITIES (CANADA) INC. TD SECURITIES INC. Promoter(s): Promoter(s): - CANADIAN TIRE BANK Project #1995076 Project #1996137
______Issuer Name: Dynamic High Yield Credit Fund Principal Regulator - Ontario Type and Date: Preliminary Simplified Prospectus dated November 30, 2012 NP 11-202 Receipt dated December 5, 2012 Offering Price and Description: Series A, F, I, O Units Underwriter(s) or Distributor(s): GCIC Ltd Promoter(s): GCIC, Ltd. Project #1994869
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December 13, 2012 (2012) 35 OSCB 11398 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: Global Champions Split Corp. Mawson West Ltd. Principal Regulator - Ontario Principal Regulator - Ontario Type and Date: Type and Date: Preliminary Long Form Prospectus dated December 6, Preliminary Short Form Prospectus dated December 4, 2012 2012 NP 11-202 Receipt dated December 6, 2012 NP 11-202 Receipt dated December 4, 2012 Offering Price and Description: Offering Price and Description: Maximum$ *_* Class A Preferred Shares, Series 1 $* - * Ordinary Shares Price: $25.00 per Series 1 Share Price: $* per Offered Share Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): National Bank Financial Inc. Cormark Securities Inc. CIBC World Markets Inc. Paradigm Capital Inc. RBC Dominion Securities Inc. Clarus Securities Inc. Scotia Capital Inc. TD Securities Inc. Promoter(s): BMO Nesbitt Burns Inc. - Canaccord Genuity Corp. Project #1994564 GMP Securities L.P. Raymond James Ltd. ______Macquarie Private Wealth Inc. Issuer Name: Brookfield Financial Corp. Mawson West Ltd. Promoter(s): Principal Regulator - Ontario BAM Investments Corp. Type and Date: Project #1995323 Amended and Restated Preliminary Short Form Prospectus dated December 5, 2012 ______NP 11-202 Receipt dated December 5, 2012 Issuer Name: Offering Price and Description: Loma Vista Capital Inc. $12,000,000.00 - 20,000,000 Ordinary Shares Principal Regulator - Ontario Price: $0.60 per Offered Share Type and Date: Underwriter(s) or Distributor(s): Preliminary Long Form Prospectus dated December 6, Cormark Securities Inc. 2012 Paradigm Capital Inc. NP 11-202 Receipt dated December 7, 2012 Clarus Securities Inc. Offering Price and Description: $250,000.00 - 1,666,667 Shares Promoter(s): Price: $0.15 per Share - Underwriter(s) or Distributor(s): Project #1994564 Haywood Securities Inc. Promoter(s): ______Roy Sebag Issuer Name: Joshua Crumb Medical Facilities Corporation Project #1995580 Principal Regulator - Ontario Type and Date: ______Preliminary Short Form Prospectus dated December 7, 2012 NP 11-202 Receipt dated December 7, 2012 Offering Price and Description: Cdn$38,000,000.00 - 5.90% Convertible Unsecured Subordinated Debentures due December 31, 2019 Price: Cdn$1,000 per Debenture Underwriter(s) or Distributor(s): NATIONAL BANK FINANCIAL INC. CANACCORD GENUITY CORP. RBC DOMINION SECURITIES INC. TD SECURITIES INC. RAYMOND JAMES LTD. Promoter(s): - Project #1995732
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December 13, 2012 (2012) 35 OSCB 11399 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: OceanaGold Corporation Platinum Group Metals Ltd. Principal Regulator - Ontario Principal Regulator - British Columbia Type and Date: Type and Date: Preliminary Short Form Prospectus dated December 4, Preliminary Short Form Prospectus dated December 10, 2012 2012 NP 11-202 Receipt dated December 4, 2012 NP 11-202 Receipt dated December 10, 2012 Offering Price and Description: Offering Price and Description: $93,300,000.00 - 30,000,000 Common Shares C$ * - * Common Shares Price: $3.11 per Common Share Price: C$ * per Share Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): Macquarie Capital Markets Canada Ltd. BMO NESBITT BURNS, INC. Citigroup Global Markets Canada Inc. RBC DOMINION SECURITIES INC. Cormark Securities Inc. GMP SECURITIES L.P. GMP Securities L.P. RAYMOND JAMES LTD. BMO Nesbitt Burns Inc. STIFEL NICOLAUS CANADA INC. Promoter(s): CIBC WORLD MARKETS INC. - CORMARK SECURITIES INC. Project #1994537 Promoter(s): - ______Project #1996322 Issuer Name: Painted Pony Petroleum Ltd. ______Principal Regulator - Alberta Issuer Name: Type and Date: Russell Global Infrastructure Pool Preliminary Short Form Prospectus dated December 7, Russell Global Real Estate Pool 2012 Russell Real Assets Class Portfolio NP 11-202 Receipt dated December 7, 2012 Russell Real Assets Portfolio Offering Price and Description: Principal Regulator - Ontario $150,017,000.00 - 14,780,000 Common Shares Type and Date: Price: $10.15 per Common Share Preliminary Simplified Prospectuses dated December 4, Underwriter(s) or Distributor(s): 2012 Cormark Securities Inc. NP 11-202 Receipt dated December 5, 2012 FirstEnergy Capital Corp. Offering Price and Description: RBC Dominion Securities Inc. Series A, B, E, F and O units and CIBC World Markets Inc. Series B, E, F and O shares Scotia Capital Inc. Underwriter(s) or Distributor(s): AltaCorp Capital Inc. Russell Investments Canada Limited Stifel Nicolaus Canada Inc. Promoter(s): Promoter(s): Russell Investments Canada Limited - Project #1994633 Project #1995823 ______Issuer Name: Toronto Hydro Corporation Principal Regulator - Ontario Type and Date: Preliminary Base Shelf Prospectus dated December 3, 2012 NP 11-202 Receipt dated December 4, 2012 Offering Price and Description: $1,500,000,000.00 DEBENTURES (unsecured) Underwriter(s) or Distributor(s): - Promoter(s): - Project #1994288
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December 13, 2012 (2012) 35 OSCB 11400 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: CI Canadian Small/Mid Cap Fund (Class A, F and I units) Cub Energy Inc. CI Global Managers® Corporate Class (Class A, AT8, F, I Principal Regulator - Ontario and IT8 shares) Type and Date: Signature High Yield Bond Fund (Class A, E, F, I and O Final Short Form Prospectus dated December 7, 2012 units) NP 11-202 Receipt dated December 7, 2012 Principal Regulator - Ontario Offering Price and Description: Type and Date: Up to $12,500,000.00 - Up to 31,250,000 common shares Amendment #2 dated November 27, 2012 to the Simplified $0.40 per common share Prospectuses and dated July 26, 2012 Underwriter(s) or Distributor(s): NP 11-202 Receipt dated December 6, 2012 GMP SECURITIES L.P. Offering Price and Description: CANACCORD GENUITY CORP. - CORMARK SECURITIES INC. Underwriter(s) or Distributor(s): CASIMIR CAPITAL LTD. - Promoter(s): Promoter(s): - CI Investments Inc. Project #1985380 Project #1915829 ______Issuer Name: Issuer Name: Emera Incorporated Corporate Catalyst Acquisition Inc. Principal Regulator - Nova Scotia Principal Regulator - Ontario Type and Date: Type and Date: Final Short Form Prospectus dated December 7, 2012 Final CPC Prospectus dated December 4, 2012 NP 11-202 Receipt dated December 7, 2012 NP 11-202 Receipt dated December 5, 2012 Offering Price and Description: Offering Price and Description: $175,103,500.00 - 5,135,000 Common Shares Price: Minimum Offering: $400,000.00 or 2,000,000 Common $34.10 per Common Share Shares Underwriter(s) or Distributor(s): Maximum Offering: $600,000.00 or 3,000,000 Common TD SECURITIES INC. Shares CIBC WORLD MARKETS INC. Price: $0.20 per Common Share RBC DOMINION SECURITIES INC. Underwriter(s) or Distributor(s): SCOTIA CAPITAL INC. CANACCORD GENUITY CORP. BMO NESBITT BURNS INC. Promoter(s): NATIONAL BANK FINANCIAL INC. Paul Kelly CANACCORD GENUITY CORP. Project #1976284 Promoter(s): - ______Project #1993670 Issuer Name: Crombie Real Estate Investment Trust ______Principal Regulator - Nova Scotia Issuer Name: Type and Date: Exemplar Timber Fund Final Short Form Prospectus dated December 7, 2012 Principal Regulator - Ontario NP 11-202 Receipt dated December 7, 2012 Type and Date: Offering Price and Description: Amendment #2 dated November 28, 2012 to the Simplified $35,518,000.00- 2,408,000 Units Price: $14.75 per Unit Prospectus dated May 31, 2012 Underwriter(s) or Distributor(s): NP 11-202 Receipt dated December 5, 2012 CIBC WORLDMARKETS INC. Offering Price and Description: BMO NESBITT BURNS INC. Units @ Net Asset Value SCOTIA CAPITAL INC. Underwriter(s) or Distributor(s): TD SECURITIES INC. BluMont Capital Corporation NATIONAL BANK FINANCIAL INC. Promoter(s): CANACCORD GENUITY CORP. BluMont Capital Corporation MACQUARIE CAPITAL MARKETS CANADA LTD. Project #1902177 RAYMOND JAMES LTD. BROOKFIELD FINANCIAL CORP. ______DESJARDINS SECURITIES INC. Promoter(s): - Project #1993746
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December 13, 2012 (2012) 35 OSCB 11401 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: Innergex Renewable Energy Inc. KEYreit Principal Regulator - Quebec Principal Regulator - Ontario Type and Date: Type and Date: Final Short Form Prospectus dated December 4, 2012 Final Short Form Prospectus dated December 4, 2012 NP 11-202 Receipt dated December 4, 2012 NP 11-202 Receipt dated December 4, 2012 Offering Price and Description: Offering Price and Description: $50,000,000.00 - 2,000,000 Cumulative Redeemable Fixed $20,000,000.00 -Series 2012 7.00% Convertible Rate Preferred Shares Series C Price: $25.00 per Series C Unsecured Subordinated Debentures Share to yield 5.75%per annum Underwriter(s) or Distributor(s): Underwriter(s) or Distributor(s): NATIONAL BANK FINANCIAL INC. TD SECURITIES INC. BMO NESBITT BURNS INC. NATIONAL BANK FINANCIAL INC. CANACCORD GENUITY CORP. BMO NESBITT BURNS INC. DUNDEE SECURITIES LTD. DESJARDINS SECURITIES INC. GMP SECURITIES L.P. CANACCORD GENUITY CORP. MACQUARIE CAPITAL MARKETS CANADA LTD. GMP SECURITIES L.P. Promoter(s): Promoter(s): - - Project #1986968 Project #1988423 ______Issuer Name: Issuer Name: KP Tissue Inc. Principal Regulator - Ontario [Corrected Copy] Type and Date: PowerShares FTSE RAFI® Emerging Markets Final Long Form Prospectus dated December 5, 2012 Fundamental Class (Series A and Series F) NP 11-202 Receipt dated December 6, 2012 (Part of Invesco Corporate Class Inc.) Offering Price and Description: PowerShares FTSE RAFI® Global+ Fundamental Fund $140,000,000.00 - 8,000,000 Common Shares Price: (Series A and Series F) $17.50 per Common Share Principal Regulator - Ontario Underwriter(s) or Distributor(s): Type and Date: Scotia Capital Inc. Amendment #4 dated November 30, 2012 to the Simplified National Bank Financial Inc. Prospectuses and Annual Information Form dated July 30, RBC Dominion Securities Inc. 2012 TD Securities Inc. NP 11-202 Receipt dated December 4, 2012 CIBC World Markets Inc. Offering Price and Description: Desjardins Securities Inc. - HSBC Securities (Canada) Inc. Underwriter(s) or Distributor(s): Canaccord Genuity Corp. - Promoter(s): Promoter(s): KRUGER INC. INVESCO CANADA LTD. KRUGER PRODUCTS L.P. Project #1916961 Project #1973167
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December 13, 2012 (2012) 35 OSCB 11402 IPOs, New Issues and Secondary Financings
Issuer Name: Issuer Name: Series A and I Securities of Peyto Exploration & Development Corp. Marquis Institutional Balanced Portfolio (also Series T, G, Principal Regulator - Alberta O, E, and V Securities) Type and Date: Marquis Institutional Balanced Growth Portfolio (also Series Final Short Form Prospectus dated December 4, 2012 T, G, O, E and V Securities) NP 11-202 Receipt dated December 4, 2012 Marquis Institutional Growth Portfolio (also Series T, O, E Offering Price and Description: and V Securities) $100,021,250.00 - 4,025,000 Common Shares Marquis Institutional Equity Portfolio (also Series T, O, E Underwriter(s) or Distributor(s): and V Securities) BMO Nesbitt Burns Inc. Marquis Institutional Canadian Equity Portfolio (also Series CIBC World Markets Inc. T, O, E and V Securities) FirstEnergy Capital Corp. Marquis Institutional Global Equity Portfolio (also Series T, TD Securities Inc. O, E and V Securities) RBC Dominion Securities Inc. Marquis Institutional Bond Portfolio (also Series O, E and V Peters & Co. Limited Securities) Stifel Nicolaus Canada Inc. Marquis Balanced Portfolio (Series T, G and O Securities) Haywood Securities Inc. Marquis Balanced Class Portfolio (Series T and E Scotia Capital Inc. Securities) Promoter(s): Marquis Balanced Growth Portfolio (Series T and O - Securities) Project #1987607 Marquis Balanced Growth Class Portfolio (Series T and E Securities) ______Marquis Growth Portfolio (Series T, G and O Securities) Issuer Name: Marquis Equity Portfolio (Series T and O Securities) Pure Industrial Real Estate Trust Marquis Balanced Income Portfolio (Series O and E Principal Regulator - British Columbia Securities) Type and Date: Principal Regulator - Ontario Final Short Form Prospectus dated December 4, 2012 Type and Date: NP 11-202 Receipt dated December 4, 2012 Final Simplified Prospectuses dated November 30, 2012 Offering Price and Description: NP 11-202 Receipt dated December 6, 2012 $50,017,500.00 -10,530,000 Units, Price: $4.75 Per Unit Offering Price and Description: Underwriter(s) or Distributor(s): Series A, I, E, G, O, T, V and Y Securities @ Net Asset CANACCORD GENUITY CORP. Value DUNDEE SECURITIES LTD. Underwriter(s) or Distributor(s): RBC DOMINION SECURITIES INC. GCIC Ltd. NATIONAL BANK FINANCIAL INC. Promoter(s): RAYMOND JAMES LTD. GCIC Ltd. SCOTIA CAPITAL INC. Project #1978353 BMO NESBITT BURNS INC. CIBC WORLD MARKETS INC. ______MACQUARIE CAPITAL MARKETS CANADA LTD. Issuer Name: GMP SECURITIES L.P. NorthWest International Healthcare Properties Real Estate HSBC SECURITIES (CANADA) INC. Investment Trust M PARTNERS INC. Principal Regulator - Ontario SORA GROUP WEALTH ADVISORS INC. Type and Date: Promoter(s): Final Short Form Prospectus dated December 7, 2012 - NP 11-202 Receipt dated December 10, 2012 Project #1987861 Offering Price and Description: $25,000,000.00 - 12,500,000 Units Price: $2.00 per Offered ______Unit Underwriter(s) or Distributor(s): GMP SECURITIES L.P. NATIONAL BANK FINANCIAL INC. Promoter(s): - Project #1987177
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December 13, 2012 (2012) 35 OSCB 11403 IPOs, New Issues and Secondary Financings
Issuer Name: Russell Focused Canadian Equity Pool (Series A, B, E, F and O Units) Russell Focused Canadian Equity Class* (Series B, E, F and O Shares) (*class of shares of Russell Investments Corporate Class Inc.) Principal Regulator - Ontario Type and Date: Final Simplified Prospectuses dated December 4, 2012 NP 11-202 Receipt dated December 6, 2012 Offering Price and Description: Series A, B, E, F and O Units @ Net Asset Value Underwriter(s) or Distributor(s): Russell Investments Canada Limited Promoter(s): Russell Investments Canada Limited Project #1976406
______Issuer Name: Symbility Solutions Inc. (formerly Automated Benefits Corp.) Principal Regulator - Ontario Type and Date: Final Short Form Prospectus dated December 5, 2012 NP 11-202 Receipt dated December 5, 2012 Offering Price and Description: $10,000,100.00 - 22,727,500 Common Shares Underwriter(s) or Distributor(s): CORMARK SECURITIES INC. PARADIGM CAPITAL INC. STIFEL NICOLAUS CANADA INC. SALMAN PARTNERS INC. Promoter(s): - Project #1986871
______
December 13, 2012 (2012) 35 OSCB 11404 Chapter 12 Registrations
12.1.1 Registrants
Type Company Category of Registration Effective Date
From: Exempt Market Dealer and Portfolio Manager Change in Registration HSBC Global Asset Management December 5, Category (Canada) Limited To: Exempt Market Dealer, 2012 Portfolio Manager and Investment Fund Manager
Portfolio Manager, Exempt December 6, New Registration Seif Asset Management Inc. Market Dealer and Investment 2012 Fund Manager
December 6, Voluntary Surrender UP Securities Ltd. Exempt Market Dealer 2012
Consent to Suspension December 6, MFS Institutional Advisors, Inc. Exempt Market Dealer (Pending Surrender) 2012
Consent to Suspension December 6, Linell Capital Inc. Exempt Market Dealer (Pending Surrender) 2012
From: Exempt Market Dealer, Portfolio Manager and Investment Fund Manager Change in Registration Tempest Funds General December 11, Category Partnership 2012 To: Portfolio Manager and Investment Fund Manager
December 13, 2012 (2012) 35 OSCB 11405 Registrations
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December 13, 2012 (2012) 35 OSCB 11406 Chapter 13 SROs, Marketplaces and Clearing Agencies
13.1 SROs
13.1.1 OSC Staff Notice – Notice of Revocation of the 2008 Commission Approval to Proposed Amendments to Sections 1 (Definitions) and 3 (Directors) of MFDA By-Law No. 1
NOTICE OF REVOCATION OF THE 2008 COMMISSION APPROVAL TO PROPOSED AMENDMENTS TO SECTIONS 1 (DEFINITIONS) AND 3 (DIRECTORS) OF MFDA BY-LAW NO. 1
MUTUAL FUNDS DEALERS ASSOCIATION OF CANADA
On November 28, 2008, the OSC published a notice of approval on an amended and restated recognition order of the MFDA (amended Recognition Order) and amendments to MFDA By-law No. 1 including proposed amendments to the public director definition (old amendments). The MFDA did not implement the old amendments. As a result, as of November 14, 2012, the BCSC, as a principal regular, and the MFDA’s recognition regulators1 including the OSC revoked or rescinded their non- objection to or approval of2 these old amendments.
The MFDA subsequently proposed new amendments to sections 1 (Definitions) and 3 (Directors) of MFDA By-law No. 1 (new amendments). The OSC approved the new amendments and published a notice of approval on October 25, 2012.
1 The Alberta Securities Commission, Saskatchewan Financial Services Commission, Manitoba Securities Commission, Ontario Securities Commission, New Brunswick Securities Commission and Nova Scotia Securities Commission. 2 Non-objection and approval are the different ways in which the recognizing regulators express their decisions after reviewing proposed MFDA rules.
December 13, 2012 (2012) 35 OSCB 11407 SROs, Marketplaces and Clearing Agencies
13.1.2 OSC Staff Notice of Approval – IIROC Rules Notice 12-0363 – Notice of Approval – UMIR – Provisions Respecting Electronic Trading
PROVISIONS RESPECTING ELECTRONIC TRADING
12-0363 December 7, 2012
Executive Summary
On December 7, 2012, the applicable securities regulatory authorities approved amendments (“Amendments”) to UMIR respecting certain requirements for electronic trading on Canadian marketplaces.1
The Amendments, which are effective March 1, 2013:
• align the requirements of UMIR to National Instrument 23-103 Electronic Trading and its Companion Policy (“ETR”);
• expand the existing supervisory requirements for trading to specifically include the establishment and maintenance of risk management and supervisory controls, policies and procedures related to access to one or more marketplaces and/or the use of an automated order system;
• permit, in certain circumstances, a Participant to authorize an investment dealer to perform on its behalf the setting or adjustment of a risk management or supervisory control, policy or procedure by a written agreement;
• impose specific gatekeeper obligations on a Participant who has authorized an investment dealer to perform on its behalf the setting or adjustment of a risk management or supervisory control, policy or procedure;
• clarify the circumstances under which a trade may be cancelled, varied or corrected with notice to, or the consent of, a Market Regulator; and
• make several editorial changes or consequential amendments to certain provisions including the incorporation into UMIR of defined terms used in the ETR.
The Amendments are effective March 1, 2013. However, IIROC recognizes that Participants and Access Persons may have significant systems work with respect to the introduction, pursuant to Part 7 of Policy 7.1, of automated controls to examine each order before entry on a marketplace to prevent the entry of an order which would result in:
• the Participant or Access Person exceeding pre-determined credit or capital thresholds;
• a client of the Participant exceeding pre-determined credit or other limits assigned by the Participant or to that client; or
• the Participant, Access Person or client of the Participant exceeding pre-determined limits on the value or volume of unexecuted orders for a particular security or class of securities.
While IIROC expects that Participants and Access Persons will use best efforts to comply with the requirements for automated controls on that date, IIROC will allow Participants and Access Persons until May 31, 2013 to complete testing and fully implement such automated controls. All other requirements of the Amendments must be implemented by Participants and Access Persons by March 1, 2013.
The most significant impacts of the Amendments are to:
• ensure that Participants and Access Persons adopt, document and maintain a system of risk management and supervisory controls, policies and procedures reasonably designed to manage the risks associated with electronic trading and access to marketplaces;
1 Reference should be made to IIROC Notice 12-0200 – Rules Notice – Request for Comments – UMIR – Provisions Respecting Electronic Trading (June 28, 2012) with which the proposed amendments were published for public comment (the “Proposed Amendments”). See Appendix B for the summary of comments received on the Proposed Amendments and the responses of IIROC. Column 1 of the table highlights the changes made to the Amendments as approved from the Proposed Amendments.
December 13, 2012 (2012) 35 OSCB 11408 SROs, Marketplaces and Clearing Agencies
• ensure that Participants and Access Persons are effectively supervising trading activity and are accounting for the risks associated with electronic access to marketplaces in their supervisory and compliance monitoring procedures; and
• require an appropriate level of understanding, ongoing testing and appropriate monitoring of any automated order systems in use by a Participant, Access Person, or any client of the Participant.
On October 25, 2012, the CSA issued proposed amendments to National Instrument 23-103 Electronic Trading regarding aspects of the provision of third-party access to marketplaces, including direct electronic access (“CSA Access Proposal”).2 Concurrent with this CSA initiative, IIROC issued additional proposed amendments to UMIR regarding third-party access to marketplaces (“Proposed UMIR Access Amendments”)3 that will:
• align UMIR with the CSA Access Proposal with provisions related to direct electronic access4 provided by Participants to certain Canadian registrants and other clients;
• introduce requirements for order routing arrangements5 entered into by a Participant with investment dealers, foreign dealer equivalents6 and other Participants; and • amend or clarify provisions related to order execution services7 presently offered to a range of client account types.
1. Background to the Amendments
1.1 Electronic Trading Rule
1.1.1 Framework for Regulation of Electronic Trading
The ETR introduces a comprehensive framework designed to address areas of concern and risks brought about by electronic trading. Generally, the ETR places responsibility for managing risks and maintaining supervisory controls, policies and procedures related to electronic trading on:
• a “marketplace participant” (defined as: a member of an exchange; user of a Quotation and Trade Reporting System; or subscriber of an ATS) whether trading is of a proprietary nature or on behalf of clients; and
• a marketplace.
2 Published at (2012) 35 OSCB beginning at page 9627. 3 IIROC Notice 12-0315 - Rules Notice – Request for Comments – UMIR – Provisions Respecting Third-Party Electronic Access to Marketplaces (October 25, 2012), which includes proposed amendments to Dealer Member Rules 1300.1 and 3200 (the “Proposed DMR Amendments) relating to a proposed suitability exemption for clients provided with direct electronic access and a prohibition on allowing clients of an order execution service to use an automated order system or to manually send orders that exceed the volume threshold set by IIROC from time to time. 4 The Proposed UMIR Access Amendments would define “direct electronic access” as an arrangement between a Participant and a client that permits the client to electronically transmit an order containing the identifier of the Participant: (a) through the systems of the Participant for automatic onward transmission to a marketplace; or (b) directly to a marketplace without being electronically transmitted through the systems of the Participant. 5 The Proposed UMIR Access Amendments would define “routing arrangement” as an arrangement under which a Participant permits an investment dealer or foreign dealer equivalent to electronically transmit an order relating to a security: (a) through the systems of the Participant for automatic onward transmission to: (i) a marketplace to which the Participant has access using the identifier of the Participant, or (ii) a foreign organized regulated market to which the Participant has access directly or through a dealer in the other jurisdiction; or (b) directly to a marketplace using the identifier of the Participant without being electronically transmitted through the systems of the Participant. 6 The Proposed UMIR Access Amendments would define a “foreign dealer equivalent” as “a person registered in a category analogous to that of investment dealer in a foreign jurisdiction that is a signatory to the International Organization of Securities Commissions’ Multilateral Memorandum of Understanding”. 7 The Proposed UMIR Access Amendments would define “order execution service” as a service that meets the requirements, from time to time, under Dealer Member Rule 3200 – Minimum Requirements for Dealer Members Seeking Approval under Rule 1300.1 for Suitability Relief for Trades Not Recommended by the Member.
December 13, 2012 (2012) 35 OSCB 11409 SROs, Marketplaces and Clearing Agencies
1.1.2 Requirements Applicable to Marketplace Participants
The ETR builds on the obligations outlined in Section 11.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations8 (“NI 31-103”) under which a registered firm must establish, maintain and apply policies and procedures that establish a system of controls and supervision sufficient to provide reasonable assurance that the firm and each individual acting on its behalf complies with securities legislation and manage the risks associated with its business in accordance with prudent business practices.
The ETR requires that these risk management and supervisory controls, policies and procedures must be reasonably designed to:
• ensure that all orders are monitored pre- and post-trade;
• systematically limit the financial exposure of the marketplace participant;
• ensure compliance with all marketplace and regulatory requirements;
• ensure the marketplace participant can stop or cancel the entry of orders to a marketplace;
• ensure the marketplace participant can suspend or terminate any marketplace access granted to a client; and
• ensure the entry of orders does not interfere with fair and orderly markets.
A participant dealer9 may on a reasonable basis, authorize an investment dealer to perform on its behalf the setting or adjustment of a specific risk management or supervisory control, policy or procedure under certain circumstances where the investment dealer’s relationship with an ultimate client would provide them with better access to information, and would thus provide for a more effective setting or adjusting of the control, policy or procedure. Granting such an authorization would require a written agreement between the participant dealer and the investment dealer, and a regular and ongoing assessment of the adequacy and effectiveness of such an agreement.
1.1.3 Requirements Applicable to Use of Automated Order Systems
The ETR establishes requirements surrounding the use of automated order systems.10 A marketplace participant is required to take all reasonable steps to ensure that any use of an automated order system either by itself or by any client does not interfere with fair and orderly markets. Similarly, any client of a marketplace participant is itself obligated to take reasonable steps to ensure the same.
A marketplace participant must also have a level of knowledge and understanding of any automated order system used by itself or a client that is sufficient to identify and manage any risks associated with its use. A marketplace participant must also ensure that each automated order system is tested prior to use, and at least annually thereafter, and have controls in place to immediately disable and prevent orders generated by an automated order system from reaching a marketplace.
1.1.4 Requirements Applicable to Marketplaces
In addition to marketplace participants, the ETR also recognizes the role of the marketplace in managing the risks associated with electronic trading. The ETR places a requirement on a marketplace to prevent the execution of orders from exceeding price and/or volume thresholds set by the regulation services provider or by a marketplace if it is a recognized exchange or quotation and trade reporting system that directly monitors the conduct of its members or users and enforces certain requirements set pursuant to the CSA Trading Rules.11
8 Published at http://www.osc.gov.on.ca/documents/en/Securities-Category3/ni_20120228_31-103_unofficial-consolidated.pdf 9 The term “participant dealer” is defined in ETR as “a marketplace participant that is an investment dealer”. 10 The term “automated order system” is defined in ETR as “a system used to automatically generate or electronically transmit orders that are made on a pre-determined basis”. As set out in section 1.2(1) of National Instrument 23-103 CP, an automated order system would encompass “both hardware and software used to generate or electronically transmit orders on a pre-determined basis and would include smart order routers and trading algorithms that are used by marketplace participants, offered by marketplace participants to clients or developed or used by clients.” 11 See section 8 of ETR. IIROC has sought public comment on the approach which should be adopted to the establishment of acceptable marketplace thresholds. See IIROC Notice 12-0162 – Rules Notice – Request for Comment – UMIR – Request for Comments on Marketplace Thresholds (May 10, 2012).
December 13, 2012 (2012) 35 OSCB 11410 SROs, Marketplaces and Clearing Agencies
The ETR also sets outs specific conditions under which a marketplace may cancel, vary or correct a trade executed on that marketplace. The marketplace must establish, maintain and ensure compliance with reasonable policies and procedures that clearly outline how a variation, cancellation or correction can occur, and must make these policies and procedures publicly available.
Additionally, the ETR requires a marketplace to provide a marketplace participant with access to its order and trade information on an immediate basis and on reasonable terms, to ensure that marketplace participants can effectively implement the risk management and supervisory controls policies and procedures required by the rule.
1.2 Pre-existing Supervision Obligations for Electronic Trading under UMIR
Currently, Rule 7.1 of UMIR establishes trading supervision obligations which Participants must follow, including:
• adopting written policies and procedures to be followed by directors, officers, partners and employees of the Participant that are adequate, taking into account the business and affairs of the Participant, to ensure compliance with UMIR and each Policy; and
• complying, prior to the entry of an order on a marketplace, with:
• applicable regulatory standards with respect to the review, acceptance and approval of orders,
• the policies and procedures adopted, and
• all requirements of UMIR and each Policy.
Policy 7.1 of UMIR elaborates further on the responsibility of Participants for trading supervision and compliance, and certain elements of Policy 7.1 relate more particularly to electronic trading. Specifically, the obligation to supervise applies whether the order is entered on a marketplace:
• by a trader employed by the Participant;
• by an employee of the Participant through an order routing system;
• directly by a client and routed to a marketplace through the trading system of the Participant; or
• by any other means.
The Participant maintains responsibility for any order which is entered on a marketplace without the involvement of a trader employed by the Participant, as an example when the client maintains a “systems interconnect arrangement” in accordance with marketplace requirements. In such circumstances adequate supervision policies and procedures are required to address the potential additional risk exposure with orders not directly handled by the Participant but that remain the Participant’s responsibility.
2. Discussion of the Amendments
The following is a summary of the principal components of the Amendments which are set out in Appendix A of this notice:
2.1 Trading Supervision Obligations
2.1.1 Risk Management and Supervisory Controls, Policies and Procedures
Rule 7.1 currently establishes trading supervision obligations which Participants must follow, including the establishment of written policies and procedures to ensure compliance with UMIR. With the ETR providing a new framework designed to mitigate the risks of electronic trading, the Amendments add several new subsections to align the supervisory requirements of Rule 7.1 with the requirements of the ETR.
The Amendments would require that a Participant or Access Person adopt a system of risk management controls designed to ensure the management of risks specifically associated with electronic trading. Particularly, they should be designed to manage the risks associated with access to one or more marketplaces, and if applicable, the use of any automated order system, by a Participant, a client of the Participant or an Access Person.
December 13, 2012 (2012) 35 OSCB 11411 SROs, Marketplaces and Clearing Agencies
Part 7 of Policy 7.1 provides further information regarding the requirements set out in Rule 7.1, and details the expectations in regard to the elements of the risk management and supervisory controls, policies and procedures which must be employed by Participants and Access Persons. These must include:
• automated controls to examine each order before entry on a marketplace to prevent the entry of an order which would result in:
• the Participant or Access Person exceeding pre-determined credit or capital thresholds,
• a client of the Participant exceeding pre-determined credit or other limits assigned by the Participant to that client, or
• the Participant, Access Person or client of the Participant exceeding pre-determined limits on the value or volume of unexecuted orders for a particular security or class of securities;
• provisions to prevent the entry of an order that is not in compliance with Requirements;12
• provisions of immediate order and trade information to compliance staff of the Participant or Access Person; and
• regular post-trade monitoring for compliance with Requirements.
The Amendments require the Participant to review and confirm at least annually, that the risk management and supervisory controls, policies and procedures are adequate, maintained and consistently applied, and that any deficiencies have been documented and remedied promptly.
2.1.2 Authorization to Set or Adjust Risk Management and Supervisory Controls, Policies and Procedures
Given that in certain circumstances, particular controls may be better placed under the direction of another dealer, proposed new subsection (7) of Rule 7.1 would, on a reasonable basis, allow the Participant to authorize an investment dealer to perform on its behalf the setting or adjustment of a specific risk management or supervisory control, policy or procedure.13 Additionally, the Amendments provide the same flexibility provided by the ETR with respect to the development or implementation of such controls, and thus a Participant would be permitted to use the services of a third party provider that is independent of each client of the Participant, other than affiliates of the Participant. It is important to note that under the ETR, whether or not a third party solution is utilized, only the Participant is permitted to directly and exclusively set and adjust its supervisory and risk management controls.
The new subsection (8) of Rule 7.1 outlines specific requirements if either an authorization is made to an investment dealer or if a third party provider is utilized. Either situation requires a written agreement that will preclude the investment dealer or third party from providing any other person control over any aspect of the control, policy or procedure. Further, unless the investment dealer subject to the authorization agreement is also a Participant, subsection (8) will preclude any authorization with respect to an account in which the investment dealer or a related entity of the investment dealer holds a direct or indirect interest (other than that of commissions received on transactions or a reasonable fee for the administration of the account).
The policy rationale for permitting a Participant to authorize an investment dealer to perform on its behalf the setting or adjusting of a supervisory and risk management control is the recognition that situations exist where a participant dealer may determine that another investment dealer has a relationship with the ultimate client such that the investment dealer, having better access to information relating to the ultimate client, would be in a position to more effectively set or adjust the control, policy or procedure. As such, the Amendments only provide for an authorization with respect to accounts where the investment dealer is in fact trading for an ultimate client, and not in circumstances where there is no ultimate client and the trading is being made on a proprietary basis.
Upon entering into a written agreement pursuant to subsection (8), the Amendments require disclosure of the name and contact information of the investment dealer or third party to the Market Regulator, as well as any change in this information. The provision of this information will allow the Market Regulator to contact the investment dealer or third party to make enquiries
12 “Requirements” include UMIR, applicable securities regulation, requirements of any self-regulatory organization applicable to the activity of the account and the rules and policies of any marketplace on which the account activity takes place. In particular, a Participant or Access Person that uses an automated order system must have appropriate parameters, policies and procedures to detect, prior to entry, an order that is “clearly erroneous” or “unreasonable” and which would interfere with fair and orderly markets if entered. See “Specific Provisions Applicable to Automated Order Systems”. 13 Under the Amendments, the term “investment dealer” is interpreted as “an investment dealer for the purposes of National Instrument 31- 103 Registration Requirements, Exemptions and Ongoing Registrant Obligations”.
December 13, 2012 (2012) 35 OSCB 11412 SROs, Marketplaces and Clearing Agencies about the application of the controls, policies or procedures to orders or trades in situations when additional information is needed.
If the Participant has authorized to an investment dealer or has utilized the services of a third party provider, the Participant is also required to review and confirm at least annually by the anniversary date of the written agreement with the investment dealer or third party, that the risk management and supervisory controls, policies and procedures are adequate, maintained and consistently applied, that any deficiencies have been documented and remedied promptly, and that the investment dealer or third party remains in compliance with the written agreement.
2.2 Specific Provisions Applicable to Automated Order Systems
In addition to the trading supervision obligations established by proposed amendments to Rule 7.1 described above, proposed new Part 8 to Policy 7.1 sets out specific supervisory provisions related to the use of automated order systems. As noted earlier, the risk management and supervisory controls, policies and procedures should be designed to manage the risk associated with access to one or more marketplaces, and if applicable, the use of any automated order system, by a Participant, Access Person, or any client.
The Amendments require that each Participant or Access Person have a level of knowledge and understanding of any automated order system used by the Participant, Access Person or a client of either. This level of knowledge should be sufficient to allow the Participant or Access Person to identify and manage risks associated with the use of the automated order system.
The Amendments require each Participant or Access Person to ensure that all automated order systems used by the Participant, any client of the Participant or an Access Person are tested in accordance with prudent business practices both initially before being used for the first time, and at least annually thereafter. This testing must be detailed in a written record in order to clearly demonstrate the testing undertaken by the Participant, Access Person and any third party services utilized to employ the automated order system or the risk management and supervisory controls, policies and procedures.
In establishing the parameters for the monitoring of order flow required under both the ETR and the Amendments, a Participant or Access Person should consider the strategy or strategies being employed by any automated order systems in use, and the potential market impact of defining such parameters inappropriately. In determining the appropriate scope of the order and trade parameters, policies and procedures the Participant or Access Person should, at a minimum, ensure they are set to prevent an order from exceeding:
• the marketplace thresholds14 applicable to the marketplace on which the order is entered, or
• the limits publicly disclosed by IIROC for the exercise of the power of a Market Integrity Official under Rule 10.9 of UMIR for the triggering of a single-stock circuit breaker or regulatory intervention for the variation or cancellation of trade.15
Generally, it is expected that the risk management and supervisory controls, policies and procedures will be reasonably designed to prevent the entry of orders which would interfere with the operation of fair and orderly markets. The supervision and compliance procedures adopted by a Participant or Access Person should if applicable, contain detailed guidance on how the testing of client orders and trades is to be conducted to ensure that each automated order system is tested assuming various market conditions both initially and on at least an annual basis going forward.
Each Participant or Access Person must also have the capability to immediately disable any automated order system used by themselves or any client of the Participant, and thus prevent any orders generated by such system from reaching a marketplace. This would provide the Participant or Access Person the ability to intervene in the event of a malfunction or a situation where a system was being used improperly. A Participant or Access Person is ultimately responsible for any order entered or any trade executed on a marketplace, and this does not exclude situations where an automated order system malfunctions or is improperly used. Such responsibilities include situations where a malfunction causes a “runaway” algorithm even if the malfunction is attributed to an aspect of the automated order system that could not be accessed by the Participant or Access Person for purposes of testing.
14 For further information on “marketplace thresholds” see IIROC Notice 12-0162 - Rules Notice – Request for Comments – UMIR – Request for Comments on Marketplace Thresholds (May 10, 2012). 15 For further information see IIROC Notice IIROC Notice 12-0040 – Rules Notice – Guidance Note – UMIR – Guidance Respecting Implementation of Single-Stock Circuit Breakers (February 2, 2012) and IIROC Notice 12-0258 – Rules Notice – Guidance Note – UMIR – Guidance on Regulatory Intervention for the Variation or Cancellation of Trades (August 20, 2012).
December 13, 2012 (2012) 35 OSCB 11413 SROs, Marketplaces and Clearing Agencies
2.3 Variation, Cancellation and Correction of Trades
Previously, Rule 7.11 prevented the cancellation or variation in price, volume or settlement date of an executed trade except in specific circumstances. Part 4 of the ETR sets out specific rules detailing when a marketplace can cancel, vary or correct a trade, and as such the language of Rule 7.11 has been amended to reflect this new framework. It now provides for the correction of a trade in addition to the cancellation and variation, and also stipulates that a marketplace can only take such actions:
• with the prior consent of the Market Regulator if the variation, cancellation or correction is necessary to correct an error caused by:
• a system or technological malfunction of the marketplace itself, or
• an individual acting on behalf of the marketplace; or
• with notice to the Market Regulator immediately following the variation, cancellation or correction:
• prior to the settlement of the trade by:
• the marketplace at the request of a party to the trade and with the consent of each Participant or Access Person that is a party to the trade, or
• the clearing agency through which the trade is or was to be cleared and settled, and
• after the settlement of the trade, by each Participant and Access Person that is a party to the trade.
2.4 Gatekeeper Obligations with Respect to Electronic Trading
Under the Amendments, Rule 7.1 of UMIR would allow for a Participant to authorize an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure, or for a Participant to utilize the services of a third party provider. The Amendments add Rule 10.17 of UMIR which establishes certain gatekeeper obligations, and will require that in either of the above situations, the Participant must notify the Market Regulator if either the written agreement which sets out the terms of such arrangements has been terminated, or if the Participant has reason to believe that the investment dealer or third party has failed to remedy any deficiency identified by the Participant in its regular review.
2.5 Editorial and Consequential Amendments
The Amendments make several editorial or consequential amendments including:
• adding a definition of ETR to Rule 1.1;
• adding clause (c) to Rule 1.2 to note that every term used in UMIR which is defined or interpreted in the ETR (particularly, “automated order system”, “marketplace and regulatory requirements” and “participant dealer”) has the meaning ascribed to it in the ETR;
• deleting phrases in Part 1 of Policy 7.1 to reflect the new rule framework in place under the ETR; and
• adding language to Part 1 of Policy 7.1 to reflect guidance on the use of the “short-marking exempt” designation.16
3. Summary of the Impact of the Amendments
The following is a summary of the most significant impacts of the adoption of the Amendments. The Amendments:
• ensure that Participants and Access Persons adopt, document and maintain a system of risk management and supervisory controls, policies and procedures reasonably designed to manage the risks associated with electronic trading and access to marketplaces;
16 For further information, see IIROC Notice 12-0300 – Rules Notice – Guidance Note – UMIR – Guidance on “Short Sale” and “Short-Marking Exempt” Order Designations (October 11, 2012).
December 13, 2012 (2012) 35 OSCB 11414 SROs, Marketplaces and Clearing Agencies
• ensure that Participants and Access Persons are effectively supervising trading activity and are accounting for the risks associated with electronic access to marketplaces in their supervisory and compliance monitoring procedures; and
• require an appropriate level of understanding, ongoing testing and appropriate monitoring of any automated order systems in use by a Participant, any client of the Participant or an Access Person.
Under the Amendments, Access Persons have to specifically introduce risk management and supervisory controls, policies and procedures with respect to their direct trading on a marketplace as an Access Person (and not through a Participant). This parallels a requirement on Access Persons introduced in the ETR. However, Access Persons presently only have access to one marketplace which operates as a “negotiation” dark pool marketplace. The requirement will have little practical impact on an Access Person unless they become a subscriber to a new marketplace that is transparent.
There may be impacts to the market in the form of minimal additional latency on some order flow. Any additional latency will also be dependent on the type of trading strategies in use and the nature of the controls and risk management filters already in place. To the extent that additional latency may result, it is not expected to have a significant impact on the majority of trading. Persons employing trading strategies that rely on ultra-low latency connections may have to re-evaluate how they obtain access to a marketplace.
4. Technological Implications and Implementation Plan
The Amendments impose obligations on Participants and Access Persons to ensure that the risks associated with electronic trading are appropriately addressed through the establishment of reasonably designed risk management and supervisory controls, policies and procedures. The Amendments require pre-trade automated controls to prevent the entry of orders which would result in either the Participant or Access Person, or any client, exceeding pre-determined thresholds which would include credit or capital, as well as limits on the value or volume of unexecuted orders for a particular security or class of securities.
It is expected a Participant would already establish, maintain and apply policies and procedures that establish a system of controls and supervision sufficient to manage the risks associated with its business in accordance with prudent business practices as required both under section 11.1 of NI 31-103 and under Rule 7.1 and Policy 7.1. Additionally, those firms providing clients with electronic access to marketplaces would already be subject to similar requirements under the access rules of the various marketplaces to which the Participant or Access Person directs orders. Technology work and associated costs will likely be required, but the extent of these costs will vary dependent on the level of sophistication of current practices, and the nature of the business activities of the Participant or Access Person.
On the publication of the Proposed Amendments, IIROC expected that the amendments would become effective on the date IIROC publishes notice of approval of the amendments and that the implementation date would be the later of:
• March 1, 2013, the date the ETR becomes effective; and
• 120 days following the publication of notice of approval of the amendments.
As most of the Amendments are designed to align the requirements of UMIR to those of the ETR, IIROC concluded that, to avoid confusion in the industry, the Amendments should be effective with the introduction of ETR on March 1, 2013. IIROC and the CSA conducted a survey of members of the Investment Industry Association of Canada (“IIAC”) on implementation of ETR and the Amendments. That survey indicated that there were no unique requirements of the Amendments (as compared with the requirements that aligned UMIR to the ETR) that could not be implemented on March 1, 2013. However, the results of the IIAC survey indicated that a limited number of Participants had concerns regarding their ability to complete systems testing by March 1, 2013.
IIROC recognizes that Participants and Access Persons may have significant systems work with respect to the introduction, pursuant to Part 7 of Policy 7.1, of automated controls to examine each order before entry on a marketplace to prevent the entry of an order which would result in:
• the Participant or Access Person exceeding pre-determined credit or capital thresholds;
• a client of the Participant exceeding pre-determined credit or other limits assigned by the Participant or to that client; or
• the Participant, Access Person or client of the Participant exceeding pre-determined limits on the value or volume of unexecuted orders for a particular security or class of securities.
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While IIROC expects that Participants and Access Persons will use best efforts to comply with the requirements for automated controls on March 1, 2013, IIROC will allow Participants and Access Persons until May 31, 2013 to complete testing and fully implement such automated controls. All other requirements of the Amendments must be implemented by Participants and Access Persons by March 1, 2013.
The CSA has followed a comparable approach in respect of the implementation of the requirements for automated controls under ETR. Reference should be made to Multilateral CSA Staff Notice 23-313 issued by the CSA regarding the implementation date for certain aspects of ETR.17
17 Published at http://www.osc.gov.on.ca
December 13, 2012 (2012) 35 OSCB 11416 SROs, Marketplaces and Clearing Agencies
Appendix A - Text of Provisions Respecting Electronic Trading
The Universal Market Integrity Rules are hereby amended as follows:
1. Rule 1.1 is amended by adding the following definition of “Electronic Trading Rules”:
“Electronic Trading Rules” means National Instrument 23-103 Electronic Trading as amended, supplemented and in effect from time to time.
2. Rule 1.2 is amended by:
(a) deleting the word “and” at the end of clause (b);
(b) renumbering clause (c) of subsection (1) as clause (d), and
(c) inserting the following as clause (c) of subsection (1):
(c) defined or interpreted in the Electronic Trading Rules has the meaning ascribed to it in that National Instrument.
3. Rule 7.1 is amended by adding the following subsections:
(6) Notwithstanding any other provision of this Rule, a Participant or an Access Person shall adopt, document and maintain a system of risk management and supervisory controls, policies and procedures reasonably designed, in accordance with prudent business practices, to ensure the management of the financial, regulatory and other risks associated with:
(a) access to one or more marketplaces; and
(b) if applicable, the use by the Participant, any client of the Participant or the Access Person of an automated order system.
(7) A Participant may, on a reasonable basis:
(a) authorize an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure; or
(b) use the services of a third party that provides risk management and supervisory controls, policies and procedures.
(8) An authorization over the setting or adjusting of a specific risk management or supervisory control, policy or procedure or retaining the services of a third party under subsection (7) must be in a written agreement with the investment dealer or third party that;
(a) precludes the investment dealer or third party from providing any other person control over any aspect of the specific risk management or supervisory control, policy or procedure;
(b) unless the authorization is to an investment dealer that is a Participant, precludes the authorization to the investment dealer over the setting or adjusting of a specific risk management or supervisory control, policy or procedure respecting an account in which the investment dealer or a related entity of the investment dealer holds a direct or indirect interest other than an interest in the commission charged on a transaction or reasonable fee for the administration of the account; and
(c) precludes the use of a third party unless the third party is independent of each client of the Participant other than affiliates of the Participant.
(9) A Participant shall forthwith notify the Market Regulator:
(a) upon entering into a written agreement with an investment dealer or third party described in subsection (8), of:
(i) the name of the investment dealer or third party, and
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(ii) the contact information for the investment dealer or the third party which will permit the Market Regulator to deal with the investment dealer or third party immediately following the entry of an order or execution of a trade for which the Market Regulator wants additional information; and
(b) of any change in the information described in clause (a).
(10) The Participant shall review and confirm:
(a) at least annually that:
(i) the risk management and supervisory controls, policies and procedures under subsection (6) are adequate,
(ii) the Participant has maintained and consistently applied the risk management and supervisory controls, policies and procedures since the establishment of the controls, policies and procedures or the date of the last annual review, and
(iii) any deficiency in the adequacy of a control, policy or procedure has been documented and promptly remedied;
(b) if the Participant has authorized an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure or retained the services of a third party, at least annually by the anniversary date of the written agreement with the investment dealer or third party that:
(i) the risk management and supervisory controls, policies and procedures adopted by the investment dealer or third party under subsection (6) are adequate,
(ii) the investment dealer or third party has maintained and consistently applied the risk management and supervisory controls, policies and procedures since the establishment of the controls, policies and procedures or the date of the last annual review, and
(iii) any deficiency in the adequacy of a control, policy or procedure has been documented by the Participant and promptly remedied by the investment dealer or third party, and
(iv) the investment dealer or third party is in compliance with the written agreement with the Participant.
4. Rule 7.11 is amended by:
(a) inserting in the title the words “ and Correction” after the word “Cancellation”;
(b) inserting in clause (b) the phrase “or corrected” immediately following the word “varied”;
(c) deleting clause (d) and inserting the following clauses:
(d) with the prior consent of the Market Regulator, if the variation, cancellation or correction would be necessary to correct an error caused by a system or technological malfunction of the marketplaces systems or equipment or caused by an individual acting on behalf of the marketplace; or
(e) with notice to the Market Regulator immediately following the variation, cancellation or correction of the trade in such form and manner as may be required by the Market Regulator and such notice shall be given, if the variation, cancellation or correction is made:
(i) prior to the settlement of the trade, by:
(A) the marketplace on which the trade was executed at the request of a party to the trade and with the consent of each Participant and Access Person that is a party to the trade, or
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(B) the clearing agency through which the trade is or was to be cleared and settled, and
(ii) after the settlement of the trade, by each Participant and Access Person that is a party to the trade.
5. Part 10 is amended by adding the following as Rule 10.17:
Gatekeeper Obligations with Respect to Electronic Trading
(1) A Participant that has, under Rule 7.1, authorized an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure or the provision of risk management or supervisory controls, policies and procedures to a third party shall forthwith report to the Market Regulator the fact that:
(a) the written agreement with the investment dealer or third party has been terminated; or
(b) the Participant knows or has reason to believe that the investment dealer or third party has failed to promptly remedy any deficiency identified by the Participant.
The Policies to the Universal Market Integrity Rules are hereby amended as follows:
1. Part 1 of Policy 7.1 is amended by:
(a) replacing at the start of the seventh paragraph the word “Where” with the word “When”;
(b) deleting in the seventh paragraph the phrase “(for example by a client with a systems interconnect arrangement in accordance with Policy 2-501 of the Toronto Stock Exchange)”;
(c) adding at the end of the third bullet of the eight paragraph the phrase “other than a client required to use the “short-marking exempt” designation” ; and
(d) deleting at the end of the fourth bullet of the eighth paragraph the phrase “(unless the trading system of the Participant restricts trading activities in affected securities”.
2. Part 2 of Policy 7.1 is amended by:
(a) deleting the phrases “Participants are reminded that”, “the entry of”, and “(For example, for Participants that are Participating Organizations of the TSE, reference should be made to the Policy on “Connection of Eligible Clients of Participating Organizations)”; and
(b) adding the word “entered” immediately before the phrase “must comply”.
3. Part 3 of Policy 7.1 is amended in respect of the table of Minimum Compliance Procedures for Trading Supervision UMIR and Policies by:
(a) adding reference to “Electronic Access to Marketplaces”, “Rule 7.1” and “Securities Legislation” and associated compliance review procedures;
(b) amending the term “restricted list” to “restricted security”;
(c) amending the term “firm restricted list” to “firm trading restriction”; and
(d) deleting references to Rule 7.8 and Rule 7.9 and substituting reference to Rule 7.7 in regard to “restricted issues”.
4. Policy 7.1 is further amended by adding the following Parts:
Part 7 – Specific Provisions Applicable to Electronic Access
Trading supervision related to electronic access to marketplaces must be performed by a Participant or Access Person in accordance with a documented system of risk management and supervisory controls,
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policies and procedures reasonably designed to ensure the management of the financial, regulatory and other risks associated with electronic access to marketplaces.
The risk management and supervisory controls, policies and procedures employed by a Participant or Access Persons must include:
• automated controls to examine each order before entry on a marketplace to prevent the entry of an order which would result in:
• the Participant or Access Person exceeding pre-determined credit or capital thresholds,
• a client of the Participant exceeding pre-determined credit or other limits assigned by the Participant or to that client, or
• the Participant, Access Person or client of the Participant exceeding pre-determined limits on the value or volume of unexecuted orders for a particular security or class of securities;
• provision to prevent the entry of an order this is not in compliance with Requirements;
• provision of immediate order and trade information to compliance staff of the Participant or Access Person; and
• regular post-trade monitoring for compliance with Requirements.
A Participant or Access Person is responsible and accountable for all functions that they outsource to a service provider as set out in Part 11 of Companion Policy 31-103CP Registration Requirements and Exemptions.
Supervisory and compliance monitoring procedures must be designed to detect and prevent account activity that is or may be a violation of Requirements which includes applicable securities legislation, requirements of any self-regulatory organization applicable to the account activity and the rules and policies of any marketplace on which the account activity takes place. These procedures must include “post-order entry” compliance testing enumerated under Part 1 of Policy 7.1 to detect orders that are not in compliance with specific rules, and by addressing steps to monitor trading activity, as provided under Part 5 of Policy 7.1, of any person who has multiple accounts, with the Participant and other accounts in which the person has an interest or over which the person has direction or control.
Part 8 – Specific Provisions Applicable to Automated Order Systems
Trading supervision by a Participant or Access Person must be in accordance with a documented system of risk management and supervisory controls, policies and procedures reasonably designed to ensure the management of the financial, regulatory and other risks associated with the use of an automated order system by the Participant, the Access Person or any client of the Participant.
Each Participant or Access Person must have a level of knowledge and understanding of any automated order system used by the Participant, the Access Person or any client of the Participant that is sufficient to allow the Participant or Access Person to identify and manage the risks associated with the use of the automated order system.
The Participant or Access Person must ensure that every automated order system used by the Participant, the Access Person or any client of the Participant is tested in accordance with prudent business practices initially before use and at least annually thereafter. A written record must be maintained with sufficient details to demonstrate the testing of the automated order system undertaken by the Participant, Access Person and any third party employed to provide the automated order system or risk management or supervisory controls, policies and procedures.
The scope of appropriate order and trade parameters, policies and procedures should be tailored to the strategy or strategies being pursued by an automatic order system with due consideration to the potential market impact of defining such parameters too broadly and in any event must be set so as not to exceed the marketplace thresholds applicable to the marketplace on which the order is entered or would otherwise exceed the limits publicly disclosed by the Market Regulator for the exercise of the power of a Market Integrity Official under Rule 10.9 of UMIR.
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The Market Regulator expects the risk management and supervisory controls, policies and procedures to comply with the Electronic Trading Rules and be reasonably designed to prevent the entry of any order that would interfere with fair and orderly markets. This includes adoption of compliance procedures for trading by clients, if applicable, containing detailed guidance on how testing of client orders and trades is to be conducted to ensure that prior to engagement and at least annually thereafter, each automated order system is satisfactorily tested assuming various market conditions. In addition to regular testing of the automated order systems, preventing interference with fair and orderly markets requires development of pre-programmed internal parameters to prevent or “flag” with alerts on a real-time basis, the entry of orders and execution of trades by an automated order system that exceed certain volume, order, price or other limits.
Each Participant or Access Person must have the ability to immediately override or disable automatically any automated order system and thereby prevent orders generated by the automated order system from being entered on any marketplace.
Notwithstanding any outsourcing or authorization over of risk management and supervision controls, a Participant or Access Person is responsible for any order entered or any trade executed on a marketplace, including any order or trade resulting from the improper operation or malfunction of the automated order system. This responsibility includes instances in which the malfunction which gave rise to a “runaway” algorithm is attributed to an aspect of the algorithm or automated order system that was not “accessible” to the Participant or Access Person for testing.
December 13, 2012 (2012) 35 OSCB 11421 SROs, Marketplaces and Clearing Agencies
Appendix B - Comments Received in Response to Rules Notice 12-0200 - Request for Comments - UMIR - Provisions Respecting Electronic Trading
On June 28, 2012, IIROC issued IIROC Notice 12-0200 requesting comments on proposed amendments to UMIR respecting electronic trading (“Proposed Amendments”). IIROC received comments on the Proposed Amendments from:
CIBC World Markets Inc. (“CIBC”) Investment Industry Association of Canada (“IIAC”) RBC Capital Markets (“RBC”) Scotia Capital Inc. (“Scotia”) TD Securities Inc. (“TD”)
A copy of the comment letters received in response to the Proposed Amendments is publicly available on the website of IIROC (www.iiroc.ca under the heading “Notices” and sub-heading “Marketplace Rules – Request for Comments”). The following table presents a summary of the comments received on the Proposed Amendments together with the responses of IIROC to those comments. Column 1 of the table highlights the revisions to the Proposed Amendments on the approval of the Amendments.
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary Definitions
“Electronic Trading Rules” means National Instrument 23-103 Electronic Trading as amended, supplemented and in effect from time to time. 1.2 Interpretation
(1) Unless otherwise defined or interpreted, every term used in UMIR that is:
(a) defined in subsection 1.1(3) of National Instrument 14-101Definitions has the meaning ascribed to it in that subsection;
(b) defined or interpreted in the Marketplace Operation Instrument has the meaning ascribed to it in that National Instrument;
(c) defined or interpreted in the Electronic Trading Rules has the meaning ascribed to it in that National Instrument; and
(d) a reference to a requirement of an Exchange or a QTRS shall have the meaning ascribed to it in the applicable Marketplace Rule. 7.1 Trading Supervision Obligations Scotia – Seeks clarification on The Amendments require that the whether a procedure where a Participant establish a system of … third party vendor sets or adjusts risk management and supervisory risk limits at the specific written controls, policies and procedures. (6) Notwithstanding any other provision of this request of the Participant would The Amendments permit the Rule, a Participant or an Access Person shall be considered acceptable. Participant to authorize an adopt, document and maintain a system of risk investment dealer to perform on its management and supervisory controls, policies behalf the setting or adjusting of a and procedures reasonably designed, in specific risk management or accordance with prudent business practices, to supervisory control, policy or ensure the management of the financial, procedure. If the Participant uses regulatory and other risks associated with: a third party to provide the supervisory controls, policies and (a) access to one or more marketplaces; and procedures, the Participant or an authorized investment dealer must
December 13, 2012 (2012) 35 OSCB 11422 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary (b) if applicable, the use by the Participant, be the only persons that may set any client of Participant or the Access or adjust the controls even though Person of an automated order system. the setting or adjustment will be effected by the third party provider. (7) A Participant may, on a reasonable basis: IIROC has revised the Guidance on Electronic Trading to clarify this (a) authorize an investment dealer to perform point. on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure; or
(b) use the services of a third party that provides risk management and supervisory controls, policies and procedures.
(8) An authorization over the setting or adjusting of a specific risk management or supervisory control, policy or procedure or retaining the services of a third party under subsection (7) must be in a written agreement with the investment dealer or third party that;
(a) precludes the investment dealer or third party from providing any other person control over any aspect of the specific risk management or supervisory control, policy or procedure;
(b) unless the authorization is to an investment dealer that is a Participant, precludes the authorization to the investment dealer over the setting or adjusting of a specific risk management or supervisory control, policy or procedure respecting an account in which the investment dealer or a related entity of the investment dealer holds a direct or indirect interest other than an interest in the commission charged on a transaction or reasonable fee for the administration of the account; and
(c) precludes the use of a third party unless the third party is independent of each client of the Participant other than affiliates of the Participant. (9) A Participant shall forthwith notify the Market Regulator:
(a) upon entering into a written agreement with an investment dealer or third party described in subsection (8), of:
(i) the name of the investment dealer or third party, and
(ii) the contact information for the investment dealer or the third party which will permit the Market Regulator to deal with the investment dealer or
December 13, 2012 (2012) 35 OSCB 11423 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary third party immediately following the entry of an order or execution of a trade for which the Market Regulator wants additional information; and
(b) of any change in the information described in clause (a). (10) The Participant shall review and confirm:
(a) at least annually that:
(i) the risk management and supervisory controls, policies and procedures under subsection (6) are adequate,
(ii) the Participant has maintained and consistently applied the risk management and supervisory controls, policies and procedures since the establishment of the controls, policies and procedures or the date of the last annual review, and
(iii) any deficiency in the adequacy of a control, policy or procedure has been documented and promptly remedied;
(b) if the Participant has authorized an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure to an investment dealer or retained the services of a third party, at least annually by the anniversary date of the written agreement with the investment dealer or third party that:
(i) the risk management and supervisory controls, policies and procedures adopted by the investment dealer or third party under subsection (6) are adequate,
(ii) the investment dealer or third party has maintained and consistently applied the risk management and supervisory controls, policies and procedures since the establishment of the controls, policies and procedures or the date of the last annual review, and
(iii) any deficiency in the adequacy of a control, policy or procedure has been documented by the Participant and promptly remedied by the investment dealer or third party, and
December 13, 2012 (2012) 35 OSCB 11424 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary (iv) the investment dealer or third party is in compliance with the written agreement with the Participant. 7.11 Variation, Cancellation and Correction of IIAC – Not clear why consent UMIR imposes a number of Trades from the Market Regulator is obligations which are measured required to vary, cancel or correct across marketplaces (e.g. No trade executed on a marketplace shall, a trade when the error is caused provisions related to the prevention subsequent to the execution of the trade, be: by a system or technological of trade-throughs under the Order malfunction of the marketplace Protection Rule). While a (a) cancelled; or systems or an individual acting on marketplace may look at activity on behalf of the marketplace. Would its own marketplace when making (b) varied or corrected with respect to: support a notice requirement. a decision to vary, cancel or correct, IIROC as the Market (i) the price of the trade, Regulator must ensure that the overall result is consistent with a (ii) the volume of the trade, or “fair and orderly market” (such as ensuring that trades that may have (iii) the date for settlement of the trade, been triggered or followed on from the “erroneous” trade on the one except: marketplace have been dealt with at the same time and in the same (c) by the Market Regulator in accordance fashion. In the view of IIROC, a with UMIR; notice requirement would lead to uncertainty and confusion with (d) with the prior consent of the Market respect to the disposition of Regulator, if the variation, cancellation or “affected” trades that occurred on correction would be necessary to correct other marketplaces. an error caused by a system or technological malfunction of the marketplace’s systems or equipment or caused by an individual acting on behalf of the marketplace; or
(e) with notice to the Market Regulator immediately following the variation, cancellation or correction of the trade in such form and manner as may be required by the Market Regulator and such notice shall be given, if the variation, cancellation or correction is made:
(i) prior to the settlement of the trade, by:
(A) the marketplace on which the trade was executed at the request of a party to the trade and with the consent of each Participant and Access Person that is a party to the trade, or
(B) the clearing agency through which the trade is or was to be cleared and settled, and
(ii) after the settlement of the trade, by each Participant and Access Person that is a party to the trade.
December 13, 2012 (2012) 35 OSCB 11425 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary 10.17 Gatekeeper Obligations with Respect to Electronic Trading
(1) A Participant that has, under Rule 7.1, authorized an investment dealer to perform on its behalf the setting or adjusting of a specific risk management or supervisory control, policy or procedure to an investment dealer or the provision of risk management or supervisory controls, policies and procedures to a third party shall forthwith report to the Market Regulator the fact that:
(a) the written agreement with the investment dealer or third party has been terminated; or
(b) the Participant knows or has reason to believe that the investment dealer or third party has failed to promptly remedy any deficiency identified by the Participant. Policy 7.1 – Trading Supervision Obligations
Part 1 – Responsibility for Supervision and Compliance
…
In performing the trading supervision obligations, the Participant will act as a “gatekeeper” to help prevent and detect violations of applicable Requirements.
When an order is entered on a marketplace without the involvement of a trader, the Participant retains responsibility for that order and the supervision policies and procedures should adequately address the additional risk exposure which the Participant may have for orders that are not directly handled by staff of the Participant. For example, it may be appropriate for the Participant to sample for compliance testing a higher percentage of orders that have been entered directly by clients than the percentage of orders sampled in other circumstances.
In addition, the “post-order entry” compliance testing should recognize that the limited involvement of staff of the Participant in the entry of orders by a direct access client may restrict the ability of the Participant to detect orders that are not in compliance with specific rules. For example, “post-order entry” compliance testing may be focused on whether an order entered by a direct access client:
• has created an artificial price contrary to Rule 2.2;
December 13, 2012 (2012) 35 OSCB 11426 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary • is part of a “wash trade” (in circumstances when the client has more than one account with the Participant);
• is an unmarked short sale (if the trading system of the Participant does not automatically code as “short” any sale of a security not then held in the account of the client other than a client required to use the “short-marking exempt” designation); and
• has complied with other order marking requirements and in particular the requirement to mark an order as from an insider or designated shareholder. Policy 7.1 – Trading Supervision Obligations
Part 2 – Minimum Element of a Supervision System
…
The Market Regulator recognizes that there is no one supervision system that will be appropriate for all Participants. Given the differences among firms in terms of their size, the nature of their business, whether they are engaged in business in more than one location or jurisdiction, the experience and training of its employees and the fact that effective jurisdiction can be achieved in a variety of ways, this Policy does not mandate any particular type or method of supervision of trading activity. Furthermore, compliance with this Policy does not relieve Participants from complying with specific Requirements that may apply in certain circumstances. In particular, in accordance with subsection (2) of Rule 10.1, orders entered (including orders entered by a client, an investment dealer under a routing arrangement or by a client through an order execution services) must comply with the Marketplace Rules on which the order is entered and the Marketplace Rules on which the order is executed.
… Policy 7.1 – Trading Supervision Obligations
Part 3 – Minimum Compliance Procedures for Trading on a Marketplace
Minimum Compliance Potential Frequency Compliance Review Information and Sample Procedures Procedures Sources Size
Restricted • review for • order tickets • daily Security any trading of restricted • the diary list Rule 2.2 issues done by • trading Rule 7.7 proprietary blotters
December 13, 2012 (2012) 35 OSCB 11427 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary
or employee accounts • firm trading restriction
• monthly statements
Electronic • pre-trade • automated • daily Access to order pre-trade Market-places review: controls
Rules 7.1 • prevent • real-time alert entry of systems Securities orders on Legislation an order-by • immediate order basis order that exceed and trade pre-defined information price and including size execution parameters; reports.
• prevent entry of orders that do not comply with marketplace and regulatory requirement s
• systema- tically prevent one or more orders from exceeding pre- determined credit and capital thresholds.
• monitor for unauthorize d access to trading systems of Participant or Access Person.
Policy 7.1 – Trading Supervision Obligations Scotia – Concerned that while The Amendments will require smart order routers are defined as automated controls to evaluate Part 7 - Specific Provisions Applicable to Direct an automated order system there orders “before entry on a Electronic Access generally is not any capacity to marketplace”. The effect of the change an order using the smart Amendments is to require orders Trading supervision related to electronic access to order router system directly. to have “passed through” filters marketplaces must be performed by a Participant or that are under the control of the Access Person in accordance with a documented Participant or Access Person system of risk management and supervisory entering the order. If orders do not controls, policies and procedures reasonably pass through automated controls designed to ensure the management of the that have been set by the financial, regulatory and other risks associated with Participant prior to entry to a smart electronic access to marketplaces. order router, the automated controls would have to be at the The risk management and supervisory controls, level of the smart order router. policies and procedures employed by a Participant IIROC recognizes that current or Access Persons must include: smart order routers in use in
December 13, 2012 (2012) 35 OSCB 11428 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary Canada do not have that capacity. • automated controls to examine each order Without this capacity, orders from before entry on a marketplace to prevent a client could not be entered the entry of an order which would result in: directly to a smart order router without passing through automated • the Participant or Access Person controls that have been set by the exceeding pre-determined credit or Participant. capital thresholds, IIROC has revised the Guidance • a client of the Participant exceeding on Electronic Trading to clarify this pre-determined credit or other limits point. assigned by the Participant to that RBC – Requests that IIROC The minimum “automated controls” client, or outline the specific pre-order entry are set out in the three sub-bullets checks that dealers are expected contained in the first bullet. In • the Participant, Access Person or client to implement on a real-time basis. particular, the automated controls of the Participant exceeding pre- Suggests that the requirement be must examine each order before determined limits on the value or standardized to that provided for entry on a marketplace volume of unexecuted orders for a under National Instrument 23-103, [emphasis added] to prevent the particular security or class of securities; namely “that must be satisfied on entry of an order which would a pre-order entry basis”. result in: • provision to prevent the entry of an order that is not in compliance with • the Participant or Access Requirements; Person exceeding pre- determined credit or • provision of immediate order and trade capital thresholds, information to compliance staff of the Participant or Access Person; and • a client of the Participant • regular post-trade monitoring for exceeding pre- compliance with Requirements. determined credit or other limits assigned by the A Participant or Access Person is responsible and Participant to that client, accountable for all functions that they outsource to or a service provider as set out in Part 11 of • Companion Policy 31-103CP Registration the Participant, Access Requirements and Exemptions. Person or client of the Participant exceeding Supervisory and compliance monitoring procedures pre-determined limits on must be designed to detect and prevent account the value or volume of activity that is or may be a violation of unexecuted orders for a Requirements which includes applicable securities particular security or class legislation, requirements of any self-regulatory of securities. organization applicable to the account activity and the rules and policies of any marketplace on which The second bullet which requires the account activity takes place. These procedures the risk management and must include “post-order entry” compliance testing supervisory controls, policies and enumerated under Part 1 of Policy 7.1 to detect procedures to include provision to orders that are not in compliance with specific rules, prevent the entry of an order that is and by addressing steps to monitor trading activity, not in compliance with as provided under Part 5 of Policy 7.1, of any Requirements is, in effect, for person who has multiple accounts, with the Participants a restatement of an Participant and other accounts in which the person existing UMIR provisions under has an interest or over which the person has Rule 7.1. In particular, Rule 7.1(2) direction or control. requires: “Prior to the entry of an order on a marketplace by a Participant, the Participant shall comply with:
December 13, 2012 (2012) 35 OSCB 11429 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary
(a) applicable regulatory standards with respect to the review, acceptance and approval of orders;
(b) the policies and procedures adopted in accordance with subsection (1); and
(c) all requirement of UMIR and each Policy.”
The inclusion of this bullet in Part 7 of Policy 7.1 has the effect of extending the requirement to Access Persons who have electronic access to a marketplace. TD – Would like to confirm that in Policy 7.1 must be read in its cases when an order is entered entirety. Various parts of the on a marketplace with the Policy deal with different means by involvement of a trader that the which orders are “received” by a trader may continue to perform Participant and how the Participant the trade supervision function enters those orders on a rather than relying on automated marketplace. Underpinning the controls for trade supervision. Policy is the requirement for Believes that it is not feasible to enhanced supervision and apply an automated pre-trade monitoring of orders that are not control to limit a client’s inter-mediated by traders or settlement risk or margin registered employees of the requirements on a real-time basis Participant. Orders which are across all asset classes or all received electronically by a electronic access channels. Participant and entered on a Similar problems would be marketplace by the Participant encountered for capital limits for electronically without internal traders. intermediation by a registered employee will be subject to automated pre-entry controls which reflect that fact. Nonetheless, if orders are intermediated, the Amendments will require that there be automated pre-entry controls that are appropriate to the orders being entered by that trader. For example, among the appropriate automated pre-entry controls would be “fat finger” checks and value limits applicable to the trader.
The Amendments do not require one aggregate client risk calculation across different electronic access channels or asset classes. The Amendments permit a separate limit to be
December 13, 2012 (2012) 35 OSCB 11430 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary determined for each channel or asset class. Participants are able to continue to assess the aggregate client risk on a post- trade basis. The Amendments permit capital limits on each access channel independently and Participants are able to continue to assess aggregate market risk on a post-trade basis.
IIROC has modified the Guidance on Electronic Trading to clarify these points. A drafting error has been corrected by deleting the word “Direct” from the title of Part 7. In IIROC Notice 12-0200, the text of the proposed provision was correct in Appendix B but the draft of the proposed amendments set out in Appendix A contained the word. Policy 7.1 – Trading Supervision Obligations
Part 8 – Specific Provisions Applicable to Automated Order Systems
Trading supervision by a Participant or Access Person must be in accordance with a documented system of risk management and supervisory controls, policies and procedures reasonably designed to ensure the management of the financial, regulatory and other risks associated with the use of an automated order system by the Participant, the Access Person or any client of the Participant.
Each Participant or Access Person must have a level of knowledge and understanding of any automated order system used by the Participant, the Access Person or any client of the Participant that is sufficient to allow the Participant or Access Person to identify and manage the risks associated with the use of the automated order system.
The Participant or Access Person must ensure that every automated order system used by the Participant, the Access Person or any client of the Participant is tested in accordance with prudent business practices initially before use and at least annually thereafter. A written record must be maintained with sufficient details to demonstrate the testing of the automated order system undertaken by the Participant, Access Person and any third party employed to provide the automated order system or risk management or supervisory controls, policies and procedures.
December 13, 2012 (2012) 35 OSCB 11431 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary
The scope of appropriate order and trade parameters, policies and procedures should be tailored to the strategy or strategies being pursued by an automatic order system with due consideration to the potential market impact of defining such parameters too broadly and in any event must be set so as not to exceed the marketplace thresholds applicable to the marketplace on which the order is entered or would otherwise exceed the limits publicly disclosed by the Market Regulator for the exercise of the power of a Market Integrity Official under Rule 10.9 of UMIR.
The Market Regulator expects the risk management and supervisory controls, policies and procedures to comply with the Electronic Trading Rules and be reasonably designed to prevent the entry of any order that would interfere with fair and orderly markets. This includes adoption of compliance procedures for trading by clients, if applicable, containing detailed guidance on how testing of client orders and trades is to be conducted to ensure that prior to engagement and at least annually thereafter, each automated order system is satisfactorily tested assuming various market conditions. In addition to regular testing of the automated order systems, preventing interference with fair and orderly markets requires development of pre-programmed internal parameters to prevent or “flag” with alerts on a real- time basis, the entry of orders and execution of trades by an automated order system that exceed certain volume, order, price or other limits.
Each Participant or Access Person must have the ability to immediately override or disable automatically any automated order system and thereby prevent orders generated by the automated order system from being entered on any marketplace.
Notwithstanding any outsourcing or permitted authorization over risk management and supervision controls, a Participant or Access Person is responsible for any order entered or any trade executed on a marketplace, including any order or trade resulting from the improper operation or malfunction of the automated order system. This responsibility includes instances in which the malfunction which gave rise to a “runaway” algorithm is attributed to an aspect of the algorithm or automated order system that was not “accessible” to the Participant or Access Person for testing.
December 13, 2012 (2012) 35 OSCB 11432 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary General Comments CIBC – “Extremely challenging” to Unlike NI 23-103, the UMIR meet the March 1, 2013 target provisions will only apply to a implementation date of National single asset class, namely listed Instrument 23-103. Encourages equities (as UMIR is not applicable IIROC to allow for a longer to the trading of fixed income or implementation period. Points to derivatives). the fact that it took 13 months to implement Rule 15c3-5 in the US. While the amendments will be CIBC sees “risks associated with effective March 1, 2013, IIROC a poorly designed or poorly recognizes that additional time implemented solution”. In may be required to complete particular, CIBC notes that testing of automated pre-trade options and derivatives traded on controls. IIROC expects that the Montreal Exchange are Participants will use best efforts to subject to NI 23-103 and they complete testing and implement seek greater clarity on the such controls by March 1, 2013 but implementation of pre-trade credit IIROC will permit testing to thresholds for those asset continue until May 31, 2013 at classes. Suggests a phased which time IIROC expects testing introduction by either asset class to be complete and that the and/or type of pre-trade control. automated controls will be fully As recognized in the US with the operational. Knight Capital issues, technical changes at the marketplace level While IIROC is cognizant of the can have a severe impact for both regulatory burden which is being the participant and overall market imposed on marketplaces, integrity. Believes that there Participants and Access Persons should be a “pause” in allowing as a result of recent initiatives, the marketplaces to introduce initiatives have dealt with enhancements. developments in the market for which a regulatory response was considered appropriate. As a regulation services provider, IIROC’s primary role with respect to “marketplace enhancements” is to ensure they do not interfere with a “fair and orderly” market. IIAC – Generally supportive of the IIROC, in conjunction with the objective of the Proposed CSA, conducted a survey of IIAC Amendment but has serious members on their preparedness concerns about the for implementation of ETR on implementation period. Notes March 1, 2013. The responses that IIAC members currently indicated that additional testing conduct their business using time may be needed or would be many different systems which are desirable. The responses combinations of proprietary and confirmed that there were no third party systems. Significant specific provisions of the Proposed work to develop, test and Amendments that could not be implement. implemented by March 1, 2013. See response to CIBC above regarding the provision of additional time to complete testing of automated pre-trade controls. Scotia – Believes that the most While marketplaces have a role, reliable place to protect against the marketplace is not in a position “flash crash” types of events is at to know if orders from a particular the marketplace level. The client are a risk to the Participant planned marketplace thresholds as well as to the integrity of the
December 13, 2012 (2012) 35 OSCB 11433 SROs, Marketplaces and Clearing Agencies
Text of the Provisions Approval of the IIROC Response to Commentator Commentator and Summary of Amendments (Revisions to the Proposed and Additional IIROC Comment Amendments Highlighted) Commentary are a good step but suggests marketplace overall. additional enhancements: “Individual” trading IDs often • order activity limits (on the bundle together orders from a number of orders from an number of clients or sources. In individual trading ID or the the view of IIROC, it is more markets as a whole); appropriate for the Participant to enforce these types of limits at the • notional limits (on each account or client level. This trading ID as specified by ensures that the Participant is the Participant); and better able to control their own risk to a particular client but the • automated access to disable interests of other clients or sources trading IDs (more flexible or orders are not compromised if a functionality to the cancel- particular account goes “off side”. on-disconnect service that many marketplaces already offer). Scotia – Project plans from The Amendments will be effective vendors generally leave March 1, 2013, the same date as approximately two months for the ETR. However, IIROC has testing and deployment. March acknowledged the significant 1st implementation leaves “no systems impact of implementing margin for issues or delays and automated controls prior to order would be considered ‘best case’ entry on a marketplace. IIROC is scenarios”. Believes that an therefore permitting a period for extension of 3 months is additional testing, if necessary until absolutely necessary and that 6 May 31, 2013. months may be prudent “depending on feedback … from other participants”.
December 13, 2012 (2012) 35 OSCB 11434 SROs, Marketplaces and Clearing Agencies
13.1.3 OSC Staff Notice of Approval – Amendments to the Universal Market Integrity Rules Respecting Electronic Trading
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA
AMENDMENTS TO THE UNIVERSAL MARKET INTEGRITY RULES RESPECTING ELECTRONIC TRADING
NOTICE OF COMMISSION APPROVAL
The Ontario Securities Commission approved proposed amendments to the Universal Market Integrity Rules (UMIR) respecting the electronic trading (the UMIR Amendments). In addition, the British Columbia Securities Commission did not object to, and the Alberta Securities Commission, the Autorité des marchés financiers, the Saskatchewan Financial Services Commission, the Nova Scotia Securities Commission and the New Brunswick Securities Commission have approved the UMIR Amendments.
The UMIR Amendments, effective March 1, 2013, will align the requirements of UMIR to National Instrument 23-103 Electronic Trading.
The UMIR Amendments were published for comment on June 28, 2012 at (2012) 35 OSCB 6177. Five comment letters were received and a summary of the comments and IIROC’s response, as well as a copy of the approved amendments, are included in Chapter 13 of this Bulletin.
December 13, 2012 (2012) 35 OSCB 11435 SROs, Marketplaces and Clearing Agencies
13.3 Clearing Agencies
13.3.1 Material Amendments to CDS Rules – Multi-Classification of Limited Purpose Participants – Request for Comments
CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS®)
MATERIAL AMENDMENTS TO CDS RULES
MULTI-CLASSIFICATION OF LIMITED PURPOSE PARTICIPANTS
REQUEST FOR COMMENTS
A. DESCRIPTION OF THE PROPOSED CDS RULE AMENDMENTS
The proposed amendments broaden the categories into which a limited purpose participant may be classified. Currently a limited purpose participant may only be multi-classified into the following two categories – ATON Participant and ACT Participant. With the expansion of the multi-classification categories, limited purpose participants have an increased ability to take on new lines of business.
B. NATURE AND PURPOSE OF THE PROPOSED CDS RULE AMENDMENTS
Background – full participants cannot be also classified as limited purpose participants
The first limited purpose participant category developed under the CDS Rules was the TA Participant. At that point, a participant was either categorized as a full participant or a TA Participant, but could not be categorized as both. This prohibition was reflected in CDS Rule 11.2.2. However, when CDS Rule 11.2.2 was drafted, it was not contemplated that additional limited purpose categories would be subsequently created. As such, the drafting of CDS Rule 11.2.2 was unintentionally broad. The intent of the prohibition was that full participants could not be likewise classified as a limited purpose participant. It was not intended that a limited purpose participant could not be classified in multiple categories (once these categories were created).
The prohibition against multi-classification in CDS Rule 11.2.2 was then replicated as a precedent for the subsequent development of Rule 12.2.3 for ATON. This was a drafting oversight as multi-classification is in fact permitted under in Rule 2.3.2(c) for ATON Participants and ACT Participants. Furthermore, Rule 12.1.1 provides that ATON may be used by all participants (all participants includes limited purpose participants).
Holding of Securities
In addition to expanding the breadth of multi-classification for limited purpose participants, a further rule amendment would be required for TA Participants. Currently, a TA Participant using ATON would be in contravention of Rule 11.2.4 which provides that a TA Participant may not hold securities credited to its ledger except in its capacity as a CDSX Depositary Agent or Entitlements Processor.1 In using ATON, a Participant’s ledger is credited with securities. However, this holding is only on a temporary basis – these ledgers must be fully transferred to a designated custodial participant on a daily basis [Rule 12.2.7(b)]. In light of the nature of the temporary holding of securities from an ATON instruction, it is acceptable from a risk perspective that TA Participants be permitted to temporarily hold securities in their ledgers when using ATON.
C. IMPACT OF THE PROPOSED CDS RULE AMENDMENTS
C.1 Competition
The proposed Rule amendments would eliminate barriers faced by limited purpose participants to take on new lines of business. This would facilitate increased competition.
C.2 Risks and Compliance Costs
There is no increased risk with the elimination of the current CDS Rule barriers against multi-classified limited purpose participants. Limited purpose participants are unable to have a negative funds account (i.e. cash) balance, including multi-classified limited purpose participants. TA Participants would only be permitted to hold securities in their ledgers for limited purposes (and if for ATON, the ledgers are “swept” to a designated custodial participant each day).
1 Rule 11.2.4 also states that a TA Participant may not effect Settlements (a defined term in the CDS Rules). In using ATON, investment dealer accounts are transferred – ATON does not involve the settling of trades so there would be no breach in this regard.
December 13, 2012 (2012) 35 OSCB 11436 SROs, Marketplaces and Clearing Agencies
CDS does not expect that the proposed Rule amendments will result in any compliance costs for CDS, its Participants, or other market participants.
C.3 Comparison to International Standards – (a) Committee on Payment and Settlement Systems of the Bank for International Settlements, (b) Technical Committee of the International Organization of Securities Commissions, and (c) the Group of Thirty
The proposed amendments are in alignment with principle 18 of the CPSS-IOSCO Principles for Financial Market Infrastructures, specifically that the criteria for participation be publicly disclosed and transparent. Rule amendments to broaden the multi-classification of limited purpose participants are preferable to ad hoc Board of Director waivers in respect to current rules prohibiting the same.
D. DESCRIPTION OF THE RULE DRAFTING PROCESS
D.1 Development Context
A current CDS limited purpose participant has been granted a waiver by the CDS Board of Directors to be classified both as a TA Participant and as an ATON Participant and to hold securities in its ledger when using ATON. The proposed rule amendments will codify the effect of the waiver.
D.2 Rule Drafting Process
Each amendment to the CDS Participant Rules is reviewed by CDS’s Legal Drafting Group (“LDG”). The LDG is a committee that includes members of Participants’ legal and business groups. The LDG’s mandate is to advise CDS management and its Board of Directors on rule amendments and other legal matters relating to centralized securities depository and clearing services in order to ensure that they meet the needs of CDS, its Participants and the securities industry.
These amendments were reviewed and approved by the Board of Directors of CDS Ltd. on November 28, 2012.
D.3 Issues Considered
The iterative manner in which the CDS Rules were developed resulted in an unintended consequence of restricting the multi-classification of limited purpose participants. The current Rules are contradictory in regards to ATON Participants being permitted (or not) to also be classified in another limited purpose participant category and this required rectification. Furthermore, the inclusion of TA Participants to be multi-classified does not import addition risk to CDS, its participants, or other market participants.
D.4 Consultation
As noted earlier, the proposed amendments have been reviewed with the LDG. The proposed amendments are remedial in nature and do not import risk to CDS, its participants, or other market participants. Through advisory via bulletin to all participants of the waiver being granted as noted in section D.1 above, all participants were also advised that CDS planned a rule amendment to broaden multi-classification of limited purpose participants.
D.5 Alternatives Considered
An alternative would be to seek CDS Board of Director waivers regarding the CDS Rules in their present state on an ad hoc basis for limited purpose participants wishing to undertake new lines of business. However, a curative Rule amendment was considered to be a more practical and transparent manner in which to permit multi-classification of limited purpose participants.
D.6 Implementation Plan
CDS is recognized as a clearing agency by the Ontario Securities Commission pursuant to section 21.2 of the Ontario Securities Act and by the British Columbia Securities Commission pursuant to s. 24(d) of the British Columbia Securities Act. The Autorité des marchés financiers has authorized CDS to carry on clearing activities in Québec pursuant to sections 169 and 170 of the Québec Securities Act. In addition CDS is deemed to be the clearing house for CDSX®, a clearing and settlement system designated by the Bank of Canada pursuant to section 4 of the Payment Clearing and Settlement Act. The Autorité des marchés financiers, the Bank of Canada, the British Columbia Securities Commission and the Ontario Securities Commission will hereafter be collectively referred to as the “Recognizing Regulators”.
December 13, 2012 (2012) 35 OSCB 11437 SROs, Marketplaces and Clearing Agencies
The amendments to Participant Rules may become effective upon approval of the amendments by the Recognizing Regulators following public notice and comment.
E. TECHNOLOGICAL SYSTEMS CHANGES
There are no technological systems changes required by CDS, CDS Participants, or other market participants. The proposed amendments pertain to existing CDS services.
F. COMPARISON TO OTHER CLEARING AGENCIES
The limited purpose participant categories are specific to CDS. As such, a comparison with other clearing agencies is not possible.
G. PUBLIC INTEREST ASSESSMENT
CDS has determined that the proposed amendments are not contrary to the public interest.
H. COMMENTS
Comments on the proposed amendments must be in writing and submitted within 30 calendar days following the date of publication of this notice in the Ontario Securities Commission Bulletin [•Autorité des marchés financiers Bulletin if this is the translated version•] to: Legal Department CDS Clearing and Depository Services Inc. 85 Richmond Street West Toronto, Ontario M5H 2C9
Fax: 416-365-1984 e-mail: [email protected]
Copies should also be provided to the Autorité des marchés financiers, British Columbia Securities Commission and the Ontario Securities Commission by forwarding a copy to each of the following individuals:
e M Anne-Marie Beaudoin Manager, Market Regulation Secrétaire générale Market Regulation Branch Autorité des marchés financiers Ontario Securities Commission 800, square Victoria, 22e étage Suite 1903, Box 55, C.P. 246, tour de la Bourse 20 Queen Street West Montréal (Québec) H4Z 1G3 Toronto, Ontario, M5H 3S8
Télécopieur: (514) 864-6381 Fax: 416-595-8940 Courrier électronique: [email protected] e-mail: [email protected] Ann Gander Secretary to the Commission British Columbia Securities Commission 701 West Georgia Street P.O. Box 10142, Pacific Centre Vancouver, B.C. V7Y 1L2
Fax: 604-899-6506 email: [email protected]
CDS will make available to the public, upon request, all comments received during the comment period.
December 13, 2012 (2012) 35 OSCB 11438 SROs, Marketplaces and Clearing Agencies
I. PROPOSED CDS RULE AMENDMENTS
Appendix “A” contains text of current CDS Participant Rules marked to reflect proposed amendments as well as text of these rules reflecting the adoption of the proposed amendments.
December 13, 2012 (2012) 35 OSCB 11439 SROs, Marketplaces and Clearing Agencies
APPENDIX “A” PROPOSED CDS RULE AMENDMENTS
Text of CDS Participant Rules marked to reflect Text CDS Participant Rules reflecting the adoption of proposed amendments proposed amendments
2.3.2 Categories 2.3.2 Categories
… …
(c) Categories of Limited Purpose Participants (b) Categories of Limited Purpose Participants
CDS shall classify each limited purpose Participant that CDS shall classify each limited purpose Participant into one satisfies the requirements set out in Rule 11.2.2 as a TA or more of the following categories: Participant. CDS shall classify each other limited purpose Participant into one or more both of the following categories:
(i) ATON Participant (i) ATON Participant
if the Participant satisfies the requirements set out in if the Participant satisfies the requirements set out in Rule12.2.3. Rule12.2.3.
(ii) ACT Participant (ii) ACT Participant
if the Participant satisfies the requirements set out in if the Participant satisfies the requirements set out in Rule10.12. Rule10.12.
(iii) TA Participant (iii) TA Participant
if the Participant satisfies the requirements set out in if the Participant satisfies the requirements set out in Rule11.2.2. Rule11.2.2.
2.4.7 Limited Purpose Participants 2.4.8 Limited Purpose Participants
(a) A TA Participant: (b) TA Participant:
A TA Participant: A TA Participant:
(i) may not effect Settlements (including a transfer or (i) may not effect Settlements (including a transfer or Pledge of Securities) or hold Securities credited to Pledge of Securities) or hold Securities credited to its Ledger, except in its capacity as a CDSX its Ledger, except in its capacity as a CDSX Depositary Agent or Entitlements Processor or as Depositary Agent or Entitlements Processor or as permitted when classified under another limited permitted when classified under another limited purpose Participant category; purpose Participant category;
(ii) may not make Lines of Credit available to other (ii) may not make Lines of Credit available to other Participants; Participants;
(iii) may not use Lines of Credit made available by an (iii) may not use Lines of Credit made available by an Extender of Credit or by the Active Federated Extender of Credit or by the Active Federated Participant; Participant;
(iv) may not use any CCP Function; (iv) may not use any CCP Function;
(v) may not act as the ISIN Activator or Securities (v) may not act as the ISIN Activator or Securities Validator for a Security; and Validator for a Security; and
(vi) may not act as a Custodian. (vi) may not act as a Custodian.
December 13, 2012 (2012) 35 OSCB 11440 SROs, Marketplaces and Clearing Agencies
Text of CDS Participant Rules marked to reflect Text CDS Participant Rules reflecting the adoption of proposed amendments proposed amendments
(b) ATON Participant (c) ATON Participant
An ATON Participant: An ATON Participant:
(i) may effect Settlements or hold Securities credited (i) may effect Settlements or hold Securities to its Ledger only in connection with the transfer credited to its Ledger only in connection with the of client accounts; transfer of client accounts;
(ii) may not effect Settlements that result in a (ii) may not effect Settlements that result in a negative balance in its Funds Account; negative balance in its Funds Account;
(iii) may not deposit or withdraw Securities; (iii) may not deposit or withdraw Securities;
(iv) may not make Lines of Credit available to other (iv) may not make Lines of Credit available to other Participants; Participants;
(v) may not use Lines of Credit made available by an (v) may not use Lines of Credit made available by Extender of Credit or by the Active Federated an Extender of Credit or by the Active Participant; Federated Participant;
(vi) may not use any CCP Function; (vi) may not use any CCP Function;
(vii) may not act as the ISIN Activator, Securities (vii) may not act as the ISIN Activator, Securities Validator, Entitlements Processor or CDSX Validator, Entitlements Processor or CDSX Depositary Agent for a Security; and Depositary Agent for a Security; and
(viii) may not act as a Custodian. (viii) may not act as a Custodian.
(c) ACT Participant (d) ACT Participant
An ACT Participant that is not also an ATON Participant or a An ACT Participant that is not also an ATON Participant or TA Participant may not use CDSX. a TA Participant may not use CDSX.
… …
5.1.9 Role of ACT Participant 5.1.9 Role of ACT Participant
Notwithstanding the provisions of this Rule 5, an ACT Notwithstanding the provisions of this Rule 5, an ACT Participant that is not also an ATON Participant or a TA Participant that is not also an ATON Participant or a TA Participant may not use CDSX and accordingly: Participant may not use CDSX and accordingly:
(a) does not grant nor use a Line of Credit; (h) does not grant nor use a Line of Credit;
(b) is not a Member of a Fund Credit Ring; (i) is not a Member of a Fund Credit Ring;
(c) is not a Member of a Category Credit Ring; (j) is not a Member of a Category Credit Ring;
(d) does not make any Contribution to any Fund or (k) does not make any Contribution to any Fund or Collateral Pool; Collateral Pool;
(e) does not grant any security interest to CDS; (l) does not grant any security interest to CDS;
(f) does not have a System-Operating Cap that limits its (m) does not have a System-Operating Cap that limits its Transactions; and Transactions; and
(g) is not required to satisfy the ACV edit. (n) is not required to satisfy the ACV edit.
… …
December 13, 2012 (2012) 35 OSCB 11441 SROs, Marketplaces and Clearing Agencies
Text of CDS Participant Rules marked to reflect Text CDS Participant Rules reflecting the adoption of proposed amendments proposed amendments
10.12.2 Eligibility for Participation 10.12.2 Eligibility for Participation
Any Person who is a Regulated Financial Institution, Foreign Any Person who is a Regulated Financial Institution, Institution or Government Body, TA Participant, or who is an Foreign Institution or Government Body, TA Participant, or ATON Participant, is eligible to apply to become a limited who is an ATON Participant, is eligible to apply to become purpose ACT Participant. A full service Participant or a a limited purpose ACT Participant. A full service Participant limited purpose TA Participant is not eligible to apply to is not eligible to apply to become a limited purpose ACT become a limited purpose ACT Participant. Participant.
… …
10.12.3 Participation Qualifications and Standards 10.12.3 Participation Qualifications and Standards
When requested by CDS, an ACT Participant shall When requested by CDS, an ACT Participant shall demonstrate to the satisfaction of CDS that it meets the demonstrate to the satisfaction of CDS that it meets the qualifications and standards set out in Rule applicable to the qualifications and standards set out in Rule applicable to category to which it belongs (Regulated Financial Institution, the category to which it belongs (Regulated Financial Foreign Institution, Government Body or other limited Institution, Foreign Institution, Government Body or other purpose participant ATON Participant, as the case may be). limited purpose participant, as the case may be).
… …
11.1.1 General Description 11.1.1 General Description
The Depository Service is a Service established by CDS by The Depository Service is a Service established by CDS by which CDS holds Securities on behalf of Participants and which CDS holds Securities on behalf of Participants and maintains book accounts recording such Securities. CDS maintains book accounts recording such Securities. CDS and each TA Participant shall co-operate as set out in this and each TA Participant shall co-operate as set out in this Rule to manage the Deposit and Withdrawal of eligible Rule to manage the Deposit and Withdrawal of eligible Securities to and from the Depository Service of CDS. A TA Securities to and from the Depository Service of CDS. A TA Participant shall be a limited purpose Participant as set out Participant shall be a limited purpose Participant as set out herein, and its activities in CDSX shall be limited to (i) herein, and its activities in CDSX shall be limited to (i) managing the Deposit and Withdrawal of Securities as set managing the Deposit and Withdrawal of Securities as set out in this Rule 11, (ii) at its option, acting as a CDSX out in this Rule 11, (ii) at its option, acting as a CDSX Depositary Agent, and (iii) at its option, acting as an Depositary Agent, (iii) at its option, acting as an Entitlements Processor as set out in this, and (iv) acting in Entitlements Processor as set out in this, and (iv) acting in the capacity of another category of limited purpose the capacity of another category of limited purpose participant for which it is categorized. participant for which it is categorized.
… …
11.2.2 Eligibility for Participation 11.2.2 Eligibility for Participation
A Person is eligible to participate in CDSX as a TA A Person is eligible to participate in CDSX as a TA Participant if it has been appointed as the Transfer Agent of Participant if it has been appointed as the Transfer Agent of a sufficient number of CDSX eligible Securities. An Issuer of a sufficient number of CDSX eligible Securities. An Issuer a CDSX eligible Security who has not appointed a Transfer of a CDSX eligible Security who has not appointed a Agent for that Security is eligible to participate as a TA Transfer Agent for that Security is eligible to participate as Participant with respect to that Security, and any references a TA Participant with respect to that Security, and any in this Rule 11 to the TA Participant acting as the agent of an references in this Rule 11 to the TA Participant acting as Issuer include an Issuer who is a TA Participant acting for the agent of an Issuer include an Issuer who is a TA itself. A full service Participant that is classified in a category Participant acting for itself. A full service Participant may other than that of TA Participant may not act as a TA not act as a TA Participant, even if it is an Issuer of CDSX Participant, even if it is an Issuer of CDSX eligible Securities eligible Securities or the Transfer Agent of such an Issuer. or the Transfer Agent of such an Issuer. … …
December 13, 2012 (2012) 35 OSCB 11442 SROs, Marketplaces and Clearing Agencies
Text of CDS Participant Rules marked to reflect Text CDS Participant Rules reflecting the adoption of proposed amendments proposed amendments
11.2.4 Role of TA Participant 11.2.4 Role of TA Participant
A TA Participant: A TA Participant:
(a) shall confirm or reject the Deposit and Withdrawal of (i) shall confirm or reject the Deposit and Withdrawal of Securities and shall provide a Closing Balance Report Securities and shall provide a Closing Balance to CDS, with respect to all CDSX eligible Securities Report to CDS, with respect to all CDSX eligible for which it is the Transfer Agent; Securities for which it is the Transfer Agent;
(b) may act as a Depositary Agent (including a CDSX (j) may act as a Depositary Agent (including a CDSX Depositary Agent) or Entitlements Processor; Depositary Agent) or Entitlements Processor;
(c) may not effect Settlements (including a transfer or (k) may not effect Settlements (including a transfer or Pledge of Securities) or hold Securities credited to its Pledge of Securities) or hold Securities credited to Ledger except in its capacity as a CDSX Depositary its Ledger except in its capacity as a CDSX Agent or Entitlements Processor or as permitted when Depositary Agent or Entitlements Processor or as classified under another limited purpose Participant permitted when classified under another limited category; purpose Participant category;
(d) may not make Lines of Credit available to other (l) may not make Lines of Credit available to other Participants; Participants;
(e) may not use Lines of Credit made available by an (m) may not use Lines of Credit made available by an Extender of Credit or by the Active Federated Extender of Credit or by the Active Federated Participant; Participant;
(f) may not use the CNS or FINet Functions; (n) may not use the CNS or FINet Functions;
(g) may not act as the ISIN Activator or Securities (o) may not act as the ISIN Activator or Securities Validator for a Security; and Validator for a Security; and
(h) may not act as a Custodian. (p) may not act as a Custodian.
… …
12.2.3 Eligibility for Participation 12.2.3 Eligibility for Participation
A Participant that is classified in a category other than that of A Person is eligible to apply to become an ATON ATON Participant may not act as a limited purpose ATON Participant if it is: Participant. A Person is eligible to apply to become an ATON Participant if it is: (v) a Regulated Financial Institution;
(i) a Regulated Financial Institution; (vi) a mutual fund dealer that is a member of the Mutual Fund Dealers Association of Canada; (ii) a mutual fund dealer that is a member of the Mutual Fund Dealers Association of Canada; (vii) a mutual fund dealer that is regulated as such by a Regulatory Body that is a provincial securities (iii) a mutual fund dealer that is regulated as such by a commission; or Regulatory Body that is a provincial securities commission; or (viii) a broker, dealer, bank, savings bank, trust company, loan company or insurance company (iv) a broker, dealer, bank, savings bank, trust company, that trades in Securities or mutual funds and that loan company or insurance company that trades in is incorporated, established or formed under the Securities or mutual funds and that is incorporated, laws of a jurisdiction situate outside of Canada or established or formed under the laws of a jurisdiction that is primarily regulated under the laws of a situate outside of Canada or that is primarily regulated jurisdiction situate outside Canada. under the laws of a jurisdiction situate outside Canada.
December 13, 2012 (2012) 35 OSCB 11443 SROs, Marketplaces and Clearing Agencies
For reference, the text of related CDS Participant Rules are reproduced below:
2.4.8 Limitation
Bank of Canada may effect Settlements and make payment without limit as to the amount of such Settlements and payments. A TA Participant or an ATON Participant may effect Settlements provided that such Settlements do not result in a negative balance in its Funds Account, and accordingly neither a TA Participant nor an ATON Participant uses a System-Operating Cap or a Line of Credit. Any Participant other than Bank of Canada may exercise the powers specified for the category into which it is classified only if such Transactions can be effected within its System-Operating Cap, if any, and any Line of Credit established for it.
12.1.1 General Description
ATON (the Account Transfer Online Notification Service) is a service to facilitate the electronic transfer of client account information to assist in the transfer of client assets between Participants. ATON may be used by ATON Participants and by all other Participants.
December 13, 2012 (2012) 35 OSCB 11444 Chapter 25 Other Information
25.1 Exemptions Yours very truly,
25.1.1 First Asset Management Inc. and First Asset “Raymond Chan” DEX Provincial Bond ETF – s. 19.1 of NI 41-101 Manager, Investment Funds Branch General Prospectus Requirements Ontario Securities Commission
Headnote
Application under National Policy 11-203 Process for Exemptive Relief Applications in Mmultiple Jurisdictions – Extension granted of the time period prescribed under section 2.3(1) of NI 41-101 for filing a final prospectus.
Applicable Legislative Provisions
National Instrument 41-101 General Prospectus Require- ments, ss. 2.3(1), 19.1, 19.3.
December 4, 2012
First Asset Management Inc. and First Asset DEX Provincial Bond ETF
Attention: Kenneth Ng
Dear Sirs/Mesdames:
Re: First Asset Management Inc. (the Filer) and First Asset DEX Provincial Bond ETF (the Fund)
Exemptive Relief Application under Section 19.1 of National Instrument 41-101 General Prospectus Requirements (NI 41-101)
Application No. 2012/0730, SEDAR Project No. 1962704
By letter dated November 9, 2012 (the Application), the Filer and the Fund applied pursuant to section 19.1 of NI 41-101 for relief from the operation of section 2.3(1) of NI 41-101, which prohibits an issuer from filing a final prospectus more than 90 days after the date of the receipt for the preliminary prospectus.
This letter acknowledges for the purposes of section 19.3(2)(ii) of NI 41-101 that, based on the information and representations made in the Application, and for the purposes described in the Application, the requested relief is granted to permit an extension of the time for filing a final prospectus to January 31, 2013, to be evidenced by the issuance of a receipt for the Fund’s prospectus, provided the Fund’s final prospectus is filed no later than January 31, 2013.
December 13, 2012 (2012) 35 OSCB 11445 Other Information
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December 13, 2012 (2012) 35 OSCB 11446 Index
1802146 Ontario Limited Driscoll, Ryan J. Order – s. 144...... 11197 Notice from the Office of the Secretary ...... 11152 Order – s. 144...... 11199 Order ...... 11195
20-20 Technologies Inc. Ecosse Energy Corp. Decision ...... 11175 Cease Trading Order...... 11229
ADT Corporation (The) Fidelity Investments Canada ULC Decision ...... 11167 Decision...... 11153
Akela Pharma Inc. First Asset DEX Provincial Bond ETF Cease Trading Order ...... 11229 Exemption – s. 19.1 of NI 41-101 General Prospectus Requirements ...... 11445 Alpha Exchange Inc. Order – s. 144...... 11197 First Asset Management Inc. Exemption – s. 19.1 of NI 41-101 Alpha Market Services Inc. General Prospectus Requirements ...... 11445 Order – s. 144...... 11197 Frayssignes, Caroline Myriam Alpha Trading Systems Inc. Notice of Withdrawal ...... 11133 Order – s. 144...... 11197 Notice from the Office of the Secretary ...... 11144 Notice from the Office of the Secretary ...... 11150 Alpha Trading Systems Limited Partnership Notice from the Office of the Secretary ...... 11151 Order – s. 144...... 11197 Order – s. 127(1) ...... 11186 Order – ss. 127(1), 127(8)...... 11192 Boyuan Construction Group, Inc. Order ...... 11193 Cease Trading Order ...... 11229 Settlement Agreement...... 11211
Brookfield Infrastructure Partners L.P. Frayssignes, Caroline Decision ...... 11155 SEE Frayssignes, Caroline Myriam
CDS Rules – Multi-Classification of Limited Purpose Frey, Rodger Participants – Request for Comments Notice of Hearing and Statement Clearing Agencies...... 11436 of Allegations – ss. 127, 127.1 ...... 11136 Notice from the Office of the Secretary ...... 11143 Children’s Education Funds Inc8 Notice from the Office of the Secretary ...... 11150 Gillani, Nazim Order...... 11190 Notice from the Office of the Secretary ...... 11152 Order ...... 11195 Cotton, Caroline Frayssignes Notice of Withdrawal ...... 11132 Happy Creek Minerals Ltd. Notice from the Office of the Secretary ...... 11146 Order – s. 1(11)(b)...... 11200
Credit Suisse AG HSBC Global Asset Management (Canada) Limited Decision ...... 11164 Change in Registration Category ...... 11405
CSA Consultation Paper 91-301 – Model Provincial IIROC Rules Notice 12-0363– Notice of Approval – Rules – Derivatives Product Determination and Trade UMIR – Provisions Respecting Electronic Trading Repositories and Derivatives Data Reporting SROs...... 11408 News Release...... 11140
CSA Discussion Paper and Request for Comment 81- 407 Mutual Fund Fees News Release...... 11142 Request for Comments ...... 11233
December 13, 2012 (2012) 35 OSCB 11447 Index
IMG International Inc. OSC Securities Proceedings Advisory Committee – Notice of Withdrawal ...... 11133 Request for Applications Notice from the Office of the Secretary ...... 11144 Notice from the Office of the Secretary ...... 11147 Notice from the Office of the Secretary ...... 11150 Notice from the Office of the Secretary ...... 11151 OSC Staff Notice – Notice of Revocation of the 2008 Order – s. 127(1)...... 11186 Commission Approval to Proposed Amendments to Order...... 11193 Sections 1 (Definitions) and 3 (Directors) of MFDA By- Settlement Agreement ...... 11211 Law No. 1 SROs...... 11407 International Strategic Investments Inc. Notice from the Office of the Secretary ...... 11152 OSC Staff Notice of Approval – Amendments to the Order...... 11195 Universal Market Integrity Rules Respecting Electronic Trading International Strategic Investments SROs...... 11435 Notice from the Office of the Secretary ...... 11152 Order...... 11195 Parametric Portfolio Associates LLC Order – s. 80 of the CFA ...... 11203 Jory Capital Inc. OSC Reasons – s. 28 ...... 11217 Pelcowitz, David Notice of Withdrawal ...... 11133 Karmin Exploration Inc. Notice from the Office of the Secretary ...... 11144 Decision ...... 11173 Notice from the Office of the Secretary ...... 11150 Notice from the Office of the Secretary ...... 11151 La Mancha Resources Inc. Order – s. 127(1) ...... 11186 Decision ...... 11163 Order ...... 11193 Settlement Agreement...... 11211 Linell Capital Inc. Consent to Suspension (Pending Surrender)...... 11405 Pentair Ltd. Decision...... 11167 Maple Group Acquisition Corporation Order – s. 144...... 11197 Pickering, Ryan Notice of Hearing and Statement MFS Institutional Advisors, Inc. of Allegations – ss. 127, 127.1 ...... 11136 Consent to Suspension (Pending Surrender)...... 11405 Notice from the Office of the Secretary ...... 11143
Multilateral CSA Staff Notice 23-313 – Blanket Orders Plexmar Resources Inc. Exempting Marketplace Participants from Certain Order – s. 144 ...... 11201 Provisions of National Instrument 23-103 Electronic Trading and Related OSC Staff Position Practice Guideline – December 4, 2012 – Commission’s Notice...... 11134 Book of Authorities Notice from the Office of the Secretary ...... 11145 Nest Acquisitions and Mergers Rules and Policies...... 11231 Notice of Withdrawal ...... 11133 Notice from the Office of the Secretary ...... 11144 Preo Software Inc. Notice from the Office of the Secretary ...... 11150 Cease Trading Order...... 11229 Notice from the Office of the Secretary ...... 11151 Order – s. 127(1)...... 11186 Pure Energy Visions Corporation Order – ss. 127(1), 127(8)...... 11192 Cease Trading Order...... 11229 Order...... 11193 Settlement Agreement ...... 11211 Pyramis Global Advisors (Canada) ULC Decision...... 11153 Newer Technologies Limited Notice of Hearing and Statement Pyramis Global Advisors, LLC of Allegations – ss. 127, 127.1...... 11136 Decision...... 11153 Notice from the Office of the Secretary ...... 11143 Rahman, Monie Nortel Networks Corporation OSC Reasons (Sanctions and Costs) Cease Trading Order ...... 11229 – ss. 127, 127.1...... 11218
Nortel Networks Limited Red Crescent Resources Ltd. Cease Trading Order ...... 11229 Cease Trading Order...... 11229
December 13, 2012 (2012) 35 OSCB 11448 Index
Revolution Technologies Inc. Zuk, Robert Patrick Cease Trading Order ...... 11229 Notice of Withdrawal ...... 11133 Notice from the Office of the Secretary ...... 11144 Securities Proceedings Advisory Committee – Request Notice from the Office of the Secretary ...... 11150 for Applications Notice from the Office of the Secretary ...... 11151 Notice from the Office of the Secretary ...... 11147 Order – s. 127(1) ...... 11186 Order ...... 11193 Seif Asset Management Inc. Settlement Agreement...... 11211 New Registration...... 11405
Sensato Investors, LLC Order – s. 80 of the CFA...... 11178
Smith, Michael Notice of Withdrawal ...... 11133 Notice from the Office of the Secretary ...... 11144 Notice from the Office of the Secretary ...... 11150 Notice from the Office of the Secretary ...... 11151 Order – s. 127(1)...... 11186 Order...... 11193 Settlement Agreement ...... 11211
Somin Holdings Inc. Notice from the Office of the Secretary ...... 11152 Order...... 11195
Suman, Shane OSC Reasons (Sanctions and Costs) – ss. 127, 127.1 ...... 11218
TD Securities Inc. Order – s. 144...... 11197 Order – s. 144...... 11199
Tempest Funds General Partnership Change in Registration Category...... 11405 theScore, Inc. Order – s. 1(11)(b) ...... 11187
TMX Group Inc. Order – s. 144...... 11197
TSX Inc. Order – s. 144...... 11197
Tyco Flow Control International Ltd. Decision ...... 11167
Tyco International Ltd. Decision ...... 11167
UP Securities Ltd. Voluntary Surrender...... 11405
Waheed, Jowdat Notice from the Office of the Secretary ...... 11143 Order...... 11177
Walter, Bruce Notice from the Office of the Secretary ...... 11143 Order...... 11177
December 13, 2012 (2012) 35 OSCB 11449 Index
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December 13, 2012 (2012) 35 OSCB 11450