Securities Law & Instruments

Headnote

 

Clause 213(3)(b) of the Loan and Trust Corporations Act – Application by manager, with no prior track record acting as trustee, for approval to act as trustee of pooled funds and future pooled funds to be established and managed by the applicant and offered pursuant to a prospectus exemption.

 

Statutes Cited

 

Loan and Trust Corporations Act, R.S.O. 1990, c. L. 25, as am., clause 213(3)(b).

 

December 23, 2016

 

AUM Law Professional Corporation

175 Bloor St E., Suite 303, South Tower

Toronto, Ontario M4W 3R8

 

Attention: Christopher Tooley

 

Dear Sirs/Mesdames:

 

Re:         Algonquin Capital Corporation (the “Applicant”)

 

Application pursuant to clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario) for Approval to act as trustee

 

Application No. 2016/0665

Further to your application dated November 21, 2016 (the Application) filed on behalf of the Applicant, and based on the facts set out in the Application and the representation by the Applicant that assets of Algonquin Trust (the Original Fund) and any other mutual fund trusts that the Applicant may establish and manage from time to time (together with the Original Fund, the Funds), will be held in the custody of a trust company incorporated and licensed or registered under the laws of Canada or a jurisdiction, or a bank listed in Schedule I, II, or III of the Bank Act (Canada), or a qualified affiliate of such bank or trust company, the Ontario Securities Commission (the Commission) makes the following order:

 

Pursuant to the authority conferred on the Commission in clause 213(3)(b) of the Loan and Trust Corporations Act (Ontario), the Commission approves the proposal that the Applicant act as trustee of the Original Fund and any other future mutual fund trusts which may be established and managed by the Applicant from time to time, the securities of which will be offered pursuant to prospectus exemptions.

 

Yours truly,

 

“Anne Marie Ryan”

Commissioner

 

“Janet Leiper”

Commissioner