osc bulletin fixed.pdf · 2013-09-27 · edward p. kerwin — epk vern krishna __ _ vk deborah...

The Ontario Securities Commission

OSC Bulletin

September 19, 2013

Volume 36, Issue 38

(2013), 36 OSCB

The Ontario Securities Commission administers theSecurities 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:

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September 19, 2013 (2013), 36 OSCB

Table of Contents

Chapter 1 Notices / News Releases ......................91031.1 Notices ..........................................................91031.1.1 Current Proceedings before the

Ontario Securities Commission ......................91031.1.2 Notice of Ministerial Approval of the

Memoranda of Understanding with theEU and EEA Member State FinancialRegulators under the EU AlternativeInvestment Fund Managers Directive.............9110

1.1.3 Notice of Ministerial Approval of theMemoranda of Understanding with theUK Financial Conduct Authority andthe Bank of England .......................................9112

1.1.4 CSA Notice 25-301 – Update on CSAConsultation Paper 25-401 PotentialRegulation of Proxy Advisory Firms ...............9113

1.1.5 OSC Staff Notice 52-721 – Office of theChief Accountant Financial ReportingBulletin – September 2013 .............................9116

1.2 Notices of Hearing........................................91171.2.1 Beryl Henderson – s. 127(1)...........................91171.3 News Releases .............................................91181.3.1 Canadian Securities Regulators Provide

an Update Regarding the Consultationon Proxy Adviser Firms ..................................9118

1.4 Notices from the Officeof the Secretary ............................................9119

1.4.1 David Charles Phillips andJohn Russell Wilson .......................................9119

1.4.2 Jowdat Waheed and Bruce Walter .................91191.4.3 Heritage Education Funds Inc. .......................91201.4.4 Normand Gauthier et al. .................................91211.4.5 Beryl Henderson.............................................91211.4.6 Kolt Curry et al................................................91221.4.7 Systematech Solutions Inc. et al. ...................91221.4.8 Sino-Forest Corporation et al. ........................91231.4.9 Eda Marie Agueci et al. ..................................9123

Chapter 2 Decisions, Orders and Rulings ............91252.1 Decisions ......................................................91252.1.1 Portland Investment Counsel Inc. and

Portland Global Income Fund ........................91252.1.2 Shanxi Donghui Coal Coking &

Chemicals Group Co., Ltd andInova Resources Limited................................9130

2.1.3 Invesco Canada Ltd. ......................................91332.1.4 Afren plc ........................................................91362.1.5 Pan American Fertilizer (Canada) Corp..........91382.2 Orders............................................................91402.2.1 Azimuth Resources Limited

– s. 1(10)(a)(ii)...............................................91402.2.2 David Charles Phillips and

John Russell Wilson – Rule 3 of theOSC Rules of Procedure................................9141

2.2.3 Jowdat Waheed and Bruce Walter .................91432.2.4 Heritage Education Funds Inc. .......................9144

2.2.5 RS Technologies Inc. – s. 9.1 ofMI 61-101 Protection of Minority SecurityHolders in Special Transactions .................... 9145

2.2.6 Normand Gauthier et al. – s. 127................... 91502.2.7 Kolt Curry et al. – Rules 3 and 9 of the

OSC Rules of Procedure ............................... 91522.2.8 Systematech Solutions Inc. et al.

– s. 127(1)..................................................... 91542.2.9 Sino-Forest Corporation et al......................... 91552.2.10 LCH.Clearnet Limited – s. 21.2...................... 91572.3 Rulings............................................................ (nil)

Chapter 3 Reasons: Decisions, Orders andRulings .................................................... (nil)

3.1 OSC Decisions, Orders and Rulings............ (nil)3.2 Court Decisions, Order and Rulings ............ (nil)

Chapter 4 Cease Trading Orders .......................... 91694.1.1 Temporary, Permanent & Rescinding

Issuer Cease Trading Orders......................... 91694.2.1 Temporary, Permanent & Rescinding

Management Cease Trading Orders.............. 91694.2.2 Outstanding Management & Insider

Cease Trading Orders ................................... 9169

Chapter 5 Rules and Policies.................................. (nil)

Chapter 6 Request for Comments .......................... (nil)

Chapter 7 Insider Reporting.................................. 9171

Chapter 8 Notice of Exempt Financings .............. 9249Reports of Trades Submitted onForms 45-106F1 and 45-501F1.............. 9149

Chapter 9 Legislation............................................... (nil)

Chapter 11 IPOs, New Issues and SecondaryFinancings............................................. 9253

Chapter 12 Registrations......................................... 925912.1.1 Registrants..................................................... 9259

Chapter 13 SROs, Marketplaces andClearing Agencies ................................ 9261

13.1 SROs............................................................... (nil)13.2 Marketplaces ................................................ 926113.2.1 Lynx ATS – Notice of Completion of

Staff Review of Lynx ATS InitialOperations Report ......................................... 9261

13.3 Clearing Agencies........................................ 926513.3.1 Notice of Commission Approval – Material

Amendments to CDS Procedures –Amendments to the Buy-in Process............... 9265

13.3.2 LCH.Clearnet Limited. – Notice ofCommission Order – Application forRecognition.................................................... 9266

Table of Contents

September 19, 2013 (2013), 36 OSCB

Chapter 25 Other Information................................... (nil)

Index ................................................................9279

September 19, 2013 (2013), 36 OSCB 9103

Chapter 1

Notices / News Releases

1.1 Notices

1.1.1 Current Proceedings Before The OntarioSecurities Commission

September 19, 2013

CURRENT PROCEEDINGS

BEFORE

ONTARIO SECURITIES COMMISSION

- - - - - - - - - - - - - - - - - - - - -

Unless otherwise indicated in the date column, all hearingswill take place at the following location:

Ontario Securities CommissionCadillac Fairview Tower20 Queen Street West, 17

thFloor

Toronto, OntarioM5H 3S8

Telephone: 416-597-0681 Telecopier: 416-593-8348

CDS TDX 76

- - - - - - - - - - - - - - - - - - - - -

THE COMMISSIONERS

Howard I. Wetston, Chair — HIW

James E. A. Turner, Vice Chair — JEAT

Lawrence E. Ritchie, Vice Chair — LER

Mary G. Condon, Vice Chair — MGC

Sinan O. Akdeniz — SOA

Catherine E. Bateman — CEB

James D. Carnwath — JDC

Sarah B. Kavanagh — SBK

Edward P. Kerwin — EPK

Vern Krishna ___

VK

Deborah Leckman — DL

Alan J. Lenczner — AJL

Christopher Portner — CP

Judith N. Robertson — JNR

AnneMarie Ryan — AMR

Charles Wesley Moore (Wes) Scott — CWMS

SCHEDULED OSC HEARINGS

September 23,2013

10:00 a.m.

AMTE Services Inc., Osler EnergyCorporation, Ranjit Grewal, PhillipColbert and Edward Ozga

s. 127

C. Rossi in attendance for Staff

Panel: JEAT

September 25,2013

10:00 a.m.

David Charles Phillips andJohn Russell Wilson

s. 127

Y. Chisholm/B. Shulman in attendance forStaff

Panel: EPK/CWMS

September 30 –October 7,October 9-21,October 23 –November 4,November 6-18,November 20 –December 2,December 4-16and December18-20, 2013

10:00 a.m.

Eda Marie Agueci, Dennis Wing,Santo Iacono, Josephine Raponi,Kimberley Stephany, HenryFiorillo, Giuseppe (Joseph)Fiorini, John Serpa, Ian Telfer,Jacob Gornitzki and PollenServices Limited

s. 127

C. Price in attendance for Staff

Panel: EPK/DL/AMR

September 30,2013

1:00 p.m.

Oversea Chinese Fund LimitedPartnership, Weizhen Tang andAssociates Inc., Weizhen TangCorp., and Weizhen Tang

s. 127 and 127.1

H. Craig in attendance for Staff

Panel: JEAT


September 19, 2013 (2013), 36 OSCB 9104

October 1,2013

10:30 a.m.

Ground Wealth Inc., MichelleDunk, Adrion Smith, JoelWebster, Douglas DeBoer,Armadillo Energy Inc., ArmadilloEnergy, Inc., and ArmadilloEnergy LLC

s. 127

J. Feasby in attendance for Staff

Panel: MGC

October 9,2013

10:00 a.m.

Global Consulting and FinancialServices, Crown CapitalManagement Corporation,Canadian Private Audit Service,Executive Asset Management,Michael Chomica, Peter Siklos (alsoknown as Peter Kuti), Jan Chomica,and Lorne Banks

s. 127


Panel: TBA

October 9,2013

11:00 a.m.

Pro-Financial Asset ManagementInc.

s. 127

D. Ferris in attendance for Staff

Panel: JEAT

October 10,2013

11:00 a.m.

Kolt Curry, Laura Mateyak,American Heritage Stock TransferInc., and American Heritage StockTransfer, Inc.

s. 127

J. Feasby/C. Watson in attendancefor Staff

Panel: JDC

October 15-21,October 23-29,2013

10:00 a.m.

Normand Gauthier, Gentree AssetManagement Inc., R.E.A.L. GroupFund III (Canada) LP, and CanProIncome Fund I, LP

s. 127

B. Shulman in attendance for Staff

Panel: JDC

October 18,2013

10:00 a.m.

Heritage Education Funds Inc.

s. 127


Panel: JEAT

October 22,2013

3:00 p.m.

Knowledge First Financial Inc.

s. 127


Panel: JEAT

October 23,2013

10:00 a.m.

Innovative Gifting Inc., TerenceLushington, Z2A Corp., andChristine Hewitt

s. 127

M. Vaillancourt in attendance forStaff

Panel: JEAT

October 24,2013

10:00 a.m.

Energy Syndications Inc.,Green Syndications Inc.,Syndications Canada Inc.,Daniel Strumos, Michael Baumand Douglas William Chaddock

s. 127

C. Johnson in attendance for Staff

Panel: AJL

October 25,2013

10:00 a.m.

Juniper Fund ManagementCorporation, Juniper IncomeFund, Juniper Equity GrowthFund and Roy Brown (a.k.a. RoyBrown-Rodrigues)

s. 127 and 127.1


Panel: VK


September 19, 2013 (2013), 36 OSCB 9105

November 4and November6-18, 2013

10:00 a.m.

Systematech Solutions Inc.,April Vuong and Hao Quach

s. 127


Panel: JDC

November 4and November6-11, 2013

10:00 a.m.

Portfolio Capital Inc., DavidRogerson andAmy Hanna-Rogerson

s. 127

J. Lynch in attendance for Staff

Panel: JEAT

December 4,2013

10:00 a.m.

New Hudson TelevisionCorporation, New HudsonTelevision L.L.C. & James DmitrySalganov

s. 127

C. Watson in attendance for Staff

Panel: TBA

December 17,2013

3:30 p.m.

Global Energy Group, Ltd., NewGold Limited Partnerships,Christina Harper, Howard Rash,Michael Schaumer, Elliot Feder,Vadim Tsatskin, Oded Pasternak,Alan Silverstein, HerbertGroberman, Allan Walker,Peter Robinson, VyacheslavBrikman, Nikola Bajovski,Bruce Cohen and Andrew Shiff

s. 127


Panel: EPK

January 13,January 15-27,January 29 –February 10,February 12-14and February18-21, 2014

10:00 a.m.

International StrategicInvestments, InternationalStrategic Investments Inc., SominHoldings Inc., Nazim Gillani andRyan J. Driscoll.

s. 127


Panel: TBA

January 27,2014

10:00 a.m.

Welcome Place Inc., DanielMaxsood also known asMuhammad M. Khan, Tao Zhang,and Talat Ashraf

s. 127

G. Smyth in attendance for Staff

Panel: TBA

February 3,2014

10:00 a.m.

Tricoastal Capital Partners LLC,Tricoastal Capital ManagementLtd. and Keith MacdonaldSummers

s. 127

C Johnson/G. Smyth in attendancefor Staff

Panel: TBA

March 17-24and March 26,2014

10:00 a.m.

Newer Technologies Limited,Ryan Pickering and Rodger Frey

s. 127 and 127.1

B. Shulman in attendance for staff

Panel: TBA

March 31 –April 7, April 9-17, April 21 andApril 23-30,2014

10:00 a.m.

Issam El-Bouji, Global RESPCorporation, Global GrowthAssets Inc., Global EducationalTrust Foundation and MargaretSingh

s. 127 and 127.1


Panel: TBA

March 31 –April 7 and April9-11, 2014

10:00 a.m.

Ronald James Ovenden, NewSolutions Capital Inc., NewSolutions Financial Corporationand New Solutions Financial (Ii)Corporation

s. 127

Y. Chisholm in attendance for Staff

Panel: TBA


September 19, 2013 (2013), 36 OSCB 9106

June 2, 4-6, 10-16, 18-20, 24-30, July 3-4, 8-14, 16-18, 22-25, August 11,13-15, 19-25,27-29,September 2-8,10-15, October15-20, 22-24,28-31,November 3, 5-7, 11, 19-21,25-28,December 1, 3-5, 9-15, 17-19,2014, January7-12, 14-16, 20-26, 28-30, andFebruary 3- 9,11-13, 2015

Sino-Forest Corporation, AllenChan, Albert Ip, Alfred C.T. Hung,George Ho, Simon Yeung andDavid Horsley

s. 127


Panel: TBA

September 15-22, September24, September29 – October 6,October 8-10,October 14-20,October 22 –November 3and November5-7, 2014

10:00 a.m.

Paul Azeff, Korin Bobrow,Mitchell Finkelstein, HowardJeffrey Miller and Man Kin Cheng(a.k.a. Francis Cheng)

s. 127

T. Center/D. Campbell in attendancefor Staff

Panel: TBA

In writing Morgan Dragon DevelopmentCorp., John Cheong (aka KimMeng Cheong), Herman Tse,Devon Ricketts and Mark Griffiths

s. 127


Panel: EPK

In writing Blackwood & Rose Inc., StevenZetchus and Justin Kreller (alsoknown as Justin Kay)

s. 37, 127 and 127.1


Panel: JEAT

In writing Bunting & Waddington Inc.,Arvind Sanmugam and JulieWinget

s. 127 and 127.1

M. Britton/A. Pelletier in attendancefor Staff

Panel: EPK

In writing Global Consulting and FinancialServices, Global Capital Group,Crown Capital ManagementCorp., Michael Chomica, JanChomica and Lorne Banks

s. 127


Panel: AJL

TBA Yama Abdullah Yaqeen

s. 8(2)

J. Superina in attendance for Staff

Panel: TBA

TBA Microsourceonline Inc., MichaelPeter Anzelmo, Vito Curalli, JaimeS. Lobo, Sumit Majumdar andJeffrey David Mandell

s. 127

Panel: TBA

TBA Frank Dunn, Douglas Beatty,Michael Gollogly

s. 127

Panel: TBA

TBA MRS Sciences Inc. (formerlyMorningside Capital Corp.),Americo DeRosa, RonaldSherman, Edward Emmons andIvan Cavric

s. 127 and 127(1)


Panel: TBA


September 19, 2013 (2013), 36 OSCB 9107

TBA Gold-Quest International andSandra Gale

s. 127

C. Johnson in attendance for Staff

Panel: TBA

TBA Brilliante Brasilcan ResourcesCorp., York Rio Resources Inc.,Brian W. Aidelman, JasonGeorgiadis, Richard Taylor andVictor York

s. 127


Panel: TBA

TBA Uranium308 Resources Inc.,Michael Friedman, GeorgeSchwartz, Peter Robinson, andShafi Khan

s. 127

H. Craig/C. Rossi in attendance forStaff

Panel: TBA

TBA David M. O’Brien

s. 37, 127 and 127.1

B. Shulman in attendance for Staff

Panel: TBA

TBA Crown Hill Capital Corporationand Wayne Lawrence Pushka

s. 127

A. Perschy/A. Pelletier in attendancefor Staff

Panel: TBA

TBA Portus Alternative AssetManagement Inc., Portus AssetManagement Inc., Boaz Manor,Michael Mendelson, MichaelLabanowich and John Ogg

s. 127

H Craig in attendance for Staff

Panel: TBA

TBA Irwin Boock, Stanton Defreitas,Jason Wong, Saudia Allie, AlenaDubinsky, Alex KhodjaiantsSelect American Transfer Co.,Leasesmart, Inc., AdvancedGrowing Systems, Inc.,International Energy Ltd.,Nutrione Corporation, PocketopCorporation, Asia Telecom Ltd.,Pharm Control Ltd., CambridgeResources Corporation,Compushare TransferCorporation, FederatedPurchaser, Inc., TCC Industries,Inc., First National EntertainmentCorporation, WGI Holdings, Inc.and Enerbrite TechnologiesGroup

s. 127 and 127.1

D. Campbell in attendance for Staff

Panel: TBA

TBA Ernst & Young LLP

s. 127 and 127.1

A. Clark in attendance for Staff

Panel: TBA

TBA Fawad Ul Haq Khan andKhan Trading Associates Inc.carrying on business as MoneyPlus

s. 60 and 60.1 of the CommodityFutures Act

T. Center in attendance for Staff

Panel: TBA


September 19, 2013 (2013), 36 OSCB 9108

TBA Global RESP Corporation andGlobal Growth Assets Inc.

s. 127


Panel: TBA

TBA Garth H. Drabinsky, Myron I.Gottlieb and Gordon Eckstein

s. 127

A. Clark/J. Friedman in attendancefor Staff

Panel: TBA

TBA New Hudson Television LLC &Dmitry James Salganov

s. 127


Panel: TBA

TBA Ernst & Young LLP(Audits of Zungui HaixiCorporation)

s. 127 and 127.1

A. Clark/J. Friedman in attendancefor Staff

Panel: TBA

TBA Jowdat Waheed and Bruce Walter

s. 127

J. Lynch in attendance for Staff

Panel: TBA

TBA Alexander Christ Doulis(aka Alexander Christos Doulis,aka Alexandros Christodoulidis)and Liberty Consulting Ltd.

s. 127


Panel: TBA

TBA Conrad M. Black, John ABoultbee and Peter Y. Atkinson

s. 127 and 127.1

J. Friedman/A. Clark in attendancefor Staff

Panel: TBA

TBA 2196768 Ontario Ltd carrying onbusiness as Rare Investments,Ramadhar Dookhie, Adil Sunderjiand Evgueni Todorov

s. 127

D. Campbell in attendance for Staff

Panel: TBA

TBA Kevin Warren Zietsoff

s. 127


Panel: TBA

TBA North American Financial GroupInc., North American Capital Inc.,Alexander Flavio Arconti, andLuigino Arconti

s. 127


Panel: TBA

TBA Quadrexx Asset ManagementInc., Quadrexx Secured AssetsInc., Offshore Oil Vessel SupplyServices LP, Quibik Income Fundand Quibik Opportunities Fund

s. 127


Panel: TBA


September 19, 2013 (2013), 36 OSCB 9109

TBA Children’s Education Funds Inc.

s. 127


Panel: TBA

ADJOURNED SINE DIE

Global Privacy Management Trust and RobertCranston

LandBankers International MX, S.A. De C.V.;Sierra Madre Holdings MX, S.A. De C.V.; L&BLandBanking Trust S.A. De C.V.; Brian J. WolfZacarias; Roger Fernando Ayuso Loyo, AlanHemingway, Kelly Friesen, Sonja A. McAdam,Ed Moore, Kim Moore, Jason Rogers and DaveUrrutia


September 19, 2013 (2013), 36 OSCB 9110

1.1.2 Notice of Ministerial Approval of the Memoranda of Understanding with the EU and EEA Member StateFinancial Regulators under the EU Alternative Investment Fund Managers Directive

NOTICE OF MINISTERIAL APPROVAL OFTHE MEMORANDA OF UNDERSTANDING WITH

THE EU AND EEA MEMBER STATE FINANCIAL REGULATORSUNDER THE EU ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE

On August 21, 2013, the Minister of Finance approved, pursuant to section 143.10 of the Securities Act (Ontario), thememoranda of understanding entered into between the Ontario Securities Commission (together with the Autorité des marchésfinanciers, Alberta Securities Commission and the British Columbia Securities Commission) and the following European Union(EU) and European Economic Area (EEA) member state financial regulators:

Autoriteit Financiële Markten (The Netherlands)

Autorité des marchés financiers (France)

Bundesanstalt für Finanzdienstleistungsaufsicht (Germany)

Central Bank of Ireland (Ireland)

Comissão do Mercado de Valores Mobiliários (Portugal)

Comisión Nacional del Mercado de Valores (Spain)

Romanian National Securities Commission (Romania)

Commissione Nazionale per le Società e la Borsa (Italy)

Commission de Surveillance du Secteur Financier (Luxembourg)

Cyprus Securities and Exchange Commission (Cyprus)

Czech National Bank (Czech Republic)

Finansinspektionen (Sweden)

Finanssivalvonta (Finland)

Finanstilsynet (Denmark)

Finansu un kapitala tirgus komisija (Latvia)

Finanzmarktaufsicht (Austria)

Estonian Financial Supervision Authority (Estonia)

Polish Financial Supervision Authority (Poland)

Financial Services Authority (United Kingdom)

Financial Supervision Commission (Bulgaria)

Financial Services and Markets Authority (Belgium)

Hellenic Capital Market Commission (Greece)

Lithuanian Securities Commission (Lithuania)

Malta Financial Services Authority (Malta)

Národná banka Slovenska (Slovak Republic)


September 19, 2013 (2013), 36 OSCB 9111

Pénzügyi Szervezetek Állami Felügyelete (Hungary)

Fjármálaeftirlitio (Iceland)

Finanstilsynet (Norway)

Finanzmarktaufsicht (Liechtenstein)

(collectively, the “MoUs”)

The entering into of the MoUs was a pre-condition under the EU Alternative Investment Fund Managers Directive (AIFMD) forallowing non-EU Alternative Investment Fund Managers (AIFMs) to manage and market Alternative Investment Funds in the EUand to perform fund management activities on behalf of EU Managers. The MoUs facilitate consultation, cooperation and theexchange of information related to the supervision of AIFMs that operate on a cross-border basis in the jurisdictions of both therelevant EU/EEA member and Canadian Authority.

The MoUs are effective as of July 22, 2013. The MoUs were published in the Bulletin on August 1, 2013.

Questions may be referred to:

Tula AlexopoulosDirectorOffice of Domestic and International AffairsTel: 416-593-8084Email: [email protected]

September 19, 2013


September 19, 2013 (2013), 36 OSCB 9112

1.1.3 Notice of Ministerial Approval of the Memoranda of Understanding with the UK Financial Conduct Authorityand the Bank of England

NOTICE OF MINISTERIAL APPROVAL OFTHE MEMORANDA OF UNDERSTANDING WITH

THE UK FINANCIAL CONDUCT AUTHORITY AND THE BANK OF ENGLAND

On August 21, 2013, the Minister of Finance approved, pursuant to section 143.10 of the Securities Act (Ontario), thememoranda of understanding entered into between the Ontario Securities Commission (together with the Alberta SecuritiesCommission and the British Columbia Securities Commission) and each of the UK Financial Conduct Authority and the Bank ofEngland (the “MoUs”).

The MoUs provide a comprehensive framework for consultation, cooperation and information-sharing related to the day-to-daysupervision and oversight of cross-border regulated entities and enhance the OSC's ability to supervise these entities.

The MoUs came into effect on August 21, 2013. The MoUs were published in the Bulletin on July 11, 2013.

Questions may be referred to:

Tula AlexopoulosDirectorOffice of Domestic and International AffairsTel: 416-593-8084Email: [email protected]

September 19, 2013


September 19, 2013 (2013), 36 OSCB 9113

1.1.4 CSA Notice 25-301 – Update on CSA Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms

CSA Notice 25-301Update on CSA Consultation Paper 25-401

Potential Regulation of Proxy Advisory Firms

September 19, 2013

Introduction

On June 21, 2012, the Canadian Securities Administrators (CSA) published for comment Consultation Paper 25-401 PotentialRegulation of Proxy Advisory Firms (the Consultation Paper).

The purpose of the consultation was to provide a forum for discussion of certain concerns raised about the services provided byproxy advisory firms and the potential impact on Canadian capital markets and to determine if, and how, these concerns shouldbe addressed by the CSA.

This notice provides an update to market participants on the status of the consultation.

Background

In the Canadian context, limited information was available about the ways in which institutional investors use the services ofproxy advisory firms and the extent of reliance on their services. Whether institutional investors shared any of the concernsraised was also unclear.

We sought additional information and views to determine whether we need to address the following concerns identified in theConsultation Paper:

potential conflicts of interest;

perceived lack of transparency;

potential inaccuracies and limited dialogue between proxy advisory firms and issuers;

potential corporate governance implications; and

the extent of reliance by institutional investors on the recommendations provided by proxy advisory firms.

The Consultation Paper outlined possible CSA responses and requested feedback.

Summary of Comments

The comment period ended on September 21, 2012. We received 62 comment letters from various market participants,including issuers, institutional investors, industry associations, proxy advisory firms and law firms. We have reviewed thecomments and wish to thank all of the commenters for contributing to the consultation.

The comments differed between the respective market participant groups. The following is a brief summary of the commentsreceived:

While issuers generally acknowledged the important role of proxy advisory firms, they seemed concernedabout their influence on the voting decisions of institutional investors. Most issuers agreed with each of theconcerns identified in the Consultation Paper. Issuer associations and law firms generally share the views ofissuers.

Institutional investors noted that proxy advisory firms provide them with useful and cost effective serviceswhen exercising their voting rights. They subscribe to the research reports prepared by proxy advisory firms to


September 19, 2013 (2013), 36 OSCB 9114

inform their voting decisions which are based on their own assessment of the proposals and their proxy votingguidelines. They indicated that they do not necessarily follow the vote recommendations of proxy advisoryfirms. Institutional investors are generally satisfied with the services provided by proxy advisory firms.Associations representing institutional investors generally expressed the same views.

Commenters generally agreed that the business model or the ownership structure of proxy advisory firms maylead to conflicts of interest. A majority of issuers believed that conflicts of interest exist within proxy advisoryfirms and that they are not appropriately mitigated. On the other hand, a majority of institutional investorsacknowledged the potential of conflicts of interest but took the position that they are properly identified,managed and disclosed.

Issuers questioned the quality of vote recommendations and concluded that additional transparency anddisclosure of underlying methodologies and analyses would benefit market participants. Institutional investorsdid not believe that the information would be beneficial to the market. They argued against requiringdisclosure of proprietary analytical models.

Issuers were concerned with potential inaccuracies in research reports and limited dialogue between theproxy advisory firms and the issuers. A majority of institutional investors were of the view that the dialogueprocesses in place suffice to avoid factual errors. Some institutional investors believed that, in reality,perceived inaccuracies are mere differences of opinion or analysis.

Commenters agreed that it is important for proxy advisory firms to consult with market participants whendeveloping and updating voting guidelines. They also agreed on the importance of disclosing such guidelinespublicly. There was no consensus among commenters about the extent of dialogue necessary between proxyadvisory firms and market participants.

The views on the appropriate CSA response diverged. Some commenters suggested that a set ofrecommended best practices is sufficient while others were of the view that a rule-based approach, includingregistration of proxy advisory firms as advisers, is necessary. Some institutional investors suggested that aCSA response was not warranted.

Proxy advisory firms indicated that they have appropriate policies and procedures in place to address theconcerns identified in the Consultation Paper. They noted that they are committed to provide objective andaccurate services to their clients and have recently demonstrated a willingness to respond to concerns byvoluntarily making changes to some of their processes. Proxy advisory firms do not believe that their activitiesshould be regulated.

Next Steps

After an extensive review of the comments received, our conclusion is that a CSA response is warranted. In our view, a policy-based approach that would give guidance on recommended practices and disclosure for proxy advisory firms will promotetransparency and understanding in the services provided and is an appropriate response under the circumstances.

We are in the process of developing our proposed approach, which we intend to publish for comment in the first quarter of 2014.

Questions

Please refer your questions to any of the following:

Autorité des marchés financiersMichel BourqueSenior Policy AdvisorPolicy and Regulation Department514-395-0337 [email protected]

Autorité des marchés financiersMarie-Josée Normand-HeislerSenior Policy AdvisorPolicy and Regulation Department514-395-0337 ext.44641-877-525-0337marie-josee.normand-heisler@lautorite.qc.ca

Ontario Securities CommissionNaizam KanjiDeputy Director, Mergers & Acquisitions, CorporateFinance416-593-8060 [email protected]

Ontario Securities CommissionFrédéric DuguaySenior Legal Counsel, Corporate Finance416-593-3677 [email protected]


September 19, 2013 (2013), 36 OSCB 9115

Alberta Securities CommissionSophia MaparaLegal Counsel403-297-2520 [email protected]


September 19, 2013 (2013), 36 OSCB 9116

1.1.5 OSC Staff Notice 52-721 – Office of the Chief Accountant Financial Reporting Bulletin – September 2013

OSC Staff Notice 52-721 – Office of the Chief Accountant Financial Reporting Bulletin – September 2013 is reproduced on thefollowing internally numbered pages. Bulletin pagination resumes at the end of the Staff Notice.

OSC Staff Notice 52-721

Office of the Chief Accountant

Financial Reporting Bulletin

September 2013

Table of Contents

1. Introduction....................................................................................................1

2. Executive summary .......................................................................................1

3. Asset Impairment...........................................................................................2

4. Segment Reporting........................................................................................7

5. Questions.....................................................................................................16

Office of the Chief Accountant – Financial Reporting Bulletin – September 20131

1. Introduction

The Office of the Chief Accountant (OCA) of the Ontario Securities Commission ispublishing this bulletin to highlight observations about asset impairment and segmentdisclosures in reporting issuer financial statements prepared in accordance withInternational Financial Reporting Standards (IFRS). The objective of this bulletin is toprovide useful information to market participants that may assist in preparing futurefinancial reports.

2. Executive summary

International Accounting Standard 36 Impairment of Assets (IAS 36) and InternationalFinancial Reporting Standard 8 Operating Segments (IFRS 8) require comprehensivedisclosures that are designed to provide users of financial statements with usefulinformation. This includes insights about important areas such as the valuation of assets,how assets are being used within an organization, and how management has exercisedits judgement in making the determinations that result in the information provided in thefinancial statements. Staff in the OCA (we or Staff) have recently been focussing ondisclosures provided by reporting issuers in the area of asset impairment and segmentreporting in order to assess the overall quality of disclosures and identify areas ofconcern in the application of the two standards.

Our observations in the area of asset impairment disclosures identified the followingareas that could be improved to provide investors with useful and meaningful disclosure:

description of the issuer’s cash generating units (CGUs);

explanations of the events and circumstances that contributed to the impairmentloss; and

explanations of the basis of key assumptions and the valuation approach used todetermine the recoverable amount

Our observations in the area of segment reporting identified the following areas wherewe believe reporting issuers should pay particular attention when applying IFRS 8:

identification of the Chief Operating Decision Maker (CODM);

identification of operating segments;

aggregation of operating segments to form reportable segments;

change in reportable segments; and

entity-wide disclosures

Our observations have been derived from OCA and Corporate Finance involvement inthe review of selected annual IFRS financial statements and interim financial reportsthrough various reporting periods in 2011 and 2012.


3. Asset Impairment

Given the challenging economic environment that has been present for several years inCanada and throughout various regions of the world, Staff have been interested in howreporting issuers have been complying with the disclosure requirements of IAS 36 withthe objective of assessing the overall quality of disclosure and to identify areas wheredisclosure could be enhanced. In addition, the application of IAS 36 is an area of interestto Staff given that it contains different recognition, measurement and disclosurerequirements compared to pre-changeover Canadian generally accepted accountingprinciples (GAAP) that was in effect prior to 2011.

A. Determination of cash-generating units (CGUs)

Determination of a CGU and the allocation of goodwill to each CGU is an important initialstep in performing annual and periodic goodwill impairment testing. IAS 36 defines aCGU to be the smallest identifiable group of assets that generates cash inflows that arelargely independent of the cash inflows from other assets or group of assets. IAS 36paragraph 130(d) requires specific disclosures about CGUs when an impairment loss isrecognized. We note the following observations pertaining to CGU disclosure:

In many instances, reporting issuers who recognized an impairment loss did notprovide a description of the CGU (such as whether it is a product line, a plant, abusiness operation, a geographical area, or a reportable segment). Without thisrequired information, financial statement users will not have sufficient contextregarding the impact of the impairment on the overall activities and operations ofthe entity.

In circumstances where an entity changed how it had aggregated its assets intoCGUs from the prior year, reporting issuers often failed to provide disclosures toidentify the change in the aggregation and the reason for the change. Since achange in the grouping of assets for a CGU from year to year may affectimpairment testing results, a description and reason for the current and formeraggregation approach is important since it provides financial statement userswith insight as to why management is making this change.

3A.1 EXAMPLE – description of CGUs that did not meet Staff’s expectation

Problems:

lacks substance (boilerplate)

vague disclosures to describe the CGUs

For the purposes of assessing impairment, Issuer ABC’s assets are grouped and tested atthe cash generating unit (CGU) level. ABC’s CGUs are the smallest identifiable group ofassets that generates cash inflows that are largely independent of the cash inflows fromother assets or groups of assets.


3A.2 EXAMPLE – improved CGU disclosure

Improvements:

greater specificity about the CGUs

informs users of the level tested for impairment

For the purposes of assessing impairment, Issuer XYZ’s assets are grouped and tested atthe cash generating unit level. Issuer XYZ owns 20 retail stores in various cities inOntario, with no more than one store residing in each city.

Each store is managed at the corporate level, with internal reporting organized tomeasure performance of each retail store. Management has determined that its cashgenerating units are identifiable at the individual retail store level since the assets devotedto and cash inflows generated by each store are separately identifiable and independentof each other.

B. Indicators of impairment

An asset is impaired when its carrying amount exceeds its recoverable amount. An entityis required to assess at the end of each reporting period whether there is any indicationthat an asset is impaired, and if any such indication is present, an entity is required toestimate the recoverable amount of the asset. If an entity determines that there is animpairment loss to be recognized, or reversed, during the period, IAS 36 paragraph130(a) requires an entity to disclose the events and circumstances that led to therecognition or reversal of the impairment loss.

We noted that in many instances reporting issuers provided only general disclosureabout the events and circumstances that led to a material impairment loss. Thedisclosures were broad, vague and did not explain the entity-specific factors of the mainevents and circumstances that resulted in the impairment.

3B.1 EXAMPLE – disclosure of events and circumstances which led to animpairment loss – that did not meet Staff’s expectation

Problems:

lacks substance (boilerplate)

not entity-specific

During the period, ABC company recorded an impairment charge in CGU X dueto weaker than expected performance.


3B.2 EXAMPLE – improved disclosure of events and circumstances which ledto an impairment loss

Improvements:

greater specificity about the indicators of and reasons for impairment

Issuer XYZ considers both qualitative and quantitative factors when determiningwhether an asset may be impaired. In the fourth quarter management notedindications that CGU X may be impaired in light of the following conditions:

o The technology underlying CGU X’s products has recently beenchallenged by newer products that offer additional functionality that theCGU X product is not able to support. In order to remain competitive inthe marketplace CGUX has reduced CGU X’s product prices.

o The primary customers for CGU X’s products have informed Issuer XYZthat future orders will be lower than originally anticipated in light of therecent functionality limitations noted above.

o CGU Y recently introduced a new product that has received a strongresponse in the marketplace, which unexpectedly resulted in customerswho were anticipated to purchase CGU X’s products to instead earlyadopt CGU Y’s new product sooner than anticipated.

A plan to discontinue or restructure the operation to which the asset, CGU orgroup of CGUs belong

Significant changes with an adverse effect on the entity that have taken place, or areexpected to take place in the near future, are an important source of internal informationthat is identified in paragraph 12(f) of IAS 36. A significant change, specifically, includesa plan to discontinue or restructure the operation that the asset belongs to. Staff haveobserved instances where the statement of comprehensive income would identify a lossfrom discontinued operations that includes asset disposals, yet there were noimpairment losses recorded in prior periods when the reporting issuer had originallyidentified the asset as held for sale. We remind management that a plan bymanagement to dispose of an asset, or discontinue or restructure a CGU is anindicator of impairment, and that the asset should be assessed when the decision todispose, discontinue, or restructure is made.


Market capitalization lower than net book value

In the current economic climate, reportingissuers’ market capitalization may be lessthan the carrying amount of the issuer’s netassets. We remind reporting issuers thatIAS 36, paragraph 12 (d) specifically statesthat when an entity’s carrying amount ofthe net assets is more than its marketcapitalization, this is an external source ofinformation which may indicate impairmentthat must be carefully considered bymanagement. Although this factor alone may not lead to a determination that an assetis impaired, management should understand what factors may have contributed to thedecline in market capitalization in order to assess whether there are additionalindications of impairment that may be present.

C. Allocating goodwill to CGUs and timing of impairment

For the purpose of impairment testing, IAS 36 requires that goodwill be allocated to thecompany’s CGUs, or groups of CGUs that are expected to benefit from the synergies.IAS 36 states that each CGU or group of CGUs to which the goodwill is allocated shouldrepresent the lowest level within the entity at which the goodwill is monitored for internalmanagement purposes, and not be larger than an operating segment (as defined inIFRS 8).

During the course of our work, we observed reporting issuers disclosing that theymonitored goodwill at the operating segment level. We recognize that this represents thehighest level at which goodwill is allowed to be tested for impairment, however in someinstances we questioned whether the operating segment level is in fact, the lowest levelwhere other disclosures within the financial statements as well as other publicdocuments (e.g., management’s discussion and analysis) indicated that managementmonitored its operations, including its goodwill, at a lower level than an operatingsegment.

D. Measuring the recoverable amount

The recoverable amount of a CGU is determined to be the higher of its fair value lesscost to sell (FVLCS) or value in use (VIU). Measuring the recoverable amount (whether itis FVLCS or VIU) is a critical step in the impairment analysis as it determines whether animpairment charge should be recognized in the financial statements. This step ofteninvolves significant judgement on the part of management to develop assumptions andestimates in determining its recoverable amount.

During the course of our work, we observed that, certain reporting issuers failed tocomply with the disclosure requirements in IAS 36 in identifying whether FVLCS or VIUwas determined to be the recoverable amount. Without this disclosure, investors are notable to fully understand and evaluate the reporting issuer’s approach to determining therecoverable amount.

Consider and assess:

Are there identifiable factors thatcontributed to the decline in marketcapitalization?

How do these factors affect the cashinflows of your product line, businessline etc., in the current period and infuture periods?


Disclosure of estimates and key assumptions

IAS 36 requires an entity to disclose information about the key assumptions used todetermine the recoverable amount when it is based on VIU or FVLCS using a valuationtechnique (e.g., discount cash flow method). During the course of our work, we observedthat the disclosure required for key assumptions was not always provided, such asmanagement’s approach for determining the discount rate or growth rate used fordiscounted cash flow calculations.

3D.1 EXAMPLE – disclosure of the basis for management’s key assumptionsin determining FVLCS – that did not meet Staff’s expectation

Problems:

valuation approach was not explained

no explanations for the basis of the key assumptions used

Issuer ABC recorded a goodwill impairment loss of $2 million. The recoverableamount of this CGU was based on the estimated fair value less cost to sell basedon estimated cash flows over a 5 year period and a discount rate of 11%.

3D.2 EXAMPLE – improved disclosure of the basis for management’s keyassumptions in determining FVLCS

Improvements:

enhanced explanations about the key assumptions used

Issuer XYZ recorded a goodwill impairment loss of $2 million. The recoverableamount was based on FVLCS using discounted cash flow projections. Thesignificant assumptions applied in goodwill impairment test are described below.

Cash Flows

Estimated cash flows are based on budgeted earnings before interest, taxes,depreciation and amortization (EBITDA) for the next three years. The forecast isextended for an additional two years based on an analysis of industry reports,historical and forecast volume changes, growth rates, and inflation rates.

Discount rate

The weighted average cost of capital (WACC) was determined to be in the rangeof 10% to 14% and is based on market capital structure of debt, risk-free rate,equity risk premium, beta adjustment to the equity risk premium based on areview of betas of comparable publicly traded companies, an unsystematic riskpremium, and after-tax cost of debt based on corporate bond yields.

Terminal value growth rate

Five years of cash flows have been included in the discounted cash flow models.Maintainable debt-free net cash flow beyond the forecast period is estimated toapproximate the 20X7 cash flows increased by a terminal growth rate in therange of 1% to 3% and is based on the industry’s expected growth rates, forecastinflation rates, and management’s experiences.


Sensitivity analysis

IAS 36 paragraph 134(f) states that, if a reasonably possible change in a keyassumption on which management has based its determination of the CGUs’ (group ofCGUs’) recoverable amount would cause the CGUs’ (group of CGUs’) carrying amountto exceed its recoverable amount, management should provide users of the financialstatements with information on how much the key assumption must change in order forthe recoverable amount to be equal to the carrying amount.

We observed that such analysis was often not provided. During this uncertain andvolatile economic climate, we expect that changes in key assumptions are likely to occurmore frequently than in stable conditions. We remind reporting issuers of the importanceof critically analyzing the sensitivity of their key assumptions and providing materialdisclosures in their financial reports. This information is especially important in asituation where key assumptions result in a recoverable amount that exceeds, butis very close to, the carrying amount of a CGU.

4. Segment Reporting

Segment disclosures required by IFRS 8 assist investors in analyzing reporting issuersthat are involved in diverse businesses. Financial information about business segmentscan be as important as information about the reporting issuer as a whole. Investors andanalysts have emphasized the importance of transparent disclosure about operatingsegments because it gives a view of the business as it is seen through the eyes ofmanagement.

A. Identification of the chief operating decision maker (CODM)

The disclosure required by IFRS 8 is primarily driven by the determination of whatinformation is used internally by the CODM. IFRS 8 identifies the CODM as the functionthat reviews the operating results of segments regularly to assess its performance andmake decisions about allocation of resources. IFRS 8 further explains that the termCODM identifies a function, and not necessarily a manager with a specific title.Identification of such function may require an entity to exercise judgement in makingsuch a determination.

While IFRS 8 does not require entities toidentify the CODM in their disclosure, weobserved that reporting issuers frequentlyprovide this disclosure and most often identifythe CODM as the CEO of the entity. However,we also noted that some other reportingissuers identified the CODM to be the entireBoard of Directors or the executive team.

When determining the CODM, reporting issuers should consider whether themanagement level identified is appropriate for the organization and whether the

Consider and assess:

Is the CODM identified at anappropriate ‘operating’ level withinthe organization?

Are investors receiving anadequate level of information aboutthe various business operations ofthe entity?


disclosure is appropriately reflecting how operating decisions are made. IFRS 8paragraph 5(b) defines an operating segment to be a component of an entity at the levelat which the relevant operating decisions are made, rather than the overall strategicdecisions. Identification of the CODM at a level that is too high within the organization(i.e. at the ‘strategic level’ vs. the ‘operating level’) could result in too low of a number ofsegments being identified, and inadequate information provided to investors about thevarious business operations.

B. Identification of operating segments

Correct identification of operating segments is also critical in ensuring appropriatesegment disclosures are provided. IFRS 8 paragraph 5 defines operating segments as acomponent of an entity that:

engages in business activities from which it may earn revenues and incurexpenses,

whose operating results are regularly reviewed by the entity’s CODM to makedecisions about resources to be allocated to the segment and assess itsperformance, and

for which discrete financial information is available.

In assessing whether reporting issuers correctly identified operating segments, weconsidered financial statement disclosures as well as information presented in othercontinuous disclosure documents that might provide useful insights in the varioussegments of an issuer. These documents included a reporting issuer’s managementdiscussion and analysis (MD&A), press releases, annual information form, investorpresentation materials and other information presented on company websites. In somecases, we noted that discrete financial information was available that appeared to bereviewed by the CODM, which suggests that an operating segment exists. In theabsence of segment disclosures in such circumstances, Staff questioned whether therequirements of IFRS 8 had been complied with.

Consistency of segment disclosure

The financial information presented outside ofthe financial statements in some instancesincluded quantitative information that was usefuland appropriate. However, in some instancesStaff observed that information in these otherdocuments related to components of thebusiness that were not consistent with thenumber of segments identified (and the resultingsegment disclosure) in the financial statements,which raised questions relating to theinconsistencies. In Staff’s view, when this type ofinformation is provided outside of the financial statements that is not consistent withsegment disclosures within the financial statements, investors would benefit from anexplanation of the reason for the inconsistencies.

Consider:

Has the entity providedappropriate segment informationthroughout the various filings offinancial information?

Is the information consistent withthe financial statements? If not, isthere sufficient explanationprovided to investors?


4B.1 EXAMPLE – inconsistent segment disclosure

Concerns:

inconsistent presentation between financial statement note disclosure and theMD&A disclosure

Financial statement note disclosure:

Segmented information

The Company has one reportable segment, MMM. Through its MMM segment, theCompany enters into a variety of business in the media industry. It derives its revenuesfrom advertising, marketing, circulation, distribution, printing and other. Segment profit orloss has been defined as operating profit which corresponds to operating profit aspresented in the consolidated statement of income.

MD&A disclosure:

Business activities

The Company’s primary business activities include the publication of hard copysubscription materials as well as online media. ABC Group (ABC) operations includeshard copy publications operating under the name AAA, BBB and CCC. XYZ Group(XYZ) operations comprise of the online media business including commercial and non-commercial.

Operating Results

The following table sets out operating earnings for the years ended December 31, 20X2and 20X1.

20X2 20X1

In M’s ABC XYZ Total ABC XYZ Total

Operating revenue 53.4 46.6 100 53.3 46.7 100

Single operating segment

Regardless of the different business activities and different economic characteristics ofbusinesses, some reporting issuers’ note disclosure indicated that they operated in onlyone segment since they were not earning any revenues in their various businesses.IFRS 8 paragraph 5 states that an operating segment can be one which engages inbusiness activities for which it has yet to begin to earn revenues. For example, start-upoperations may be considered operating segments before earning revenues. As such, itis not adequate to solely rely on the fact that the entity has yet to begin its generation ofrevenues to conclude that the entity operates in a single operating segment.


4B.2 EXAMPLES – insufficient disclosures about segment determination

Example 1

Concern:

segment determination based solely on the absence of revenue generation

The Company has not begun earning revenues. Accordingly, no segment informationhas been provided in these consolidated financial statements.

Example 2

Concern:

vague disclosure of management’s assessment of operating segments and how themanagement has determined it operates in one reportable segment.

The Company reports its continuing operations in one reportable segment,‘marketing’, based on the business activity of the Company and its subsidiaries. TheCompany provides various online and hardcopy advertising publications and onlinemarketing services to various types of customers in the many different industrieslocally and internationally. Revenues are derived mainly from sales of onlineadvertisements and other services.

4B.3 EXAMPLE – improved disclosure on identification of operating segments

Significant Accounting Policies

The Company’s operating segments, before aggregation, have been identified as theCompany’s individual operating and development stage mines. Each operating anddevelopment mine is reviewed by the CODM in reviewing their profitability so that theinformation can be used to ensure adequate resources are allocated to that part of theCompany’s operations.

In Staff’s view, the significant accounting policy disclosure in the above exampleprovides entity specific and improved disclosures regarding the application of IFRS 8criteria in the identification of operating segments, compared to the examples in 4B.2above.

Multiple operating segments based on geographic locations

Depending on how the CODM reviews the operations, operating segments may bebased on geographical area. Staff have observed instances where reporting issuers thatidentified operating segments by geographical area have provided only the entity-widedisclosures set out in paragraphs 31 to 34 and omit the disclosure requirements inparagraphs 20 to 30. Regardless of whether an operating segment is defined by the


nature of products or services or the geographical area, reporting issuers must providecomplete information of all material disclosures required by IFRS 8.

C. Aggregation of operating segments to form reportable segments

IFRS 8 permits reporting issuers to aggregate operating segments when certainqualitative criteria are met, as well as certain quantitative thresholds.

Currently, IFRS 8 does not require detaileddisclosure on aggregation of operatingsegments. However, paragraph 22(a) requiresthe disclosure of factors used to identify theentity’s reportable segments, including the basisof organization and whether segments havebeen aggregated.1

Staff found that many reporting issuers provided sufficient disclosure to comply withparagraph 22(a) of IFRS 8. However, the following are the common areas of deficiencythat we noted from our work:

Lack of explicit disclosure as to whether aggregation was used to identifyreportable segments,

For some entities where it was apparent that aggregation was applied, it wasunclear to Staff as to how the specific aggregation criteria in IFRS 8 were metafter considering other information presented in an entity’s MD&A or other notesto the financial statements. In certain cases, this led Staff to question whether theaggregation applied was appropriate.

Information presented in other documents, including MD&A, press releases andinvestor presentations, where the disclosure of quantitative data indicated thatthe quantitative thresholds for segment disclosure were exceeded.

Presentation of “all other segments”

Staff observed instances where relatively smaller segments had been aggregated withcertain reportable segments. Staff note that IFRS 8 paragraph 16 requires operatingsegments which are not reportable to be combined and disclosed in an “all othersegments” category rather than aggregating with an identifiable reportable segment.

1The Annual Improvements to IFRS cycle 2010 – 2012 included an amendment to IFRS 8 proposing

additional disclosure regarding what aggregation criteria was applied in determining reportable segments.In their February 2013 meeting, the International Accounting Standards Board tentatively decided to

amend the Standard as proposed.

Consider:

Has the entity provided sufficientinformation such that theinvestor would be able todetermine what segments havebeen aggregated, if any?


4C.1 EXAMPLE – entity-specific disclosure on aggregation of operating segments

Note X: Operating Segments

The Company’s reportable segments are components of the Company’s operatingsegments after aggregation and consist of the geographical regions in which theCompany operates. The Company’s chief operating decision maker reviews the financialand operational performance of the Company on a mine by mine basis which sharesimilar economic, operational and regulatory characteristics. Management uses theinformation presented for each mine in setting the budget and dedicate other resourcesto the individual mine.

The Company has three reportable segments, as follow (where each mine has beenidentified as an operating segment):

Brazil: Mine 1, Mine 2, and Mine 3

Columbia: Mine 5 and Mine 6

Canada: Mine 4 - development stage.

‘Other’ consists of the Company’s business activities of exploration properties which arenot operating segments on their own.

D. Change in reportable segments

IFRS 8 paragraph 29 requires an entity to reflectany changes in reportable segments in thecomparative financial statements by restating thesegment data for a prior period to be consistentwith that of the current period unless theinformation is not available and the cost todevelop it would be excessive.

Staff observed instances of reporting issuers that had not restated prior period data toreflect a change in reportable segments and did not provide the additional disclosurerequired by IFRS 8 paragraph 30. Restated financial statement information is importantas it allows investors to compare year over year trends in the reportable segments.

E. Entity-wide disclosure

Regardless of whether an entity has single or multiple reportable segments, IFRS 8paragraphs 31 to 34 require entity-wide disclosures, where applicable unless theinformation is not available and the cost to develop it would be excessive. These includeinformation relating to products and services of the entity, geographic areas ofoperations, as well as major customers.

Consider:

Are the segment disclosuresproviding sufficient information toallow investors to easilyunderstand how the segmentshave changed?


Products and services

Staff observed this to be an area of deficiency where information was not alwaysprovided, or was unclear. Information on products and services provides valuableinformation as it assists users of financial statements in the assessment of both pastperformance and future prospects for growth of the entity.

Geographic information

IFRS 8 requires disclosures of the revenues and non-current assets attributed toindividual countries if they are material. Staff observed instances of reporting issuers notproviding this disclosure when it appeared, from an examination of other disclosuredocuments, that these amounts were material. We remind reporting issuers that whendetermining whether information about individual countries is material, managementshould consider whether the information would influence the economic decisions ofusers. For example, requests by analysts and users for this type of information would bea strong indicator of the material nature of this information.

In addition, Staff observed instances of reporting issuers not providing the requireddisclosure of the basis for attributing revenues from external customers to individualcountries. Information about the extent of operations in foreign countries can be usefulinformation to investors as it allows them to understand the extent of foreign operationsand the exposure to foreign economies, and how this is changing year over year.

4E.1 EXAMPLE – geographic disclosure that did not meet Staff’s expectation

Concerns:

significant portion of revenue attributed to “Other” category, which should be

further expanded to identify all material individual countries, if applicable.

basis for attribution of revenues to the individual countries is not provided

%of total revenue December 31, 20X2 December 31, 20X1

Canada 6 5

United States 20 40

Australia 10 10

Other 64 45

Total 100 100


4E.2 EXAMPLE – improved geographic disclosure

Informative Disclosure:

Provides clear and detailed revenue information for individual countries for whichthe amounts are considered to be material

% of total revenue December 31, 20X2 December 31, 20X1

Canada 6 5

United States 21 40

Australia 10 10

China 26 24

Japan 15 9

Germany 13 10

Other 9 2

TOTAL 100 100

The revenue has been attributed to the individual countries based on the location of thecustomer. In the above table, “Other” represents revenues attributed to countries towhich the attributable revenues are less than 10% of total consolidated revenues.

Major Customers

IFRS 8 paragraph 34 requires an entity to provide information about the extent of itsreliance on its major customers by providing specific disclosure relating to the amount ofrevenues attributed to its major customers. This includes separate disclosure ofrevenues from each customer and the identity of the segment or segments reporting therevenues.

Staff found that for those reporting issuers that disclosed major customers, many onlypresented aggregated revenue information, as shown in the example below.


4E.3 EXAMPLE – major customer disclosure that did not meet Staff’s expectation

Approximately 70% of the Company’s consolidated revenues are generated from salesmade to three customers.

4E.4 EXAMPLE – improved major customer disclosure

During the year ended December 31, 20X2, the Company earned significant salesrevenue from two customers in the amount of $633 (20X1 - $650) and $563 (20X1 -$642). The two customers were located in Brazil and Colombia, with each having theirentire revenue reported in the Brazil and Colombia reportable segments, respectively.

Competitive harm

We have encountered instances where the segment disclosure omitted the entity-wideinformation required by IFRS 8. The absence of this information was due to concernsrelated to a potential competitive harm; however, we note that IFRS 8 does not exemptissuers from providing these important disclosures for reasons of competitive harm. Wenote the Board’s explicit consideration of this point in IFRS 8 BC paragraph 44, “Lack ofa competitive harm exemption”

BC44 The Board concluded that a ‘competitive harm’ exemption would beinappropriate because it would provide a means for broad non-compliance with the IFRS. The Board noted that entities would be unlikelyto suffer competitive harm from the required disclosures since mostcompetitors have sources of detailed information about an entity otherthan its financial statements.

This information is important in meeting the overall objective of IFRS 8 to provideinsights as to the different types of business activities that an entity engages in and thedifferent economic environments in which it operates, as well as to provide somecomparability amongst entities.


5. Questions

If you have any questions about this report, please contact:

Cameron McInnisChief AccountantEmail: [email protected]: 416-593-3675

Marion KirshAssociate Chief AccountantEmail: [email protected]: 416-593-8282

Mark PinchSenior Accountant, Office of the Chief AccountantEmail: [email protected]: 416-593-8057

Ritika RohaillaAccountant, Office of the Chief AccountantEmail: [email protected]: 416-595-8913

Ritu KalraSenior Accountant, Investment FundsEmail: [email protected]: 416-593-8063

Georgia StriftobolaAccountant, Compliance and Registrant RegulationEmail: [email protected]: 416-593-8103

Guidelines for Consultations withthe OCA:

http://www.osc.gov.on.ca/en/Companies_oca_20111130_rfc-with-oca.htm


6.

As the regulatory body responsible for overseeing the capital markets in Ontario, the Ontario Securities Commissionadministers and enforces the provincial Securities Act, the provincial Commodity Futures Act and administers certainprovisions of the provincial Business Corporations Act. The OSC is a self-funded Crown corporation accountable to theOntario Legislature through the Minister of Finance.


September 19, 2013 (2013), 36 OSCB 9117

1.2 Notices of Hearing

1.2.1 Beryl Henderson – s. 127(1)

IN THE MATTER OFTHE SECURITIES ACT,

R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OFBERYL HENDERSON

NOTICE OF HEARING(SUBSECTION 127(1))

TAKE NOTICE that the Ontario Securities Commission (the “Commission”) will hold a hearing pursuant to section127(1) of the Securities Act, R.S.O., 1990 c. S.5, as amended (the “Act”) at the offices of the Commission located at 20 QueenStreet West, 17th Floor, on September 18, 2013 at 10:00 a.m., or as soon thereafter as the hearing can be held.

AND TAKE NOTICE that the purpose of the hearing is for the Commission to consider whether it is in the publicinterest to approve the settlement agreement between Staff of the Commission and the Respondent, Beryl Henderson;

BY REASON OF the allegations set out in the Statement of Allegations dated March 30, 2012 and such additionalallegations as counsel may advise and the Commission may permit;

AND TAKE FURTHER NOTICE that Beryl Henderson may be represented by counsel at the hearing and she and hercounsel have indicated they intend to participate in the hearing via video conference;

AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearingmay proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.

DATED at Toronto this 13th day of September, 2013.

“Josée Turcotte”per: John Stevenson

Secretary to the Commission


September 19, 2013 (2013), 36 OSCB 9118

1.3 News Releases

1.3.1 Canadian Securities Regulators Provide an Update Regarding the Consultation on Proxy Adviser Firms

FOR IMMEDIATE RELEASESeptember 19, 2013

CANADIAN SECURITIES REGULATORS PROVIDEAN UPDATE REGARDING THE CONSULTATION ON PROXY ADVISER FIRMS

Montreal – The Canadian Securities Administrators (CSA) today published CSA Notice 25-301 Update on CSA ConsultationPaper 25-401 Potential Regulation of Proxy Advisory Firms, which provides an update to market participants on the status of theconsultation.

On June 21, 2012, the CSA published for comment Consultation Paper 25-401 to provide a forum for discussion of certainconcerns raised about the services provided by proxy advisory firms and the potential impact on Canadian capital markets. Theconsultation process also allowed the CSA to determine if, and how, it should address these concerns.

The comment period ended on September 21, 2012. The CSA received 62 comment letters containing comprehensive feedbackfrom various market participants.

After an extensive review of the comments received, the CSA has concluded that a policy-based approach providing guidanceon recommended practices and disclosure for proxy advisory firms will improve transparency and understanding among marketparticipants.

The CSA intends to publish its proposed approach for comment in the first quarter of 2014.

CSA Notice 25-301 is available on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulationfor the Canadian capital markets.

For more information:

Sylvain Théberge Mark DickeyAutorité des marchés financiers Alberta Securities Commission514-940-2176 403-297-4481

Richard Gilhooley Carolyn Shaw-RimmingtonBritish Columbia Securities Commission Ontario Securities Commission604-899-6713 416-593-2361

Kevan Hannah Wendy Connors-BeckettManitoba Securities Commission Financial and Consumer Services Commission204-945-1513 New Brunswick

506-643-7745

Tanya Wiltshire Janice CallbeckNova Scotia Securities Commission PEI Securities Office902-424-8586 Office of the Attorney General

902-368-6288

Doug Connolly Rhonda HorteFinancial Services Regulation Div. Office of the YukonNewfoundland and Labrador Superintendent of securities709-729-2594 867-667-5466

Louis Arki Donn MacDougallNunavut Securities Office Northwest Territories867-975-6587 Securities Office

867-920-8984

Daniela MachucaFinancial and Consumer AffairsAuthority of Saskatchewan306-798-4160


September 19, 2013 (2013), 36 OSCB 9119

1.4 Notices from the Ofiice of the Secretary

1.4.1 David Charles Phillips and John RussellWilson




AND

IN THE MATTER OFDAVID CHARLES PHILLIPS and

JOHN RUSSELL WILSON

TORONTO – The Commission issued an Order in theabove named matter with certain provisions. The hearing ofthe Parties’ closing arguments in the Merits Hearing willtake place on Wednesday, September 25, 2013, at 10:00a.m., or such other date and time as is agreed by theParties and fixed by the Office of the Secretary.

A copy of the Order dated September 9, 2013 is availableat www.osc.gov.on.ca.

OFFICE OF THE SECRETARYJOHN P. STEVENSONSECRETARY

For media inquiries:[email protected]

Carolyn Shaw-RimmingtonManager, Public Affairs416-593-2361

Aly VitunskiSenior Media Relations Specialist416-593-8263

Alison FordMedia Relations Specialist416-593-8307

For investor inquiries:

OSC Contact Centre416-593-83141-877-785-1555 (Toll Free)

1.4.2 Jowdat Waheed and Bruce Walter




AND

IN THE MATTER OFJOWDAT WAHEED AND BRUCE WALTER

TORONTO – The Commission issued an Order in theabove named matter which provides that:

1. The 31 Documents, which were properlyin evidence at the Merits Hearing, shallbe included in the Condensed JointHearing Brief;

2. The respondents Jowdat Waheed andBruce Walter are granted leave to file therevised Respondents’ Joint Summary ofFacts and Evidence;

3. The Two Additional Contested Docu-ments, which were not properly inevidence at the Merits Hearing, shall notbe included in the condensed JointHearing Brief;

4. The parties shall file a revised index tothe Condensed Joint Hearing Brief, whichreflects our rulings in paragraphs (1) and(3) above; and

5. Staff shall file revised versions of itsWritten Closing Submissions, which shallnot make reference to documents thatthe Panel has ruled are not in evidence.








September 19, 2013 (2013), 36 OSCB 9120



1.4.3 Heritage Education Funds Inc.




AND

IN THE MATTER OFHERITAGE EDUCATION FUNDS INC.

TORONTO – The Commission issued an Order in theabove named matter with certain provisions. TheTemporary Order is extended to October 22, 2013 or untilfurther order of the Commission. The hearing is adjournedto October 18, 2013 at 10:00 a.m. for the purpose ofproviding the Commission with an update on the workcompleted by the Consultant and to consider the possibleextension of the Temporary Order.










September 19, 2013 (2013), 36 OSCB 9121

1.4.4 Normand Gauthier et al.




AND

IN THE MATTER OFNORMAND GAUTHIER,

GENTREE ASSET MANAGEMENT INC.,R.E.A.L. GROUP FUND III (CANADA) LP, and

CANPRO INCOME FUND I, LP

TORONTO – The Commission issued an Order in theabove named matter which provides that a confidential pre-hearing conference shall take place on October 11, 2013 at9:00 a.m. or such other date or at such other time as set bythe Office of the Secretary and agreed to by the parties.

The pre-hearing conference will be in camera.









1.4.5 Beryl Henderson




AND

IN THE MATTER OFBERYL HENDERSON

TORONTO – The Office of the Secretary issued a Notice ofHearing for a hearing to consider whether it is in the publicinterest to approve a settlement agreement entered into byStaff of the Commission and the Respondent, BerylHenderson. The hearing will be held on September 18,2013 at 10:00 a.m. on the 17th floor of the Commission'soffices located at 20 Queen Street West, Toronto.

A copy of the Notice of Hearing dated September 13, 2013is available at www.osc.gov.on.ca.









September 19, 2013 (2013), 36 OSCB 9122

1.4.6 Kolt Curry et al.



R.S.O. 1990, c. S.5 AS AMENDED

AND

IN THE MATTER OFKOLT CURRY, LAURA MATEYAK,

AMERICAN HERITAGE STOCK TRANSFER INC., andAMERICAN HERITAGE STOCK TRANSFER, INC.

TORONTO – The Commission issued an Order in theabove noted matter which provides that:

1. pursuant to Rules 3 and 9 of the Rules ofProcedure, the sanctions and costshearing in this matter is adjourned andshall take place on October 10, 2013, at11:00 a.m.; and

2. on consent of the parties, Staff may filean Amended Notice of Hearing includinga request for an order under section 37of the Act.









1.4.7 Systematech Solutions Inc. et al.




AND

IN THE MATTER OFSYSTEMATECH SOLUTIONS INC.,APRIL VUONG AND HAO QUACH

TORONTO – The Commission issued an Order in theabove named matter which provides that a confidential pre-hearing conference will take place on October 15, 2013 at2:00 p.m. or such other date or at such other time as set bythe Office of the Secretary and agreed to by the parties.

The pre-hearing conference will be in camera.










September 19, 2013 (2013), 36 OSCB 9123

1.4.8 Sino-Forest Corporation et al.




AND

IN THE MATTER OFSINO-FOREST CORPORATION,

ALLEN CHAN, ALBERT IP, ALFRED C.T. HUNG,GEORGE HO, SIMON YEUNG and DAVID HORSLEY

TORONTO – The Commission issued an Order in theabove named matter which provides that (i) Staff shallserve its hearing briefs in connection with the MeritsHearing on the Respondents on or before February 3,2014; and (ii) the pre-hearing conference in this matter becontinued on October 10, 2013 at 10:00 a.m. or such otherdate and time as agreed to by the parties and set by theOffice of the Secretary.

The pre-hearing conference will be held in camera.









1.4.9 Eda Marie Agueci et al.




AND

IN THE MATTER OFEDA MARIE AGUECI, DENNIS WING, SANTO IACONO,

JOSEPHINE RAPONI, KIMBERLEY STEPHANY,HENRY FIORILLO, GIUSEPPE (JOSEPH) FIORINI,

JOHN SERPA, IAN TELFER, JACOB GORNITZKI andPOLLEN SERVICES LIMITED

TORONTO – Take notice that the Commission hasadjourned the Hearing on the Merits to commence onMonday, September 30, 2013 at 10:00 a.m. in the abovenamed matter.









September 19, 2013 (2013), 36 OSCB 9124

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September 19, 2013 (2013), 36 OSCB 9125

Chapter 2

Decisions, Orders and Rulings

2.1 Decisions

2.1.1 Portland Investment Counsel Inc. and Portland Global Income Fund

Headnote

NP 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Approval of mutual fund reorganization –Approval required because merger does not meet the criteria for pre-approval – As the continuing fund is currently a closed-endfund which will restructure into an open-ended mutual fund conditional on its securityholders’ approval, no current prospectus isavailable to send to terminating fund’s securityholders – Terminating fund’s securityholders provided with timely and adequatedisclosure regarding the merger and prospectus-level disclosure regarding the continuing fund.

Applicable Legislative Provisions

National Instrument 81-102 Mutual Funds, ss. 5.5(1)(b), 5.6(1)(a), 5.6(1)(b), 5.6(1)(f).

September 4, 2013

IN THE MATTER OFTHE SECURITIES LEGISLATION OF

ONTARIO(the Jurisdiction)

AND

IN THE MATTER OFTHE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OFPORTLAND INVESTMENT COUNSEL INC.

(the Manager)

AND

PORTLAND GLOBAL INCOME FUND(the Terminating Fund)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Manager on behalf of the Terminating Fund for adecision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for approval of the merger(the Merger) of the Terminating Fund into Global Banks Premium Income Trust (the Continuing Fund) (together with theTerminating Fund, the Funds) under subsection 5.5(1)(b) of National Instrument 81-102 Mutual Funds (NI 81-102) (theExemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator (the Principal Regulator) for this application, and

(b) the Manager has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) isintended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, NovaScotia, Newfoundland and Labrador, Prince Edward Island, Northwest Territories, Nunavut and Yukon.


September 19, 2013 (2013), 36 OSCB 9126

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unlessotherwise defined.

Representations

This decision is based on the following facts represented by the Manager:

The Manager

1. The Manager is a corporation governed by the laws of Ontario with its head office in Burlington, Ontario.

2. The Manager is the investment fund manager and portfolio manager of the Funds. The Manager is registered as: (i) aninvestment fund manager in Ontario, Alberta, Newfoundland and Labrador and Quebec; (ii) a portfolio manager andexempt market dealer in Ontario, Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador,Northwest Territories, Nova Scotia, Prince Edward Island, Quebec and Saskatchewan; (iii) a mutual fund dealer inOntario; and (iv) an exempt market dealer in Nunavut.

The Funds

3. The Terminating Fund is an open-end mutual fund trust, established under the laws of the Province of Ontario. Units ofthe Terminating Fund are currently qualified for sale under a simplified prospectus, annual information form and fundfacts dated October 1, 2012, as amended.

4. The Continuing Fund is a closed-end investment fund, established under the laws of the Province of Ontario and theunits of which are listed on the Toronto Stock Exchange (the TSX).

5. Each of the Funds is a reporting issuer under the applicable securities legislation of each province and territory ofCanada.

6. Neither the Manager nor the Funds is in default under the securities legislation of any province or territory of Canada.

7. The Manager obtained the approval of the unitholders of the Continuing Fund to convert the Continuing Fund from aclosed-end fund to an open-end mutual fund (the Restructuring) at a special meeting of unitholders held on August22, 2013. In approving the Restructuring, unitholders of the Continuing Fund also approved, among other things, achange to the investment objectives of the Continuing Fund and amendments to the declaration of trust of theContinuing Fund so that the Continuing Fund can operate as an open-end mutual fund in accordance with NI 81-102.

8. If the Manager decides to implement the Restructuring, the units of the Continuing Fund will be delisted from the TSXon or about November 15, 2013 and the Restructuring will occur on or about December 13, 2013. On the date of theRestructuring, the declaration of trust of the Continuing Fund will be amended by moving the Continuing Fund into themaster declaration of trust that governs the Portland mutual funds. The existing issued and outstanding units of theContinuing Fund will be redesignated as Series A2 units and consolidated so that each will have a net asset value of$10 immediately following the Restructuring.

9. Upon the Restructuring, the investment objective of the Continuing Fund will be changed to be substantially thefollowing: “The Fund’s investment objective is to provide income and long-term total returns by investing primarily in ahigh-quality portfolio of fixed/floating rate income securities, preferred shares and dividend paying equity securities.”Accordingly, the investment objective of the Continuing Fund upon the Restructuring will be substantially the same asthat of the Terminating Fund.

10. The Terminating Fund follows the standard investment restrictions and practices established under NI 81-102. Uponthe Restructuring, the Continuing Fund will also follow the standard investment restrictions and practices establishedunder NI 81-102 and will adopt substantially the same investment strategies as the Terminating Fund.

11. The Manager intends to qualify Series A, Series A2, Series F and Series G units of the Continuing Fund pursuant to asimplified prospectus by filing a preliminary simplified prospectus for the Continuing Fund on or about November 15,2013. The final simplified prospectus of the Continuing Fund is expected to be filed on or about December 13, 2013.

12. When units of the Continuing Fund are offered pursuant to a simplified prospectus, the Manager expects that Series Aunits of the Continuing Fund will be available under the low load sales charge option and the deferred sales chargeoption, while Series A2 of the Continuing Fund will be available under the initial sales charge option.


September 19, 2013 (2013), 36 OSCB 9127

13. The series of units of the Terminating Fund that will be exchanged for the series of units of the Continuing Fund tofacilitate the Merger are as described in paragraph 29(c) below. The Manager expects that the fees and expenses ofeach series of the Continuing Fund (after the Restructuring) will be the same or lower than those of the series of theTerminating Fund for which the series of the Continuing Fund will be exchanged.

14. The net asset value per unit for each Fund is calculated on a daily basis in accordance with the Fund’s valuation policy.

The Merger

15. In accordance with National Instrument 81-106 – Investment Fund Continuous Disclosure, a press release announcingthe proposed Merger was issued on June 25, 2013 and filed via SEDAR on June 26, 2013. A material change reportwith respect to the proposed Merger was filed via SEDAR on June 26, 2013.

16. As required by National Instrument 81-107 Independent Review Committee for Investment Funds, an IndependentReview Committee (the IRC) has been appointed for the Funds. The Manager presented the potential conflict ofinterest matter related to the proposed Merger to the IRC for its review and recommendation. The IRC reviewed thepotential conflict of interest matters related to the proposed Merger and has determined that the proposed Merger, ifimplemented, would achieve a fair and reasonable result for each of the Funds.

17. Unitholders of the Terminating Fund will continue to have the right to redeem units of the Terminating Fund at any timeup to the close of business on the business day immediately before the effective date of the Merger.

18. Approval of the Merger is required because the Merger does not satisfy all of the criteria for pre-approvedreorganizations and transfers as set out in section 5.6 of NI 81-102, namely because: (i) the Continuing Fund will not,on the date of the Merger, have a current prospectus; therefore the Merger will not satisfy the requirement undersubsection 5.6(1)(a)(iv); (ii) the Merger will be completed on a taxable basis; accordingly, the Merger will not meet therequirements under subsection 5.6(1)(b); (iii) the materials sent to unitholders of the Terminating Fund will not includethe current prospectus or most recently filed fund facts document of the Continuing Fund, contrary to subsection5.6(1)(f)(ii); and (iv) the materials sent to unitholders of the Terminating Fund will not include a statement thatunitholders may obtain the Continuing Fund’s prospectus and most recently filed fund facts document by contacting theContinuing Fund; therefore, the Merger will not satisfy the requirement under subsection 5.6(1)(f)(iii). Except for thesereasons, the Merger will otherwise comply with all of the other criteria for pre-approved reorganizations and transfersset out in section 5.6 of NI 81-102.

19. The Manager has determined that it would not be appropriate to effect the Merger as a “qualifying exchange” within themeaning of section 132.2 of the Income Tax Act (Canada) (the Tax Act) or as a tax-deferred transaction for thefollowing reasons: (i) effecting the Merger on a taxable basis would allow the unitholders of the Terminating Fund tobenefit from the Continuing Fund’s existing tax losses, which currently amount to approximately $12 million in capitallosses as of December 31, 2012; (ii) excluding the Manager which owned units of the Terminating Fund as the seedcapital investment, approximately 67% of unitholders in the Terminating Fund hold their units in registered accounts;(iii) effecting the Merger on a taxable basis would preserve the net losses and loss carry-forwards in the ContinuingFund; and (iv) effecting the Merger on a taxable basis will have no other tax impact on the Continuing Fund or itsunitholders. It is also not possible to effect the Merger as a qualifying exchange because the Terminating Fund is not amutual fund trust under the Tax Act.

20. A notice of meeting, a management information circular and a proxy in connection with the special meeting ofunitholders was mailed to unitholders of the Terminating Fund commencing on July 29, 2013 and was concurrently filedvia SEDAR.

21. The Manager could not deliver the current prospectus or fund facts documents for the Continuing Fund with themeeting materials as the Continuing Fund did not have a receipt for a final prospectus when the meeting materialswere mailed to unitholders. The long form prospectus of the Continuing Fund dated January 27, 2005 (the 2005Prospectus) has lapsed. Because, among other things, the investment objectives and fees and expenses payable bythe Continuing Fund will change upon the Restructuring, the disclosure in the 2005 Prospectus does not reflect manyof the key features of the Continuing Fund after the Restructuring. A simplified prospectus will be filed for theContinuing Fund as described in paragraph 11 above. Accordingly, instead of delivering the current prospectus or fundfacts documents for the Continuing Fund, the Manager indicated in the management information circular that thefundamental investment objectives and investment strategies of the Continuing Fund would be substantially similar asthose of the Terminating Fund. The Manager also included a description of the fee structure of the Continuing Fund(after the Restructuring), as well as the tax implications of the Merger and a summary of the IRC’s recommendationwith respect to the Merger.


September 19, 2013 (2013), 36 OSCB 9128

22. The management information circular disclosed that the final simplified prospectus, fund facts, and annual informationform for the Continuing Fund will be available on or about December 13, 2013, subject to regulatory approval, and thatunitholders of the Terminating Fund can obtain these documents by contacting the Manager or by accessing theSEDAR website on that date. In addition, the management information circular disclosed that unitholders may obtainthe most recent annual and interim financial statements, and the most recent management report of fund performancethat have been made public in respect of the Continuing Fund by contacting the Manager or by accessing the SEDARwebsite.

23. All costs and expenses associated with the Merger will be borne by the Manager. These costs consist mainly ofbrokerage fees, legal, proxy solicitation, printing, mailing and regulatory fees.

24. No sales charges will be payable by any unitholder in connection with the exchange of units of the Terminating Fundwith the units of the Continuing Fund.

25. The Manager called a special meeting of unitholders of the Terminating Fund on August 22, 2013, at which meeting theunitholders approved the Merger.

26. If the requisite regulatory and investor approvals are obtained and the Manager decides to implement the Merger, theMerger will be implemented on or about December 13, 2013 after the Restructuring. Upon making the decision toimplement the Merger, the Manager, on behalf of the Terminating Fund, will comply with the continuing disclosurerequirements in connection with a material change.

27. To allow sufficient time, not only for the Manager but for the various service providers, to implement the Restructuring,the Manager chose August 22, 2013 as the date for the unitholder meeting of the Continuing Fund to approve theRestructuring. In the Manager’s view, there was no reason to have the unitholder meeting of the Terminating Fundapproving the Merger on a different date than the unitholder meeting of the Continuing Fund approving theRestructuring.

28. Following the Merger, units of the Continuing Fund received by unitholders in the Terminating Fund as a result of theMerger will have the same sales charge option and, for units purchased under the low load option or deferred salescharge option, remaining deferred sales charge schedule as their units in the Terminating Fund.

29. The following steps will be carried out to effect the Merger:

(a) The Terminating Fund will transfer all of its assets, which will consist of cash and portfolio securities, less anamount required to satisfy the liabilities of the Terminating Fund, to the Continuing Fund, in exchange for unitsof the Continuing Fund.

(b) The Terminating Fund will distribute to its unitholders sufficient of its net income and net realized capital gainsso that it will not be subject to tax under Part I of the Tax Act for its taxation year ending on the Merger.

(c) Immediately following the above-noted transfer, the Terminating Fund will distribute to its unitholders the unitsof the Continuing Fund so that following the distribution, the unitholders of the Terminating Fund will becomedirect unitholders of the Continuing Fund:

(i) The holders of Series A Units in the Terminating Fund purchased under the initial sales chargeoption will receive Series A2 Units of the Continuing Fund.

(ii) The holders of Series A Units in the Terminating Fund purchased under the low load sales charge ordeferred sales charge option will receive Series A Units of the Continuing Fund.

(iii) The holders of Series F Units in the Terminating Fund will receive Series F Units of the ContinuingFund.

(iv) The holders of Series G units in the Terminating Fund purchased under the initial sales charge optionwill receive Series A2 units of the Continuing Fund.

(v) The holders of Series G Units in the Terminating Fund purchased under the low load sales charge ordeferred sales charge option will receive Series G Units of the Continuing Fund.

(vi) The holders of Series T Units in the Terminating Fund purchased under the initial sales charge optionwill receive Series A2 Units of the Continuing Fund.


September 19, 2013 (2013), 36 OSCB 9129

(vii) The holders of Series T Units in the Terminating Fund purchased under the low load sales charge ordeferred sales charge option will receive Series A Units of the Continuing Fund.

(d) As soon as reasonably possible following the Merger, the Terminating Fund will be wound up.

(e) The Continuing Fund will be renamed “Portland Global Income Fund” on or about the time of the Merger.

30. The Terminating Fund is a registered investment and the Continuing Fund is a mutual fund trust under the Tax Act.Units of both Funds are “qualified investments” under the Tax Act for registered retirement savings plans, registeredretirement income funds, deferred profit sharing plans and tax free savings accounts. Units of the Continuing Fund arealso “qualified investments” under the Tax Act for registered education savings plans and registered disability savingsplans.

31. The Manager believes that the Merger will be beneficial to unitholders of the Funds for the following reasons:

(a) the Merger will result in reducing the administrative and regulatory costs of operating each of the TerminatingFund and Continuing Fund as separate investment funds;

(b) unitholders of the Terminating Fund and Continuing Fund will enjoy increased economies of scale as part of alarger combined Continuing Fund and as a result, the Manager expects that the MER of the combinedContinuing Fund will be lower than that of the Terminating Fund or the Continuing Fund without the Merger;

(c) following the Merger, the Terminating Fund will be part of a portfolio of greater value, which may allow forincreased portfolio diversification opportunities if desired;

(d) the Merger transitions unitholders of the Terminating Fund to a growing and more viable Continuing Fund; and

(e) the Merger will result in unitholders of the Terminating Fund becoming unitholders of the Continuing Fund,which is a “mutual fund trust” under the Tax Act and, unlike the Terminating Fund, will not be subject toalternative minimum tax and will be able to take advantage of the capital gains refund mechanism as well asother tax benefits.

Decision

The Principal Regulator is satisfied that the decision meets the test set out in the Legislation for the Principal Regulator to makethe decision.

The decision of the Principal Regulator under the Legislation is that the Exemption Sought is granted.

‘Vera Nunes’Manager, Investment Funds BranchOntario Securities Commission


September 19, 2013 (2013), 36 OSCB 9130

2.1.2 Shanxi Donghui Coal Coking & ChemicalsGroup Co., Ltd and Inova Resources Limited

Headnote

Process for Exemptive Relief Application in MultipleJurisdictions (passport application) – relief from take-overbid requirements – take-over bid for issuer not resident inCanada that is a reporting issuer in Ontario – offeror toacquire all outstanding stock of target that it does notalready own – would be eligible for Foreign Take-over BidExemption but for shares held by a foreign companythrough a Canadian HoldCo – offer subject to laws ofAustralia – security holders in Canada to receive the sameinformation and participate on terms at least as favourableas the terms that apply to all other holders of targetsecurities


Securities Act, R.S.O. 1990, c. S.5, as am., s. 104(2)(c).

August 27, 2013



AND



AND

IN THE MATTER OFSHANXI DONGHUI COAL COKING &

CHEMICALS GROUP CO., LTD(the Filer) and

INOVA RESOURCES LIMITED

DECISION

Background

The principal regulator in the Jurisdiction has received anapplication from the Filer for a decision under the securitieslegislation of the Jurisdiction of the principal regulator (theLegislation) for exemptive relief from the requirements ofSections 93 to 99.1 of the Securities Act (Ontario) (theOntario Act) (the Take Over Bid Requirements) as theywould otherwise apply to an intended cash offer (the Offer)announced on August 21, 2013 by the Filer by way of apress release to acquire all of the issued and to be issuedordinary share capital of Inova Resources Limited (theTarget) not already owned by the Filer and its subsidiaries(the Formal Bid Exemption).

Under the Process for Exemptive Relief Applications inMultiple Jurisdictions (for a passport application):

(i) the Ontario Securities Commission is theprincipal regulator for this application;and

(ii) the Filer has provided notice that Section4.7(1) of Multilateral Instrument 11-102 –Passport System (MI 11-102) is intendedto be relied upon in British Columbia.

Interpretation

The terms defined in National Instrument 14-101 –Definitions and MI 11-102 have the same meaning if usedin this decision, unless otherwise defined herein.

Representations

This decision is based on the following facts representedby the Filer:

1. The Filer is a private corporation incorporated inChina.

2. The Filer is not a reporting issuer in any provinceor territory of Canada.

3. The shares of the Filer are not listed on any publicexchange.

4. The Filer is not in default of any requirement ofsecurities laws in British Columbia or Ontario.

5. The Target is an Australian incorporated companyhaving its registered address in Melbourne,Australia.

6. The ordinary shares of the Target (the TargetShares) are listed on the official list of ASXLimited (ASX) and the Toronto Stock Exchange(TSX) under the symbol "IVA".

7. As at August 21, 2013, the Target had anoutstanding share capital of 728,201,911 TargetShares.

8. The Target is a reporting issuer in the provinceOntario.

9. To the best of the Filer’s knowledge, the Target isnot in default of any requirement of securities lawsin British Columbia or Ontario.

10. The Offer was announced by press release onAugust 21, 2013.

11. Under the terms of the Offer, shareholders of theTarget will receive AUD$0.22 in cash for eachTarget Share that they tender to the Offer. Theoffer price represents a premium of 29% over theclosing price of AUD$0.17 per Target Share onASX on August 20, 2013, the last trading daybefore the announcement of the Offer.


September 19, 2013 (2013), 36 OSCB 9131

12. The Filer intends to publish and mail a Bidder’sStatement (the Bidder’s Statement) to all holdersof Target Shares as soon as possible. TheBidder’s Statement will be completed and mailedand the Offer will be made in compliance with thelaws of Australia, including the rules andregulations of the Australian Securities andInvestments Commission, ASX and the AustralianCorporations Act 2001 (Cth) which will include afull description of the Offer, including relevantinformation as to (i) the Filer, (ii) the Target, (iii)the background and reasons for the Offer, and (iv)the terms and conditions of the Offer.

13. The Offer is subject to a number of conditions,including regulatory approvals and a 51%minimum acceptance condition (MinimumAcceptance Condition) of Target Shares.

14. The Offer will be open for acceptance for a periodof not less than one month following the mailing ofthe Bidder’s Statement to shareholders of theTarget.

15. The Offer will be governed by Australian law andwill be subject to the jurisdiction of the Australiancourts. The Offer will be subject to legal andregulatory requirements, including the rules andregulations of the Australian Securities andInvestments Commission, ASX and the AustralianCorporations Act 2001 (Cth).

16. The Offer constitutes a "take-over bid" under thedefinition of such term in Section 89(1) of theOntario Act and Multilateral Instrument 62-104 –Take-Over Bids and Issuer Bids (MI 62-104) ascertain holders of Target Shares are resident inCanada. The Offer is therefore subject to theformal bid requirements set out in the Take OverBid Requirements, unless otherwise exempted.

17. An offeror may use the exemption prescribed bysection 100.3 of the Ontario Act and Section 4.4 ofMI 62-104 (collectively, the Foreign Take-OverBid Exemption) to be relieved from the TakeOver Bid Requirements upon satisfaction ofcertain conditions, including that security holderswhose last address as shown on the books of theofferee issuer is in Canada hold less than 10% ofthe outstanding securities of the class subject tothe bid at the commencement of the bid and theOfferor reasonably believes that security holdersin Canada beneficially own less than 10% of thesecurities of the class subject to the bid at thecommencement of the bid.

18. IAL Holdings Singapore Pte Ltd. (IAL) is thelargest shareholder of Target Shares holdingapproximately 56.2% of the issued andoutstanding Target Shares.

19. IAL is a Singapore incorporated private company.

20. IAL is not a reporting issuer in any province orterritory of Canada.

21. The shares of IAL are not listed on any publicexchange.

22. To the best of the Filer’s knowledge, IAL is not indefault of any requirement of securities law inBritish Columbia or Ontario.

23. Turquoise Hill Resources Limited (Turquoise) isthe sole shareholder of the shares of IAL.

24. Section 1(4) of the Securities Act (BritishColumbia) deems Turquoise to be the beneficialholder of the Target Shares held by IAL.

25. Turquoise is a company incorporated under thelaws of the Yukon Territory and having itsregistered address in Vancouver, Canada.

26. The common shares of Turquoise are listed onTSX, the New York Stock Exchange andNASDAQ under the symbol "TRQ".

27. Turquoise is a reporting issuer in each of theprovinces and territories.

28. To the best of the Filer’s knowledge, Turquoise isnot in default of any requirement of Canadiansecurities law.

29. Turquoise is an international mining companyfocused on copper, gold and coal mines in theAsia Pacific region. Turquoise's primary operationis its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia. Other than itsindirect shareholding in the Target, Turquoiseowns a 58% interest in Mongolian coal minerSouthGobi Resources and a 50% interest inAltynalmas Gold, a private company developingthe Kyzyl Gold Project in Kazakhstan.

30. Rio Tinto plc (Rio Tinto) is the indirect (throughwholly-owned subsidiaries) holder of 50.81% ofthe outstanding shares of Turquoise.

31. Rio Tinto is a leading international mining groupheadquartered in the UK, combining Rio Tinto plc,a London and New York Stock Exchange listedcompany, and Rio Tinto Limited, which is listed onASX.

32. Rio Tinto's business is finding, mining, andprocessing mineral resources. Major products arealuminium, copper, diamonds, thermal andmetallurgical coal, uranium, gold, industrialminerals (borax, titanium dioxide and salt) and ironore. Activities span the world and are stronglyrepresented in Australia and North America withsignificant businesses in Asia, Europe, Africa andSouth America.


September 19, 2013 (2013), 36 OSCB 9132

33. Rio Tinto is not a reporting issuer in any provinceor territory.

34. To the best of the Filer’s knowledge, Rio Tinto isnot in default of any requirement of Canadiansecurities law.

35. In response to a request made by the Filer onAugust 21, 2013, the Target advised the Filer thatthe current report from Computershare InvestorServices Inc., the transfer agent for the Target,disclosed that shareholders resident in Canada,excluding IAL, beneficially own approximately0.06% of the issued and outstanding TargetShares and represent approximately 2% of thetotal number of beneficial holders and 2.1% of thetotal number of registered holders of TargetShares.

36. To Filer's knowledge, relying upon the statementsof the Target, there are no other registered orbeneficial holders of Target Shares resident inCanada.

37. The Target Shares are thinly traded on TSX withan average monthly trading volume ofapproximately 30,500 Target Shares on TSX overthe past six month period ended on July 31, 2013.

38. During the 12 months to March, 2013,approximately 209,027 Target Shares were tradedon the TSX, representing approximately 0.03% ofthe outstanding Target Shares and 0.21% of thetotal shares traded over the same period on theASX.

39. The greatest dollar volume of trading of TargetShares in the twelve month period prior to theapplication was on the ASX and the TargetShares had an average monthly trading volume ofapproximately 13,289,096 on ASX in that period.

40. Turquoise has entered into a pre-bid acceptancedeed (the PBAD) with the Filer with respect toTarget Shares representing 14.9% of the issuedand outstanding Target Shares (Sale Shares).Under the PBAD, Turquoise has undertaken toprocure that IAL irrevocably accepts the Offer inrespect of the Sale Shares not later than fivebusiness days after the day on which the Filerdeclares or announces that (except for theMinimum Acceptance Condition) all of theconditions to the Offer have been satisfied orwaived.

41. The Offer and any amendments to the Offer willbe made in compliance with the laws of Australia,including the rules and regulations of theAustralian Securities and InvestmentsCommission, ASX and the Australian CorporationsAct 2001 (Cth).

42. Canadian holders of Target Shares will be entitledto participate in the Offer on terms at least asfavourable as the terms that apply to the generalbody of holders of Target Shares.

43. At the same time as the Bidder’s Statement andother material relating to the bid is sent by or onbehalf of the Filer to holders of Target Sharesresident in Australia, the material will be filed andsent to holders of Target Shares whose lastaddress as shown on the books of the Target is inCanada.

Decision

The principal regulator is satisfied that the decision meetsthe test set out in the Legislation for the principal regulatorto make the decision.

The decision of the principal regulator under the Legislationis that the Formal Bid Exemption is granted provided that:

(i) the Offer and any amendments to theOffer are made in compliance with thelaws of Australia, including the rules andregulations of the Australian Securitiesand Investments Commission, ASX andthe Australian Corporations Act 2001(Cth); and

(ii) Canadian holders of Target Shares areentitled to participate in the Offer onterms at least as favourable as the termsthat apply to the general body of holdersof Target Shares; and

(iii) at the same time as the Bidder’sStatement and other material relating tothe bid is sent by or on behalf of the Filerto holders of Target Shares resident inAustralia, the material is filed and sent toholders of Target Shares whose lastaddress as shown on the books of theTarget is in Canada.

“Christopher Portner”CommissionerOntario Securities Commission

“James Turner”Vice-ChairOntario Securities Commission


September 19, 2013 (2013), 36 OSCB 9133

2.1.3 Invesco Canada Ltd.

Headnote

National Policy 11-203 Process for Exemptive ReliefApplications in Multiple Jurisdictions – relief from certainspecified derivatives and custodial requirements to permitmutual funds to enter into swap transactions that arecleared through a clearing corporation – relief requiredbecause of new U.S. requirements to clear over-the-counter derivatives including swaps – decision treatscleared swaps similar to other cleared derivatives –National Instrument 81-102 Mutual Funds.


National Instrument 81-102 Mutual Funds, ss. 2.7(1) and(4), 6.8(1), 19.1.

July 25, 2013



AND



AND

IN THE MATTER OFINVESCO CANADA LTD.

(the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received anapplication from the Filer for a decision under the securitieslegislation of the Jurisdiction of the principal regulator (theLegislation), pursuant to section 19.1 of NationalInstrument 81-102 Mutual Funds (NI 81-102), exemptingeach Existing Invesco Fund (as defined below) and allcurrent and future mutual funds managed by the Filer thatenter into Swaps (as defined below) in the future (each, aFuture Invesco Fund and, together with the ExistingInvesco Funds, each, an Invesco Fund and, collectively,the Invesco Funds):

(i) from the requirement in subsection 2.7(1) of NI 81-102 that a mutual fund must not purchase anoption or a debt-like security or enter into a swapor a forward contract unless, at the time of thetransaction, the option, debt-like security, swap orcontract has a designated rating or the equivalentdebt of the counterparty, or of a person orcompany that has fully and unconditionallyguaranteed the obligations of the counterparty in

respect of the option, debt-like security, swap orcontract, has a designated rating;

(ii) from the limitation in subsection 2.7(4) of NI 81-102 that the mark-to-market value of the exposureof a mutual fund under its specified derivativespositions with any one counterparty other than anacceptable clearing corporation or a clearingcorporation that settles transactions made on afutures exchange listed in Appendix A to NI 81-102 shall not exceed, for a period of 30 days ormore, 10 percent of the net asset value of themutual fund; and

(iii) from the requirement in subsection 6.1(1) of NI 81-102 to hold all portfolio assets of a mutual fundunder the custodianship of one custodian in orderto permit each Invesco Fund to deposit cash andother portfolio assets directly with a FuturesCommission Merchant (as defined below) andindirectly with a Clearing Corporation (as definedbelow) as margin,

in each case, with respect to cleared Swaps (theRequested Relief).

Under the Process for Exemptive Relief Applications inMultiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principalregulator for this application; and

(b) the Filer has provided notice that subsection4.7(1) of Multilateral Instrument 11-102 PassportSystem (MI 11-102) is intended to be relied uponin each of the other provinces and territories ofCanada (the Other Jurisdictions).

Interpretation

Terms defined in NI 81-102, National Instrument 14-101Definitions, and MI 11-102 have the same meaning if usedin this decision, unless otherwise defined. Capitalizedterms used in this decision have the following meanings:

“CFTC” means the U.S. Commodity Futures TradingCommission

“Clearing Corporation” means any of the ChicagoMercantile Exchange Inc., ICE Clear Credit LLC,LCH.Clearnet Limited and any other clearing organizationthat is permitted to operate in the Jurisdiction or the OtherJurisdiction, as the case may be, where the Invesco Fundis located

“Dodd-Frank” means the Dodd-Frank Wall Street Reformand Consumer Protection Act

“Existing Invesco Funds” means any of Trimark IncomeGrowth Fund, Trimark Select Balanced Fund, TrimarkGlobal Balanced Fund, Invesco Canadian Balanced Fund,Trimark Global Balanced Class, Trimark Diversified IncomeClass, Trimark Canadian Plus Dividend Class, Invesco


September 19, 2013 (2013), 36 OSCB 9134

Emerging Markets Debt Fund, Trimark Advantage BondFund, Trimark Canadian Bond Fund, Trimark Global HighYield Bond Fund, Trimark Floating Rate Income Fund,Trimark Diversified Yield Class, Invesco IntactiveDiversified Income Portfolio, Invesco Intactive BalancedIncome Portfolio, Invesco Intactive Balanced GrowthPortfolio, Invesco Intactive Growth Portfolio, InvescoIntactive Maximum Growth Portfolio, Invesco IntactiveStrategic Yield Portfolio, Invesco Intactive 2023 Portfolio,Invesco Intactive 2028 Portfolio, Invesco Intactive 2033Portfolio, Invesco Intactive 2038 Portfolio, PowersharesTactical Canadian Asset Allocation Fund, PowersharesGlobal Agriculture Class, Powershares Global Gold AndPrecious Metals Class, Powershares Global Water Class,Powershares Global Clean Energy Class, PowersharesGolden Dragon China Class, Powershares FTSE RAFIEmerging Markets Fundamental Class, Powershares IndiaClass, Powershares FTSE RAFI U.S. Fundamental Fund,Powershares Global Dividend Achievers Fund,Powershares FTSE RAFI Global+ Fundamental Fund,Powershares High Yield Corporate Bond Index Fund,Powershares Tactical Bond Fund, Trimark Fund, TrimarkGlobal Fundamental Equity Fund, Trimark GlobalEndeavour Fund, Trimark International Companies Fund,Trimark Global Fundamental Equity Class, Trimark GlobalEndeavour Class, Trimark International Companies Class,Trimark Global Dividend Class, Invesco Core CanadianBalanced Class, Trimark U.S. Companies Class, InvescoIntactive Strategic Capital Yield Portfolio Class,Powershares Tactical Bond Capital Yield Class, InvescoBalanced Risk Allocation Pool, PowerShares FundamentalHigh Yield Corporate Bond (CAD Hedged) Index ETF,PowerShares QQQ (CAD Hedged) Index ETF,PowerShares Senior Loan (CAD Hedged) Index ETF,PowerShares S&P 500 Low Volatility (CAD Hedged) IndexETF, PowerShares FTSE RAFI US Fundamental (CADHedged) Index ETF, PowerShares S&P 500 High Beta(CAD Hedged) Index ETF, PowerShares Tactical BondETF

“Futures Commission Merchant” means any futurescommission merchant that is registered with the CFTC andis a member of a Clearing Corporation

“Invesco” means the global Invesco group of companies,including the Filer, Invesco Advisers, Inc., Invesco AssetManagement Limited, Invesco Global Strategies and theiraffiliates

“OTC” means over-the-counter

“Swaps” means the swaps that are, or will become,subject to a clearing determination issued by the CFTC,including fixed-to-floating interest rate swaps, basis swaps,forward rate agreements in U.S. dollars, the Euro, PoundsSterling or the Japanese Yen, overnight index swaps inU.S. dollars, the Euro and Pounds Sterling and untranchedcredit default swaps on certain North American indices(CDX.NA.IG and CDX.NA.HY) and European indices(iTraxx Europe, iTraxx Europe Crossover and iTraxxEurope HiVol) at various tenors

“U.S. Person” has the meaning attributed thereto by theCFTC

Representations


1. The Filer is, or will be, the investment fundmanager of each Invesco Fund. The Filer isregistered as an investment fund manager in eachof the Provinces of Ontario, Québec andNewfoundland and Labrador and as a portfoliomanager and an exempt market dealer in eachprovince of Canada. The Filer is also registered asa mutual fund dealer and commodity tradingmanager in the Province of Ontario. The headoffice of the Filer is in Toronto, Ontario.

2. The Filer is, or will be, the portfolio manager to theInvesco Funds. An affiliate of the Filer may be thesub-advisor to certain of the Invesco Funds.

3. Each Invesco Fund is, or will be, a mutual fundcreated under the laws of the Province of Ontarioand is, or will be, subject to the provisions of NI81-102.

4. Neither the Filer nor the Invesco Funds are, or willbe, in default of securities legislation in anyJurisdiction.

5. The securities of each Invesco Fund are, or willbe, qualified for distribution pursuant to aprospectus that was, or will be, prepared and filedin accordance with the securities legislation of theJurisdictions. Accordingly, each Invesco Fund is,or will be, a reporting issuer or the equivalent ineach Jurisdiction.

6. The investment objective and investmentstrategies of each Invesco Fund permit, or willpermit, the Invesco Fund to enter into derivativetransactions, including Swaps. Each of theportfolio management teams for the ExistingInvesco Funds considers Swaps to be animportant investment tool that is available to it toproperly manage each Existing Invesco Fund’sportfolio. The Existing Invesco Funds currentlyenter into some Swaps and the use of Swaps mayincrease in the future.

7. Dodd-Frank requires that certain OTC derivativesbe cleared through a Futures CommissionMerchant at a Clearing Corporation. Generally,where one party to a Swap is a U.S. Person andthe other party to the Swap is a mutual fund, suchas an Invesco Fund, that Swap must be cleared,absent an available exception, beginning on June10, 2013. With respect to entities such as theInvesco Funds, the compliance date for theclearing of iTraxx CDS indices is July 25, 2013.


September 19, 2013 (2013), 36 OSCB 9135

8. Currently, the Existing Invesco Funds may enterinto Swaps on an OTC basis with a number ofCanadian, U.S. and other internationalcounterparties. These OTC Swaps are enteredinto in compliance with the derivative provisions ofNI 81-102.

9. In order to benefit from both the pricing benefitsand reduced trading costs that Invesco may beable to achieve through its trade executionpractices for its managed investments funds andfrom the reduced costs associated with clearedOTC derivatives as compared to other OTCtrades, the Filer wishes to have the Invesco Fundsenter into cleared Swaps.

10. In the absence of the Requested Relief, Invescowill need to structure the Swaps entered into bythe Invesco Funds so as to avoid the clearingrequirements of the CFTC. The Filer respectfullysubmits that this would not be in the best interestsof the Invesco Funds and their investors for anumber of reasons, as set out below.

11. The Filer strongly believes that it is in the bestinterests of the Invesco Funds and their investorsto be able to execute OTC derivatives with U.S.Persons, including U.S. swap dealers.

12. In its role as a fiduciary for the Invesco Funds, theFiler has determined that central clearingrepresents the best choice for the investors in theInvesco Funds to mitigate the legal, operationaland back office risks faced by investors in theglobal swap markets.

13. Invesco currently uses the same trade executionpractices for all of its managed funds, includingthe Invesco Funds. After June 10, 2013, thesepractices will include the use of cleared Swaps ifsuch trades are executed with a U.S. swap dealer.If the Invesco Funds are unable to employ thesetrade execution practices, then Invesco will haveto create separate trade execution practices onlyfor the Invesco Funds. This will increase theoperational risk for the Invesco Funds, asseparate procedures will need to be establishedand followed only for the Invesco Funds. Inaddition, the Invesco Funds will no longer be ableto enjoy the possible price benefits and reductionin trading costs that Invesco may be able toachieve through a common practice for itsmanaged funds. In the Filer’s opinion, bestexecution and maximum certainty can best beachieved through common trade executionpractices, which, in the case of OTC derivatives,involve the execution of Swaps on a clearedbasis.

14. As a member of the G20 and a participant in theSeptember 2009 commitment of G20 nations toimprove transparency and mitigate risk inderivatives markets, Canada has expressly

recognized the systemic benefits that clearingOTC derivatives offers to market participants,such as the Invesco Funds. The Filer respectfullysubmits that the Invesco Funds should beencouraged to comply with the robust clearingrequirements established by the CFTC by grantingthem the Requested Relief.

15. The Requested Relief is analogous to thetreatment currently afforded under NI 81-102 toother types of derivatives that are cleared, such asclearing corporation options, options on futuresand standardized futures. This demonstrates that,from a policy perspective, the Requested Relief isconsistent with the views of the Canadiansecurities authorities in respect of clearedderivative trades.

16. For the reasons provided above, the Filer submitsthat it would not be prejudicial to the publicinterest to grant the Requested Relief.

Decision

The principal regulator is satisfied that the decision meetsthe test set out in the Legislation for the principal regulatorto make the decision.

The decision of the principal regulator under the Legislationis that the Requested Relief is granted provided that, inrespect of the deposit of cash and portfolio assets asmargin:

(a) in Canada,

(i) the Futures Commission Merchant is amember of a SRO that is a participatingmember of CIPF; and

(ii) the amount of margin deposited andmaintained with the Futures CommissionMerchant does not, when aggregatedwith the amount of margin already heldby the Futures Commission Merchant,exceed 10 percent of the net asset valueof the Invesco Fund as at the time ofdeposit; and

(b) outside of Canada,

(i) the Futures Commission Merchant is amember of a Clearing Corporation and,as a result, is subject to a regulatoryaudit;

(ii) the Futures Commission Merchant has anet worth, determined from its mostrecent audited financial statements thathave been made public or from otherpublicly available financial information, inexcess of the equivalent of $50 million;and


September 19, 2013 (2013), 36 OSCB 9136

(iii) the amount of margin deposited andmaintained with the Futures CommissionMerchant does not, when aggregatedwith the amount of margin already heldby the Futures Commission Merchant,exceed 10 percent of the net asset valueof the Invesco Fund as at the time ofdeposit.

This decision will terminate on the earlier of (i) the cominginto force of any revisions to the provisions of NI 81-102that address the clearing of OTC derivatives, and (ii) twoyears from the date of this decision.

"Darren McKall"Manager, Investment Funds BranchOntario Securities Commission

2.1.4 Afren plc

Headnote

National Policy 11-203 – Process for Exemptive ReliefApplications in Multiple Jurisdictions – Application by U.K.issuer for a decision that it is not a reporting issuer – Theissuer has de minimis market presence in Canada –Residents of Canada do not beneficially own more than 2%of each class or series of outstanding securities of theissuer worldwide and do not comprise more than 2% of thetotal number of securityholders of the issuer worldwide –The issuer’s securities are not listed on any Canadian stockexchange or publicly traded on a marketplace in Canada –The issuer has no current intention to distribute anysecurities to the public or to be listed on any Canadianstock exchange or publicly traded on a marketplace inCanada – All of the issuer’s security holders resident inCanada will receive the same continuous disclosuredocuments required by England and Wales securities lawsto be so delivered – the issuer issued a press releaseannouncing that it had applied for a decision to be releasedfrom public company reporting obligations in Canada.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10).

September 13, 2013


ONTARIO, ALBERTA, BRITISH COLUMBIAAND SASKATCHEWAN

(the Jurisdictions)

AND



AND

IN THE MATTER OFAFREN PLC

(the Filer)

DECISION

Background

The securities regulatory authority or regulator in each ofthe Jurisdictions (the Decision Maker) has received anapplication (the Application) from the Filer for a decisionunder the securities legislation of the Jurisdictions (theLegislation) that the Filer is not a reporting issuer (theExemptive Relief Sought).

Under the Process for Exemptive Relief Applications inMultiple Jurisdictions (for a coordinated review application):


September 19, 2013 (2013), 36 OSCB 9137

(a) the Ontario Securities Commission is the principalregulator for this application; and

(b) this decision is the decision of the principalregulator and evidences the decision of eachother Decision Maker.

Interpretation

Terms defined in National Instrument 14-101 Definitionshave the same meaning if used in this decision, unlessotherwise defined.

Representations


1. The Filer is a corporation that was formed underthe laws of England and Wales on December 3,2004. The Filer’s registered and head office islocated at Kinnaird House, 1 Pall Mall East,London, England, SW1Y 5AU.

2. The Filer is an independent upstream oil and gasexploration and production company and has aportfolio of 28 assets across 12 countries. TheFiler does not have any operations in Canada.

3. The Filer is a reporting issuer in each of theJurisdictions and is not in default of securitieslegislation in any of the Jurisdictions.

4. The Filer became a reporting issuer in theJurisdictions under the Legislation following itsacquisition, pursuant to a scheme of arrangementunder the laws of the British Virgin Islands (theArrangement), of Black Marlin Energy HoldingsLimited (Black Marlin), a corporation which, at thetime of the Arrangement, was a reporting issuer ineach of the Jurisdictions, on October 7, 2010.

5. Under the Arrangement, the Filer acquired all ofthe issued and outstanding common shares ofBlack Marlin. Under the terms of the Arrangement,each Black Marlin shareholder received 0.3647 ofan ordinary share of the Filer for each commonshare of Black Marlin held. Upon completion of theArrangement, Black Marlin became a wholly-owned subsidiary of the Filer.

6. The authorized share capital of the Filer as ofJune 14, 2013 consisted of 1,200 million ordinaryshares of 1 pence each. As of June 14, 2013,there were 1,089,441,697 ordinary shares issuedand outstanding.

7. The Filer’s securities are listed and posted fortrading on a major foreign exchange, being theLondon Stock Exchange. The Filer is not in defaultof any of the requirements of the London StockExchange.

8. None of the Filer’s securities are or have beenlisted, traded or quoted on a marketplace inCanada as defined in National Instrument 21-101– Marketplace Operation and the Filer does notintend to have its securities listed, traded orquoted on such a marketplace in Canada.

9. The Filer is a “designated foreign issuer” underNational Instrument 71-102 – ContinuousDisclosure and Other Exemptions Relating toForeign Issuers.

10. In support of the representations set forth inparagraph 12 below concerning the percentage ofoutstanding securities and the total number ofsecurity holders in Canada, the Filer sought andobtained information from the Filer’s registrar,Computershare Investor Services PLC (theRegistrar). The Filer directed the Registrar toundertake a thorough and diligent examination ofits share register for the purposes of determiningthe number, holdings, identity and geographiclocation of the holders of its outstanding ordinaryshares. The Filer believes that these inquirieswere reasonable, given that its share register andthe Registrar are the only official sources ofinformation on the Filer’s security holders.

11. Based on the Filer’s diligent inquiries describedabove and information provided by the Registrar,as of June 14, 2013, the Filer had 1,089,441,697ordinary shares outstanding, of which only 66,010shares were held by four registered shareholderswith registered addresses in Canada, representingless than 0.01% of the total number of ordinaryshares issued and outstanding on June 14, 2013.

12. Accordingly, based solely on the foregoing, as ofJune 14, 2013, residents of Canada:

(a) do not directly or indirectly beneficiallyown more than 2% of each class orseries of the outstanding securities(including debt securities) of the Filerworldwide; and

(b) do not directly or indirectly comprisemore than 2% of the total number ofsecurityholders of the Filer worldwide.

13. The Filer is unable to rely on the simplifiedprocedure set out in CSA Notice 12-307 in orderto apply for the relief sought because the Filer’ssecurities are traded on the London StockExchange, the Filer is a reporting issuer in BritishColumbia and it has more than 51 security holdersin total worldwide. The Filer does not qualify touse the procedures in BC Instrument 11-502 –Voluntary Surrender of Reporting Issuer Status tocease to be a reporting issuer in British Columbiabecause it has more than 51 securityholders andits securities are traded on the London StockExchange.


September 19, 2013 (2013), 36 OSCB 9138

No Canadian capital markets activity

14. The Filer has no current intention to seek publicfinancing by way of an offering of securities in anyjurisdiction in Canada.

15. In the 12 months prior to the date of theApplication, the Filer has not taken any steps thatindicate there is a market for its securities inCanada and, in particular, has not conducted aprospectus offering in Canada nor has itestablished or maintained a listing on a Canadianmarketplace or exchange.

No prejudice to Canadian investors

16. The Filer is subject to all applicable corporaterequirements of a corporation formed underEngland and Wales law and the applicable rulesof the London Stock Exchange, which is a majorforeign exchange. The Filer is not in default of anyof the requirements of England and Wales lawapplicable to it.

17. On the date of the Application, the Filer issuedand filed a press release announcing that it hassubmitted an application to the Decision Makersfor a decision that is not a reporting issuer in theJurisdictions and, if that decision is granted, theFiler will no longer be a reporting issuer or theequivalent in any jurisdiction in Canada.

18. The Filer hereby undertakes in favour of thesecurities regulatory authorities of the Jurisdictionsthat it will deliver to its securityholders resident inCanada, in the same manner and at the sametime as delivered to its securityholders resident inEngland and Wales, all disclosure materialrequired by England and Wales securities laws tobe so delivered.

Decision

Each of the Decision Makers is satisfied that the decisionmeets the test set out in the Legislation for the DecisionMaker to make the decision.

The decision of the Decision Makers under the Legislationis that the Exemptive Relief Sought is granted.

“Edward P. Kerwin”Ontario Securities Commission

“Sarah B. Kavanagh”Ontario Securities Commission

2.1.5 Pan American Fertilizer (Canada) Corp.

Headnote

National Policy 11-203 Process for Exemptive ReliefApplications in Multiple Jurisdictions – application for anorder that the issuer is not a reporting issuer underapplicable securities laws – one beneficial securityholder inBritish Columbia – requested relief granted – section1(10)(a)(ii) of the Securities Act (Ontario).


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii).CSA Staff Notice 12-307 Applications for a Decision that an

Issuer is not a Reporting Issuer.

September 13, 2013


ONTARIO AND ALBERTA (the Jurisdictions)R.S.O. 1990, CHAPTER S.5, AS AMENDED

AND


APPLICATIONS IN MULTIPLE JURIDICTIONS

AND

IN THE MATTER OFPAN AMERICAN FERTILIZER (CANADA) CORP.

(THE FILER)

DECISION

Background

The securities regulatory authority or regulator in each ofthe Jurisdictions (Decision Maker) has received anapplication from the Filer under the securities legislation ofthe Jurisdictions (the Legislation) for an order that the Filerhas ceased to be a reporting issuer in the Jurisdictions (theRequested Relief).

Under the Process for Exemptive Relief Applications inMultiple Jurisdictions (for a coordinated review application):

(a) the Ontario Securities Commission is the principalregulator for this application, and

(b) the decision is the decision of the principalregulator and evidences the decision of the otherDecision Maker.

Interpretation

Terms defined in National Instrument 14-101 Definitionsand Multilateral Instrument 11-102 have the same meaningif used in this decision, unless otherwise defined.


September 19, 2013 (2013), 36 OSCB 9139

In this application, “securityholder” means, for a security,the beneficial owner of the security.

Representations


1. The Filer was organized under the BusinessCorporations Act (British Columbia) on August 2,2013, as a result of a three way amalgamation(the Amalgamation). The Filer became areporting issuer through the completion of theAmalgamation. The Filer’s head office is located atSuite 601-570 Granville Street, Vancouver, BritishColumbia.

2. The Filer has provided the notice contemplated byBritish Columbia Instrument 11-502 VoluntarySurrender of Reporting Issuer Status to the BritishColumbia Securities Commission (BCSC). TheFiler received confirmation from the BCSC that ithas ceased to be a reporting issuer in BritishColumbia effective August 30, 2013.

3. The outstanding securities of the Filer, includingdebt securities, are beneficially owned, directly orindirectly, by fewer than 15 securityholders ineach of the jurisdictions of Canada and fewer than51 securityholders in total worldwide.

4. No securities of the Filer including any debtsecurities have ever traded in the past or aretraded in Canada or another country on amarketplace as defined in National Instrument 21-101 – Marketplace Operation or any other facilityfor bringing together buyers and sellers ofsecurities where trading data is publicly reported.

5. The Filer has no current intention to seek publicfinancing by way of an offering of securities.

6. The Filer is applying for a decision that it is not areporting issuer in all of the Jurisdictions.

7. The Filer is not in default of any of its obligationsunder the Legislation as a reporting issuer, otherthan an obligation to file on or before August 29,2013 its interim financial statements and itsmanagement discussion and analysis in respect ofsuch statements for the three month period endedJune 30, 2013, as required under National Instru-ment 51-102 – Continuous Disclosure Obligationsand the related certificates as required underNational Instrument 52-109 – Certification ofDisclosure in Issuers’ Annual and Interim Filings.

8. The Filer is not eligible to rely on the simplifiedprocedure under CSA Staff Notice 12-307 –Applications for a Decision that an Issuer is not aReporting Issuer is no longer available to the Filerbecause it is in default of certain filing obligations

under the Legislation as described in paragraph 7above.

9. The Filer will not be a reporting issuer or the equi-valent in any jurisdiction in Canada immediatelyfollowing the granting of the Requested Relief.

10. There is no prejudice to any person in Alberta orOntario in the grant of this application.

Decision

Each of the Decision Makers is satisfied that the decisionmeets the test set out in the Legislation for the DecisionMaker to make the decision.

The decision of the Decision Makers under the Legislationis that the Requested Relief is granted.

Dated this 13th day of September, 2013.

“Edward P. Kerwin”CommissionerOntario Securities Commission

“Susan B. Kavanagh”CommissionerOntario Securities Commission


September 19, 2013 (2013), 36 OSCB 9140

2.2 Orders

2.2.1 Azimuth Resources Limited – s. 1(10)(a)(ii)

Headnote

Application for an order that the issuer is not a reportingissuer under applicable securities laws – requested reliefgranted.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 1(10)(a)(ii).

September 10, 2013

Azimuth Resources Limited510A Hay Street Subiaco, WA 6008 Australia

Dear Sirs/Mesdames:

Re: Azimuth Resources Limited (the Applicant) –application for an order under subclause1(10)(a)(ii) of the Securities Act (Ontario) (theAct) that the Applicant is not a reporting issuer

The Applicant has applied to the Ontario SecuritiesCommission for an order under subclause 1(10)(a)(ii) of theAct that the Applicant is not a reporting issuer.

In this order, "securityholder" means, for a security, thebeneficial owner of the security.

The Applicant has represented to the Commission that:

(a) the outstanding securities of the Appli-cant, including debt securities, are bene-ficially owned, directly or indirectly, byfewer than 15 securityholders in Ontarioand fewer than 51 securityholders in totalworldwide;

(b) no securities of the Applicant, includingdebt securities, are traded in Canada oranother country on a marketplace asdefined in National Instrument 21-101Marketplace Operation or any otherfacility for bringing together buyers andsellers of securities where trading data ispublicly reported;

(c) the Applicant is not in default of any of itsobligations under the Legislation as areporting issuer; and

(d) the Applicant will not be a reportingissuer in any jurisdiction of Canadaimmediately following the Directorgranting the relief requested.

The Director is satisfied that it would not be prejudicial tothe public interest to grant the requested relief and ordersthat the Applicant is not a reporting issuer.

“Kathryn Daniels”Deputy Director, Corporate FinanceOntario Securities Commission


September 19, 2013 (2013), 36 OSCB 9141

2.2.2 David Charles Phillips and John RussellWilson – Rule 3 of the OSC Rules of Procedure



AND

IN THE MATTER OFDAVID CHARLES PHILLIPS and

JOHN RUSSELL WILSON

ORDER(Rule 3 of the Ontario Securities Commission’sRules of Procedure (2012), 35 O.S.C.B. 10071)

WHEREAS on June 4, 2012, the OntarioSecurities Commission (the “Commission”) issued aNotice of Hearing in relation to a Statement of Allegationsfiled by Staff of the Commission (“Staff”) against DavidCharles Phillips (“Phillips”) and John Russell Wilson(“Wilson”) (together, the “Respondents”);

AND WHEREAS pursuant to the Notice ofHearing an attendance in this matter was held on June 25,2012 at which time the Commission adjourned the matterto Tuesday, August 28, 2012;

AND WHEREAS on August 28, 2012, theCommission ordered that the hearing on the merits shallcommence on February 11, 2013 and continue, ifnecessary, until March 6, 2013, except for February 12, 18and 26, 2013;

AND WHEREAS at a Pre-Hearing Conferenceheld on October 12, 2012, the Commission heardsubmissions from Staff and from counsel for theRespondents;

AND WHEREAS counsel for the Respondentsadvised that the Respondents would bring a motion forfurther disclosure from Staff (the “Disclosure Motion”)pursuant to Rule 4.3 of the Commission’s Rules ofProcedure (2012), 35 O.S.C.B. 10071 (the “Rules”) andmight bring a motion for adjournment of the hearing on themerits pursuant to Rule 9 of the Rules (the “AdjournmentMotion”);

AND WHEREAS the Disclosure Motion was heardon November 26, 2012 and the Reasons and Decision onthe Motion were issued on November 30, 2012;

AND WHEREAS on January 23, 2013, theRespondents sought an adjournment of the hearing on themerits pursuant to Rule 9 of the Rules, and Staff consentedto the request;

AND WHEREAS on January 25, 2013, theCommission granted the request and ordered that thehearing on the merits would commence on Monday, June3, 2013 and continue, if necessary, until June 25, 2013,

except for June 4 and June 18, 2013 (the “MeritsHearing”);

AND WHEREAS on April 25, 2013, Staff filed anAmended Statement of Allegations in the matter;

AND WHEREAS the Merits Hearing commencedon June 5, 2013 and continued on June 6, 7, 10, 11, 12,13, 17, 19, 20 and 24, 2013;

AND WHEREAS on June 24, 2013, following thecompletion of the evidence phase of the Merits Hearing,Staff and the Respondents (the “Parties”) agreed and theCommission ordered that closing arguments would beheard on September 9, 2013;

AND WHEREAS Staff filed and served its writtensubmissions on August 2, 2013, the Respondents’ writtensubmissions are to be filed and served by August 21, 2013,and Staff’s written reply submissions are to be filed andserved by August 29, 2013;

AND WHEREAS on August 6, 2013, theRespondents filed and served a Notice of Motion, seekingleave to tender new evidence (“New Evidence”) in theMerits Hearing in the form of the affidavit of Dr. DouglasHyatt (“Hyatt”), sworn July 30, 2013 (the “Hyatt Affidavit”)with respect to a meeting of the Independent Committee ofthe Board of Directors of First Leaside Wealth ManagementInc. (“FLWM”) on November 13, 2011 (the “November 13,2011 Meeting”), and the unredacted minutes of thatmeeting, or, in the alternative, leave to recall Hyatt toprovide oral evidence in the Merits Hearing, and suchfurther and other relief as to the Commission may seemjust (the “Motion”);

AND WHEREAS the Respondents submitted thatthere is no suggestion that the admission of the NewEvidence would require calling or recalling furtherwitnesses to respond to or to contest the New Evidence;

AND WHEREAS the Respondents’ Motion Recordincluded the Hyatt Affidavit and the affidavit of ClarkeTedesco, sworn August 6, 2013;

AND WHEREAS the Respondents requested thatthe Motion be heard in writing, pursuant to Rules 3.3 and11.4 of the Rules, or, if the Commission directs that theMotion proceed by way of an oral hearing, on a date to beset by the Commission;

AND WHEREAS on August 8, 2013, in responseto the Motion, Staff filed and served a Memorandum of Factand Law, a Brief of Authorities, the affidavit of StephanieCollins, sworn August 8, 2013, and the affidavit of SharonNicolaides, sworn August 9, 2013;

AND WHEREAS Staff submitted that the Motionshould be dismissed, and, in the event the Motion isallowed, that the evidence should be in the form of theHyatt Affidavit only and the Respondents should not bepermitted to recall Hyatt to give oral evidence, and that theHyatt Affidavit should be given very little weight;


September 19, 2013 (2013), 36 OSCB 9142

AND WHEREAS on August 14, 2013, theRespondents filed and served a Reply Memorandum ofFact and Law, a Brief of Authorities, and a SupplementalMotion Record, including the affidavit of Clarke Tedesco,sworn August 14, 2013;

AND WHEREAS on August 16, 2013, havingconsidered the written materials filed by the Parties, theCommission ordered that it would hear the Parties’ oralsubmissions concerning the Motion on September 9, 2013,the date previously set aside for closing argument in theMerits Hearing, and that the Parties’ closing arguments inthe Merits Hearing would be adjourned to a date to beagreed by the Parties and fixed by the Office of theSecretary;

AND WHEREAS on September 9, 2013, theCommission heard the Parties’ oral submissions in respectof the Motion, and in particular with respect to: (i) whetherthe New Evidence is relevant; (ii) whether the NewEvidence could have been obtained earlier with reasonablediligence; and (iii) whether, if the New Evidence isadmitted, it would be necessary or appropriate to recallHyatt or Peter Dunne (“Dunne”), former counsel to FLWM,to give further oral evidence;

AND WHEREAS, having considered the Parties’written and oral submissions, we have determined that: (i)the New Evidence may be relevant to the issues in dispute,although it would be premature, at this time, to determinewhat weight, if any, it should be given; (ii) the NewEvidence could not have been obtained earlier withreasonable diligence, considering, amongst other factors,that neither the Respondents nor Staff had access to theunredacted minutes of the November 13, 2011 Meetinguntil July 24, 2013; and (iii) it is not necessary orappropriate, in the circumstances of this case, for Hyatt orDunne to be recalled to give further oral evidence;

AND WHEREAS we have determined thatadmitting the New Evidence, on the basis set out above,will not prejudice Staff or disrupt the orderly conduct of theMerits Hearing;

AND WHEREAS on September 9, 2013, after theCommission’s oral ruling on the Motion, the Commissionheard the Parties’ submissions on the timeline for theRespondents’ written closing submissions and Staff’swritten reply submissions, and the date for oral closingsubmissions in the Merits Hearing;

AND WHEREAS the Commission is of the opinionthat it is in the public interest to make this order;

IT IS ORDERED THAT:

1. the Motion is allowed, and the HyattAffidavit is admitted into evidence in theMerits Hearing;

2. the Respondents shall file and servewritten closing submissions in the Merits

Hearing by noon on Monday, September16, 2013;

3. Staff shall file and serve written replysubmissions, if any, in the Merits Hearingby noon on Friday, September 20, 2013;and

4. the hearing of the Parties’ closingarguments in the Merits Hearing will takeplace on Wednesday, September 25,2013, at 10:00 a.m., or such other dateand time as is agreed by the Parties andfixed by the Office of the Secretary.

DATED at Toronto this 9th day of September,2013.

“Edward P. Kerwin”

“C. Wesley M. Scott”


September 19, 2013 (2013), 36 OSCB 9143

2.2.3 Jowdat Waheed and Bruce Walter



AND

IN THE MATTER OFJOWDAT WAHEED AND BRUCE WALTER

ORDER

WHEREAS on the first day of the hearing on themerits in this matter (the “Merits Hearing”), a joint hearingbrief filed by the parties (“Joint Hearing Brief”) was markedby the Panel as Exhibit 1 for identification on theunderstanding that the parties would work together toproduce a condensed Joint Hearing Brief at the conclusionof the Merits Hearing, which was to contain only thosedocuments in the Joint Hearing Brief that were referred toduring the course of the Merits Hearing (the “CondensedJoint Hearing Brief”);

AND WHEREAS, following closing submissions inthe Merits Hearing, the parties requested the assistance ofthe Panel in determining whether certain documents shouldbe included in the Condensed Joint Hearing Brief;

AND WHEREAS a hearing was held onSeptember 5, 2013 to consider the following twooutstanding issues with respect to the record (the “MotionHearing”):

1. Whether 31 documents in the JointHearing Brief and identified as JointHearing Brief tab (“JHB”) 457, JHB 1806-D, JHB 1957, JHB 2379, JHB 1263, JHB1726, JHB 1729, JHB 67, JHB 180, JHB190, JHB 216, JHB 2344, JHB 2360, JHB2551-F, JHB 2551-G, JHB 2551-I, JHB108, JHB 109, JHB 111, JHB 125, JHB127, JHB 211, JHB 378, JHB 1697, JHB1556, JHB 1545, JHB 1596, JHB 1808,JHB 1769, JHB 2428 and JHB 1868(collectively, the “31 Documents”), formpart of the record in this matter; and

2. Whether the Panel should accept arevised version of the Respondents’ JointSummary of Facts and Evidence filed onAugust 2, 2013, after the completion ofclosing submissions;

AND WHEREAS at the Motion Hearing, the Panelwas also asked to consider whether two additionaldocuments, which were identified as JHB 767 and JHB2337, should be included in the Condensed Joint HearingBrief (the “Two Additional Contested Documents”);

AND UPON reviewing the materials filed by theparties and considering the submissions of the parties;

IT IS ORDERED that:

1. The 31 Documents, which were properlyin evidence at the Merits Hearing, shallbe included in the Condensed JointHearing Brief;

2. The respondents Jowdat Waheed andBruce Walter are granted leave to file therevised Respondents’ Joint Summary ofFacts and Evidence;

3. The Two Additional ContestedDocuments, which were not properly inevidence at the Merits Hearing, shall notbe included in the condensed JointHearing Brief;

4. The parties shall file a revised index tothe Condensed Joint Hearing Brief, whichreflects our rulings in paragraphs (1) and(3) above; and

5. Staff shall file revised versions of itsWritten Closing Submissions, which shallnot make reference to documents thatthe Panel has ruled are not in evidence.


“Christopher Portner”

“Paulette L. Kennedy”

“Sarah B. Kavanagh”


September 19, 2013 (2013), 36 OSCB 9144

2.2.4 Heritage Education Funds Inc.



AND

IN THE MATTER OFHERITAGE EDUCATION FUNDS INC.

ORDER

WHEREAS on August 13, 2012, the OntarioSecurities Commission (the “Commission”) orderedpursuant to subsections 127(1) and (5) of the SecuritiesAct, R.S.O. 1990, c. S.5 as amended (the “Act”), with theconsent of Heritage Education Funds Inc. (“HEFI”), that theterms and conditions set out in Schedule “A” to theCommission order (the “Terms and Conditions”) beimposed on HEFI (the “Temporary Order”);

AND WHEREAS on August 21, 2012, theCommission extended the Temporary Order untilNovember 23, 2012;

AND WHEREAS the Terms and Conditionsrequired HEFI to retain a consultant (the “Consultant”) toprepare and assist HEFI in implementing plans tostrengthen their compliance systems, and to retain amonitor (the “Monitor”) to review applications of NewClients and contact New Clients as defined and set out inthe Terms and Conditions;

AND WHEREAS HEFI retained Deloitte & ToucheLLP (“Deloitte”) as its Monitor and its Consultant;

AND WHEREAS by Order dated October 10,2012, the Commission clarified certain matters with respectto the Temporary Order;

AND WHEREAS by Order dated November 22,2012, the Commission ordered that the Temporary Orderbe extended to December 21, 2012 and that the hearing beadjourned to December 20, 2012;

AND WHEREAS by Order dated December 20,2012, the Commission amended certain of the Terms andConditions and extended the Temporary Order to March22, 2013;

AND WHEREAS by letter dated January 28,2013, the Manager of the Compliance and RegistrantRegulation Branch (the "OSC Manager") approved thecompliance plan dated January 14, 2013 (the "Plan")submitted by the Consultant;

AND WHEREAS on March 21, 2013, theCommission ordered that the Temporary Order beextended to April 19, 2013;

AND WHEREAS on April 8, 2013, HEFI filed amotion with the Commission to vary the terms of the

Temporary Order by, among other matters, suspending theon-going monitoring by the Monitor of HEFI’s compliancewith the Terms and Conditions (the “Motion”);

AND WHEREAS on April 18, 2013, theCommission heard oral submissions from the parties andissued an Order which: (i) dismissed the Motion; (ii)extended the Temporary Order to May 31, 2013, or untilsuch further order of the Commission; (iii) adjourned thehearing to May 27, 2013 at 11:00 a.m. for the purpose ofproviding the Commission with an update on the workcompleted by the Monitor and the Consultant; and (iv)provided that the Monitor, Staff and HEFI may seek furtherdirection from the Commission, if necessary or desirable;

AND WHEREAS on May 23, 2013, theCommission issued an order on consent of the parties that:(i) the Temporary Order be extended to June 17, 2013; oruntil such further order of the Commission; (ii) the hearingbe adjourned to June 14, 2013 at 10:00 a.m.; and (iii) thehearing date of May 27, 2013 be vacated;

AND WHEREAS by letter dated June 12, 2013the OSC Manager approved Compliance Support Servicesto replace Deloitte as Consultant subject to threeconditions;

AND WHEREAS on June 14, 2013, theCommission issued an order that: (i) the Temporary Orderbe extended to July 22, 2013; and (ii) the hearing beadjourned to July 18, 2013 at 10:00 a.m.;

AND WHEREAS on July 17, 2013, theCommission issued an order that: (i) the Temporary Orderbe extended to September 9, 2013; (ii) the hearing beadjourned to September 6, 2013 at 10:00 a.m.; and (iii) thehearing date of July 18, 2013 at 10:00 a.m. be vacated;

AND WHEREAS the parties have agreed that: (i)the role and activities of the Monitor set out in paragraphs5, 6, 7 and 8 of the Terms and Conditions, as amended byCommission order dated December 20, 2012, besuspended as of the start of business on September 16,2013; (ii) the Monitor will report on its findings up to andincluding September 16, 2013; and (iii) the TemporaryOrder be extended to October 22, 2013;

AND WHEREAS Staff has filed an affidavit of LinaCreta sworn September 5, 2013 to update the Commissionon the status of this matter;

AND WHEREAS the Commission considers that itis in the public interest to make this Order;

IT IS HEREBY ORDERED pursuant to section127 of the Act that:

1. As of the start of business on September16, 2013, the role and activities of theMonitor as set out in paragraphs 5, 6, 7and 8 of the Terms and Conditions, asamended by Commission Order datedDecember 20, 2012, and the activity of


September 19, 2013 (2013), 36 OSCB 9145

HEFI as set out in paragraph 8 of theTerms and Conditions will be suspended.

2. Further to paragraph 10 of the Terms andConditions, the resumption of any futuremonitoring or any subsequent changes tothat monitoring in furtherance of theimplementation of the Plan, if any, shalltake place on the recommendation of theConsultant and with the agreement of theOSC Manager and the parties may seekthe direction from the Commission in theevent that the parties are unable to agreeon any future possible monitoring.

3. The Temporary Order is extended toOctober 22, 2013 or until further order ofthe Commission.

4. The hearing is adjourned to October 18,2013 at 10:00 a.m. for the purpose ofproviding the Commission with an updateon the work completed by the Consultantand to consider the possible extension ofthe Temporary Order.


“Christopher Portner”

2.2.5 RS Technologies Inc. – s. 9.1 of MI 61-101Protection of Minority Security Holders inSpecial Transactions

Headnote

National Policy 11-203 Process for Exemptive Relief Appli-cations in Multiple Jurisdictions – Multilateral Instrument 61-101 Protection of Minority Security Holders in SpecialTransactions – application for relief from shareholdermeeting, information circular and minority approvalrequirements contained in Part 4 of MI 61-101 inconnection with a business combination – issuer subject toCCAA proceedings – for a related party transaction, thereis an exemption in MI 61-101 from the shareholdermeeting, information circular and minority approvalrequirements in the context of a court-approved bankruptcyor insolvency transaction; no equivalent exemption existsfor a business combination transaction – court-appointedmonitor concluded that holders of issuer's existing equitysecurities have no economic interest – CCAA courtapproved business combination transaction – CCAA courtmade aware of provisions of MI 61-101 and did nototherwise require minority approval.


Multilateral Instrument 61-101 Protection of MinoritySecurity Holders in Special Transactions, ss. 4.2,4.5, 9.1.

National Policy 11-203 Process for Exemptive ReliefApplications in Multiple Jurisdictions.



AND

IN THE MATTER OFMULTILATERAL INSTRUMENT 61-101

PROTECTION OF MINORITY SECURITY HOLDERSIN SPECIAL TRANSACTIONS

(“MI 61-101”)

AND

IN THE MATTER OFRS TECHNOLOGIES INC.

(the “Filer”)

ORDER(Section 9.1 of Multilateral Instrument 61-101)

UPON the application (the “Application”) of theFiler to the Director of the Ontario Securities Commission(the “Commission”) for a decision pursuant to Section 9.1of MI 61-101 exempting the Filer from the shareholdermeeting, information circular and minority approvalrequirements of Sections 4.2 and 4.5 of MI 61-101 inconnection with a proposed business combinationtransaction involving the Filer (the “Exemptive ReliefSought”).


September 19, 2013 (2013), 36 OSCB 9146

AND UPON considering the Application and therecommendation of staff of the Commission;

AND WHEREAS terms defined in NationalInstrument 14-101 Definitions have the same meaning inthis order, unless otherwise defined in this order;

AND UPON the Filer having represented to theDirector that:

1. The Filer is a corporation incorporated under theBusiness Corporations Act (Alberta) (“ABCA”).The Filer was previously known as “ResinSystems Inc.” and in June of 2010 formallychanged its name to RS Technologies Inc. TheFiler is an ISO 9001:2008 certified company andits core business is the design, engineering andmanufacturing of modular composite poles.

2. The Filer’s head office and registered office islocated at 233 Mayland Place N.E., Calgary,Alberta, T2E 7Z8.

3. The Filer’s authorized share capital consists of anunlimited number of common shares (“CommonShares”) and unlimited number of preferredshares (“Preferred Shares”). As of August 7,2013, the Filer had 17,963,864 issued andoutstanding Common Shares, 6,666,480 issuedand outstanding Preferred Shares and 4,977,586issued and outstanding warrants. As of August 7,2013 the Filer also had 10,000 stock optionsoutstanding.

4. The Filer is a reporting issuer in each of theProvinces of Alberta, British Columbia, Ontarioand Nova Scotia.

5. The Common Shares were previously listed on theToronto Stock Exchange (“TSX”) until March 29,2011. On March 30, 2011, the Common Shareswere listed for trading on the NEX board of theTSX Venture Exchange (“TSXV”). Effective June27, 2011, the Common Shares were delisted fromthe NEX board of the TSXV and have not sincetraded on a recognized exchange. None of theFiler’s securities are currently trading on arecognized exchange.

6. In February 2013, the board of directors of theFiler (the “Board”) determined that it was in thebest interests of the Filer and its stakeholders thatthe Filer investigate the option to proceed withproceedings under the Companies CreditorsArrangement Act (Canada) (“CCAA”) initiated bythe Filer. In order to proceed with suchinvestigation, the Board determined to establish aspecial committee comprised of certain membersof management and certain directors, on behalf ofthe Board, to identify and engage an appropriaterestructuring professional for the Filer to provideadvice on responsibilities, options and assist inany potential restructuring, and to develop a

recommended course of action if the Boarddecided to initiate a CCAA proceeding.

7. The Board did not form an independent committeeof directors in connection with the CCAAproceedings as it was determined that none ofDavid Werklund, Michael McGee, Ida Melbye-Larsen, Brian Felesky and Jim Gray wereindependent directors of the Filer for the purposesof CCAA proceedings.

8. On or about February 13, 2013, the Filer engagedFTI Consulting Canada Inc. (the “Monitor”) toassist it with considering strategic alternatives inorder to address its current financialcircumstances and challenges to its operationsand to provide independent advice and guidanceto the Board.

9. On February 28, 2013, in consultation with theMonitor, the board of directors of the Filerunanimously resolved to direct the Filer toproceed toward making preparations for a filingunder the CCAA, if necessary, and to negotiateand finalize agreements and documentsnecessary for such filing. Subsequent to thisresolution, management of the Filer negotiatedwith Werklund Capital Corporation (“Werklund”)and Melbye Skandinavia SA (“Melbye” andtogether with Werklund, the “Purchasers”) toprovide support to the Filer in the CCAAproceedings, including potentially participating inthe SISP (as defined below) and submitting a formof Credit Bid Purchase Agreement (as definedbelow).

10. On March 13, 2013, immediately prior to FilingDate (as defined below), Messrs. Brian Felesky,Jim Gray and Paul Giannelia resigned from theboard of directors of the Filer. The remainingdirectors, being Messrs. David Werklund, MichaelMcGee and Ida Melbye-Larsen (the “RemainingDirectors”) approved seeking of the Interim Order(as defined below).

11. On March 14, 2013 (the “Filing Date”), the Filerobtained protection from its creditors pursuant toan initial order (the “Initial Order”) granted underthe CCAA by the Court of Queen's Bench ofAlberta (the “Court”). The Monitor was appointedas monitor of the affairs and finances of the Filerpursuant to the Initial Order.

12. As none of the Remaining Directors wereindependent directors of the Filer for the purposesof the CCAA proceedings, the Monitor, in additionto its prescribed rights and obligations under theCCAA, was empowered pursuant to the InitialOrder to, among other things: (a) negotiate,subject to the Court’s approval, a form of sale andinvestor solicitation procedure; (b) assist the Filerin its development of the plan of compromise andarrangement; and (c) have full and complete


September 19, 2013 (2013), 36 OSCB 9147

access to the Filer’s property to adequatelyassess the Filer’s property, business and financialaffairs and to perform its duties arising under theInitial Order.

13. Pursuant to an affidavit sworn in support of theInitial Order, the President and Chief ExecutiveOfficer of the Filer stated that based on currentassets and liabilities, the Filer was insolvent as itsliabilities exceeded its assets and the Filer wasunable to meet its obligations generally as theybecame due. Pursuant to paragraph 2 of the InitialOrder, the Filer was a company to which theCCAA applies. Section 3(1) of the CCAA providesthat such Act applies in respect of a debtorcompany or affiliated debtor companies if the totalof claims against the debtor company or affiliateddebtor companies, determined in accordance withsection 20 of such Act, is more than $5,000,000 orany other amount that is prescribed. A “debtorcompany” is defined under the CCAA as acompany that:

(a) is bankrupt or insolvent,

(b) has committed an act of bankruptcywithin the meaning of the Bankruptcy andInsolvency Act (Canada) or is deemedinsolvent within the meaning of theWinding-up and Restructuring Act(Canada), whether or not proceedings inrespect of the company have been takenunder either of those Acts,

(c) has made an authorized assignment oragainst which a bankruptcy order hasbeen made under the Bankruptcy andInsolvency Act (Canada), or

(d) is in the course of being wound up underthe Winding-up and Restructuring Act(Canada) because the company isinsolvent.

14. The Initial Order, inter alia, allows the Filer tocontinue operating as it attempts to develop arestructuring plan by staying, as of the Filing Date,substantially all claims against the Filer, itsproperty and assets and its directors, officers,agents, contractors and employees until April 12,2013 (the “Stay Period”).

15. The Initial Order also authorized the Monitor toenter into interim financing in the form of aninterim credit facility (the “Interim Facility”) up toa maximum amount of $750,000 to be provided bythe Purchasers (each for a 50% interest) in favourof the Filer to finance operations and costsincurred during the proceedings under the CCAA.The Court granted to the Purchasers a superpriority charge to secure the obligations of theFiler under the Interim Facility. On June 11, 2013,the Court approved an increase in the maximum

amount of the Interim Facility from $750,000 to$2,750,000.

16. On April 11, 2013, June 27, 2013, July 29, 2013and August 23, 2013 the Court granted furtherorders extending the Stay Period to June 28,2013, July 31, 2013, August 31, 2013 andSeptember 13, 2013, respectively.

17. Werklund is a corporation incorporated under theABCA.

18. Werklund is controlled by David Werklund, thechairman and voting member of the board ofdirectors of the Filer. Michael McGee is a nomineeof Werklund and voting member of the board ofdirectors of the Filer.

19. On July 5, 2011, the Filer entered into a securedconvertible debenture with Werklund (the“Convertible Debenture”) pursuant to whichWerklund agreed to extend the Filer a term loan inthe aggregate amount of $6,000,000. Under theterms of the Convertible Debenture, Werklund wasgranted the option (exercisable at any time) toconvert all or any portion of the debt outstandingunder the Convertible Debenture into CommonShares.

20. Melbye is corporation incorporated under the lawsof Norway.

21. Ida Melbye-Larsen is a voting member of theboard of directors of the Filer.

22. Pursuant to the terms of a debenture syndicationand agency agreement dated August 31, 2012between the Purchasers, Werklund assigned andtransferred to Melbye ownership and control of anundivided 50% interest in the ConvertibleDebenture, as well as the security and ancillarydocuments related to the Convertible Debenture.Each of the Purchasers rank equally pari passuwith one another and are secured pro rata basedon their respective amounts funded to the Filerunder the Convertible Debenture. The entireprincipal amount available under the ConvertibleDebenture has been fully drawn.

23. Pursuant to the terms of the ConvertibleDebenture, the Purchasers are entitled to acquirean aggregate of 18,181,818 Common Sharesupon conversion of the Convertible Debenture atthe conversion price of $0.33 per Common Share,which would represent approximately 50.3% of theoutstanding Common Shares. The ConvertibleDebenture is set to mature on January 5, 2014and the entire amount of the ConvertibleDebenture will be due and payable by the Filer onthat date.

24. In accordance with the powers granted to itpursuant to the Initial Order and in consultation


September 19, 2013 (2013), 36 OSCB 9148

with the Current Board, the Monitor recommendedto the Court that it approve to Monitor, on behalf ofthe Filer, the entering into of an asset and sharepurchase agreement among the Filer, as vendor,the Purchasers, as purchasers, and the Monitor(the “Credit Bid Purchase Agreement”).

25. On April 11, 2013, the Court (i) approved a saleand investor solicitation procedure (“SISP”), (ii)approved the Credit Bid Purchase Agreementpursuant to which the Purchasers agreed toacquire the business of the Filer in the context ofits CCAA proceedings, (iii) designated the CreditBid Purchase Agreement as the stalking horse bidfor the purposes of the SISP, and (iv) authorizedand directed the Filer and the Monitor to enter intothe Credit Bid Purchase Agreement with thePurchasers and complete the various transactionscontemplated thereby in accordance with theterms and conditions of the Credit Bid PurchaseAgreement.

26. Pursuant to terms of the SISP, the Monitor carriedout phase one of the SISP, the purpose of whichwas to solicit non-binding indications of interest topurchase all of the assets or shares of the Filer.The Monitor did not receive any qualified non-binding indications of interest by the phase onedeadline of May 21, 2013.

27. Conditional on the Monitor not receiving anyqualified, non-binding indications of interestpursuant to phase one of the SISP, the Credit BidPurchase Agreement contemplates the acquisitionof the business of the Filer in the context of itsCCAA proceedings by the Purchaser (the“Transaction”) pursuant to either:

(a) a share purchase, whereby the Filerwould sell and issue to the Purchasers allof the newly created Class A shares (the“Purchased Shares”) in the capital of theFiler, 50% of which would be registeredin the name of Werklund and 50% ofwhich would be registered in the name ofMelbye, conditional on, among otherthings, approval and sanctioning of aplan of compromise and arrangementunder the CCAA and the ABCA (the“Share Purchase”); or

(b) an asset purchase, whereby thePurchasers would each purchase anundivided 50% interest in all of the Filer’sassets, provided certain conditions aresatisfied (the “Asset Purchase”).

28. The purchase price payable by the Purchasersunder the Credit Bid Purchase Agreement (the“Purchase Price”) is the aggregate amountsoutstanding under the Convertible Debenture andthe Interim Facility, as well as the aggregate ofcertain obligations of the Filer, including the

accrued and unpaid priority payables, unpaidrestructuring costs and the amount outstandingunder a key employee retention plan. ThePurchase Price does not include payment toholders of Common Shares and Preferred Shares(together, the “Existing Equity Securities”) asconsideration for the cancellation of suchsecurities under a plan of compromise andarrangement.

29. Pursuant to the Credit Bid Purchase Agreement,the determination of whether to proceed by way ofthe Share Purchase or Asset Purchase dependson whether the conditions precedent set-out inSection 8.4 of the Credit Bid Purchase Agreementhave been satisfied (the “Share PurchaseConditions”). If the Share Purchase Conditionshave been satisfied prior to closing of theTransaction, the Purchaser will proceed with theShare Purchase; if the Share Purchase Conditionshave not been satisfied prior to closing of theTransaction, the Purchasers will proceed with theAsset Purchase (in each case subject to additionalclosing conditions).

30. The Monitor, in accordance with the powersgranted to it pursuant to the Initial Order and inconsultation with the Remaining Directors, hasmade the following determinations:

(a) The Filer is currently insolvent;

(b) The Transaction is in the best interest ofthe Filer and all its stakeholders;

(c) There are no better alternatives to theTransaction for the Filer and itsstakeholders;

(d) No proposal has been made to the Filerby any person pursuant to which itsholders of Existing Equity Securitieswould receive any consideration for theirExisting Equity Securities of the Filer;

(e) The Remaining Directors are aware thatthe shareholder meeting and minorityapproval requirements prescribed by MI61-101 are triggered by the Transaction ifcarried out by way of the SharePurchase, however the RemainingDirectors have determined that suchrequirements should not, in thecircumstances, be applicable due to thefact that the Remaining Directors havesatisfied themselves that the fair marketvalue of the issued and outstandingExisting Equity Securities of the Filer isnil;

(f) The Remaining Directors will not requestor recommend a shareholder meeting or


September 19, 2013 (2013), 36 OSCB 9149

minority approval with respect to theTransaction;

(g) Holders of Existing Equity Securities donot have any economic interest in theoutcome of the CCAA proceedings in thatthey will not receive any consideration fortheir Existing Equity Securities andtherefore their voting interest should notbe considered within the context of theTransaction; and

(h) The only viable solution for the Filer andthe applicants to emerge from CCAAprotection and continue its business thathas been presented or proposed is theTransaction.

31. The Fifth Report of the Monitor (the “FifthReport”) contains the Monitor’s opinion as to thefair market value of the Filer (the “LiquidationAnalysis”). In determining the fair market value ofthe Filer, the Liquidation Analysis provides theestimated book value and high and low liquidationvalues of the following assets of the Filer: (i)accounts receivable, (ii) inventories, (iii) machineryand equipment, (iv) building and (v) patents andintellectual property. For certain assets of theFiler, such estimates were based upon third-partyappraisals and the unaudited books and recordsof the Filer. According to the Liquidation Analysis,the Filer had a book value of assets of$10,971,676, an estimated high liquidation valueof assets of $4,089,208 and an estimated lowliquidation value of assets of $2,496,337. Basedon these figures, the Filer does not have sufficientassets to meet its outstanding liabilities, which areestimated to be approximately $21,000,000.Accordingly, the Monitor concluded that theholders of Existing Equity Securities have noeconomic interest and would recover nil pursuantto the Asset Purchase or in a liquidation.

32. On August 23, 2013, the Monitor obtained anorder (the “Meeting Order”) from the Court, inaccordance with the SISP, providing various reliefincluding, amongst others, authorizing the Monitorto file a plan of compromise and arrangementeffecting the Share Purchase (the “Plan”) with theCourt, convene a meeting (the “Creditors’Meeting”) of Affected Creditors (as defined in thePlan), and take steps incidental to the foregoing.

33. The Creditors’ Meeting took place a 2:00 p.m.MST on August 29, 2013. Pursuant to Section 6 ofthe CCAA, a majority in number representing two-thirds in value of creditors present and votingeither in person or by proxy at a meeting ofcreditors is required for the approval of a plan ofarrangement or compromise. At the Creditors’Meeting, the Plan was approved by 100% ofAffected Creditors voting by proxy.

34. On September 9, 2013, pursuant to an orderthereof, the Court sanctioned the Plan. As aresult, the Plan binds all Affected Creditors.Pursuant to the Plan, (i) all of the Existing EquitySecurities will be deemed to be redeemed and tobe fully, finally and irrevocably cancelled andextinguished without any consideration, and (ii)the Purchased Shares shall be issued to thePurchasers in consideration of the PurchasePrice.

35. Upon sanction of the Plan by the Court, the SharePurchase Conditions have been either satisfied orwaived, with the exception of receipt of thisdecision of the Decision Maker in respect of theExemptive Relief Sought herein.

36. The Filer will seek an order from the applicablesecurities regulatory authorities to cease to be areporting issuer following completion of the SharePurchase.

37. The Share Purchase will constitute a “businesscombination” pursuant to the definition of“business combination” of MI 61-101, andtherefore the requirements to call a meeting ofaffected securityholders and send an informationcircular, obtain a formal valuation, and obtainminority approval under Sections 4.2, 4.3 and 4.5,respectively, of Part IV – Business Combinationsof MI 61-101 (“Part IV”) would apply to the SharePurchase.

38. The Filer has not sought exemptive relief from therequirement to obtain a formal valuation in respectof the Share Purchase because it intends to relyon the exemption in section 4.4(a) of MI 61-101that is available when an issuer’s securities arenot listed or quoted on certain specified markets.

39. The Asset Purchase would constitute a “relatedparty transaction” pursuant to the definition of“related party transaction” in MI 61-101 and wouldnot constitute a “business combination”. As aresult, the Asset Purchase would be subject to therequirements under Part V – Related PartyTransactions of MI 61-101 (“Part V”), including therequirements to call a meeting of affectedsecurityholders, send an information circular andobtain minority approval. However, the Asset Pur-chase would meet the “Bankruptcy, Insolvency,Court Order” exemption set forth in Section 5.7(d)of MI 61-101 from such requirements.

40. Part IV does not contain an equivalent“Bankruptcy, Insolvency, Court Order” exemptionfrom the requirements under Part IV to call ameeting of affected securityholders, send aninformation circular and to obtain minority approvalin connection with a business combination. As aresult, if the Purchasers were to proceed by wayof Share Purchase, it would be necessary to call ameeting, send an information circular and obtain


September 19, 2013 (2013), 36 OSCB 9150

minority approval, despite the fact that thePurchasers could purchase all of the assets of theFiler by way of Asset Purchase without having tosatisfy those requirements.

41. Pursuant to the sixth report of the Monitor datedAugust 30, 2013 and filed with the Court onSeptember 3, 2013, the Court has been advisedof the requirements of MI 61-101 regardingminority approval for business combinations andthe application by the Filer to the Decision Makerfor a decision under the Legislation for theExemptive Relief Sought. Pursuant to an order ofthe Court pronounced September 9, 2013, theCourt has confirmed that it does not requirecompliance with Section 4.5 of MI 61-101.

42. Regardless of whether the Transaction iscompleted by way of Asset Purchase or SharePurchase, due to the fact that (i) the Filer isinsolvent, (ii) the Monitor did not receive anyqualified, non-binding indications of interestpursuant to phase one of the SISP, and (iii) theCourt authorized and directed the Filer and theMonitor to enter into the Credit Bid PurchaseAgreement with the Purchasers and complete thevarious transactions contemplated thereby inaccordance with the terms and conditions of theCredit Bid Purchase Agreement (including thePurchase Price), holders of Existing EquitySecurities will not receive anything of value inconsideration for their shares. To grant ExistingEquity Securities a right to vote in the context ofthe Share Purchase would be the equivalent ofgranting Existing Equity Securities a veto over theTransaction, despite the fact that they no longerhave an economic interest in the Filer to protect.

AND UPON the Director being satisfied that to doso would not be prejudicial to the public interest;

IT IS DECIDED by the Director pursuant toSection 9.1 of MI 61-101 that the Exemptive Relief Soughtis granted provided that the Transaction proceeds by wayof Share Purchase as described above.

DATED September 11, 2013.

“Naizam Kanji”Deputy Director, Corporate FinanceOntario Securities Commission

2.2.6 Normand Gauthier et al. – s. 127



AND

IN THE MATTER OFNORMAND GAUTHIER,

GENTREE ASSET MANAGEMENT INC.,R.E.A.L. GROUP FUND III (CANADA) LP, and

CANPRO INCOME FUND I, LP

ORDER(Section 127 of the Securities Act)

WHEREAS on March 27, 2012, the OntarioSecurities Commission (the “Commission”) issued a Noticeof Hearing pursuant to subsection 127(1) and section 127.1of the Securities Act, R.S.O. 1990, c. S.5, as amended (the“Act”) in connection with a Statement of Allegations filed byStaff of the Commission (“Staff”) on March 27, 2012 inrespect of Normand Gauthier (“Gauthier”), Gentree AssetManagement Inc. (“Gentree”), R.E.A.L. Group Fund III(Canada) LP (“RIII”) and CanPro Income Fund I, LP(“CanPro”) (collectively the “Respondents”);

AND WHEREAS the Respondents were servedwith the Notice of Hearing and Statement of Allegations onMarch 28, 2012;

AND WHEREAS the Notice of Hearing providedthat a hearing would be held at the offices of theCommission on April 27, 2012;

AND WHEREAS on April 27, 2012, Staffappeared and Gauthier appeared on behalf of himself andeach of the other Respondents, and Gauthier confirmedthat he and the other Respondents have retained counselto represent the Respondents in this proceeding;

AND WHEREAS on April 27, 2012, at the requestof Staff and with the agreement of Gauthier, theCommission ordered that a confidential pre-hearingconference take place on June 26, 2012;

AND WHEREAS on June 26, 2012, Staff andcounsel for the Respondents appeared before theCommission for a confidential pre-hearing conference, andat the request of Staff and with the agreement of counselfor the Respondents, the Commission ordered that afurther confidential pre-hearing conference take place onAugust 16, 2012;

AND WHEREAS on August 15, 2012, Staff andcounsel for the Respondents having agreed to reschedulethe confidential pre-hearing conference to September 10,2012, the Commission ordered that a further confidentialpre-hearing conference take place on September 10, 2012;

AND WHEREAS on September 5, 2012, Staff andcounsel for the Respondents having agreed to reschedule


September 19, 2013 (2013), 36 OSCB 9151

the confidential pre-hearing conference to October 3, 2012,the Commission ordered that a further confidential pre-hearing conference take place on October 3, 2012;

AND WHEREAS on October 3, 2012, Staffappeared before the Commission and counsel for theRespondents participated via telephone for a confidentialpre-hearing conference, and at the request of Staff andwith the agreement of counsel for the Respondents, theCommission ordered that a further confidential pre-hearingconference take place on December 18, 2012;

AND WHEREAS on December 18, 2012, Staffand counsel for the Respondents appeared before theCommission for a confidential pre-hearing conference, andat the request of Staff and with the agreement of counselfor the Respondents, the Commission ordered that twofurther confidential pre-hearing conferences take place onMarch 7, 2013 at 10:00 a.m., and on August 15, 2013 at10:00 a.m., and the hearing on the merits shall commenceon October 15, 2013 and will continue until October 29,2013 except for October 22, 2013;

AND WHEREAS on March 7, 2013, Staff andcounsel for the Respondents, along with Gauthier,appeared before the Commission for a confidential pre-hearing conference and provided a status update on thismatter, and Staff requested that the dates previouslyscheduled for the hearing on the merits and for the furtherconfidential pre-hearing conference on August 15, 2013 beconfirmed, and counsel for the Respondents agreed;

AND WHEREAS on March 7, 2013, theCommission ordered that: 1) a confidential pre-hearingconference shall take place on August 15, 2013 at 10:00a.m. or such other date or at such other time as set by theOffice of the Secretary and agreed to by the parties, and 2)the hearing on the merits shall commence on October 15,2013 at 10:00 a.m. and will continue until October 29, 2013except for October 22, 2013;

AND WHEREAS on May 6, 2013, counsel for theRespondents, Stephanie A. McManus (“McManus”), filed aNotice of Motion, pursuant to Rule 1.7.4 of theCommission’s Rules of Procedure (2012), 35 O.S.C.B.10071, for leave to withdraw as representative for theRespondents and requested that the motion be heard inwriting (the “Withdrawal Motion”);

AND WHEREAS on May 22, 2013 theCommission ordered that McManus be granted leave towithdraw as representative for the Respondents;

AND WHEREAS on August 15, 2013, Staff andGauthier appeared before the Commission for aconfidential pre-hearing conference, counsel for Gauthierparticipated via telephone and no one indicated that theyrepresented Gentree, RIII or CanPro and no submissionswere made on behalf of those three respondents;

AND WHEREAS on August 15, 2013, Staff andcounsel for Gauthier provided a status update on thismatter, Staff requested that a further confidential pre-

hearing conference be ordered prior to the commencementof the hearing on the merits and counsel for Gauthieragreed, the Commission ordered that a confidential pre-hearing conference shall take place on September 11,2013 at 3:00 p.m. or such other date or at such other timeas set by the Office of the Secretary and agreed to by theparties;

AND WHEREAS on September 11, 2013, Staffappeared before the Commission for a confidential pre-hearing conference and requested that a furtherconfidential pre-hearing conference be ordered prior to thecommencement of the hearing on the merits;


IT IS ORDERED that a confidential pre-hearingconference shall take place on October 11, 2013 at 9:00a.m. or such other date or at such other time as set by theOffice of the Secretary and agreed to by the parties.




September 19, 2013 (2013), 36 OSCB 9152

2.2.7 Kolt Curry et al. – Rules 3 and 9 of the OSCRules of Procedure



AND

IN THE MATTER OFKOLT CURRY, LAURA MATEYAK,

AMERICAN HERITAGE STOCK TRANSFER INC., andAMERICAN HERITAGE STOCK TRANSFER, INC.

ORDER(Rules 3 and 9 of Ontario Securities Commission

Rules of Procedure (2012), 35 O.S.C.B. 10071)

WHEREAS on January 27, 2012, the OntarioSecurities Commission (the “Commission”) issued a Noticeof Hearing pursuant to sections 127 and 127.1 of theSecurities Act, R.S.O. 1990, c. S.5, as amended (the “Act”)in connection with a Statement of Allegations filed by Staffof the Commission (“Staff”) on January 27, 2012, toconsider whether it is in the public interest to make certainorders against Sandy Winick (“Winick”), Andrea LeeMcCarthy (“McCarthy”), Kolt Curry, Laura Mateyak(“Mateyak”), Gregory J. Curry (“Greg Curry”), AmericanHeritage Stock Transfer Inc. (“AHST Ontario”), AmericanHeritage Stock Transfer, Inc. (“AHST Nevada”), BFMIndustries Inc. (“BFM”), Liquid Gold International Corp. (akaLiquid Gold International Inc.) (“Liquid Gold”), andNanotech Industries Inc. (“Nanotech”);

AND WHEREAS on April 1, 2011, theCommission issued a temporary cease trade order,pursuant to subsections 127(1) and 127(5) of the Act, thatall trading in securities of BFM, AHST Ontario, AHSTNevada and Denver Gardner Inc. cease and that all tradingby Kolt Curry, Mateyak, AHST Ontario, AHST Nevada,McCarthy, Winick and Denver Gardner Inc. cease (the“Temporary Order”);

AND WHEREAS the Temporary Order, asamended, was extended from time to time and, on March23, 2012, was extended until the conclusion of the meritshearing;

AND WHEREAS on October 17, 2012, theCommission ordered, pursuant to Rule 11.5 of theCommission’s Rules of Procedure (2012), 35 O.S.C.B.10071 (the “Rules of Procedure”), that the hearing on themerits would proceed as a written hearing (the “WrittenHearing”);

AND WHEREAS on November 2, 2012, Staff filedan Amended Statement of Allegations and the Commissionissued an Amended Notice of Hearing;

AND WHEREAS on November 30, 2012, Stafffiled evidentiary briefs in the form of affidavits, as well aswritten submissions on the relevant facts and law;

AND WHEREAS on January 21, 2013, on consentof Staff and counsel for McCarthy, BFM and Liquid Gold(the “McCarthy Respondents”), the Commission granted anapplication to sever the matter, as against the McCarthyRespondents and adjourned that matter to a date to befixed by the Office of the Secretary of the Commission inconsultation with counsel;

AND WHEREAS on April 12, 2013, theCommission ordered, on consent, that the Written Hearingis converted back to an oral hearing on the merits to beheard on May 15th and 16th, 2013, pursuant to Rule 11.5of the Rules of Procedure;

AND WHEREAS on May 15, 2013, Staff appearedand counsel for Kolt Curry, Mateyak and AHST Ontarioappeared before the Commission and advised the panelthat an Agreed Statement of Facts (the “Agreed Facts”)had been reached for Kolt Curry, Mateyak, AHST Ontarioand AHST Nevada (the “Curry Respondents”);

AND WHEREAS on May 15, 2013, Staff, counselfor Kolt Curry, Mateyak and AHST Ontario jointly requestedthat the evidence on the hearing on the merits scheduledfor May 15th and 16th, 2013, as against the CurryRespondents, consist of the Agreed Facts as filed, and thatthe hearing on the merits as it relates to the CurryRespondents be severed from the remaining Respondents;

AND WHEREAS on reading the Agreed Facts thepanel found that:

1. From May of 2009 through August of2010, Kolt Curry, AHST Ontario andAHST Nevada traded and engaged in orheld themselves out as engaging in thebusiness of trading in securities withoutbeing registered to do so in circum-stances in which no exemption wasavailable, contrary to s. 25(1)(a) of theAct, as that section existed at the timethe conduct commenced, and contrary tos. 25(1) of the Act, as subsequentlyamended on September 28, 2009;

2. From May of 2009 through August of2010, Kolt Curry, AHST Ontario andAHST Nevada distributed securities ofNanotech without a preliminary prospec-tus and prospectus having been filed andreceipts having been issued for them bythe Director and without an exemptionfrom the prospectus requirement contraryto section 53(1) of the Act;

3. From September 28, 2009 throughAugust of 2010, Kolt Curry, AHSTOntario and AHST Nevada madestatements that a reasonable investorwould consider relevant in decidingwhether to enter into or maintain atrading or advising relationship with KoltCurry, AHST Ontario or AHST Nevada


September 19, 2013 (2013), 36 OSCB 9153

that were untrue or omitted informationnecessary to prevent the statements frombeing false or misleading in thecircumstances in which they were made,contrary to section 44(2) of the Act;

4. Mateyak, being a director and officer ofAHST Ontario, did authorize, permit oracquiesce in the commission of theviolations of sections 25, 53 and 44(2) ofthe Act, as set out above, by the AHSTCompanies or by the employees, agentsor representatives of the AHSTCompanies, contrary to section 129.2 ofthe Act and contrary to the publicinterest;

5. Kolt Curry, being a directing mind and defacto director and officer of AHSTOntario, and a director and officer ofAHST Nevada, did authorize, permit oracquiesce in the commission of theviolations of sections 25, 53 and 44(2) ofthe Act, as set out above, by the AHSTCompanies or by the employees, agentsor representatives of the AHST Com-panies, contrary to section 129.2 of theAct and contrary to the public interest;and,

6. The conduct of Kolt Curry, Mateyak,AHST Ontario and AHST Nevadacontravened Ontario securities law and iscontrary to the public interest.

AND WHEREAS on May 16, 2013, theCommission ordered that: (1) the hearing as against theCurry Respondents is severed from the main proceeding inthis matter; and (2) a sanctions hearing for the CurryRespondents was ordered to take place on August 27,2013;

AND WHEREAS the Commission advised Staffand counsel for the Curry Respondents that theCommission is no longer available on August 27, 2013 andStaff and counsel for the Curry Respondents confirmedtheir availability on September 12, 2013;

AND WHEREAS on August 26, 2013, theCommission ordered that that the sanctions and costshearing in this matter shall take place on September 12,2013, at 10:00 a.m.;

AND WHEREAS counsel for the CurryRespondents filed a motion, pursuant to Rules 3 and 9 ofthe Rules of Procedure, to adjourn the sanctions hearingscheduled for September 12, 2013 (the “AdjournmentMotion”);

AND WHEREAS on September 12, 2013, Staffand counsel for the Curry Respondents appeared beforethe Commission and made submissions on theAdjournment Motion;

AND WHEREAS on September 12, 2013, Staffrequested that the Notice of Hearing be amended toinclude a request for an order under section 37 of the Act;

AND WHEREAS on September 12, 2013, counselfor the Curry Respondents consented to the requestedamendment to the Notice of Hearing;


IT IS HEREBY ORDERED that:

1. pursuant to Rules 3 and 9 of the Rules ofProcedure, the sanctions and costshearing in this matter is adjourned andshall take place on October 10, 2013, at11:00 a.m.; and

2. on consent of the parties, Staff may filean Amended Notice of Hearing includinga request for an order under section 37of the Act.


“James D. Carnwath”


September 19, 2013 (2013), 36 OSCB 9154

2.2.8 Systematech Solutions Inc. et al. – s. 127(1)



AND

IN THE MATTER OFSYSTEMATECH SOLUTIONS INC.,APRIL VUONG AND HAO QUACH

ORDER(Subsection 127(1) of the Securities Act)

AND WHEREAS on October 31, 2012, theOntario Securities Commission (the “Commission”) issueda Notice of Hearing pursuant to section 127 of theSecurities Act, R.S.O. 1990, c. S.5, as amended (the “Act”)(the “Notice of Hearing”) in connection with a Statement ofAllegations dated October 31, 2012, filed by Staff of theCommission (“Staff”), to consider whether it is in the publicinterest to make certain orders against SystematechSolutions Inc., (“Systematech”), April Vuong (“Vuong”) andHao Quach (“Quach”) (collectively the “Respondents”);

AND WHEREAS on December 11, 2012, Staffand counsel for the Respondents appeared before theCommission and made submissions;

AND WHEREAS on December 11, 2012, counselfor the Respondents advised that he accepted service ofthe Notice of Hearing and the Statement of Allegationsdated October 31, 2012 on behalf of the Respondents;

AND WHEREAS on December 11, 2012, Staffadvised that it provided electronic disclosure to counsel forthe Respondents on November 21, 2012;

AND WHEREAS on December 11, 2012, theCommission extended a temporary cease trade order withrespect to the Respondents until the conclusion of theproceeding, including the sanctions hearing, if any, andordered that a confidential pre-hearing conference takeplace on February 20, 2013;

AND WHEREAS on December 13, 2012, theCommission issued an Amended Notice of Hearingpursuant to subsection 127(1) and section 127.1 of the Actin connection with the Statement of Allegations datedOctober 31, 2012 and counsel for the Respondents hasadvised that he accepted service of the Amended Notice ofHearing;

AND WHEREAS on February 20, 2013, aconfidential pre-hearing conference was held and Staff andcounsel for the Respondents appeared before theCommission and made submissions;

AND WHEREAS on February 20, 2013, theCommission ordered that: (i) the hearing on the merits willstart on November 4, 2013 at 10:00 a.m. and continue on

November 6, 7, 8, 11, 12, 13, 14, 15 and 18, 2013; and (ii)another confidential pre-hearing conference will take placeon September 4, 2013 at 10:00 a.m. or on such other dateor time set by the Office of the Secretary and agreed to bythe parties;

AND WHEREAS on August 21, 2013, theCommission ordered on the consent of the parties that: (i)the confidential pre-hearing conference be adjourned fromSeptember 4, 2013 at 10:00 a.m. to September 12, 2013 at2:00 p.m.;

AND WHEREAS on September 12, 2013, aconfidential pre-hearing conference was held and Staff andcounsel for the Respondents appeared before theCommission and made submissions;

AND WHEREAS the Commission is of the opinionthat it is in the public interest to make this Order;

IT IS ORDERED that a confidential pre-hearingconference will take place on October 15, 2013 at 2:00p.m. or such other date or at such other time as set by theOffice of the Secretary and agreed to by the parties.




September 19, 2013 (2013), 36 OSCB 9155

2.2.9 Sino-Forest Corporation et al.



AND

IN THE MATTER OFSINO-FOREST CORPORATION,

ALLEN CHAN, ALBERT IP, ALFRED C.T. HUNG,GEORGE HO, SIMON YEUNG and DAVID HORSLEY

ORDER

WHEREAS the Ontario Securities Commission (“the Commission”) issued a Notice of Hearing (the “Notice of Hearing”)and Statement of Allegations in this matter dated May 22, 2012 pursuant to sections 127 and 127.1 of the Securities Act, R.S.O.1990 c. S.5, as amended in respect of Sino-Forest Corporation (“Sino-Forest”), Allen Chan (“Chan”), Albert Ip (“Ip”), Alfred C.T.Hung (“Hung”), George Ho (“Ho”), Simon Yeung (“Yeung”) and David Horsley (“Horsley”);

AND WHEREAS on May 22, 2012, the Notice of Hearing gave notice that a hearing would be held on July 12, 2012 at10:00 a.m. before the Commission;

AND WHEREAS on July 12, 2012, counsel for Staff, counsel for Sino-Forest, counsel for Chan, counsel for Ip, Hung,Ho and Yeung and counsel for Horsley appeared before the Commission and consented to the hearing being adjourned toOctober 10, 2012;

AND WHEREAS on July 12, 2012 the hearing in this matter was adjourned to October 10, 2012 at 10:00 a.m.;

AND WHEREAS on October 10, 2012 the hearing in this matter was adjourned to January 17, 2013;

AND WHEREAS on January 17, 2013 counsel for Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung andcounsel for Horsley appeared before the Commission and requested that the hearing be adjourned to May 13, 2013 for thepurpose of conducting a pre-hearing conference;

AND WHEREAS on January 17, 2013 the Commission ordered that a pre-hearing conference be held on May 13,2013;

AND WHEREAS on May 13, 2013 a pre-hearing conference was commenced before the Commission, at whichcounsel for Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung and counsel for Horsley appeared and no oneappeared on behalf of Sino-Forest;

AND WHEREAS the Commission was satisfied that Sino-Forest was provided with notice of the May 13, 2013 pre-hearing conference;

AND WHEREAS on May 13, 2013 the Commission ordered that the pre-hearing conference in this matter continue onJuly 19, 2013;

AND WHEREAS on July 19, 2013 the pre-hearing conference continued before the Commission, at which counsel forStaff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung and counsel for Horsley appeared and no one appeared on behalfof Sino-Forest;

AND WHEREAS the Commission was satisfied that Sino-Forest was provided with notice of the July 19, 2013 pre-hearing conference;

AND WHEREAS on July 19, 2013 the Commission ordered that the pre-hearing conference in this matter continue onAugust 13, 2013;

AND WHEREAS on August 13, 2013 the pre-hearing conference continued before the Commission, at which counselfor Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung and counsel for Horsley appeared and no one appeared onbehalf of Sino-Forest;


September 19, 2013 (2013), 36 OSCB 9156

AND WHEREAS the Commission was satisfied that Sino-Forest was provided with notice of the August 13, 2013 pre-hearing conference;

AND WHEREAS on August 13, 2013 counsel for Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung andcounsel for Horsley all made submissions regarding the scheduling of the hearing on the merits (the “Merits Hearing”);

AND WHEREAS on August 13, 2013 counsel for Ip, Hung, Ho and Yeung requested that a motion for particulars andfurther disclosure be scheduled (the “Particulars Motion”);

AND WHEREAS on August 13, 2013 the Commission ordered that:

1. the Merits Hearing shall commence on June 2, 2014 at 10:00 a.m., and continue as follows:

a) Staff’s case in the Merits Hearing shall be held on the following dates: June 2, 2014; June 4 to June6, 2014; June 10 to June 13, 2014; June 16, 2014; June 18 to June 20, 2014; June 24 to June 27,2014; June 30, 2014; July 3 to 4, 2014; July 8 to 11, 2014; July 14, 2014; July 16 to 18, 2014; July 22to 25, 2014; August 11, 2014; August 13 to 15, 2014; August 19 to 22, 2014; August 25, 2014;August 27 to 29, 2014; September 2 to 5, 2014; September 8, 2014; September 10 to 12, 2014, andSeptember 15, 2014 or on such other dates as ordered by the Commission;

b) the Respondents’ case in the Merits Hearing be held October 15 to 17, 2014; October 20, 2014;October 22 to 24, 2014; October 28 to 31, 2014; November 3, 2014; November 5 to 7, 2014;November 11, 2014; November 19 to 21, 2014; November 25 to 28, 2014; December 1, 2014;December 3 to 5, 2014; December 9 to 12, 2014; December 15, 2014; December 17 to 19, 2014;January 7 to 9, 2015; January 12, 2015; January 14 to 16, 2015; January 20 to 23, 2015; January 26,2015; January 28 to 30, 2015; February 3 to 6, 2015; February 9, 2015; and February 11 to 13, 2015or on such other dates as ordered by the Commission;

2. the Particulars Motion be held on October 16, 2013 commencing at 10:00 a.m., or such other date and time asordered by the Commission; and

3. the pre-hearing conference in this matter be continued on September 10, 2013, at 2:00 p.m., or such otherdate and time as ordered by the Commission;

AND WHEREAS on September 10, 2013 the pre-hearing conference continued before the Commission, at whichcounsel for Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung and counsel for Horsley appeared and no oneappeared on behalf of Sino-Forest;

AND WHEREAS on September 10, 2013 counsel for Staff, counsel for Chan, counsel for Ip, Hung, Ho and Yeung andcounsel for Horsley all made submissions with respect to the timetable for service of Staff’s hearing briefs in connection with theMerits Hearing;

IT IS HEREBY ORDERED that Staff shall serve its hearing briefs in connection with the Merits Hearing on theRespondents on or before February 3, 2014;

IT IS FURTHER ORDERED that the pre-hearing conference in this matter be continued on October 10, 2013 at 10:00a.m. or such other date and time as agreed to by the parties and set by the Office of the Secretary.

DATED at Toronto this 10th day of September, 2013.

“Mary G. Condon”


September 19, 2013 (2013), 36 OSCB 9157

2.2.10 LCH.Clearnet Limited - s. 21.2

Headnote

Application under section 21.2 of the Securities Act (Ontario) to recognise LCH.Clearnet Limited as a clearing agency.


Securities Act, R.S.O. 1990, c. S.5, as am., s. 21.2.


R.S.O. 1990, CHAPTER S.5, AS AMENDED(THE ACT)

AND

IN THE MATTER OFLCH.CLEARNET LIMITED

ORDER(Section 21.2 of the Act)

WHEREAS LCH.Clearnet Limited (LCH) has filed an application (Application) with the Ontario Securities Commission(Commission) requesting an order pursuant to section 21.2 of the Act recognizing LCH as a clearing agency;

AND WHEREAS the Commission issued an interim order dated March 1, 2011 (Initial Order) pursuant to section 147of the Act exempting LCH from the requirement to be recognized as a clearing agency under subsection 21.2(0.1) of the Act;

AND WHEREAS the Commission issued an order dated May 17, 2011 varying and restating the Initial Order to clarifythat LCH may provide additional clearing services, including LCH Enclear OTC service to Ontario-resident clients (InterimOrder);

AND WHEREAS the Commission issued an order dated August 19, 2011 varying and restating the Interim Order andissued an order dated August 28, 2012 varying the August 19, 2011 order to extend LCH’s interim exemption from therequirement to be recognized as a clearing agency under subsection 21.2(0.1) of the Act (Subsequent Order);

AND WHEREAS the Commission issued an order dated February 12, 2013 varying and restating the SubsequentOrder to extend the expiry of the Subsequent Order and include an additional filing requirement (Restated Subsequent Order);

AND WHEREAS the Commission issued an order dated May 24, 2013 varying the Restated Subsequent Order tofurther extend the expiry of the Restated Subsequent Order;

AND WHEREAS the Restated Subsequent Order will be replaced by this order and therefore will be automaticallyrevoked upon issuance of this order;

AND WHEREAS LCH has represented to the Commission that:

1. LCH is a clearing house incorporated under the laws of England and Wales. LCH operates as a central counterparty(CCP) clearing house and receives most of its revenue from treasury income and thereafter clearing fees charged to itsclearing members (Clearing Members);

2. As of July 31, 2013, LCH.Clearnet Group Ltd. (LCH Group), the parent holding company of LCH, is 57.8% owned bythe London Stock Exchange Group (LSEG), with the remainder being owned by its users (i.e. clearing members) andother exchanges;

3. LCH Group, which is incorporated in the U.K., is regulated as a Compagnie financière by the Autorité de ContrôlePrudentiel (France);

4. LCH is a Recognised Clearing House (RCH) in the U.K. under the U.K.’s Financial Services and Markets Act 2000(Recognition Requirements for Investment Exchanges and Clearing Houses)(FSMA). LCH as a RCH must comply withthe recognition requirements laid down in FSMA to clear a broad range of asset classes including securities, exchangetraded derivatives, commodities, energy, freight, interest rate swaps, credit default swaps and euro and sterling


September 19, 2013 (2013), 36 OSCB 9158

denominated bonds and repurchase transactions, and works closely with market participants and exchanges to identifyand develop clearing services for new asset classes. The exchange-traded futures and options on futures relate tounderlyings in short-term interest rates (Euro, Sterling, Swiss Franc); government bonds (U.K. Gilts and JapaneseGovernment Bonds); medium and long-term swap rates (Euro); equity indices (U.K.-related FTSE indices and FTSEand MSCI pan-European indices); and individual stocks (British, Dutch, French, German, Italian, Spanish and U.S.companies) and energy;

5. LCH was until March 31, 2013 regulated by the Financial Services Authority (FSA). The Bank of England is now LCH’sprimary regulator under a new framework established by the Financial Services Act 2012 which fundamentallyreformed the structure of financial services regulation in the U.K. The new framework, came into force April 1, 2013,and transferred the FSA’s regulatory and oversight responsibilities for RCHs to the Bank of England;

6. The regulatory regime for CCPs in the European Union now comes under the European Market InfrastructureRegulation (EMIR). Under EMIR all CCPs providing services in the European Union and European Economic Areamust apply for re-authorisation by September 15, 2013 and must demonstrate compliance with EMIR and relatedregulations before authorisation is granted. EMIR came into force on August 16, 2012: LCH is in the process ofbecoming authorised as a CCP under EMIR;

7. As part of its regulatory oversight of LCH, the Bank of England reviews, assesses and enforces the on-goingcompliance by LCH with the requirements set out in FSMA including financial resources, the financial and operationalrequirements for Clearing Members, systems and controls, rule-making, and LCH’s practices and procedures;

8. LCH is required to provide to the Bank of England on request, access to all records and to cooperate with otherregulatory authorities, including making arrangements for information-sharing;

9. LCH is also a designated clearing organization (DCO) within the meaning of that term under the United States (U.S.)Commodity Exchange Act. As a DCO, LCH is subject to regulatory supervision by the U.S. Commodity Futures TradingCommission, a U.S. federal regulatory agency. In addition, the Bank of Canada designated LCH’s SwapClear serviceunder the Payment Clearing and Settlement Act (Canada) with effect from April 2, 2013 which brings LCH’s SwapClearservice under the formal oversight of the Bank of Canada;

10. LCH is currently offering the following four services to Ontario resident Clearing Members: RepoClear, SwapClear,EnClear and LCH Nodal. LCH currently has five Clearing Members who qualify as “Canadian financial institutions”(within the meaning of that term in subsection 1.1(3) of National Instrument 14-101 Definitions and that have a headoffice or principal place of business in Ontario. LCH is currently offering client clearing services to Ontario residentsthrough non-Ontario resident SwapClear Clearing Members and is in the process of permitting Ontario residentSwapClear Clearing Members to offer client clearing services to Ontario residents and non-Ontario residents;

11. The RepoClear service clears cash bond and repurchase trades on the following securities: Austrian, Belgian, Dutch,German, Irish, Finnish, Portuguese and U.K. government bonds, German Jumbo Pfandbriefe and Supranationals,Agency and Sovereign. RepoClear accepts the following types of specific bond repurchase trades: classic fixed raterepurchases with first leg settlement on a same day and forward start basis with a term not greater than one year;

12. The SwapClear service clears over-the-counter (OTC) interest rate swaps (IRS) and LCH anticipates clearing anexpanded list of swap products and OTC derivatives on exempt commodities (e.g., energy and metals);

13. Transactions cleared through SwapClear and RepoClear are traded by Clearing Members on a bilateral basis, eitherinter-office, or through brokers, or on automated trading systems recognized by LCH;

14. The EnClear service clears OTC forward freight agreements and OTC emission contracts that provide a riskmanagement and delivery solution. Cleared OTC Spot European Union Allowances issued in accordance with theterms of Directive 1003/87/EC (EUA) and Certified Emissions Reductions issued pursuant to Article 12 of the KyotoProtocol (CER) contracts allow market practitioners to benefit from the security offered by a CCP and the flexibilityprovided by platform independence;

15. The LCH Nodal service clears cash-settled power and natural gas futures for participants of the Nodal Exchange,which is an independent electronic commodities exchange dedicated to offering locational forward trading products andservices to participants in the organized North American power markets;

16. LCH maintains Clearing Member criteria that all applicants must satisfy before their applications are accepted,including fitness criteria, review of corporate constitutive documentation, financial standards, operational standards,appropriate registration qualifications with applicable statutory regulatory authorities, and LCH applies a due diligenceprocess to ensure that all applicants meet the required criteria;


September 19, 2013 (2013), 36 OSCB 9159

17. There are no material differences in terms of membership standards and financial requirements between Ontarioresident Clearing Members and other Clearing Members;

18. LCH utilizes processes to minimize systemic risk, which processes include operational and financial criteria for allClearing Members, margining and financial protections, the maintenance of a clearing/guarantee fund, soundinformation systems, comprehensive internal controls, ongoing monitoring of Clearing Members, and appropriateoversight by the LCH Board of Directors;

19. LCH does not have any office or maintain other physical installations in Ontario or any other Canadian province orterritory. LCH does not currently have any plans to open such an office or to establish any such physical installations inOntario or elsewhere in Canada; and

20. LCH permits Ontario residents who meet the criteria set out in its rules to become registered as Clearing Members, andas a result, is considered by the Commission to be “carrying on business as a clearing agency” in Ontario. LCH cannotcarry on business in Ontario as a clearing agency unless it is recognized by the Commission as a clearing agencyunder section 21.2 of the Act or exempted from such recognition under section 147 of the Act.

AND WHEREAS based on the Application and the representations LCH has made to the Commission, theCommission has determined that LCH satisfies the criteria set out in Schedule “A” to this order and that it is in the public interestto recognize LCH as clearing agency pursuant to section 21.2 of the Act, subject to terms and conditions that are set out inSchedule “B” of this order;

AND WHEREAS LCH has agreed to the respective terms and conditions that are set out in Schedule “B” to this order;

AND WHEREAS the Commission will monitor developments in international and domestic capital markets and LCH’sactivities on an ongoing basis to determine whether it is appropriate that LCH continues to be recognized subject to the termsand conditions in this order;

IT IS ORDERED by the Commission that LCH is recognized as a clearing agency pursuant to section 21.2 of the Act;

PROVIDED THAT LCH complies with the terms and conditions attached as hereto as Schedule “B” to this order.

DATED September 10, 2013.

“C. Wesley M. Scott” “James D. Carnwath”Commissioner CommissionerOntario Securities Commission Ontario Securities Commission


September 19, 2013 (2013), 36 OSCB 9160

SCHEDULE A

Criteria for Recognition and Exemption from Recognition as a Clearing Agency

PART 1 GOVERNANCE

1.1 The governance structure and governance arrangements of the clearing agency ensure:

(a) effective oversight of the clearing agency;

(b) the clearing agency’s activities are in keeping with its public interest mandate;

(c) fair, meaningful and diverse representation on the governing body (Board) and any committees of the Board,including a reasonable proportion of independent directors;

(d) a proper balance among the interests of the owners and the different entities seeking access (participants) tothe clearing services and facilities (clearing services) of the clearing agency;

(e) the clearing agency has policies and procedures to appropriately identify and manage conflicts of interest;

(f) each director or officer of the clearing agency, and each person or company that owns or controls, directly orindirectly, more than 10 percent of the clearing agency is a fit and proper person; and

(g) there are appropriate qualifications, limitation of liability and indemnity provisions for directors and officers ofthe clearing agency.

PART 2 FEES

2.1 All fees imposed by the clearing agency are equitably allocated. The fees do not have the effect of creatingunreasonable barriers to access.

2.2 The process for setting fees is fair and appropriate, and the fee model is transparent.

PART 3 ACCESS

3.1 The clearing agency has appropriate written standards for access to its services.

3.2 The access standards and the process for obtaining, limiting and denying access are fair and transparent. A clearingagency keeps records of:

(a) each grant of access including, for each participant, the reasons for granting such access; and

(b) each denial or limitation of access, including the reasons for denying or limiting access to an applicant.

PART 4 RULES AND RULEMAKING

4.1 The clearing agency’s rules are designed to govern all aspects of the clearing services offered by the clearing agency,and

(a) are not inconsistent with securities legislation;

(b) do not permit unreasonable discrimination among participants; and

(c) do not impose any burden on competition that is not necessary or appropriate.

4.2 The clearing agency’s rules and the process for adopting new rules or amending existing rules should be transparent toparticipants and the general public.

4.3 The clearing agency monitors participant activities to ensure compliance with the rules.

4.4 The rules set out appropriate sanctions in the event of non-compliance by participants.


September 19, 2013 (2013), 36 OSCB 9161

PART 5 DUE PROCESS

5.1 For any decision made by the clearing agency that affects an applicant or a participant, including a decision in relationto access, the clearing agency ensures that:

(a) an applicant or a participant is given an opportunity to be heard or make representations; and

(b) the clearing agency keeps a record of, gives reasons for, and provides for appeals or reviews of, its decisions.

PART 6 RISK MANAGEMENT

6.1 The clearing agency’s clearing services are designed to minimize systemic risk.

6.2 The clearing agency has appropriate risk management policies and procedures and internal controls in place.

6.3 Without limiting the generality of the foregoing, the clearing agency’s clearing or functions are designed to achieve thefollowing objectives:

1. Where the clearing agency acts as a central counterparty, it rigorously controls the risks it assumes.

2. The clearing agency minimizes principal risk by linking securities transfers to funds transfers in a way thatachieves delivery versus payment.

3. Final settlement occurs no later than the end of the settlement day. Intraday or real-time finality is providedwhere necessary to reduce risks.

4. Where the clearing agency extends intraday credit to participants, including a clearing agency that operatesnet settlement systems, it institutes risk controls that, at a minimum, ensure timely settlement in the event thatthe participant with the largest payment obligation is unable to settle.

5. Assets used to settle the ultimate payment obligations arising from derivatives transactions carry little or nocredit or liquidity risk. If central bank money is not used, steps are to be taken to protect participants inclearing services from potential losses and liquidity pressures arising from the failure of the cash settlementagent whose assets are used for that purpose.

6. If the clearing agency establishes links to settle cross-border trades, it designs and operates such links toreduce effectively the risks associated with cross-border settlements.

6.4 The clearing agency engaging in activities not related to clearing services carries on such activities in a manner thatprevents the spillover of risk to the clearing agency that might affect its financial viability or negatively impact any of theparticipants in the clearing service.

PART 7 SYSTEMS AND TECHNOLOGY

7.1 For its clearing services systems, the clearing agency:

(a) develops and maintains,

(i) reasonable business continuity and disaster recovery plans,

(ii) an adequate system of internal control,

(iii) adequate information technology general controls, including controls relating to information systemsoperations, information security, change management, problem management, network support, andsystem software support;

(b) on a reasonably frequent basis, and in any event, at least annually, and in a manner that is consistent withprudent business practice,

(i) makes reasonable current and future capacity estimates,

(ii) conducts capacity stress tests to determine the ability of those systems to process transactions in anaccurate, timely and efficient manner,


September 19, 2013 (2013), 36 OSCB 9162

(iii) tests its business continuity and disaster recovery plans; and

(c) promptly notifies the regulator of any material systems failures.

7.2 The clearing agency annually engages a qualified party to conduct an independent systems review and prepare areport in accordance with established audit standards regarding its compliance with section 7.1(a).

PART 8 FINANCIAL VIABILITY AND REPORTING

8.1 The clearing agency has sufficient financial resources for the proper performance of its functions and to meet itsresponsibilities and allocates sufficient financial and staff resources to carry out its functions as a clearing agency in amanner that is consistent with any regulatory requirements.

PART 9 OPERATIONAL RELIABILITY

9.1 The clearing agency has procedures and processes to ensure the provision of accurate and reliable clearing servicesto participants.

PART 10 PROTECTION OF ASSETS

10.1 The clearing agency has established accounting practices, internal controls, and safekeeping and segregationprocedures to protect the assets that are held by the clearing agency.

PART 11 OUTSOURCING

11.1 Where the clearing agency has outsourced any of its key functions, it has appropriate and formal arrangements andprocesses in place that permit it to meet its obligations and that are in accordance with industry best practices. Theoutsourcing arrangement provides regulatory authorities with access to all data, information, and systems maintainedby the third party service provider required for the purposes of regulatory oversight of the agency.

PART 12 INFORMATION SHARING AND REGULATORY COOPERATION

12.1 For regulatory purposes, the clearing agency cooperates by sharing information or otherwise with the Commission andits staff, self-regulatory organizations, exchanges, quotation and trade reporting systems, alternative trading systems,other clearing agencies, investor protection funds, and other appropriate regulatory bodies.


September 19, 2013 (2013), 36 OSCB 9163

SCHEDULE “B”

TERMS and CONDITIONS

DEFINITIONS

For the purposes of this Schedule:

“Clearing Member” means a clearing member as defined under LCH rules;

“client clearing” means a Clearing Member(s) clearing transactions on behalf of their clients who are not Clearing Members;

“Crisis” means (i) when one or more of LCH’s major Clearing Members default on their obligations to LCH that might place LCHunder financial distress that is handled with significant difficulties (ii) when LCH experiences operational problems which resultsin the delay of the processing of the clearance of trades for more than two hours following the disruptive event, such as an ITsystem or process failure, human error, management failure, fraud, or disruption from external events, such as natural disasters,physical attacks by terrorists, or cyber attacks; (iii) any material problem with the clearance of transactions that could materiallyaffect the safety and soundness of LCH; (iv) when LCH’s assets and those of its Clearing Members and/or their clients held byor on behalf of LCH suffer significant loss due to market risk or due to custody risk following the failure of the third partycommercial custody bank holding such assets; (v) a default of an Ontario Clearing Member; (vi) a default of a Clearing Memberwhere the Clearing Member is clearing on behalf of Ontario residents or (vii) any expectation of LCH that any of the foregoing isreasonably likely to occur;

“criteria for recognition” means the criteria for recognition set out in Schedule “A” to this order;

“FMIs” means financial market infrastructures as defined under the principles of the Bank for International Settlements and theInternational Organization of Securities Commissions;

“Ontario Clearing Member” means Ontario residents who are Clearing Members of LCH;

“Ontario securities law” has the meaning ascribed to it in subsection 1(1) of the Act;

REGULATION OF LCH

1. LCH shall maintain its status as a RCH with the Bank of England and as a CCP authorised under EMIR and shallcontinue to be subject to the regulatory oversight of the Bank of England and under EMIR.

2. LCH shall continue to meet the criteria for recognition as set out in Schedule “A”.

OWNERSHIP OF LCH

3. LCH shall provide to the Commission 90 days prior, written notice and a detailed description and impact of anyproposed change to its ownership.

PUBLIC INTEREST

4. LCH shall conduct its businesses and operations in a manner that is consistent with the public interest.

ACCESS

5. LCH shall request the Commission’s prior written approval before offering (i) any new clearing service including clientclearing to Ontario Clearing Members or (ii) any new link to FMIs (FMI Link) to be utilized by Ontario ClearingMembers. Such a request shall be made at least 75 days prior to the offering of the new clearing service or FMI Link toOntario Clearing Members and shall be accompanied by a written notice and detailed description and impact of thenew clearing service or FMI Link to the safety and soundness of LCH and the existing clearing services offered toOntario Clearing Members.

RULES AND RULEMAKING

6. LCH shall provide to the Commission a written notice and detailed description of any new substantive rules orsubstantive changes to current rules relating to LCH’s access criteria, default management and risk managementmodel that are specific to the clearing services utilized by Ontario Clearing Members 45 days prior to the effective dateof the rule or change.


September 19, 2013 (2013), 36 OSCB 9164

7. Notwithstanding paragraph 6, where LCH needs to implement a new substantive rule or a substantive rule changeresulting in an effective date of less than 45 days, LCH shall provide to the Commission as soon as possible prior to theeffective date, a written notice and detailed description of the new material rule or material rule change and the reasonsfor the shorter implementation.

RISK CONTROLS

8. LCH shall have clearly defined and transparent procedures for the management of risk which specify the respectiveresponsibilities of LCH and its Clearing Members.

CRISIS MANAGEMENT

9. In the event of a Crisis, LCH shall promptly share with and provide periodic updates to the Commission on the followinginformation:

(a) details of the Crisis;

(b) any actions likely to be taken by LCH including details of the use of LCH’s default protections and defaultmanagement processes that have occurred and which impact the resilience of the LCH clearing services andthe total level of financial resources remaining at LCH for default management purposes with regard tocleared products;

(c) actions likely to be taken by the Bank of England if known to LCH; and

(d) any other information and documentation requested by the Commission related to the Crisis.

SYSTEMS AND TECHNOLOGY

10. LCH shall promptly notify Commission staff of any material system failures graded as Priority 1 or similarly graded bythe Bank of England of a clearing service(s) utilized by an Ontario Clearing Member.

COMPLIANCE

11. LCH shall certify in writing to the Commission, in a certificate signed by its general counsel or head of compliance andregulation, within one year of the effective date of this order and every year subsequent to that date, or at other timesrequired by the Commission, that it is in compliance with the terms and conditions in this order and the criteria forrecognition set out in Schedule “A” attached to this order and describe in detail:

(a) the steps taken to require compliance;

(b) the controls in place to verify compliance; and

(c) the names and titles of employees who have oversight of compliance.

12. LCH shall immediately notify staff of the Commission of any event, circumstance, or situation concerning any of LCH’soperations that could materially prevent LCH’s ability to continue to comply with the terms and conditions of the orderor the criteria for recognition set out in Schedule “A” attached to the order.

INFORMATION SHARING AND REGULATORY COOPERATION

13. LCH shall provide such information as may be requested from time to time, and otherwise cooperate with, theCommission or its staff with respect to matters subject to the Commission's jurisdiction.

14. Unless otherwise prohibited under applicable law, LCH shall share information and otherwise cooperate with otherrecognized or exempt clearing agencies, recognized or exempt self-regulatory organizations, investor protection funds,marketplaces, and other regulatory bodies as appropriate.

15. LCH shall comply with Appendix "A" to this Schedule setting out the filing and reporting obligations, as amended fromtime to time, regarding the reporting of information to the Commission.


September 19, 2013 (2013), 36 OSCB 9165

SUBMISSION TO JURISDICTION AND AGENT FOR SERVICE

16. With respect to a proceeding brought by the Commission arising out of, related to, concerning or in any other mannerconnected with the Commission’s regulation and oversight of LCH’s activities in Ontario, LCH shall submit to the non-exclusive jurisdiction of (i) the courts and administrative tribunals of Ontario and (ii) an administrative proceeding inOntario.

17. For greater certainty, LCH shall file with the Commission a valid and binding appointment of an agent for service inOntario upon whom the Commission may serve a notice, pleading, subpoena, summons or other process in any action,investigation or administrative, criminal, quasi-criminal, penal or other proceeding arising out of or relating to orconcerning the Commission’s regulation and oversight of LCH’s activities in Ontario.


September 19, 2013 (2013), 36 OSCB 9166

Appendix “A”

Filing and Reporting Obligations

FILING REQUIREMENTS

Bank of England Filings

1. LCH shall provide staff of the Commission, concurrently, the following information that it is required to file with the Bankof England:

(a) the audited and unaudited financial statements of LCH;

(b) the institution of any legal proceeding against it;

(c) the presentation of a petition for winding up, the appointment of a receiver or the making of any voluntaryarrangement with creditors;

(d) any material changes and proposed material changes to its bylaws, constating documents, rules (other thanthe rules identified in paragraphs 6 and 7 of Schedule “B”), operations manual, participant agreements andother similar instruments or documents of LCH which contain any contractual terms setting out the respectiverights and obligations between LCH and Clearing Members or among Clearing Members;

(e) any reports or other similar documents that provide risk management information; and

(f) any regulatory assessments or self-assessments against international standards or requirements.

Prior Notification

2. LCH shall provide prior notification to staff of the Commission of any of the following:

(a) a material change to its business operations or the information provided in the Application; and

(b) any material change to the clearing services provided to Ontario Clearing Members.

Prompt Notification

3. LCH shall promptly notify staff of the Commission of any of the following:

(a) an event of default by a Clearing Member that does not constitute a Crisis, including details of the use ofLCH’s default protections and default management processes that have occurred and the total level offinancial resources remaining at LCH for a default management purposes with regard to cleared products inthe clearing services offered to Ontario Clearing Members;

(b) any material change or proposed material change in status or the regulatory oversight by the Bank ofEngland;

(c) the clearing of new products that are proposed to be offered to Ontario Clearing Members or products that willno longer be available to Ontario Clearing Members; and

(d) in relation to client clearing and based on the information available to LCH, the identity of any new OntarioClearing Member or any other Ontario resident that has entered into a direct or indirect arrangement with LCHfor the provision of clearing services.

Quarterly Reporting

4. LCH shall maintain the following updated information and submit such information to the Commission in a manner andform acceptable to the Commission on at least a quarterly basis within 30 days of the end of the quarter, and at anytime promptly upon the request of staff of the Commission:

(a) a current list of all Ontario Clearing Members;


September 19, 2013 (2013), 36 OSCB 9167

(b) a list of all Ontario Clearing Members against whom disciplinary action has been taken in the last quarter byLCH or the Bank of England with respect to activities at LCH;

(c) a list of all investigations by LCH relating to Ontario Clearing Members;

(d) a list of all Ontario applicants who have been denied Clearing Member status by LCH;

(e) for each LCH clearing service provided to Ontario Clearing Members, the aggregate nominal volumes duringthe period and the level of open interest as of the end of the period (by currency) in cleared products; the highand low daily nominal volumes and level of open interest during that period (with breakdowns by currencywhere relevant) in cleared products; the level and composition of margin and default fund collateral held withregard to cleared products (with breakdowns by currency where relevant) for each Ontario Clearing Member;

(f) the proportion of the metrics identified in paragraph (e) above for Ontario Clearing Members related to theactivity of all clearing members in each of the LCH clearing services provided to Ontario Clearing Members;

(g) for each LCH clearing service provided to Ontario Clearing Members, a summary of risk management testresults related to the adequacy of required margin and the adequacy of the level of the default fund, includingbut not limited to stress testing and back testing results, the level of payments effected over LCH’s paymentssystem(s) with regard to cleared products (or total payments processed, if not operationally viable to separatepayments);

(h) for each LCH clearing service provided to Ontario Clearing Members, the total level of default protection withregard to cleared products; average daily volumes of margin calls with regard to cleared products;anonymized aggregated average daily notional position of the five and ten largest clearing members incleared product;

(i) for each LCH clearing service provided to Ontario Clearing Members, a description of any material servicesoutages (other than the material outages identified in paragraph 10 of Schedule “B”) with regard to clearedproducts that have occurred since the last quarterly report;

(j) based on the information available to LCH, a list of all Clearing Members (grouped by country of incorporationof the ultimate parent) who offer client clearing services in Ontario; and

(k) based on the information available to LCH, for each Clearing Member offering client clearing to Ontarioresidents, the identity of the Ontario resident client receiving such services and the value and volume by assetclass of their client clearing transactions.


September 19, 2013 (2013), 36 OSCB 9168


September 19, 2013 (2013), 36 OSCB 9169

Chapter 4

Cease Trading Orders

4.1.1 Temporary, Permanent & Rescinding Issuer Cease Trading Orders

Company Name Date of TemporaryOrder

Date of Hearing Date ofPermanent

Order

Date ofLapse/Revoke

Beacon Acquisition Partners Inc. 11 Sept 13 23 Sept 13

Celtic Tiger Minerals Exploration Inc. 16 Sept 13 27 Sept 13

Great Basin Gold Ltd. 03 Sept 13 16 Sept 13 16 Sept 13

Northern Lights Resources Corp. 12 Sept 13 24 Sept 13

Sterling Shoes Inc. 16 Sept 13 27 Sept 13

4.2.1 Temporary, Permanent & Rescinding Management Cease Trading Orders

Company Name Date ofOrder or

TemporaryOrder

Date ofHearing

Date ofPermanent

Order

Date ofLapse/Expire

Date ofIssuer

TemporaryOrder

THERE ARE NO ITEMS FOR THIS WEEK.

4.2.2 Outstanding Management & Insider Cease Trading Orders

Company Name Date of Orderor Temporary

Order

Date ofHearing

Date ofPermanent

Order

Date ofLapse/ Expire

Date of IssuerTemporary

Order

THERE ARE NO ITEMS FOR THIS WEEK.

Cease Trading Orders

September 19, 2013 (2013), 36 OSCB 9170


September 19, 2013 (2013), 36 OSCB 9171

Chapter 7

Insider Reporting

The following is a weekly summary of insider transactions by insiders of Ontario reporting issuers in SEDI ® (the System forElectronic Disclosure by Insiders).

1The 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 CodesRelationship of Insider to Issuer (Rel=n)

1 Issuer2 Subsidiary of Issuer3 10% Security Holder of Issuer4 Director of Issuer5 Senior Officer of Issuer6 Director or Senior Officer of 10% Security Holder7 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 Report10 Acquisition or disposition in the public market11 Acquisition or disposition carried out privately15 Acquisition or disposition under a prospectus16 Acquisition or disposition under a prospectus exemption22 Acquisition or disposition pursuant to a take-over bid, merger or acquisition30 Acquisition or disposition under a purchase/ ownership plan35 Stock dividend36 Conversion or exchange37 Stock split or consolidation38 Redemption, retraction, cancellation, repurchase40 Short sale45 Compensation for property46 Compensation for services47 Acquisition or disposition by gift48 Acquisition by inheritance or disposition by bequest50 Grant of options51 Exercise of options52 Expiration of options53 Grant of warrants54 Exercise of warrants55 Expiration of warrants56 Grant of rights57 Exercise of rights59 Exercise for cash70 Acquisition or disposition (writing) of third party derivative71 Exercise of third party derivative72 Other settlement of third party73 Expiration of third party derivative90 Change in nature of ownership97 Other99 Correction of Information

Note: The asterisk in the “Date/Month End Holding” column indicates the insider disagreed with the system calculated balance when thetransaction was reported.

1 SEDI® is a registered trademark owned by CDS INC.

2 ©CDS INC.

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9172

Issuer Name Security Insider Name Rel'n Transaction Date T/O UnitPrice

Date/Month EndHoldings

Acquired/Disposed

ACTIVEnergy Income Fund Trust Units Activenergy Income Fund 1 04/09/2013 38 7.4 28,187,461 600

Adanac MolybdenumCorporation

Common Shares Redleaf, Andrew 3 09/09/2013 10 0.2 724,348 -1,500





ADF Group Inc. Unités d'actions différées(UAD-DSU)

Belcourt, Marc 4 09/09/2013 56 26,140 5,435


Benoît, Marc 4 09/09/2013 56 9,527 5,435


Filion, Marc 4 09/09/2013 56 47,587 5,435


Meti, Antonio 4 09/09/2013 56 9,527 5,435


Paré, Robert 4 09/09/2013 56 47,662 5,435

Aegean Metals Group Inc. Common Shares Akin, Hikmet 4 20/09/2012 00Aegean Metals Group Inc. Common Shares Akin, Hikmet 4 29/08/2013 11 0.1 100,000 100,000Aegean Metals Group Inc. Warrants Akin, Hikmet 4 20/09/2012 00Aegean Metals Group Inc. Warrants Akin, Hikmet 4 29/08/2013 11 0.1 100,000 100,000Aegean Metals Group Inc. Common Shares Lopez, Cesar 4, 5 29/08/2013 11 0.1 2,079,000 500,000

Aegean Metals Group Inc. Warrants Lopez, Cesar 4, 5 20/09/2012 00Aegean Metals Group Inc. Warrants Lopez, Cesar 4, 5 29/08/2013 11 0.1 500,000 500,000Aegean Metals Group Inc. Common Shares Roth, Eric 4 29/11/2012 00Aegean Metals Group Inc. Common Shares Roth, Eric 4 30/08/2013 11 0.1 1,200,000 1,200,000Aegean Metals Group Inc. Warrants Roth, Eric 4 29/11/2012 00Aegean Metals Group Inc. Warrants Roth, Eric 4 30/08/2013 53 0.15 1,200,000 1,200,000Affinor Resources Inc. Common Shares Plouffe, Sébastien 4, 5 04/09/2013 10 0.03 2,401,000 104,000Affinor Resources Inc. Common Shares Plouffe, Sébastien 4, 5 06/09/2013 10 0.015 2,251,000 -150,000Affinor Resources Inc. Common Shares Plouffe, Sébastien 4, 5 11/09/2013 10 0.04 2,261,000 10,000Affinor Resources Inc. Common Shares Plouffe, Sébastien 4, 5 11/09/2013 10 0.03 2,336,000 75,000Affinor Resources Inc. Common Shares VEILLETTE, CLAUDE 3, 4 06/09/2013 10 0.015 234,000 -200,000African Gold Group, Inc. Common Shares Brown, David 4 04/09/2013 16 0.07 639,284 214,284

African Gold Group, Inc. Warrants Brown, David 4 04/09/2013 16 107,142 107,142African Gold Group, Inc. Common Shares Durante, Marco J. 4, 5 04/09/2013 16 0.07 792,446 635,000African Gold Group, Inc. Options Durante, Marco J. 4, 5 10/03/2013 51 -200,000African Gold Group, Inc. Options Durante, Marco J. 4, 5 10/03/2013 52 2,100,000 -200,000African Gold Group, Inc. Warrants Durante, Marco J. 4, 5 04/09/2013 16 317,500 317,500African Gold Group, Inc. Common Shares Nikiforuk, Michael A.J. 3, 4, 5 04/09/2013 16 0.07 6,275,971 300,000African Gold Group, Inc. Warrants Nikiforuk, Michael A.J. 3, 4, 5 04/09/2013 16 150,000 150,000African Queen Mines Ltd. Common Shares Olian, Irwin Alois 3, 4, 5 09/09/2013 10 0.055 9,053,500 5,000African Queen Mines Ltd. Common Shares Olian, Irwin Alois 3, 4, 5 10/09/2013 10 0.055 9,058,500 5,000African Queen Mines Ltd. Common Shares Olian, Irwin Alois 3, 4, 5 10/09/2013 10 0.05 9,063,500 5,000Agellan Commercial RealEstate Investment Trust

Units Camenzuli, Francis Xavier 4, 7, 5 11/09/2013 10 8.62 86,340 1,400

Agellan Commercial RealEstate Investment Trust

Units Camenzuli, Francis Xavier 4, 7, 5 11/09/2013 10 8.65 86,440 100

Agellan Commercial RealEstate Investment Trust

Units Camenzuli, Francis Xavier 4, 7, 5 11/09/2013 10 8.66 92,440 6,000

Agnico Eagle Mines Limited Common Shares Gosselin, Guy 5 11/09/2013 10 28.6 6,001 2,000

Agnico Eagle Mines Limited Common Shares Provencher, Christian 5 13/09/2013 10 27.13 2,862 500

Air Canada Class A Variable VotingShares

Butterfield, Alan 5 06/09/2013 10 2.95 0 -38,459

Air Canada Class B Voting Shares Fournel, Lise 5 09/09/2013 10 3.05 20,000 -5,000Air Canada Class B Voting Shares Fournel, Lise 5 10/09/2013 10 3.25 15,000 -5,000

Air Canada Options (Long-TermIncentive Plan)

Isford, Chris 5 09/09/2013 51 3.11 172,899 -12,500

Akita Drilling Ltd. Options Coleman, Raymond 5 13/09/2013 50 13.81 47,500 15,000Akita Drilling Ltd. Options Dease, Colin 5 13/09/2013 50 13.81 10,000 5,000Akita Drilling Ltd. Options Hensel, Fred 5 13/09/2013 50 13.81 32,500 7,500Akita Drilling Ltd. Options Kushner, Craig 5 13/09/2013 50 13.81 22,500 5,000Akita Drilling Ltd. Options Pahl, John 5 13/09/2013 50 13.81 23,500 6,000Akita Drilling Ltd. Options Roth, Murray 5 13/09/2013 50 13.81 81,000 15,000Akita Drilling Ltd. Options Ruud, Karl 5 13/09/2013 50 13.81 176,000 50,000Alacer Gold Corp. Common Shares Haddon, Timothy John 4, 7, 5 15/09/2013 38 398,970 19,908Alacer Gold Corp. DSU Haddon, Timothy John 4, 7, 5 15/09/2013 38 0 -19,908AlarmForce Industries Inc. Common Shares Behrenwaldt, Tobias Philipp 4 11/09/2013 00 10,000

AlarmForce Industries Inc. Common Shares Christopoulos, George 3 12/09/2013 10 9.55 27,000 1,500AlarmForce Industries Inc. Common Shares Christopoulos, George 3 12/09/2013 10 9.65 27,900 900

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9173



Acquired/Disposed

Alberta Oilsands Inc. Common Shares McDowall, Stuart Bruce 4 09/09/2013 10 0.12 4,399,000 8,000Alberta Oilsands Inc. Common Shares McDowall, Stuart Bruce 4 10/09/2013 10 0.12 4,414,000 15,000Alberta Oilsands Inc. Common Shares McDowall, Stuart Bruce 4 10/09/2013 10 0.1225 4,678,000 264,000Alimentation Couche-TardInc.

Unité d'action différée Bourque, Nathalie 4 10/09/2013 46 62.17 2,391 28

Alimentation Couche-TardInc.

Unité d'action différée Fortin, Richard 4, 6, 7, 5 10/09/2013 46 62.17 3,177 28


Unité d'action différée Kau, Mélanie 4 10/09/2013 46 62.17 17,324 28


Unité d'action différée Turmel, Jean 4 10/09/2013 46 62.17 28,044 61

Alita Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 12/09/2013 10 0.075 629,000 -48,000Alita Resources Ltd. Common Shares Bottomer, Lindsay Richard 4 12/09/2013 10 0.075 238,000 -50,000

Alita Resources Ltd. Common Shares Bottomer, Lindsay Richard 4 13/09/2013 10 0.075 198,000 -40,000

Alita Resources Ltd. Common Shares Jonsson, Carl Roland 4, 5 13/09/2013 10 0.075 500,000 -50,000

Alita Resources Ltd. Common Shares Powell, Theodore JamesMalcolm

4, 6, 5 12/09/2013 10 0.075 629,000 -48,000

Alita Resources Ltd. Common Shares Troup, Arthur George 4 13/09/2013 10 0.075 180,000 -80,000Alita Resources Ltd. Common Shares Troup, Arthur George 4 13/09/2013 10 0.075 86,000 -4,000Alita Resources Ltd. Common Shares Troup, Arthur George 4 13/09/2013 10 0.07 85,500 -500Altitude Resources Inc.(formerly Triumph VenturesIII Corporation)

Common Shares Wusaty, Eugene 3, 4 05/09/2013 10 0.39 7,171,100 1,500

Altus Group Limited Options Commons, Michael 5 05/09/2013 59 7.25 29,666 -5,000Altus Group Limited Common Shares Eisen, Barry Isaac 5 11/09/2013 10 11.63 3,852 -1,926Altus Group Limited Options lachance, daniel 5 09/09/2013 59 7.25 59,301 -10,000Amarok Energy Inc. Common Shares Swanson, Leonard Dale 5 04/09/2013 10 0.2 1,714,000 114,000Amarok Energy Inc. Common Shares Swanson, Leonard Dale 5 09/09/2013 10 0.2171 1,770,000 56,000Amarok Energy Inc. Common Shares Swanson, Leonard Dale 5 10/09/2013 10 0.22 1,777,000 7,000Amarok Energy Inc. Common Shares Swanson, Leonard Dale 5 10/09/2013 10 0.22 1,800,000 23,000American ConsolidatedMinerals Corp.

Common Shares Arca, Gary Vittorio 4, 5 12/09/2013 37 141,391 -1,272,518

American ConsolidatedMinerals Corp.

Common Shares Arca, Gary Vittorio 4, 5 12/09/2013 37 10,000 -90,000


Options Arca, Gary Vittorio 4, 5 12/09/2013 37 130,000 -1,170,000


Common Shares Eadie, Robert 4 12/09/2013 37 322,928 -2,906,347


Common Shares Eadie, Robert 4 12/09/2013 37 9,000 -81,000


Options Eadie, Robert 4 12/09/2013 37 180,000 -1,620,000


Common Shares Fabbro, Allan John 4, 5 12/09/2013 37 1,207,716 -10,869,447


Common Shares Fabbro, Allan John 4, 5 12/09/2013 37 50,400 -453,600


Common Shares Fabbro, Allan John 4, 5 12/09/2013 37 45,350 -408,150


Options Fabbro, Allan John 4, 5 12/09/2013 37 80,000 -720,000


Options Gunning, David Russell 4 12/09/2013 37 35,000 -315,000


Options Sumanik, Kenneth Michael 4 12/09/2013 37 15,000 -135,000

American Manganese Inc. Common Shares Reaugh, Larry 4 11/09/2013 10 0.02 3,928,675 28,000

Amerix Precious MetalsCorporation

Common Shares Reeder, Jeffrey 4 06/09/2013 10 0.01 950,666 -500,000

Amica Mature Lifestyles Inc. Common Shares Allen, Brenda 5 11/09/2013 30 9.066 5,684 173

Amica Mature Lifestyles Inc. Common Shares Ayres, Arthur John 5 12/09/2013 51 5.44 12,455 1,000

Amica Mature Lifestyles Inc. Common Shares Ayres, Arthur John 5 12/09/2013 51 5.61 13,455 1,000

Amica Mature Lifestyles Inc. Options Ayres, Arthur John 5 12/09/2013 51 5.44 137,500 -1,000

Amica Mature Lifestyles Inc. Options Ayres, Arthur John 5 12/09/2013 51 5.61 136,500 -1,000

Amica Mature Lifestyles Inc. Common Shares MacCallum, JamesMckenzie

5 11/09/2013 30 9.066 2,298 189

Amica Mature Lifestyles Inc. Common Shares Salgado, Claudia 5 11/09/2013 30 9.066 12,775 173

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9174



Acquired/Disposed

Amorfix Life Sciences Ltd. Common Shares Interinvest Corporation 3 09/09/2013 10 0.323 10,054,222 5,000AndeanGold Ltd. Common Shares CIALI, ANTHONY FRANCIS 4, 5 03/09/2013 10 0.05 1,437,567 5,000

Angle Energy Inc. Common Shares Hillier, Kenneth Dale 5 30/08/2013 30 2.78 4,697 652Aqua-Pure Ventures Inc. Common Shares MAGNUS, RICHARD

CHARLES4 27/08/2013 10 0.3 200,000

Aqua-Pure Ventures Inc. Common Shares MAGNUS, RICHARDCHARLES

4 05/09/2013 50 0.3 302,500 200,000

Aqua-Pure Ventures Inc. Common Shares Stroup, Richard 4 27/08/2013 50 0.3 60,000Aqua-Pure Ventures Inc. Common Shares Stroup, Richard 4 05/09/2013 50 0.3 155,000 60,000Aqua-Pure Ventures Inc. Common Shares Teja, Karim 5 05/09/2013 50 0.3 200,000 100,000

ARC Resources Ltd. Common Shares Nielsen, Karen Ann 5 03/09/2013 00ARC Resources Ltd. Common Shares Nielsen, Karen Ann 5 06/09/2013 10 26.86 1,800 1,800Arctic Hunter Energy Inc. Common Shares Coupland, Timothy Andrew 4, 5 10/09/2013 10 0.06 1,026,500 13,000

Arctic Hunter Energy Inc. Common Shares Coupland, Timothy Andrew 4, 5 12/09/2013 10 0.06 1,046,500 20,000

Arctic Hunter Energy Inc. Options Lee, Raymond 4 27/08/2013 00 100,000Arctic Star Exploration Corp. Common Shares Power, Patrick Edward 4, 5 10/09/2013 10 0.09 1,429,866 50,000

Arcus Development GroupInc.

Common Shares Longhurst, GrantMontgomery

4, 5 03/09/2013 10 0.03 558,215 110,000


Options Longhurst, GrantMontgomery

4, 5 30/11/2010 50 202,059


Options Longhurst, GrantMontgomery

4, 5 30/11/2010 50 400,000 202,059

Arsenal Energy Inc. Common Shares Nolte, Leo John 5 06/08/2013 37 10,853 -97,677Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 760,000 -360,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 526,000 -234,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 -21,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 -21,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 463,000 -63,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 301,000 -162,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 -168,000Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 -168,000

Arsenal Energy Inc. Options Nolte, Leo John 5 06/08/2013 37 112,000 -189,000Arsenal Energy Inc. Common Shares Petrie, Derek 4 06/08/2013 37 89,800 -808,200Arsenal Energy Inc. Common Shares Petrie, Derek 4 06/08/2013 37 86,140 -775,260Arsenal Energy Inc. Common Shares Petrie, Derek 4 06/08/2013 37 48,000 -432,000Arsenal Energy Inc. Common Shares Petrie, Derek 4 06/08/2013 37 157,110 -1,413,990Artek Exploration Ltd. Options Aitken, Gary Frederick 4 09/09/2013 50 3.45 80,000 25,000Artek Exploration Ltd. Options Anderson, Darcy Ray 5 09/09/2013 50 3.45 466,666 33,333Artek Exploration Ltd. Options Anderson, Darcy Ray 5 09/09/2013 50 3.45 499,999 33,333Artek Exploration Ltd. Options Anderson, Darcy Ray 5 09/09/2013 50 3.45 533,333 33,334Artek Exploration Ltd. Options Andrews, Peter 5 09/09/2013 50 3.45 464,667 93,000Artek Exploration Ltd. Options Chernoff, M. Bruce 4 09/09/2013 50 3.45 90,000 30,000Artek Exploration Ltd. Options Frolek, Gregory Todd 5 09/09/2013 50 3.45 466,667 90,000

Artek Exploration Ltd. Options Metcalfe, Darryl FrancisHugh

5 09/09/2013 50 3.45 605,000 120,000

Artek Exploration Ltd. Options Nociar, Bruce Allan 5 09/09/2013 50 3.45 521,333 98,000Artek Exploration Ltd. Options Sacheli, Anthony 5 09/09/2013 50 3.45 464,667 93,000Artek Exploration Ltd. Options Swertz, Jennifer Marie 5 09/09/2013 50 3.45 469,667 93,000Artek Exploration Ltd. Options Tahmazian, Rafi 4 09/09/2013 50 3.45 80,000 25,000Artek Exploration Ltd. Options Wilson, David John 4 09/09/2013 50 3.45 80,000 25,000Asher Resources Corporation Common Shares Eyolfson, Norman 4 05/07/2011 00

Asher Resources Corporation Common Shares Eyolfson, Norman 4 09/09/2013 51 0.31 20,000 20,000

Asher Resources Corporation Options Eyolfson, Norman 4 09/09/2013 51 0.31 145,000 -20,000

Aston Bay Holdings Ltd.(formerly Escudo CapitalCorporation)

Common Shares COULTER, WILLIAM JOHN 3 11/09/2013 10 80,000 -20,000


Common Shares Cox, Benjamin 4, 5 11/09/2013 10 0.16 1,876,000 5,000


Common Shares Lin, Andrew 7 13/09/2013 10 0.18 430,000 43,000



Insider Reporting

September 19, 2013 (2013), 36 OSCB 9175



Acquired/Disposed



Astorius Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 10/09/2013 10 0.06 1,895,500 6,000Astorius Resources Ltd. Common Shares Arbutus Enterprises Ltd. 3 10/09/2013 10 0.08 1,897,500 2,000Astorius Resources Ltd. Common Shares Powell, Theodore James

Malcolm4, 6, 5 10/09/2013 10 0.06 1,880,500 6,000

Astorius Resources Ltd. Common Shares Powell, Theodore JamesMalcolm

4, 6, 5 10/09/2013 10 0.08 1,882,500 2,000

ATCO LTD. Rights 89.94 (Phantom) Cook, P. Derek 7 14/06/2013 35 6,000 2,000ATCO LTD. Rights 89.94 (Phantom) Cook, P. Derek 7 14/06/2013 35 8,000 2,000

ATCO LTD. Non-Voting Shares Class I Garvey, Scott James 5 16/04/2013 30 85.83 25

ATCO LTD. Non-Voting Shares Class I Garvey, Scott James 5 16/04/2013 30 85.83 25

ATCO LTD. Non-Voting Shares Class I Garvey, Scott James 5 16/04/2013 30 85.73 89 25

ATCO LTD. Options 70.23 Garvey, Scott James 5 14/06/2013 35 2,000 1,000ATCO LTD. Rights 70.23 (Phantom

AMTIP)Hahn, Brian R. 7 14/06/2013 35 4,000

ATCO LTD. Rights 70.23 (PhantomAMTIP)

Hahn, Brian R. 7 14/06/2013 35 4,000


Hahn, Brian R. 7 14/06/2013 35 8,000 4,000

ATCO LTD. Rights 70.23 (Phantom) Hahn, Brian R. 7 14/06/2013 35 8,000 4,000ATCO LTD. Rights 89.94 (Phantom) Hahn, Brian R. 7 14/06/2013 35 6,000 2,000ATCO LTD. Rights 89.94 (Phantom) Hahn, Brian R. 7 14/06/2013 35 8,000 2,000ATCO LTD. Non-Voting Shares Class I Han, Alfred S. 7 13/06/2013 35 93.32 24

ATCO LTD. Non-Voting Shares Class I Han, Alfred S. 7 13/06/2013 35 93.32 24

ATCO LTD. Non-Voting Shares Class I Han, Alfred S. 7 13/06/2013 30 93.32 24 24

ATCO LTD. Rights 89.94 (SAR) Han, Alfred S. 7 14/06/2013 35 2,000 1,000ATCO LTD. Rights 59.53 (Phantom) Landry, Steven 7 14/06/2013 35 8,000 2,000ATCO LTD. Rights 59.53 (Phantom) Landry, Steven 7 14/06/2013 35 12,000 4,000ATCO LTD. Rights 70.23 (Phantom

AMTIP)Landry, Steven 7 14/06/2013 35 5,000


Landry, Steven 7 14/06/2013 35 5,000


Landry, Steven 7 14/06/2013 35 10,000 5,000

ATCO LTD. Rights 70.23 (Phantom) Landry, Steven 7 14/06/2013 35 10,000 5,000ATCO LTD. Rights 89.94 (Phantom) Landry, Steven 7 14/06/2013 35 15,000 5,000ATCO LTD. Rights 89.94 (Phantom) Landry, Steven 7 14/06/2013 35 20,000 5,000ATCO LTD. Non-Voting Shares Class I McNabb, Barry 7 12/09/2013 10 45 1,118 -100

ATCO LTD. Non-Voting Shares Class I McNabb, Barry 7 12/09/2013 10 44.92 518 -600

ATCO LTD. Non-Voting Shares Class I Stephens, William C. 7 13/06/2013 30 88.5 1,560 96

ATCO LTD. Non-Voting Shares Class I Stephens, William C. 7 14/06/2013 35 3,020 1,443

ATCO LTD. Non-Voting Shares Class I Stephens, William C. 7 14/06/2013 35 3,120 100

ATCO LTD. Non-Voting Shares Class I Warkentin, Clinton 5 13/06/2013 30 88.56 422 71

ATCO LTD. Non-Voting Shares Class I Warkentin, Clinton 5 14/06/2013 35 845 417

ATCO LTD. Non-Voting Shares Class I Warkentin, Clinton 5 14/06/2013 35 846 1

ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 13/06/2013 30 88.44 2,143 119

ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 14/06/2013 35 4,286 2,013

ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 14/06/2013 35 4,287 1

ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 14/06/2013 35 6,999 3,500

ATCO LTD. Non-Voting Shares Class I Wright, Paul 5 14/06/2013 35 7,000 1

Athabasca Minerals Inc. Options Harris, Thomas Craig 5 04/03/2013 00Athabasca Minerals Inc. Options Harris, Thomas Craig 5 06/09/2013 50 1.02 100,000 100,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9176



Acquired/Disposed

Athabasca Minerals Inc. Options Strand, Pamela Dawn 5 06/09/2013 00 200,000Atlantic Power Corporation Common Shares McNeil, John Alexander 4 05/09/2013 10 4.05 25,500 1,000

Atlantic Power Corporation Common Shares McNeil, John Alexander 4 05/09/2013 10 4 26,100 600

Atlantic Power Corporation Common Shares McNeil, John Alexander 4 06/09/2013 10 4.03 27,500 1,400

ATS Automation ToolingSystems Inc.

Common Shares Keyser, Ron 5 23/05/2007 00


Common Shares Keyser, Ron 5 10/09/2013 51 3.49 10,000 10,000








Common Shares Keyser, Ron 5 10/09/2013 10 13.5 0 -75,000


Options Keyser, Ron 5 10/09/2013 51 3.49 96,500 -10,000








SARs Keyser, Ron 5 12/09/2013 59 11,250 -3,750


SARs McCuaig, Stewart 5 10/09/2013 59 28,125 -9,375

Augusta Industries Inc.(formerly Fiber Optic SystemsTechnology, Inc.)

Common Shares LONE, ALLEN 3, 4, 6, 5 09/09/2013 10 0.05 1,908,500 1,000

Augusta Industries Inc.(formerly Fiber Optic SystemsTechnology, Inc.)

Common Shares LONE, ALLEN 3, 4, 6, 5 11/09/2013 10 0.05 1,909,500 1,000

AurCrest Gold Inc. Options van de Water, Frank 4 03/05/2012 52 1.75 200,000 -50,000Aurvista Gold Corporation Common Shares MacKenzie, Lewis W 6 29/07/2011 00

Aurvista Gold Corporation Common Shares MacKenzie, Lewis W 6 29/07/2011 00Aurvista Gold Corporation Common Shares MacKenzie, Lewis W 6 29/07/2011 00Avalon Rare Metals Inc. Options Wiseman, Mark Edward 5 01/09/2013 50 320,000 80,000Avante Logixx Inc. Common Shares Verner, Leland 4, 5 10/09/2013 10 0.21 1,651,500 -13,500Avante Logixx Inc. Common Shares Verner, Leland 4, 5 12/09/2013 10 0.21 1,635,000 -16,500Avanti Energy Inc. Common Shares Kottmeier, Karl Eric 4 30/05/2013 00Avanti Energy Inc. Common Shares Kottmeier, Karl Eric 4 31/05/2013 00Avanti Energy Inc. Common Shares Kottmeier, Karl Eric 4 30/05/2013 00 553,000Avanti Energy Inc. Common Shares Kottmeier, Karl Eric 4 30/05/2013 00 223,000Avanti Mining Inc. Common Shares Smith, Mark 4 13/09/2013 10 0.057 1,981,000 93,000Axia NetMedia Corporation Common Shares Blake, Mark 5 02/08/2013 30 1.6088 92,861 641

Axia NetMedia Corporation Common Shares Blake, Mark 5 29/08/2013 30 1.9989 93,377 516

Axia NetMedia Corporation Common Shares Hartslief, Alan Guy 5 02/08/2013 30 1.6088 115,854 1,311

Axia NetMedia Corporation Common Shares Hartslief, Alan Guy 5 29/08/2013 30 1.9989 116,909 1,055

Axia NetMedia Corporation Common Shares Hua, Corinne 5 02/08/2013 30 1.6088 82,501 660

Axia NetMedia Corporation Common Shares Hua, Corinne 5 29/08/2013 30 1.9989 83,033 532

Axia NetMedia Corporation Common Shares Price, Arthur R. 4, 5 02/08/2013 30 1.6088 1,664,627 3,026

Axia NetMedia Corporation Common Shares Price, Arthur R. 4, 5 29/08/2013 30 1.9989 1,666,792 2,165

Axia NetMedia Corporation Common Shares Sigler, Murray 5 02/08/2013 30 1.6088 114,091 1,311

Axia NetMedia Corporation Common Shares Sigler, Murray 5 29/08/2013 30 1.9989 115,146 1,055

Axia NetMedia Corporation Common Shares Springer, Nicole 5 02/08/2013 30 1.6088 10,593 660

Axia NetMedia Corporation Common Shares Springer, Nicole 5 29/08/2013 30 1.9989 11,658 1,065

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9177



Acquired/Disposed

Axios Mobile Assets Corp. Common Shares Ongweoweh Corp 3 05/09/2013 10 0.06 11,044,128 -5,000

Axios Mobile Assets Corp. Common Shares Ongweoweh Corp 3 09/09/2013 10 0.04 10,944,128 -100,000

Azabache Energy Inc.(formerly, Argenta Oil & GasInc.)

Common Shares Van Doorne, Glenn GilbertHenry

4, 5 11/09/2013 10 0.135 8,720,661 10,000

Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 06/09/2013 10 0.56 3,894,000 -8,000Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 10/09/2013 10 0.52 3,896,500 2,500Balmoral Resources Ltd. Common Shares Wagner, Darin 4, 5 12/09/2013 10 0.49 3,902,500 6,000Bank of Montreal Common Shares Astley, Robert M. 4 06/09/2013 10 67.25 6,485 -5,000

Bank of Montreal Common Shares Astley, Robert M. 4 06/09/2013 10 67.4 1,500 -4,985Bank of Montreal Common Shares Downe, William 7, 5 11/09/2013 47 67.13 205,950 -1,650Bank of Montreal Common Shares Downe, William 7, 5 27/08/2013 35 65.554 11,992 133Bank of Montreal Common Shares Downe, William 7, 5 11/09/2013 47 67.13 13,642 1,650Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 12/09/2013 47 1,402 -87Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 12/09/2013 47 1,315 -87Bank of Nova Scotia, The Common Shares ESOP von Hahn, Anatol 5 12/09/2013 47 1,228 -87Bankers Petroleum Ltd. Common Shares Beveridge, Bruce 5 09/09/2013 00Bankers Petroleum Ltd. Common Shares Clark, Wesley Kanne 4 09/09/2013 51 1.05 47,500 40,000Bankers Petroleum Ltd. Common Shares Clark, Wesley Kanne 4 09/09/2013 10 1.05 7,500 -40,000Bankers Petroleum Ltd. Options Clark, Wesley Kanne 4 09/09/2013 51 476,000 -40,000Bankers Petroleum Ltd. Common Shares Cross, Robert Melvin

Douglas4 11/09/2013 51 1.05 227,866 75,000

Bankers Petroleum Ltd. Options Cross, Robert MelvinDouglas

4 11/09/2013 51 296,500 -75,000

Bankers Petroleum Ltd. Common Shares Zaozirny, John Brian 4 09/09/2013 51 1.05 266,667 16,667

Bankers Petroleum Ltd. Common Shares Zaozirny, John Brian 4 09/09/2013 10 1.05 250,000 -16,667Bankers Petroleum Ltd. Options Zaozirny, John Brian 4 09/09/2013 51 231,000 -16,667Barisan Gold Corporation Common Shares Dyczkowski, Karen 5 10/09/2013 10 0.06 189,125 17,000Barisan Gold Corporation Common Shares Martin, Joseph Terrance

Lionel4 09/09/2013 10 0.06 379,380 110,830

Barisan Gold Corporation Common Shares Martin, Joseph TerranceLionel

4 11/09/2013 10 0.075 504,380 125,000


4 11/09/2013 10 0.08 506,230 1,850


4 13/09/2013 10 0.065 610,230 104,000

Barisan Gold Corporation Options Martin, Joseph TerranceLionel

4 09/09/2013 10 0.06 110,830

Barisan Gold Corporation Options Martin, Joseph TerranceLionel

4 09/09/2013 10 0.06 110,830

Batero Gold Corp. Common Shares Uribe Hurtado, Juan David 3 09/09/2013 47 2,751,000 687,750Batero Gold Corp. Common Shares Uribe Hurtado, Juan David 3 09/09/2013 47 2,379,287 -687,750Bell Aliant Inc. Common Shares LeBlanc, Glen 5 04/09/2013 30 26.599 0 -874Bellatrix Exploration Ltd. Common Shares Nichol, Kelly Malcolm 5 15/05/2013 00Bellatrix Exploration Ltd. Common Shares Nichol, Kelly Malcolm 5 27/08/2013 10 6.8 3,000 3,000Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 05/09/2013 30 0.6557 542,565 1,418Bengal Energy Ltd. Common Shares Chakrabarty, Chayan 4, 5 05/09/2013 30 0.6557 171,824 4,426Bengal Energy Ltd. Common Shares Goudie, Bryan 5 05/09/2013 30 0.6557 126,634 3,874Bengal Energy Ltd. Common Shares MacMahon, Gordon R 5 05/09/2013 30 0.6557 67,576 4,573

Big Rock Brewery Inc. Common Shares Peters, Jay Alan John 4 05/09/2013 00 250Biosenta Inc. Common Shares Class A

Common SharesLewis, Bruce 3, 4, 5 10/09/2013 11 0.08 4,451,946 -62,500

Biosenta Inc. Common Shares Class ACommon Shares

Lewis, Bruce 3, 4, 5 10/09/2013 11 0.08 4,389,446 -62,500


Lewis, Bruce 3, 4, 5 10/09/2013 11 0.08 4,264,446 -125,000


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.11 4,218,991 -45,455


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.11 4,173,536 -45,455


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.11 4,128,081 -45,455


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.08 4,003,081 -125,000


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.08 3,971,831 -31,250


Lewis, Bruce 3, 4, 5 12/09/2013 11 0.08 3,940,581 -31,250

BioSyent Inc. Common Shares Larson, Douglas Robert 4, 5 06/09/2013 10 2.55 60,000 -10,000BioSyent Inc. Common Shares Larson, Douglas Robert 4, 5 06/09/2013 10 2.64 50,000 -10,000BIOX Corporation Common Shares COLCLEUGH, David

William4 29/08/2013 10 0.5 407,333 9,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9178



Acquired/Disposed

BIOX Corporation Common Shares COLCLEUGH, DavidWilliam

4 30/08/2013 10 0.5 417,333 10,000

Bird Construction Inc. Common Shares Talbott, Timothy James 4 09/09/2013 10 12.14 655,066 -20,600Bird Construction Inc. Common Shares Talbott, Timothy James 4 10/09/2013 10 12.14 625,966 -29,100Bird Construction Inc. Common Shares Talbott, Timothy James 4 11/09/2013 10 12.15 590,966 -35,000Bird Construction Inc. Common Shares Talbott, Timothy James 4 12/09/2013 10 12.04 573,466 -17,500Bird Construction Inc. Common Shares Talbott, Timothy James 4 13/09/2013 10 12 560,266 -13,200

Bird River Resources Inc. Common Shares Shodine, Nelson Raynald 3, 4, 5 11/09/2013 10 0.07 3,376,315 5,000Black Diamond GroupLimited

Common Shares Klukas, Harry Henry 5 11/09/2013 10 24.98 124,000 -10,000

Black Diamond GroupLimited

Common Shares Wagemakers, Robert 4 09/09/2013 10 116,543 -32,625

Black Diamond GroupLimited

Common Shares Wagemakers, Robert 4 09/09/2013 47 24.59 102,543 -14,000

Black Iron Inc. Options Humphrey, Raymond Bruce 4 10/09/2013 50 0.2 600,000 150,000

Black Iron Inc. Options Pettigrew, Pierre Stewart 4 10/09/2013 50 0.2 550,000 150,000Black Smoker Ventures Inc. Options Fred Antonio Tejada 4 09/01/2012 50 0.15 200,000

Black Smoker Ventures Inc. Options Fred Antonio Tejada 4 09/01/2012 50 1.95 53,847 15,385

Black Widow Resources Inc. Common Shares Diges, Carmen Lydia 5 09/09/2013 11 1,222,000 -71,000

Black Widow Resources Inc. Common Shares Diges, Carmen Lydia 5 11/09/2013 11 972,000 -250,000

Black Widow Resources Inc. Common Shares Novak, Neil 4, 5 04/09/2013 10 0.1 1,687,700 500

BNP Resources Inc. Common Shares Class A Doody, James Evans 3 12/09/2013 10 0.025 18,087,233 4,000

BNS Split Corp. II Capital Shares Moratz, Dean Eric 5 09/09/2013 38 16.65 200 -100BNS Split Corp. II Capital Shares Moratz, Dean Eric 5 12/09/2013 38 16.65 -100Boardwalk Real EstateInvestment Trust

Trust Units GEREMIA, ROBERTO 5 09/09/2013 10 56.55 139,282 -3,400

Boardwalk Real EstateInvestment Trust

Deferred Units (Convert toTU and/or cash)

Mawani, Al 4 10/09/2013 30 56.35 9,463 -2,865

Boardwalk Real EstateInvestment Trust

Trust Units Mawani, Al 4 10/09/2013 30 56.35 42,683 2,865

Bonavista EnergyCorporation

Common Shares MacPhail, Keith A.J. 4, 5 06/09/2013 10 13 4,126,223 -4,000

Bonavista EnergyCorporation

Common Shares MacPhail, Keith A.J. 4, 5 10/09/2013 10 13.1 4,110,223 -16,000

Boralex Inc. Common Shares Lemaire, Alain 6 11/09/2013 10 10.3 74,600 2,500Boralex Inc. Common Shares Lemaire, Alain 6 12/09/2013 10 10.2 77,100 2,500Boston Pizza RoyaltiesIncome Fund

Units Brown, William C 4, 5 05/09/2013 10 22.87 869 169

Boston Pizza RoyaltiesIncome Fund

Units Brown, William C 4, 5 05/09/2013 10 22.86 4,045 200

Boston Pizza RoyaltiesIncome Fund

Units Brown, William C 4, 5 05/09/2013 10 22.87 4,245 200

Boxxer Gold Corp. Common Shares Riley, Jason Douglas 4, 5 09/09/2013 00 15,800,000Boxxer Gold Corp. Common Shares Riley, Jason Douglas 4, 5 09/09/2013 00 2,000,000Boxxer Gold Corp. Common Shares Thomas, Dennis Leslie 4 09/09/2013 00 3,280,000Boyd Group Income Fund Trust Units Cheskis, Edward 5 09/09/2013 11 26.4 418,053 -100,000Braeval Mining Corporation Common Shares Burzynski, John Feliks 4 06/09/2013 10 0.08 10,446,000 90,000

Braeval Mining Corporation Common Shares Burzynski, John Feliks 4 09/09/2013 11 5,821,000 -4,625,000

Braeval Mining Corporation Common Shares Burzynski, John Feliks 4 09/09/2013 10 0.08 5,831,000 10,000

BRAMPTON BRICK LIMITED Subordinate Voting Shares- Class A

Kerbel, Jeffrey G. 3, 4, 5 08/03/2004 00

BRAMPTON BRICK LIMITED Subordinate Voting Shares- Class A

Kerbel, Jeffrey G. 3, 4, 5 04/09/2013 10 5.015 3,000 3,000

Brixton Metals Corporation Common Shares Thompson, Gary Robert 6 06/09/2013 10 0.09 4,576,867 10,000

Brookfield AssetManagement Inc.

Common Shares Class ALimited Voting

Blattman, Barry S. 7 09/09/2013 51 16.92 30,000 30,000


Common Shares Class ALimited Voting

Blattman, Barry S. 7 09/09/2013 10 35.614 0 -30,000


Options Blattman, Barry S. 7 09/09/2013 51 16.92 988,230 -30,000

Brookfield Office PropertiesInc.

Options Douglas, Steven James 6 15/04/2013 00 587,023

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9179



Acquired/Disposed

Brookfield Office PropertiesInc.

Options Douglas, Steven James 6 15/04/2013 97 540,000 -47,023

Brookfield Property PartnersL.P.

Limited Partnership Units DeNardo, Stephen 4 10/09/2013 10 19.06 704 100

Brownstone Energy Inc. Options Feldman, Gerald Morris 5 10/09/2013 50 0.1 1,750,000 500,000Brownstone Energy Inc. Options Inwentash, Sheldon 4, 5 10/09/2013 50 0.1 3,825,000 750,000Brownstone Energy Inc. Options Mintz, Steven Michael 4 10/09/2013 50 0.1 400,000 100,000Brownstone Energy Inc. Options O'Connor, Kevin 4 10/09/2013 50 0.1 350,000 100,000Brownstone Energy Inc. Options Patricio, Richard J 5 10/09/2013 50 0.1 1,858,400 500,000

Brownstone Energy Inc. Options Schroeder, Jonathan 5 10/09/2013 50 0.1 2,250,000 500,000Brownstone Energy Inc. Options Sweatman, Michael 4 10/09/2013 50 0.1 425,000 100,000BTB Real Estate InvestmentTrust

Options Beauchamp, Normand 4 08/09/2013 52 14,000 -16,000

BTB Real Estate InvestmentTrust

Options Cyr, Benoit 5 08/09/2013 52 0 -5,000


Options Janson, Jean-Pierre 4 08/09/2013 52 14,000 -16,000


Options Lachapelle, Luc 4, 5 08/09/2013 52 14,000 -16,000


Options Léonard, Michel 4, 5 08/09/2013 52 0 -10,000


Options Lord, Richard 4 08/09/2013 52 14,000 -16,000


Options Polatos, Peter 4 08/09/2013 52 7,000 -10,000


Trust Units Polatos, Peter 4 06/09/2013 10 4.14 85,127 3,000


Options Proteau, Jocelyn 4 08/09/2013 52 25,000 -30,000

Buccaneer Gold Corp. Common Shares Buccaneer Gold Corp. 1 09/09/2013 38 0.03 8,000 8,000Buccaneer Gold Corp. Common Shares Buccaneer Gold Corp. 1 09/09/2013 38 0 -8,000Buhler Industries Inc. Common Shares Buhler, John 3, 4 06/09/2013 10 6.2 110,540 -1,000Cache Exploration Inc. Common Shares Brown, George Andrew 4 11/09/2013 11 0.02 0 -100,500Cache Exploration Inc. Common Shares Reeves, Asha 4 09/09/2013 10 0.03 130,500 -100,500Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 28.03 18,362 3,000Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.75 15,362 -3,000Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 32.48 17,362 2,000Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.75 15,362 -2,000Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 15,462 100

Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.8 15,362 -100Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 15,662 300Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.79 15,362 -300Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 15,462 100Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.78 15,362 -100Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 16,562 1,200Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.77 15,362 -1,200Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 22,462 7,100Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.75 15,362 -7,100Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 51 34.4 15,562 200Calfrac Well Services Ltd. Common Shares Montgomery, Robert 5 06/09/2013 10 35.76 15,362 -200Calfrac Well Services Ltd. Options 2004 Stock Option

PlanMontgomery, Robert 5 06/09/2013 51 28.03 67,500 -3,000

Calfrac Well Services Ltd. Options 2004 Stock OptionPlan

Montgomery, Robert 5 06/09/2013 51 32.48 65,500 -2,000


Montgomery, Robert 5 06/09/2013 51 34.4 65,400 -100











Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 09/09/2013 38 18.16 1,400 1,400

Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 10/09/2013 38 18.21 2,800 1,400Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 12/09/2013 38 18.34 4,200 1,400Calian Technologies Ltd. Common Shares Calian Technologies Ltd 1 12/09/2013 38 0 -4,200California Gold Mining Inc.(formerly, Upper CanadaGold Corporation)

Common Shares Conroy, Behn 5 10/09/2013 16 0.05 1,458,837 600,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9180



Acquired/Disposed

California Gold Mining Inc.(formerly, Upper CanadaGold Corporation)

Warrants Conroy, Behn 5 10/09/2013 16 862,500 600,000


Common Shares R.W. Tomlinson Limited 3 10/09/2013 11 0.05 18,400,000 2,900,000


Warrants R.W. Tomlinson Limited 3 10/09/2013 11 13,400,000 2,900,000

Calvalley Petroleum Inc. Common Shares Class A ELMS, GERALD JOHN 5 10/09/2013 10 1.57 72,600 10,000

Calyx Bio-Ventures Inc. Options Johnstone, Douglas Bruce 5 03/09/2013 50 0.2 100,000 50,000

Calyx Bio-Ventures Inc. Common Shares Konantz, Donald Gordon 5 04/09/2013 00 687,773Calyx Bio-Ventures Inc. Options Konantz, Donald Gordon 5 04/09/2013 00 750,000

Canaccord Financial Inc. Rights Deferred ShareUnits (DSUs)

Bralver, Charles Norman 4 10/09/2013 56 6.5993 15,680 118

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 12/06/2013 10 6 40,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 12/06/2013 38 6 173,868 40,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 14/06/2013 10 6.1929 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 14/06/2013 38 6.1929 214,336 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 17/06/2013 10 6.2043 28,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 17/06/2013 38 6.2043 242,936 28,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 18/06/2013 10 6.1647 38,800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 18/06/2013 38 6.1647 281,736 38,800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 19/06/2013 10 6.1367 39,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 19/06/2013 38 6.1367 321,436 39,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 20/06/2013 10 5.9144 39,800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 20/06/2013 38 5.9144 361,236 39,800

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 21/06/2013 10 5.6167 40,300Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 21/06/2013 38 5.6167 401,536 40,300Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 24/06/2013 10 5.3429 38,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 24/06/2013 38 5.3429 440,236 38,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 25/06/2013 10 5.3266 40,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 25/06/2013 38 5.3266 480,336 40,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 26/06/2013 10 5.7057 38,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 26/06/2013 38 5.7057 518,336 38,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 27/06/2013 10 5.803 5,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 27/06/2013 38 5.803 524,036 5,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 28/06/2013 10 5.7791 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 28/06/2013 38 5.7791 564,504 40,468

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 02/07/2013 10 5.702 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 02/07/2013 38 5.702 40,468 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 03/07/2013 10 5.7763 25,400Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 03/07/2013 38 5.7763 65,868 25,400Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 04/07/2013 10 5.9713 28,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 04/07/2013 38 5.9713 94,768 28,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 05/07/2013 10 5.9728 34,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 05/07/2013 38 5.9728 129,368 34,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 08/07/2013 10 6.1183 21,500Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 08/07/2013 38 6.1183 150,868 21,500Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 09/07/2013 10 6.22 13,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 09/07/2013 38 6.22 164,768 13,900

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 10/07/2013 10 6.2072 23,200Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 10/07/2013 38 6.2072 187,968 23,200Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 11/07/2013 10 6.2499 33,300Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 11/07/2013 38 6.2499 221,268 33,300Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 12/07/2013 10 6.2255 9,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 12/07/2013 38 6.2255 230,968 9,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 15/07/2013 10 6.25 800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 15/07/2013 38 6.25 231,768 800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 16/07/2013 10 6.1343 12,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 16/07/2013 38 6.1343 243,868 12,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 17/07/2013 10 6.2011 12,700Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 17/07/2013 38 6.2011 256,568 12,700

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 18/07/2013 10 6.2012 8,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 18/07/2013 38 6.2012 265,168 8,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 19/07/2013 10 6.2319 11,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 19/07/2013 38 6.2319 276,768 11,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 22/07/2013 10 6.25 2,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 22/07/2013 38 6.25 278,868 2,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 24/07/2013 10 6.25 100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 24/07/2013 38 6.25 278,968 100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 07/08/2013 38 6.4185 40,000 40,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9181



Acquired/Disposed

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 08/08/2013 38 6.4937 80,468 40,468Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 12/08/2013 38 6.5 80,568 100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 13/08/2013 38 6.4979 106,468 25,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 14/08/2013 38 6.3968 112,068 5,600Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 15/08/2013 38 6.5 114,268 2,200

Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 16/08/2013 38 6.5 122,368 8,100Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 19/08/2013 38 6.4997 125,268 2,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 20/08/2013 38 6.4948 131,468 6,200Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 21/08/2013 38 6.5 141,468 10,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 27/08/2013 38 6.7041 166,368 24,900Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 28/08/2013 38 6.5151 191,168 24,800Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 29/08/2013 38 6.4562 217,568 26,400Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 30/08/2013 38 6.3144 240,568 23,000Canaccord Financial Inc. Common Shares Canaccord Financial Inc. 1 30/08/2013 38 74,200 -166,368Canaccord Financial Inc. Rights Deferred Share

Units (DSUs)Carello, Massimo 4 10/09/2013 56 6.5993 7,981 60

Canaccord Financial Inc. Rights Restricted ShareUnits

de Rosnay, Alexis 7 30/08/2013 56 6.5933 120,000


de Rosnay, Alexis 7 30/08/2013 56 6.5933 120,000


de Rosnay, Alexis 7 05/09/2013 56 6.5438 527,573 120,000


Eeuwes, William J. 4 10/09/2013 56 6.5993 15,955 120


Harris, Michael Deane 4 10/09/2013 56 6.5993 35,090 264

Canaccord Financial Inc. Common Shares Hunter, Darren James 7 03/09/2013 00Canaccord Financial Inc. Common Shares Hunter, Darren James 7 03/09/2013 00Canaccord Financial Inc. Common Shares Hunter, Darren James 7 03/09/2013 00

Canaccord Financial Inc. Common Shares Hunter, Darren James 7 03/09/2013 00Canaccord Financial Inc. Rights Deferred Share

Units (DSUs)Lyons, Terrence 4 10/09/2013 56 6.5993 18,977 143


Shah, Dipesh Jayantilal 4 10/09/2013 56 6.5993 5,265 40

Canadian 50 AdvantagedPreferred Share Fund

Units Class A Units Canadian 50 AdvantagedPreferred Share Fund

1 02/08/2013 10 21.79 300 300

Canadian 50 AdvantagedPreferred Share Fund

Units Class A Units Canadian 50 AdvantagedPreferred Share Fund

1 13/08/2013 10 21.18 1,100 800

Canadian Energy Services &Technology Corp.

Common Shares Simons, Thomas James 4, 5 09/09/2013 10 18.35 648,100 -73,200


Common Shares Zinger, Kenneth Earl 5 05/09/2013 10 17.66 821,000 -20,000











Canadian High Income EquityFund

Units Canadian High IncomeEquity Fund

1 01/08/2013 38 10.64 3,800 3,800



1 01/08/2013 38 10.64 0 -3,800



1 06/08/2013 38 10.72 6,000 6,000



1 06/08/2013 38 10.72 0 -6,000



1 06/08/2013 38 10.67 1,000 1,000



1 06/08/2013 38 10.67 0 -1,000



1 07/08/2013 38 10.58 5,000 5,000



1 07/08/2013 38 10.58 0 -5,000



1 07/08/2013 38 10.6 1,500 1,500



1 07/08/2013 38 10.6 0 -1,500

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9182



Acquired/Disposed



1 09/08/2013 38 10.58 2,000 2,000



1 09/08/2013 38 10.58 0 -2,000



1 13/08/2013 38 10.6 5,000 5,000



1 13/08/2013 38 10.6 0 -5,000



1 15/08/2013 38 10.62 5,000 5,000



1 15/08/2013 38 10.62 0 -5,000



1 15/08/2013 38 10.55 1,000 1,000



1 15/08/2013 38 10.55 0 -1,000



1 19/08/2013 38 10.62 5,000 5,000



1 19/08/2013 38 10.62 0 -5,000



1 19/08/2013 38 10.58 1,000 1,000



1 19/08/2013 38 10.58 0 -1,000



1 20/08/2013 38 10.55 5,000 5,000



1 20/08/2013 38 10.55 0 -5,000



1 21/08/2013 38 10.57 5,000 5,000



1 21/08/2013 38 10.57 0 -5,000



1 21/08/2013 38 10.51 2,000 2,000



1 21/08/2013 38 10.51 0 -2,000



1 22/08/2013 38 10.56 5,000 5,000



1 22/08/2013 38 10.56 0 -5,000



1 22/08/2013 38 10.56 1,000 1,000



1 22/08/2013 38 10.56 0 -1,000



1 22/08/2013 38 10.54 1,000 1,000



1 22/08/2013 38 10.54 0 -1,000



1 22/08/2013 38 10.51 500 500



1 22/08/2013 38 10.51 0 -500



1 22/08/2013 38 10.5 500 500



1 22/08/2013 38 10.5 0 -500



1 27/08/2013 38 10.44 5,000 5,000



1 27/08/2013 38 10.44 0 -5,000



1 27/08/2013 38 10.43 1,000 1,000



1 27/08/2013 38 10.43 0 -1,000



1 29/08/2013 38 10.44 5,000 5,000



1 29/08/2013 38 10.44 0 -5,000



1 30/08/2013 38 10.44 2,700 2,700



1 30/08/2013 38 10.44 0 -2,700

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9183



Acquired/Disposed

Canadian Natural ResourcesLimited

Common Shares Canadian NaturalResources Limited

1 31/08/2013 38 29.94 545,800 545,800



1 31/08/2013 38 31.12 1,098,000 552,200



1 31/08/2013 38 29.94 552,200 -545,800



1 31/08/2013 38 31.12 0 -552,200


Common Shares Jocksch, Terry James 5 11/09/2013 51 22.98 148,886 8,000


Common Shares Jocksch, Terry James 5 11/09/2013 10 32.54 140,886 -8,000


Options Jocksch, Terry James 5 11/09/2013 51 22.98 503,000 -8,000

Canadian Oil Recovery &Remediation Enterprises Ltd.

Common Shares Lorenzo, John Michael 4 11/09/2013 10 0.1 4,249,742 25,000

Canadian Oil Recovery &Remediation Enterprises Ltd.

Common Shares Lorenzo, John Michael 4 12/09/2013 10 0.1 4,255,742 6,000

Canadian Oil Sands Limited Common Shares Nickerson, Adrienne 5 12/09/2013 10 20 1,250 800

Canadian Pacific RailwayLimited

Common Shares Redeker, Michael 5 15/10/2012 00


Common Shares Redeker, Michael 5 12/09/2013 10 125.96 180 180




Common Shares Redeker, Michael 5 12/09/2013 10 126 222 222


Common Shares Redeker, Michael 5 12/09/2013 10 125.27 95


Common Shares Redeker, Michael 5 12/09/2013 10 125.27 95









Canadian Tire Corporation,Limited

Non-Voting Shares ClassA

Collver, Robyn Anne 3, 7, 5 12/09/2013 10 92.1 760,256 300











































Insider Reporting

September 19, 2013 (2013), 36 OSCB 9184



Acquired/Disposed











































































Lynar, Hugh 3 12/09/2013 10 92.1 760,256 300



Lynar, Hugh 3 12/09/2013 10 92.16 760,356 100



Lynar, Hugh 3 12/09/2013 10 92.16 760,456 100



Lynar, Hugh 3 12/09/2013 10 92.16 760,556 100



Lynar, Hugh 3 12/09/2013 10 92.16 760,656 100



Lynar, Hugh 3 12/09/2013 10 92.16 760,756 100



Lynar, Hugh 3 12/09/2013 10 92.2 761,156 400



Lynar, Hugh 3 12/09/2013 10 92.16 761,256 100



Lynar, Hugh 3 12/09/2013 10 92.16 761,456 200



Lynar, Hugh 3 12/09/2013 10 92.16 761,756 300



Lynar, Hugh 3 12/09/2013 10 92.16 761,856 100



Lynar, Hugh 3 12/09/2013 10 92.16 761,956 100

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9185



Acquired/Disposed



Lynar, Hugh 3 12/09/2013 10 92.16 762,056 100



Lynar, Hugh 3 12/09/2013 10 92.16 762,156 100



Lynar, Hugh 3 12/09/2013 10 92.16 762,356 200



Lynar, Hugh 3 12/09/2013 10 92.16 200



Lynar, Hugh 3 12/09/2013 10 92.16 200



Lynar, Hugh 3 12/09/2013 10 91.9 762,456 100



Lynar, Hugh 3 12/09/2013 10 91.9 762,556 100



Lynar, Hugh 3 12/09/2013 10 91.9 762,656 100



Lynar, Hugh 3 12/09/2013 10 91.9 762,956 300



Lynar, Hugh 3 12/09/2013 10 91.9 763,056 100



Lynar, Hugh 3 12/09/2013 10 91.9 763,156 100



Lynar, Hugh 3 12/09/2013 10 91.9 763,256 100



Lynar, Hugh 3 12/09/2013 10 91.9 763,356 100



Lynar, Hugh 3 12/09/2013 10 91.7 763,456 100



Lynar, Hugh 3 12/09/2013 10 91.7 763,556 100



Lynar, Hugh 3 12/09/2013 10 91.7 763,656 100



Lynar, Hugh 3 12/09/2013 10 91.7 763,756 100



Lynar, Hugh 3 12/09/2013 10 91.7 763,956 200



Lynar, Hugh 3 12/09/2013 10 91.7 764,056 100



Lynar, Hugh 3 12/09/2013 10 91.7 764,156 100



Lynar, Hugh 3 12/09/2013 10 91.7 764,256 100



Lynar, Hugh 3 12/09/2013 10 91.7 764,356 100



Lynar, Hugh 3 12/09/2013 10 91.7 764,456 100



Lynar, Hugh 3 12/09/2013 10 91.7 764,656 200



Lynar, Hugh 3 12/09/2013 10 91.7 764,756 100



Lynar, Hugh 3 12/09/2013 10 91.94 764,856 100



Lynar, Hugh 3 12/09/2013 10 91.94 764,956 100



Lynar, Hugh 3 12/09/2013 10 91.94 765,156 200



Lynar, Hugh 3 12/09/2013 10 91.94 765,356 200



Lynar, Hugh 3 13/09/2013 10 91.52 765,456 100



Lynar, Hugh 3 13/09/2013 10 91.52 765,556 100



Lynar, Hugh 3 13/09/2013 10 91.52 765,656 100



Lynar, Hugh 3 13/09/2013 10 91.52 765,756 100



Lynar, Hugh 3 13/09/2013 10 91.52 765,956 200



Lynar, Hugh 3 13/09/2013 10 91.52 766,056 100



Lynar, Hugh 3 13/09/2013 10 91.52 766,156 100

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9186



Acquired/Disposed



Lynar, Hugh 3 13/09/2013 10 91.75 766,256 100



Lynar, Hugh 3 13/09/2013 10 91.75 766,356 100



Lynar, Hugh 3 13/09/2013 10 91.75 766,656 300



Lynar, Hugh 3 13/09/2013 10 91.75 766,756 100



Lynar, Hugh 3 13/09/2013 10 91.75 766,856 100



Lynar, Hugh 3 13/09/2013 10 91.75 766,956 100



Lynar, Hugh 3 13/09/2013 10 91.75 767,056 100



Lynar, Hugh 3 13/09/2013 10 91.75 767,156 100



Lynar, Hugh 3 13/09/2013 10 91.75 767,356 200



Lynar, Hugh 3 13/09/2013 10 91.75 767,556 200



Lynar, Hugh 3 13/09/2013 10 91.99 767,656 100



Lynar, Hugh 3 13/09/2013 10 91.99 767,756 100



Lynar, Hugh 3 13/09/2013 10 91.99 767,956 200



Lynar, Hugh 3 13/09/2013 10 91.99 768,156 200



Lynar, Hugh 3 13/09/2013 10 91.99 768,256 100



Lynar, Hugh 3 13/09/2013 10 91.99 768,356 100



Lynar, Hugh 3 13/09/2013 10 91.99 768,456 100



Lynar, Hugh 3 13/09/2013 10 91.99 768,556 100



Lynar, Hugh 3 13/09/2013 10 91.7 768,656 100



Lynar, Hugh 3 13/09/2013 10 91.7 768,756 100



Lynar, Hugh 3 13/09/2013 10 91.7 768,856 100



Lynar, Hugh 3 13/09/2013 10 91.7 769,056 200



Lynar, Hugh 3 13/09/2013 10 91.7 769,356 300



Lynar, Hugh 3 13/09/2013 10 91.7 769,556 200



Lynar, Hugh 3 13/09/2013 10 92.1 770,956 1,400



McCann, Dean Charles 5 12/09/2013 10 92.1 760,256 300































Insider Reporting

September 19, 2013 (2013), 36 OSCB 9187



Acquired/Disposed





















McCann, Dean Charles 5 12/09/2013 10 91.9 -100














































































McMaster, Patrick 4 29/02/2012 00 98



McMaster, Patrick 4 12/09/2013 10 91.7 0 -98

Canadian Utilities Limited Non-Voting Shares ClassA

DeChamplain, Dennis A 7 13/06/2013 30 76 64


DeChamplain, Dennis A 7 13/06/2013 30 76 64

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9188



Acquired/Disposed


DeChamplain, Dennis A 7 13/06/2013 30 76 714 73

Canadian Utilities Limited Options 66.36 Gareau, Chad L 5 14/06/2013 35 1,000 500Canadian Utilities Limited Non-Voting Shares Class

ARayfield, Michael 4 01/09/2013 30 33.27 11,186 80


Stephens, William C. 5 13/06/2013 30 75.91 3,308 118


Stephens, William C. 5 14/06/2013 35 100


Stephens, William C. 5 14/06/2013 35 100


Stephens, William C. 5 14/06/2013 30 6,617 1,594


Warkentin, Clinton 5 13/06/2013 30 75.88 479 85


Warkentin, Clinton 5 14/06/2013 35 958 463


Werth, Susan R. 6, 7, 5 10/09/2013 10 33.274 920 6


Wright, Paul 5 13/06/2013 30 75.91 2,577 142


Wright, Paul 5 14/06/2013 35 5,155 1,873


Wright, Paul 5 14/06/2013 35 5,156 1

Canadian Western Bank Common Shares Addington, William James 5 09/09/2013 10 30.13 13,527 -500Canadian Western Bank Common Shares Addington, William James 5 09/09/2013 10 30.14 13,027 -500Canadian Western Bank Common Shares Addington, William James 5 09/09/2013 10 30.19 12,027 -1,000Canadian Western Bank Common Shares Addington, William James 5 10/09/2013 10 30.5 11,927 -100

Canadian Western Bank Common Shares Addington, William James 5 10/09/2013 10 30.53 11,027 -900Canadian Western Bank Common Shares Addington, William James 5 11/09/2013 10 30.512 10,029 -998Canadian Western Bank Common Shares Addington, William James 5 13/09/2013 51 23.428 15,827 5,798Canadian Western Bank Options Addington, William James 5 13/09/2013 51 23.428 82,152 -5,798Canadian Western Bank Common Shares Ball, Tracey Colleen 5 10/09/2013 51 16.893 24,110 6,697Canadian Western Bank Common Shares Ball, Tracey Colleen 5 10/09/2013 10 30.6 17,510 -6,600Canadian Western Bank Options Ball, Tracey Colleen 5 10/09/2013 51 122,274 -15,000Canadian Western Bank Common Shares Garvey, Randell William 5 09/09/2013 10 30.39 18,095 3,160Canadian Western Bank Options Garvey, Randell William 5 09/09/2013 51 22.09 128,757 -11,572Canadian Western Bank Common Shares Pollock, Laurence Malcolm 4, 5 10/09/2013 51 30.52 408,679 8,286

Canadian Western Bank Common Shares Pollock, Laurence Malcolm 4, 5 11/09/2013 10 30.7 400,679 -8,000

Canadian Western Bank Options Pollock, Laurence Malcolm 4, 5 10/09/2013 51 22.09 448,407 -30,000

CanBanc 8 Income Corp. Equity Shares Gordon, Barry Huntly 4, 5 13/09/2013 10 9.4 0 -1,000Candente Copper Corp. Options Casselman, Michael James 4 05/09/2013 50 0.3 645,000 100,000

Candente Copper Corp. Options Glover Steger, Michael 4 05/09/2013 50 0.3 700,000 200,000Candente Copper Corp. Options Milla, Andres Juan 4 05/09/2013 50 0.3 500,000

Candente Copper Corp. Options Milla, Andres Juan 4 05/09/2013 50 0.3 650,000 150,000CanElson Drilling Inc. Common Shares Smith, Michael 5 10/09/2013 10 3.22 323,239 50,000CanElson Drilling Inc. Common Shares Smith, Michael 5 10/09/2013 10 6.11 273,239 -50,000CanElson Drilling Inc. Options Smith, Michael 5 10/09/2013 51 3.22 100,000 -50,000Canexus Corporation Common Shares Fergusson, Hugh A. 4 14/08/2013 36 58,664 5,882Canexus Corporation Convertible Debentures

8% Convertible UnsecuredSubordinate Debentures

Fergusson, Hugh A. 4 14/08/2013 36 $0 -$30,000

Canfor Corporation Common Shares Canfor Corporation 1 10/09/2013 10 21 201,100 1,000Canfor Pulp Products Inc. Common Shares Canfor Pulp Products Inc. 3 09/09/2013 10 9.4259 52,431 9,400Canfor Pulp Products Inc. Common Shares Canfor Pulp Products Inc. 3 10/09/2013 10 9.475 54,031 1,600Canfor Pulp Products Inc. Common Shares Canfor Pulp Products Inc. 3 11/09/2013 10 9.496 54,531 500CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 06/09/2013 10 0.07 1,531,600 23,000CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 09/09/2013 10 0.07 1,533,600 2,000CANGOLD LIMITED Common Shares Archer, Robert Alexander 4, 5 11/09/2013 10 0.07 1,558,600 25,000

CanWel Building MaterialsGroup Ltd. (formerly, CanwelHoldings Corporation)

Convertible Debentures(5.85% ConvertibleUnsecured SubordinatedDebentures)

Seguin, Marc 4 08/05/2012 00

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9189



Acquired/Disposed

CanWel Building MaterialsGroup Ltd. (formerly, CanwelHoldings Corporation)

Convertible Debentures(5.85% ConvertibleUnsecured SubordinatedDebentures)

Seguin, Marc 4 11/09/2013 10 76.95 $25,000 $25,000

Capital Power Corporation Common Shares Vaasjo, Brian Tellef 4, 5 09/09/2013 10 21.29 65,800 8,000Caracal Energy Inc.(formerly, Griffiths EnergyInternational Inc.)

Common Shares Griffiths, Barbara Ruth 3 10/07/2013 00 38,836

Caracal Energy Inc.(formerly, Griffiths EnergyInternational Inc.)

Common Shares Griffiths, Barbara Ruth 3 10/07/2013 00 445,000


Common Shares Griffiths, Barbara Ruth 3 10/07/2013 00 12,742,740


Common Shares Griffiths, Barbara Ruth 3 10/09/2013 10 6.52 10,742,740 -2,000,000

Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 05/09/2013 10 0.145 4,513,933 3,823

Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 09/09/2013 10 0.145 4,539,460 25,527Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 10/09/2013 10 0.145 4,584,310 44,850Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 10/09/2013 10 0.1474 4,767,610 183,300Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 10/09/2013 10 0.1473 4,867,610 100,000Cardero Resource Corp. Common Shares Kopple, Robert Charles 3 10/09/2013 10 0.1483 4,967,610 100,000CARFINCO FINANCIALGROUP INC.

Common Shares Kagan, Maurice 4 10/09/2013 10 10.12 26,393 -15,000

CARFINCO FINANCIALGROUP INC.

Common Shares Miller, Peter 4 09/09/2013 00 27,611

CARFINCO FINANCIALGROUP INC.

Common Shares Miller, Peter 4 09/09/2013 00 27,612

Caribbean Utilities Company,Ltd.

Performance Share Units Hew, J.F. Richard 4, 5 01/07/2003 00


Performance Share Units Hew, J.F. Richard 4, 5 10/09/2013 97 5,000 5,000


Performance Share Units Hew, J.F. Richard 4, 5 10/09/2013 97 10,000 5,000


Performance Share Units Lawrence, Letitia 5 17/09/2007 00


Performance Share Units Lawrence, Letitia 5 10/09/2013 97 2,500 2,500


Performance Share Units Small, Andrew 5 03/10/2006 00


Performance Share Units Small, Andrew 5 10/09/2013 97 2,500 2,500


Performance Share Units Watler, David 5 17/09/2007 00


Performance Share Units Watler, David 5 10/09/2013 97 2,500 2,500

Caribou King Resources Ltd. Common Shares England, Michael BrunoJohn Franz

4, 5 09/09/2013 10 0.06 1,202,000 -200,000


4, 5 10/09/2013 10 0.06 902,000 -300,000


4, 5 11/09/2013 51 0.05 1,202,000 300,000

Caribou King Resources Ltd. Options England, Michael BrunoJohn Franz

4, 5 10/09/2013 51 0.05 360,000 -300,000

Caribou King Resources Ltd. Common Shares Masters, John Parker 4, 5 25/03/2011 00

Caribou King Resources Ltd. Common Shares Masters, John Parker 4, 5 11/09/2013 51 0.05 125,000 125,000

Caribou King Resources Ltd. Common Shares Masters, John Parker 4, 5 11/09/2013 10 0.05 0 -125,000

Caribou King Resources Ltd. Options Masters, John Parker 4, 5 11/09/2013 51 0.05 175,000 -125,000

Caribou King Resources Ltd. Options Stannus, Bernard 4, 5 11/09/2013 50 0.05 275,000 100,000

Cascades Inc. Unités d'actions différées /Deffered Share Units

Bannerman, Paul 4 12/09/2013 35 36,974 259


Doak, James Basil Charles 4 12/09/2013 35 35,933 252

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9190



Acquired/Disposed


Garneau, Louis 4 12/09/2013 35 35,933 252


Kobrynsky, Georges 4 12/09/2013 35 13,221 93

Cascades Inc. Common Shares Lemaire, Bernard 3, 4 09/09/2013 11 5.7 13,124,159 -90,000Cascades Inc. Common Shares Lemaire, Laurent 3, 4 09/09/2013 11 5.7 156,827 90,000Cascades Inc. Common Shares Lemaire, Laurent 3, 4 09/09/2013 11 5.7 90,000


Lemaire, Sylvie 4 12/09/2013 35 35,933 252


McAusland, David L. 4 12/09/2013 35 37,235 261


Pelletier, Élise 4 12/09/2013 35 6,096 43


Sellyn, Laurence G. 4 12/09/2013 35 1,203 8


Vachon, Sylvie 4 12/09/2013 35 602 4

Castle Mountain MiningCompany Limited

Common Shares Buchan, Robert Mackay 3, 4 06/09/2013 11 0.35 2,758,400 1,000,000


Warrants Buchan, Robert Mackay 3, 4 13/04/2010 00


Warrants Buchan, Robert Mackay 3, 4 06/09/2013 11 0.5 500,000 500,000

Catamaran Corporation(formerly SXC HealthSolutions Corp.)

Common Shares Saban, Joel 5 07/09/2013 97 55.65 33,433 4,900


Common Shares Saban, Joel 5 09/09/2013 10 54.99 31,779 -1,654


Restricted stock units Saban, Joel 5 07/09/2013 97 11,020 -4,900

Ceiba Energy Services Inc. Common Shares Petersen, Brian Kenneth 4 09/09/2013 10 0.23 735,174 3,500Ceiba Energy Services Inc. Common Shares Petersen, Brian Kenneth 4 10/09/2013 10 0.24 745,174 10,000Ceiba Energy Services Inc. Common Shares Simister, Ian Harvey 4, 5 06/09/2013 10 0.245 400,737 6,000Celestica Inc. Subordinate Voting Shares Celestica Inc. 1 07/08/2013 38 11.351 50,000 50,000

Celestica Inc. Subordinate Voting Shares Celestica Inc. 1 07/08/2013 38 11.351 0 -50,000

Celestica Inc. Subordinate Voting Shares Celestica Inc. 1 08/08/2013 38 11.506 50,000 50,000













Insider Reporting

September 19, 2013 (2013), 36 OSCB 9191



Acquired/Disposed













Celestica Inc. Subordinate Voting Shares Celestica Inc. 1 23/08/2013 38 10.758 -8,900






















Cenovus Energy Inc. Rights SARs exercisablefor cash

Hofstetter, Larry Allen 7 11/09/2013 59 26.27 2,100 -2,100

Cenovus Energy Inc. Common Shares McIntosh, Sheila 5 05/09/2013 51 26.27 25,733 3,300Cenovus Energy Inc. Common Shares McIntosh, Sheila 5 05/09/2013 10 31.09 22,433 -3,300Cenovus Energy Inc. Common Shares McIntosh, Sheila 5 05/09/2013 51 26.27 24,133 1,700

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9192



Acquired/Disposed

Cenovus Energy Inc. Common Shares McIntosh, Sheila 5 05/09/2013 10 31.08 22,433 -1,700Cenovus Energy Inc. Options McIntosh, Sheila 5 05/09/2013 51 26.27 416,364 -3,300Cenovus Energy Inc. Options McIntosh, Sheila 5 05/09/2013 51 26.27 414,664 -1,700Centerra Gold Inc. Rights Restricted Share

UnitsPressler, Sheryl 4 13/09/2013 38 0 -6,817

Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 01/08/2013 38 7.6 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 01/08/2013 38 0 -2,800

Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 02/08/2013 38 7.67 500 500Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 02/08/2013 38 0 -500Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 06/08/2013 38 7.72 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 06/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 08/08/2013 38 7.71 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 08/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 09/08/2013 38 7.77 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 09/08/2013 38 0 -2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 12/08/2013 38 7.8 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 12/08/2013 38 0 -2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 13/08/2013 38 7.8 100 100Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 13/08/2013 38 0 -100

Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 14/08/2013 38 7.81 2,500 2,500Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 14/08/2013 38 0 -2,500Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 15/08/2013 38 7.83 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 15/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 16/08/2013 38 7.81 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 16/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 19/08/2013 38 7.8 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 19/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 20/08/2013 38 7.8 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 20/08/2013 38 0 -2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 21/08/2013 38 7.8 1,500 1,500Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 21/08/2013 38 0 -1,500

Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 23/08/2013 38 7.98 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 23/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 26/08/2013 38 8.1 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 26/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 27/08/2013 38 7.97 2,855 2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 27/08/2013 38 0 -2,855Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 28/08/2013 38 7.77 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 28/08/2013 38 0 -2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 29/08/2013 38 7.77 2,300 2,300Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 29/08/2013 38 0 -2,300Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 30/08/2013 38 7.8 2,800 2,800Ceres Global Ag Corp. Common Shares Ceres Global Ag Corp. 1 30/08/2013 38 0 -2,800

CERF Incorporated Common Shares Wadley, Wayne Scott 3, 4, 5 09/09/2013 10 2.71 2,539,068 1,000CERF Incorporated Common Shares Wadley, Wayne Scott 3, 4, 5 10/09/2013 10 2.7 2,539,568 500CERF Incorporated Common Shares Wadley, Wayne Scott 3, 4, 5 11/09/2013 10 2.7 2,540,068 500CGI Group Inc. Options d'Aquino, Thomas Paul 4 11/09/2013 51 7.1 80,058 -153CGI Group Inc. Subordinate Voting Shares

Classe Ad'Aquino, Thomas Paul 4 11/09/2013 10 7.1 153

CGI Group Inc. Subordinate Voting SharesClasse A

d'Aquino, Thomas Paul 4 11/09/2013 51 7.1 153 153

CGI Group Inc. Options Ryan, Donna Arlyn 5 11/09/2013 51 11.39 237,292 -32,500CGI Group Inc. Subordinate Voting Shares

Classe ARyan, Donna Arlyn 5 11/09/2013 51 11.39 32,500 32,500

CGI Group Inc. Subordinate Voting SharesClasse A

Ryan, Donna Arlyn 5 11/09/2013 10 34 0 -32,500

CGX Energy Inc. Common Shares Pacific Rubiales EnergyCorp.

3 04/09/2013 10 0.595 50,318,929 6,000


3 04/09/2013 10 0.6 50,332,429 13,500


3 04/09/2013 10 0.605 50,333,929 1,500


3 04/09/2013 10 0.61 50,337,929 4,000

Champion Bear ResourcesLtd.

Options Haigh, David Ross 4 21/08/2013 50 0.05 822,643 209,000

Champion Iron Mines Limited(formerly Champion MineralsInc.)

Common Shares Burgess, Harry 4 07/08/2013 00

Champion Iron Mines Limited(formerly Champion MineralsInc.)

Common Shares Burgess, Harry 4 10/09/2013 10 0.2168 25,000 25,000

Changfeng Energy Inc. Common Shares Changfeng Energy Inc. 1 09/09/2013 38 0.34 1,109,800 75,500Changfeng Energy Inc. Common Shares Changfeng Energy Inc. 1 10/09/2013 38 0.34 1,129,800 20,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9193



Acquired/Disposed

Changfeng Energy Inc. Common Shares Changfeng Energy Inc. 1 13/09/2013 38 0.34 1,148,300 18,500Chesswood Group Limited Common Shares Prenzlow, Michael Eric 7 12/09/2013 10 12.25 29,350 -900Chesswood Group Limited Common Shares Prenzlow, Michael Eric 7 13/09/2013 10 12.25 26,250 -3,100Chesswood Group Limited Common Shares Souverein, Gary 7 12/09/2013 10 12.3 139,762 -100Chesswood Group Limited Common Shares Souverein, Gary 7 12/09/2013 10 12.24 137,362 -2,400

China Education ResourcesInc.

Common Shares Keywise Greater ChinaMaster Fund

3 11/09/2013 10 0.13 4,727,000 -25,000

Choice Properties RealEstate Investment Trust

Trust Units Lacey, John Stewart 6, 7 13/09/2013 10 9.94 25,400 400

Choice Properties RealEstate Investment Trust

Trust Units Lacey, John Stewart 6, 7 13/09/2013 10 9.945 35,000 9,600

CI Financial Corp. Debentures 4.19%Debentures due 2014

Bank of Nova Scotia, The 3 11/09/2013 10 102.9 $40,235,000 $4,660,000

CI Financial Corp. Common Shares MacPhail, Stephen A. 5 06/09/2013 10 32.532 759,211 -23,741CI Financial Corp. Common Shares MacPhail, Stephen A. 5 09/09/2013 10 32.675 750,211 -9,000CI Financial Corp. Common Shares MacPhail, Stephen A. 5 10/09/2013 10 32.65 747,011 -3,200CI Financial Corp. Common Shares MacPhail, Stephen A. 5 12/09/2013 10 32.6 736,811 -10,200CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 10/09/2013 10 0.3 707,800 60,000

CIBT Education Group Inc. Common Shares Capital Alliance Group Inc. 1 12/09/2013 10 0.3 711,600 3,800

Coastal Contacts Inc. Common Shares Bozikis, Nicholas 5 05/09/2013 30 5.06 40,519 570Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 09/09/2013 10 16.876 11,554,185 -300Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 09/09/2013 10 16.881 11,553,985 -200Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 10/09/2013 10 17.198 11,553,885 -100Coastal Energy Company Common Shares Ingalls & Snyder, LLC 3 11/09/2013 10 0.678 11,556,885 3,000Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 -400Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 -400Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 -100

Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 -100Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.41 -500Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.41 -500Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 3,600 -400Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 3,500 -100Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.41 3,000 -500Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.4 2,000 -1,000Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.36 1,000 -1,000Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.35 5,000 -1,000Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.4 3,100 -1,900Colabor Group Inc. Common Shares Battersby, Jack 7 06/09/2013 10 4.4 3,000 -100Colt Resources Inc. Common Shares WorldLink Resources

Limited3 24/07/2013 16 0.35 14,285,715 14,285,715

Colt Resources Inc. Warrants WorldLink ResourcesLimited

3 24/07/2013 16 3,571,428 3,571,428

COM DEV International Ltd. Common Shares Fox, Wayne Charles 4 10/09/2013 10 4 30,000 17,600

COM DEV International Ltd. Common Shares Leech, Lauren Christine 2 03/06/2013 00

COM DEV International Ltd. Restricted Share Units Leech, Lauren Christine 2 03/06/2013 00

COM DEV International Ltd. Restricted Share Units Leech, Lauren Christine 2 09/09/2013 56 2,264 2,264

COM DEV International Ltd. Common Shares Newbold, Stephen Thomas 2 15/07/2013 00

COM DEV International Ltd. Performance Share Units Newbold, Stephen Thomas 2 15/07/2013 00

COM DEV International Ltd. Performance Share Units Newbold, Stephen Thomas 2 09/09/2013 56 1,545 1,545

COM DEV International Ltd. Restricted Share Units Newbold, Stephen Thomas 2 15/07/2013 00

COM DEV International Ltd. Restricted Share Units Newbold, Stephen Thomas 2 09/09/2013 56 1,545 1,545

COM DEV International Ltd. Restricted Share Units Stuart, John 2 09/09/2013 56 33,914 19,616

Computer Modelling GroupLtd.

Common Shares Balic, Sandra 5 01/09/2013 00 11,200


Options Balic, Sandra 5 01/09/2013 00 50,500


Common Shares Kinash, Peter Harry 4 04/09/2013 51 9.07 42,800 2,800


Common Shares Kinash, Peter Harry 4 04/09/2013 51 13.43 45,300 2,500


Options Kinash, Peter Harry 4 04/09/2013 51 9.07 24,000 -2,800

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9194



Acquired/Disposed


Options Kinash, Peter Harry 4 04/09/2013 51 13.43 21,500 -2,500


Common Shares Nghiem, Long X 5 04/09/2013 51 13.43 417,900 22,500


Options Nghiem, Long X 5 04/09/2013 51 13.43 65,500 -22,500

Condor Petroleum Inc. Common Shares Burzynski, John Feliks 4 09/09/2013 11 1,225,759 -718,359Constellation Software Inc. Common Shares Anzarouth, Bernard 5 10/09/2013 30 172.43 143,214 8Constellation Software Inc. Common Shares Gernega, Boris 7 05/09/2013 10 172.14 4,119 -200Constellation Software Inc. Common Shares Gernega, Boris 7 05/09/2013 10 172.11 4,019 -100Constellation Software Inc. Common Shares Gernega, Boris 7 05/09/2013 10 172.1 3,819 -200

Constellation Software Inc. Common Shares Gernega, Boris 7 06/09/2013 10 173 3,319 -500Constellation Software Inc. Common Shares Gernega, Boris 7 06/09/2013 10 173.11 2,919 -400Constellation Software Inc. Common Shares Gernega, Boris 7 06/09/2013 10 173.1 2,819 -100Constellation Software Inc. Common Shares Gernega, Boris 7 06/09/2013 10 173.14 2,619 -200Constellation Software Inc. Common Shares Gernega, Boris 7 06/09/2013 10 173.15 2,319 -300Constellation Software Inc. Common Shares Gernega, Boris 7 10/09/2013 10 175.13 2,019 -300Constellation Software Inc. Common Shares Leonard, Mark Henri 3, 4, 7, 5 05/09/2013 97 172.43 271,962 21Continental Gold Limited(formerly Cronus ResourcesLtd.)

Common Shares Teicher, Leon 4 02/05/2013 00

Continental Gold Limited(formerly Cronus ResourcesLtd.)

Common Shares Teicher, Leon 4 09/09/2013 10 4.5 11,200 11,200

Continental Gold Limited(formerly Cronus ResourcesLtd.)

Common Shares Thomas, Kenneth Glyndwr 4 28/08/2013 10 5.16 3,200 3,200

Copper Reef MiningCorporation

Common Shares Masson, Stephen Leo 3 13/09/2013 10 0.03 10,796,500 10,000


Common Shares Masson, Stephen Leo 3 13/09/2013 10 0.025 10,991,500 195,000


Common Shares thompson, edward george 4 13/09/2013 10 746,000 100,000

Counsel Corporation Common Shares finkelstein, kenneth jeffrey 5 09/09/2013 10 2.6014 1,245,400 -100,000Counsel Corporation Common Shares finkelstein, kenneth jeffrey 5 10/09/2013 10 2.6 1,211,100 -34,300

Counsel Corporation Common Shares finkelstein, kenneth jeffrey 5 11/09/2013 10 2.6099 1,141,700 -69,400Counsel Corporation Common Shares finkelstein, kenneth jeffrey 5 11/09/2013 10 2.6 1,076,000 -65,700Counsel Corporation Common Shares finkelstein, kenneth jeffrey 5 11/09/2013 10 2.6159 976,000 -100,000Counsel Corporation Common Shares Levy, Robert Adam 7 11/09/2013 10 2.63 62,494 494CounterPath Corporation Common Shares Jones, Donovan 4, 5 06/09/2013 30 1.65 77,937 909CounterPath Corporation Common Shares Karp, David Lawrence 5 06/09/2013 30 1.65 26,001 277Creso Exploration Inc. Warrants Inwentash, Sheldon 3 13/09/2013 55 0.2 2,000,000 -750,000Creso Exploration Inc. Warrants Inwentash, Sheldon 3 13/09/2013 55 0.2 3,000,000 -750,000Critical OutcomeTechnologies Inc.

Warrants Alexander, Douglas Stewart 4 23/03/2012 53 31,250

Critical OutcomeTechnologies Inc.

Warrants Alexander, Douglas Stewart 4 23/03/2012 53 77,500 31,250


Warrants Drake, John C. 3, 5 23/03/2012 53 156,250


Warrants Drake, John C. 3, 5 23/03/2012 53 3,281,250 156,250


Warrants Ferguson, Kathleen Anne 4, 5 23/03/2012 53 62,500


Warrants Ferguson, Kathleen Anne 4, 5 23/03/2012 53 170,500 62,500


Warrants Kelly, Eugene Francis 5 23/03/2012 53 25,000


Warrants Kelly, Eugene Francis 5 23/03/2012 53 69,464 25,000


Warrants Maruzzo, Bruno 4 23/03/2012 53 31,250


Warrants Maruzzo, Bruno 4 23/03/2012 53 31,250


Warrants Maruzzo, Bruno 4 23/03/2012 53 67,500 31,250


Warrants Norton, Brent Henry Barry 4 23/03/2012 11 0.3 500,000






Warrants Norton, Brent Henry Barry 4 23/03/2012 11 0.3 500,000 500,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9195



Acquired/Disposed


Warrants Wallace, Murray 4 23/03/2012 53 31,250


Warrants Wallace, Murray 4 23/03/2012 53 67,500 31,250

CriticalControl SolutionsCorp.

Common Shares CriticalControl SolutionsCorp.

1 09/09/2013 38 0.33 87,000 8,500

CriticalControl SolutionsCorp.

Common Shares CriticalControl SolutionsCorp.

1 10/09/2013 38 0.31 89,500 2,500

Crocodile Gold Corp. Common Shares Lamond, Rodney 5 03/07/2013 00Crocodile Gold Corp. Common Shares Lamond, Rodney 5 10/09/2013 10 0.135 100,000 100,000Crocodile Gold Corp. Common Shares Lamond, Rodney 5 11/09/2013 10 0.135 200,000 100,000Cub Energy Inc. (formerly: 3PInternational Energy Corp.)

Common Shares Afendikov, Mikhail 4 29/03/2012 22 38,216,207

Cub Energy Inc. (formerly: 3PInternational Energy Corp.)

Common Shares Afendikov, Mikhail 4 29/03/2012 22 123,278,089 123,278,089


Common Shares Gottsegen, Rebecca MaryGandolfi

5 01/09/2013 00 123,278,089


Options Gottsegen, Rebecca MaryGandolfi

5 03/09/2013 50 0.3 138,750



5 03/09/2013 50 0.3 138,750 138,750



5 03/09/2013 50 0.4 555,000 416,250



5 04/09/2013 50 0.4 416,250


Options Stoneburner, Richard Kelty 4 03/09/2013 00


Options Stoneburner, Richard Kelty 4 03/09/2013 50 0.19 450,000 450,000


Options Stoneburner, Richard Kelty 4 04/09/2013 00


Options Stoneburner, Richard Kelty 4 04/09/2013 50 0.19 450,000

Cuervo Resources Inc. Common Shares Berner, Brian 4 11/09/2013 11 0.06 3,123,500 750,000Cuervo Resources Inc. Common Shares Watts, Gordon 4 11/09/2013 11 0.06 550,000 250,000CuOro Resources Corp. Common Shares Taggart, Frank William 4 16/08/2013 00 1,442,250

Curis Resources Ltd. Common Shares Aljomaih, Abdulaziz Hamad 6 09/09/2013 00 5,052,500

Curis Resources Ltd. Common Shares Aljomaih, Abdulaziz Hamad 6 09/09/2013 10 0.65 6,202,500 1,150,000

Curis Resources Ltd. Common Shares Aljomaih, Abdulaziz Hamad 6 09/09/2013 00 500,000

Curis Resources Ltd. Common Shares Ashary, Shan 6 09/09/2013 00 500,000Curis Resources Ltd. Common Shares Ashary, Shan 6 09/09/2013 00 5,052,500Curis Resources Ltd. Common Shares Ashary, Shan 6 09/09/2013 10 0.65 6,202,500 1,150,000Curis Resources Ltd. Common Shares Ashary, Shan 6 09/09/2013 00 344,444Curis Resources Ltd. Common Shares Ashary, Shan 6 09/09/2013 10 0.65 594,444 250,000Currency ExchangeInternational, Corp.

Common Shares Bracy, Wade Alan 5 04/09/2013 10 7.7 6,380 380

Currency ExchangeInternational, Corp.

Common Shares Prakash, Stacey Lynn 5 06/09/2013 10 7.8 1,600 400

Currency ExchangeInternational, Corp.

Common Shares Schillo, Matthew Alan 5 05/09/2013 10 7.7 10,325 325

CVTech Group Inc. Common Shares Zemaitatis, Stephen M., Jr. 7 06/09/2013 10 1.1 223,585 -32,000

CVTech Group Inc. Common Shares Zemaitatis, Stephen M., Jr. 7 12/09/2013 10 1.1 195,585 -28,000

Cypress Development Corp. Common Shares Trimble, William 5 05/09/2013 10 0.01 1,163,000 22,000


Insider Reporting

September 19, 2013 (2013), 36 OSCB 9196



Acquired/Disposed




D-Box Technologies Inc. Common Shares Class A Caisse de dépôt etplacement du Québec

3 06/09/2013 10 0.19 18,921,382 209,500

D-Box Technologies Inc. Common Shares Class A Caisse de dépôt etplacement du Québec

3 13/09/2013 10 0.19 18,948,882 27,500

DeeThree Exploration Ltd. Common Shares Paulhus, Casey 5 12/09/2013 51 73,500 26,000DeeThree Exploration Ltd. Common Shares Paulhus, Casey 5 12/09/2013 10 9.2692 47,500 -26,000DeeThree Exploration Ltd. Options Paulhus, Casey 5 12/09/2013 51 4.16 44,000 -26,000DELPHI ENERGY CORP. Common Shares Angelidis, Tony 4, 5 12/09/2013 30 1.67 774,179 3,683DELPHI ENERGY CORP. Common Shares Batteke, Hugo 5 12/09/2013 30 1.67 207,231 3,303

DELPHI ENERGY CORP. Common Shares Galvin, Michael 5 12/09/2013 30 1.67 93,764 3,493DELPHI ENERGY CORP. Common Shares Hume, Rod Allan 5 12/09/2013 30 1.67 178,464 3,875DELPHI ENERGY CORP. Common Shares Kohlhammer, Brian 5 12/09/2013 30 1.67 166,346 4,128DELPHI ENERGY CORP. Common Shares Reid, David James 4, 5 12/09/2013 30 1.67 268,618 4,955DiagnoCure Inc. Common Shares Bordeleau, Richard 5 03/09/2013 00DiagnoCure Inc. Deffered Share Unit Bordeleau, Richard 5 03/09/2013 00DiagnoCure Inc. Options Bordeleau, Richard 5 03/09/2013 00Diamond Fields InternationalLtd.

Common Shares Boulle, Jean-Raymond 3 05/09/2013 36 53,637,920 22,222,222

Diamond Fields InternationalLtd.

Common Shares Boulle, Jean-Raymond 3 05/09/2013 54 0.0315 69,510,936 15,873,016


Convertible Debentures Boulle, Jean-Raymond 3 07/01/2013 11 $500,000 $500,000


Convertible Debentures Boulle, Jean-Raymond 3 05/09/2013 36 $0 -$500,000


Warrants Boulle, Jean-Raymond 3 05/09/2013 36 30,222,222 22,222,222


Warrants Boulle, Jean-Raymond 3 05/09/2013 54 14,349,206 -15,873,016

Digifonica International Inc. Common Shares Roehlig, Axel GuntherRuediger

4, 5 13/09/2013 10 0.115 2,325,521 15,000

Divestco Inc. Common Shares Class A Tobman, William 4 06/09/2013 10 0.17 2,259,772 62,500

Divestco Inc. Common Shares Class A Tobman, William 4 06/09/2013 10 0.165 2,309,772 50,000

DNI Metals Inc. Options Grant, Colin 5 08/07/2013 52 0.8 362,500 -12,500Dollarama Inc. Common Shares Dollarama Inc. 1 01/08/2013 38 75.224 58,600 58,600Dollarama Inc. Common Shares Dollarama Inc. 1 01/08/2013 38 0 -58,600Dollarama Inc. Common Shares Dollarama Inc. 1 02/08/2013 38 75.327 57,200 57,200Dollarama Inc. Common Shares Dollarama Inc. 1 02/08/2013 38 0 -57,200

Dollarama Inc. Common Shares Dollarama Inc. 1 06/08/2013 38 75.583 28,300 28,300Dollarama Inc. Common Shares Dollarama Inc. 1 06/08/2013 38 0 -28,300Dollarama Inc. Common Shares Dollarama Inc. 1 07/08/2013 38 76.369 38,300 38,300Dollarama Inc. Common Shares Dollarama Inc. 1 07/08/2013 38 0 -38,300Dollarama Inc. Common Shares Dollarama Inc. 1 12/08/2013 38 75.959 66,871 66,871Dollarama Inc. Common Shares Dollarama Inc. 1 12/08/2013 38 0 -66,871Dollarama Inc. Common Shares Dollarama Inc. 1 13/08/2013 38 76.016 64,000 64,000Dollarama Inc. Common Shares Dollarama Inc. 1 13/08/2013 38 0 -64,000Dollarama Inc. Common Shares Dollarama Inc. 1 14/08/2013 38 76.434 20,900 20,900Dollarama Inc. Common Shares Dollarama Inc. 1 14/08/2013 38 0 -20,900Dollarama Inc. Common Shares Dollarama Inc. 1 15/08/2013 38 75.9 35,400 35,400Dollarama Inc. Common Shares Dollarama Inc. 1 15/08/2013 38 0 -35,400

Dollarama Inc. Common Shares Dollarama Inc. 1 16/08/2013 38 74.894 137,900 137,900Dollarama Inc. Common Shares Dollarama Inc. 1 16/08/2013 38 0 -137,900Dollarama Inc. Common Shares Dollarama Inc. 1 19/08/2013 38 74 54,400 54,400Dollarama Inc. Common Shares Dollarama Inc. 1 19/08/2013 38 0 -54,400Dollarama Inc. Common Shares Dollarama Inc. 1 20/08/2013 38 75.086 29,500 29,500Dollarama Inc. Common Shares Dollarama Inc. 1 20/08/2013 38 0 -29,500Dollarama Inc. Common Shares Dollarama Inc. 1 21/08/2013 38 74.561 40,500 40,500Dollarama Inc. Common Shares Dollarama Inc. 1 21/08/2013 38 0 -40,500Dollarama Inc. Common Shares Dollarama Inc. 1 22/08/2013 38 75.044 32,300 32,300Dollarama Inc. Common Shares Dollarama Inc. 1 22/08/2013 38 0 -32,300Dollarama Inc. Common Shares Dollarama Inc. 1 23/08/2013 38 76.495 26,900 26,900Dollarama Inc. Common Shares Dollarama Inc. 1 23/08/2013 38 0 -26,900

Dollarama Inc. Common Shares Dollarama Inc. 1 26/08/2013 38 76.497 6,000 6,000Dollarama Inc. Common Shares Dollarama Inc. 1 26/08/2013 38 0 -6,000Dollarama Inc. Common Shares Dollarama Inc. 1 27/08/2013 38 76.186 76,600 76,600Dollarama Inc. Common Shares Dollarama Inc. 1 27/08/2013 38 0 -76,600

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9197



Acquired/Disposed

Dominion DiamondCorporation

Options Common Shares Gannicott, Robert A. 4, 5 09/09/2013 50 13.19 1,961,000 435,000

DREAM Unlimited Corp. Subordinate Voting SharesClass A

Gateman, Richard N. 4, 7 30/05/2013 00

DREAM Unlimited Corp. Subordinate Voting SharesClass A

Gateman, Richard N. 4, 7 10/09/2013 10 10.37 2,000 2,000

Dundee International RealEstate Investment Trust

Convertible Debentures5.5% UnsecuredSubordinated Debenturesdue July 31, 2018

Gateman, Richard N. 7 31/05/2013 00 $12,000

Dundee Precious Metals Inc. Common Shares Goldstone, Adrian J. 5 06/09/2013 51 1.37 25,800 15,800

Dundee Precious Metals Inc. Common Shares Goldstone, Adrian J. 5 06/09/2013 10 6.59 10,000 -15,800

Dundee Precious Metals Inc. Options Goldstone, Adrian J. 5 06/09/2013 51 1.37 357,600 -15,800

Dundee Real EstateInvestment Trust

Trust Units Series A Gateman, Richard N. 7 31/05/2013 00 1,400

Duran Ventures Inc. Common SharesUnlimited, No Par Value

Brunelle, Steven Samuel 4 12/09/2013 16 0.03 2,275,500 500,000

Duran Ventures Inc. Warrants Issued in PrivatePlacements

Brunelle, Steven Samuel 4 12/09/2013 16 762,500 250,000


Hamilton, Daniel 5 12/09/2013 16 0.03 2,241,389 1,000,000


Hamilton, Daniel 5 12/09/2013 16 825,000 500,000


Pezo Camacho, OscarFrancisco

4, 5 18/04/2012 00



4, 5 12/09/2013 16 0.03 300,000 300,000



4, 5 18/04/2012 00



4, 5 12/09/2013 16 150,000 150,000


Reeder, Jeffrey 4 12/09/2013 16 0.03 800,000 800,000


Reeder, Jeffrey 4 12/09/2013 15 0.1 650,000 400,000

Eclipse Residential MortgageInvestment Corporation

Class A Shares Brompton Corp. 7 05/09/2013 10 9.35 208,200 500


Class A Shares Eclipse ResidentialMortgage InvestmentCorporation

1 08/08/2013 38 9.23 2,600 2,600



1 08/08/2013 38 9.23 0 -2,600



1 09/08/2013 38 9.23 100 100



1 09/08/2013 38 9.23 0 -100



1 12/08/2013 38 9.23 600 600



1 12/08/2013 38 9.23 0 -600



1 13/08/2013 38 9.23 300 300



1 13/08/2013 38 9.23 0 -300



1 19/08/2013 38 9.23 700 700



1 19/08/2013 38 9.23 0 -700

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9198



Acquired/Disposed



1 22/08/2013 38 9.23 800 800



1 22/08/2013 38 9.23 0 -800



1 23/08/2013 38 9.23 200 200



1 23/08/2013 38 9.23 0 -200



1 30/08/2013 38 9.24 2,500 2,500



1 30/08/2013 38 9.24 0 -2,500

EGI Financial Holdings Inc. Common Shares Curry, Gerald Mark 4 09/09/2013 10 11.75 317,984 -100,000EGI Financial Holdings Inc. Common Shares EGI Financial Holdings Inc. 1 31/08/2013 38 10.776 18,700 18,700

EGI Financial Holdings Inc. Common Shares EGI Financial Holdings Inc. 1 31/08/2013 38 0 -18,700

Eldorado Gold Corporation Common Shares Eldorado Gold Corporation 1 19/08/2013 38 831,218 -29,918

Eldorado Gold Corporation Common Shares Eldorado Gold Corporation 1 05/09/2013 38 -29,753



Eldorado Gold Corporation Common Shares Pitcher, Norman 5 06/09/2013 36 8.77 112,158 29,753

Eldorado Gold Corporation Restricted Share Units Pitcher, Norman 5 06/09/2013 36 130,629 -10,606

Eldorado Gold Corporation Restricted Share Units Pitcher, Norman 5 06/09/2013 36 111,482 -19,147

Eldorado Gold Corporation Common Shares Skayman, Paul James 5 05/09/2013 36 8.72 56,715 3,098

Eldorado Gold Corporation Restricted Share Units Skayman, Paul James 5 05/09/2013 36 37,777 -3,098

Emera Incorporated Common Shares Huskilson, Christopher 4, 5 12/09/2013 10 29 25,515 500Enablence Technologies Inc. Common Shares Paradigm Capital Partners

Limited3 05/09/2013 10 0.4441 3,958,500 8,000

Enablence Technologies Inc. Common Shares Paradigm Capital PartnersLimited

3 05/09/2013 10 0.45 4,056,000 97,500


3 06/09/2013 10 0.45 4,181,000 125,000


3 06/09/2013 10 0.4538 4,106,500 -74,500


3 10/09/2013 10 0.43 4,108,000 1,500

Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/09/2013 51 12.86 51,452 400Enbridge Inc. Common Shares Holder, Janet Arlene 5 12/09/2013 10 42.5 51,052 -400Enbridge Inc. Options $12.86 ($25.72)

($51.44) - February 4,2014 Expiry

Holder, Janet Arlene 5 12/09/2013 51 46,800 -400

Energy Fuels Inc. Common Shares Khan, Steven Nizam 4 03/09/2013 00Energy Fuels Inc. Common Shares Khan, Steven Nizam 4 03/09/2013 00 635,779Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 00Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 36 0.279 764,400 764,400Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 36 0.442 1,131,900 367,500Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 36 0.796 1,352,400 220,500

Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 36 0.381 1,646,400 294,000Energy Fuels Inc. Options Khan, Steven Nizam 4 03/09/2013 36 0.152 2,013,900 367,500ENERGY INDEXPLUSDividend Fund

Trust Units Energy Indexplus DividendFund

1 04/09/2013 38 8.03 1,568,295 900

ENERGY INDEXPLUSDividend Fund

Trust Units Energy Indexplus DividendFund

1 05/09/2013 38 8.14 1,568,895 600

Enerplus Corporation Common Shares(Performance Share UnitPlan ("PSU"))

Jenson Labrie, JodineJulene

5 05/09/2013 50 13.16 15,486 3,012

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9199



Acquired/Disposed

Enerplus Corporation Options (Stock OptionPlan)

Jenson Labrie, JodineJulene

5 05/09/2013 50 18.05 141,952 24,395

Enerplus Corporation Common Shares(Performance Share UnitPlan ("PSU"))

Politeski, Michael 7 05/09/2013 50 13.16 8,903 555

Enerplus Corporation Options (Stock OptionPlan)

Politeski, Michael 7 05/09/2013 50 18.05 82,446 4,490

Enhanced Oil Resources, Inc. Common Shares PEAVY, MARK ALAN 5 05/09/2013 10 0.075 2,595,000 200,000

ENTREC Corporation Convertible Debentures7.00% Conv. UnsecuredSuboridnated Deb. dueOct. 31, 2017

Vandenberg, Jason Neil 4 13/09/2013 10 100 $71,000 $51,000

EQ Inc. Common Shares Lobo, Vernon 4, 6 04/09/2013 10 0.45 1,206,000 6,000EQ Inc. Common Shares Lobo, Vernon 4, 6 04/09/2013 10 0.44 1,217,000 11,000EQ Inc. Common Shares Rotstein, Geoffrey 4, 5 30/08/2013 10 0.385 1,193,700 1,000EQ Inc. Common Shares Rotstein, Geoffrey 4, 5 30/08/2013 10 0.4 1,194,700 1,000

Equal Energy Ltd. Common Shares Chimahusky, John S. 5 09/09/2013 30 4.7 44,249 121Equal Energy Ltd. Common Shares Klapko, Donald Charles 4, 5 09/09/2013 30 4.95 359,025 1,061Equal Energy Ltd. Common Shares Smalling, Scott Anthony 5 09/09/2013 30 4.7 3,320 113Equitable Group Inc. Common Shares Moor, Andrew 5 10/09/2013 10 45 69,913 -2,000Equitable Group Inc. Common Shares Moor, Andrew 5 12/09/2013 10 45 68,913 -1,000Essential Energy ServicesLtd.

Common Shares Essential Energy ServicesLtd.

1 31/08/2013 38 319,152 319,152

Essential Energy ServicesLtd.

Common Shares Essential Energy ServicesLtd.

1 31/08/2013 38 0 -319,152

Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.18 325,500 1,000Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.18 329,000 3,500Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.18 332,500 3,500Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.185 337,500 5,000Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.18 338,500 1,000Ethos Gold Corp. Common Shares Freeman, Gary Richard 4, 5 12/09/2013 10 0.18 344,000 5,500Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 16/08/2013 38 1.87 5,400 200

Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 26/08/2013 38 2.05 7,000 200Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 03/09/2013 38 1.91 7,100 100Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 12/09/2013 10 1.79 500Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 12/09/2013 10 1.79 500Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 12/09/2013 38 1.79 8,800 500Excellon Resources Inc. Common Shares Excellon Resources Inc. 1 13/09/2013 38 1.8229 9,500 700Excelsior Mining Corp. Common Shares Jennex, John Jeffery 5 09/09/2013 10 0.115 105,667 70,000Finning International Inc. Common Shares Guridi, Sebastian Tomas 5 05/09/2013 10 20.25 5,748 -3,000Firm Capital Property Trust Units Sandler, Scott Mitchell 3 28/08/2013 97 601,490 101

Firm Capital Property Trust Units Sandler, Scott Mitchell 3 11/09/2013 97 503,490 -98,000

Firm Capital Property Trust Units Sandler, Stephen 3 28/08/2013 97 621,790 101

Firm Capital Property Trust Units Sandler, Stephen 3 11/09/2013 97 523,790 -98,000

First Majestic Silver Corp. Common Shares Young, Robert John 4 06/09/2013 10 14.74 30,000 10,000First Nickel Inc. Common Shares Boehlert, Thomas Michael 4, 5 13/09/2013 57 6,140,596 902,500

First Nickel Inc. Rights Restricted ShareUnit Plan

Boehlert, Thomas Michael 4, 5 13/09/2013 57 11,856,666 -1,666,667

FIRSTSERVICECORPORATION

Subordinate Voting Shares FirstService Corporation 1 06/09/2013 10 37.6 20,700 200


Subordinate Voting Shares FirstService Corporation 1 06/09/2013 10 37.47 21,800 1,100

















Insider Reporting

September 19, 2013 (2013), 36 OSCB 9200



Acquired/Disposed












Subordinate Voting Shares FirstService Corporation 1 12/09/2013 10 39 39,300 2,900


Subordinate Voting Shares Kocur, Roman 5 10/09/2013 10 38 2,710 -3,290


Subordinate Voting Shares Kocur, Roman 5 10/09/2013 10 38.15 2,610 -100






Subordinate Voting Shares Kocur, Roman 5 10/09/2013 10 38.2 800 -1,010


Subordinate Voting Shares Kocur, Roman 5 10/09/2013 10 38.202 700 -100





Flaherty & CrumrineInvestment Grade FixedIncome Fund

Trust Units Braaten, Peter A. 8, 4, 7 06/09/2013 10 11.7 63,600 1,600


Trust Units Braaten, Peter A. 8, 4, 7 06/09/2013 10 11.69 66,200 2,600


Trust Units Flaherty & CrumrineInvestment Grade FixedIncome Fund

1 02/08/2013 38 11.95 300 300



1 02/08/2013 38 11.95 0 -300



1 06/08/2013 38 11.96 3,000 3,000



1 06/08/2013 38 11.96 0 -3,000



1 07/08/2013 38 11.96 700 700



1 07/08/2013 38 11.96 0 -700



1 08/08/2013 38 11.97 3,000 3,000



1 08/08/2013 38 11.97 0 -3,000



1 09/08/2013 38 11.96 3,000



1 09/08/2013 38 11.92 2,700 2,700



1 09/08/2013 38 11.92 0 -2,700



1 12/08/2013 38 11.94 3,000 3,000



1 12/08/2013 38 11.94 0 -3,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9201



Acquired/Disposed



1 13/08/2013 38 11.98 3,000 3,000



1 13/08/2013 38 11.98 0 -3,000



1 14/08/2013 38 11.96 100 100



1 14/08/2013 38 11.96 0 -100



1 15/08/2013 38 11.92 1,100 1,100



1 15/08/2013 38 11.92 0 -1,100



1 16/08/2013 38 11.88 2,300 2,300



1 16/08/2013 38 11.88 0 -2,300



1 21/08/2013 38 11.77 3,000 3,000



1 21/08/2013 38 11.77 0 -3,000



1 22/08/2013 38 11.75 3,000 3,000



1 22/08/2013 38 11.75 0 -3,000



1 27/08/2013 38 11.8 3,000 3,000



1 27/08/2013 38 11.8 0 -3,000



1 28/08/2013 38 11.8 3,000 3,000



1 28/08/2013 38 11.8 0 -3,000



1 29/08/2013 38 11.82 3,000 3,000



1 29/08/2013 38 11.82 0 -3,000

Forbes & Manhattan CoalCorp. (formerly NyahResources Corp.)

Convertible DebenturesConvertible Loan withResource Capital Fund VL.P.

Resource Capital Fund VL.P.

3 27/09/2010 00


Convertible DebenturesConvertible Loan withResource Capital Fund VL.P.

Resource Capital Fund VL.P.

3 11/09/2013 11 $6,000,000 $6,000,000


Common Shares Williams, Sarah Jane 5 01/04/2012 00


Common Shares Williams, Sarah Jane 5 24/01/2013 11 4436 2,350 2,350


Options Williams, Sarah Jane 5 01/04/2012 00

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9202



Acquired/Disposed


Options Williams, Sarah Jane 5 13/08/2013 50 0.29 212,500 212,500

Fortis Inc. Common Shares Sam, Doyle 7 03/09/2013 51 22.29 3,870Fortis Inc. Common Shares Sam, Doyle 7 04/09/2013 51 22.29 47,562 3,870Fortis Inc. Options Sam, Doyle 7 03/09/2013 51 -3,870Fortis Inc. Options Sam, Doyle 7 04/09/2013 51 70,772 -3,870

Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 51 1.66 27,460 25,000Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 10 4.39 25,260 -2,200Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 10 4.395 22,460 -2,800Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 10 4.4 12,460 -10,000Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 10 4.41 4,260 -8,200Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 06/09/2013 10 4.45 2,360 -1,900Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 09/09/2013 51 1.66 7,360 5,000Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 09/09/2013 10 4.4 5,360 -2,000Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 09/09/2013 10 4.41 2,860 -2,500Fortuna Silver Mines Inc. Common Shares Ridgway, Simon T.P. 4 09/09/2013 10 4.42 1,860 -1,000Fortuna Silver Mines Inc. Options Ridgway, Simon T.P. 4 06/09/2013 51 332,900 -25,000Fortuna Silver Mines Inc. Options Ridgway, Simon T.P. 4 09/09/2013 51 327,900 -5,000

Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 10 4.39 255,700 -2,700Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 10 4.395 253,400 -2,300Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 10 4.4 248,400 -5,000Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 10 4.41 243,400 -5,000Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 10 4.45 241,400 -2,000Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 06/09/2013 51 1.55 256,400 15,000Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 09/09/2013 10 4.4 254,900 -1,500Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 09/09/2013 10 4.41 252,900 -2,000Fortuna Silver Mines Inc. Common Shares Szotlender, Mario 4 09/09/2013 10 4.42 251,900 -1,000Fortuna Silver Mines Inc. Options Szotlender, Mario 4 06/09/2013 51 650,000 -15,000Fortune Minerals Limited Options Kemp, Julian 5 11/08/2013 52 430,000 -70,000Frontier Rare Earths Limited Ordinary Shares Frontier Rare Earths Limited 1 03/09/2013 10 0.39 1,055,500 5,000

Frontier Rare Earths Limited Ordinary Shares Frontier Rare Earths Limited 1 06/09/2013 10 0.39 1,065,500 10,000



Galway Metals Inc. Common Shares Cartafalsa, Joseph Blaise 4 11/09/2013 37 88,485 -176,970

Galway Metals Inc. Common Shares Doub, Robb Tyler 4 11/09/2013 37 350,000 -700,000Galway Metals Inc. Common Shares Hinchcliffe, Robert 4, 5 11/09/2013 37 2,182,217 -4,364,433Galway Metals Inc. Common Shares Rengifo, Alfonso Gomez 4 11/09/2013 37 337,500 -675,000Galway Metals Inc. Common Shares Schafer, Robert 4 11/09/2013 37 76,333 -152,667Galway Metals Inc. Common Shares Suttie, Robert 5 11/09/2013 37 25,000 -50,000GASFRAC Energy ServicesInc.

Common Shares Roe, Gerald 4 10/09/2013 10 1.8096 154,400 -16,600

GASFRAC Energy ServicesInc.


GASFRAC Energy ServicesInc.


Gemoscan Canada, Inc. Options Skerrett, Kathleen Elizabeth 4 11/09/2013 50 300,000 100,000

GeneNews Limited Options Dreismann, Heiner 4, 5 30/06/2013 52 5.46 321,582 -3,333GeneNews Limited Options Dreismann, Heiner 4, 5 31/07/2013 52 5.7 318,249 -3,333GeneNews Limited Options Dreismann, Heiner 4, 5 31/08/2013 52 4.8 314,916 -3,333Geomega Resources Inc. Common Shares Britt, Simon 4, 5 09/09/2013 10 0.18 360,400 10,000Geomega Resources Inc. Common Shares Britt, Simon 4, 5 10/09/2013 10 0.18 10,000Geomega Resources Inc. Common Shares Britt, Simon 4, 5 10/09/2013 10 0.18 369,400 9,000George Weston Limited Preferred Shares Series 1 Lacey, John Stewart 7 13/09/2013 10 24.87 7,000 1,700

Gildan Activewear Inc. Common Shares Echeverria, Javier 7 04/09/2013 57 23.37 14,373 14,373

Gildan Activewear Inc. Common Shares Echeverria, Javier 7 04/09/2013 10 47.66 14,372 -1Gildan Activewear Inc. Restricted Share Units Echeverria, Javier 7 04/09/2013 57 23.37 5,166 -14,373Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 13/09/2013 51 27.17 787Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 13/09/2013 51 27.17 787Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 13/09/2013 51 27.17 4,494 1,048Gildan Activewear Inc. Common Shares Lecavalier, Christian 5 13/09/2013 10 47.81 3,707 -787Gildan Activewear Inc. Options Lecavalier, Christian 5 13/09/2013 51 27.17 -787Gildan Activewear Inc. Options Lecavalier, Christian 5 13/09/2013 51 27.17 -787Gildan Activewear Inc. Options Lecavalier, Christian 5 13/09/2013 51 27.17 1,838 -1,048Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 51 27.17 88,065 2,400Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 51 27.17 92,965 4,900Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 51 27.17 93,057 92

Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 10 47.57 90,657 -2,400

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9203



Acquired/Disposed

Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 10 47.4 4,900Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 10 47.4 4,900Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 10 47.47 90,565 -92Gildan Activewear Inc. Common Shares Masi, Benito 5 04/09/2013 10 47.4 85,665 -4,900Gildan Activewear Inc. Options Masi, Benito 5 04/09/2013 51 27.17 66,981 -2,400

Gildan Activewear Inc. Options Masi, Benito 5 04/09/2013 51 27.17 62,081 -4,900Gildan Activewear Inc. Options Masi, Benito 5 04/09/2013 51 27.17 61,989 -92Ginguro Exploration Inc. Common Shares Inwentash, Sheldon 6 06/09/2013 10 0.3457 7,375,000 375,000Ginguro Exploration Inc. Common Shares Pinetree Capital Ltd. 3 06/09/2013 10 0.3457 7,375,000 375,000Gitennes Exploration Inc. Common Shares booth, kenneth david 4, 5 09/09/2013 10 0.015 1,633,000 15,000GLENTEL Inc. Common Shares DeVuyst, Dirk C.A. 4 05/09/2013 10 15.1 6,500 -2,000GLENTEL Inc. Common Shares DeVuyst, Dirk C.A. 4 06/09/2013 10 14.655 4,500 -2,000GLENTEL Inc. Common Shares DeVuyst, Dirk C.A. 4 30/08/2013 10 13.393 7,171 -7,000GLENTEL Inc. Common Shares DeVuyst, Dirk C.A. 4 03/09/2013 10 13.648 1,171 -6,000GLENTEL Inc. Common Shares Glentel Inc. 1 03/09/2013 38 0 -2,000Global Dividend GrowersIncome Fund

Trust Units Global Dividend GrowersIncome Fund

1 06/09/2013 38 9.94 125,100 2,100

Gluskin Sheff + AssociatesInc.

Options Gobert, Wilfred Arthur 4 09/09/2013 51 -12,000


















Options Gobert, Wilfred Arthur 4 09/09/2013 51 28,000 -12,000


Options Gobert, Wilfred Arthur 4 09/09/2013 51 3,000 -25,000


Subordinate Voting Shares Gobert, Wilfred Arthur 4 09/09/2013 51 15.59 53,162 3,162


Subordinate Voting Shares Gobert, Wilfred Arthur 4 09/09/2013 51 15.51 59,845 6,683


Options Solway, Herbert 4 11/09/2013 51 -12,000
















Options Solway, Herbert 4 11/09/2013 51 28,000 -12,000


Options Solway, Herbert 4 11/09/2013 51 3,000 -25,000


Subordinate Voting Shares Solway, Herbert 4 11/09/2013 51 15.59 6,298 3,298


Subordinate Voting Shares Solway, Herbert 4 11/09/2013 51 15.51 21,919 15,621


Options Weiss, Robert Samson 4 11/09/2013 51 -12,000





Insider Reporting

September 19, 2013 (2013), 36 OSCB 9204



Acquired/Disposed








Options Weiss, Robert Samson 4 11/09/2013 51 28,000 -12,000


Options Weiss, Robert Samson 4 11/09/2013 51 3,000 -25,000


Subordinate Voting Shares Weiss, Robert Samson 4 27/06/2006 00


Subordinate Voting Shares Weiss, Robert Samson 4 11/09/2013 51 15.59 3,298 3,298


Subordinate Voting Shares Weiss, Robert Samson 4 11/09/2013 51 15.51 18,919 15,621

GMP Capital Inc. Common Shares MACDONALD, FIONALOUISE

4 08/08/2013 00

GMP Capital Inc. Common Shares MACDONALD, FIONALOUISE

4 12/09/2013 10 6.35 15,000 15,000

Golden Dawn Minerals Inc. Common Shares Wiese, Wolfgang 4, 5 30/08/2013 10 0.01 6,237,333 -250,000Golden Queen Mining Co.Ltd.

Options Coates, Bryan A. 4 28/01/2013 00

Golden Queen Mining Co.Ltd.

Options Coates, Bryan A. 4 04/09/2013 50 1.67 50,000 50,000

Golden Queen Mining Co.Ltd.

Options Le Bel, Guy 4 04/09/2013 50 1.67 50,000 50,000

GOLDEYE EXPLORATIONSLIMITED

Options Dean, John Richard 4 09/09/2013 38 23,000 -12,000

Goodman Gold Trust(formerly CMP Gold Trust)

Trust Units Goodman Gold Trust(formerly CMP Gold Trust),Goodman Gold Trust(formerly CMP Gold Trust)

1 31/08/2013 38 4.88 8,300 8,300

Goodman Gold Trust(formerly CMP Gold Trust)

Trust Units Goodman Gold Trust(formerly CMP Gold Trust),Goodman Gold Trust(formerly CMP Gold Trust)

1 31/08/2013 38 4.88 0 -8,300

Gowest Gold Ltd. Options Romain, Gregory James 4, 5 05/08/2013 52 1,545,000 -220,000Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4, 5 13/09/2013 10 1.5 190,217 2,200Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4, 5 13/09/2013 10 1.55 191,217 1,000Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4, 5 13/09/2013 10 1.61 192,917 1,700Gran Colombia Gold Corp. Common Shares Iacono, Serafino 4, 5 13/09/2013 10 1.62 194,517 1,600

Great Canadian GamingCorporation

Common Shares Great Canadian GamingCorporation

1 19/08/2013 38 10.23 300 300



1 19/08/2013 38 10.25 27,300 27,000



1 20/08/2013 38 10.33 57,000 29,700



1 21/08/2013 38 10.3 57,500 500



1 21/08/2013 38 10.31 57,600 100



1 21/08/2013 38 10.32 58,700 1,100



1 21/08/2013 38 10.33 59,400 700



1 21/08/2013 38 10.34 60,300 900



1 21/08/2013 38 10.35 60,400 100



1 21/08/2013 38 10.36 60,800 400



1 21/08/2013 38 10.43 60,900 100



1 21/08/2013 38 10.44 65,800 4,900



1 22/08/2013 38 10.5 565,800 500,000

Greenbank Capital Inc. Common Shares Wanner, Peter David 4 15/04/2013 00 77,821

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9205



Acquired/Disposed

Greenscape Capital GroupInc.

Common Shares LaGourgue, John 4 06/09/2013 10 0.03 943,500 100,000


Common Shares LaGourgue, John 4 10/09/2013 10 0.03 1,033,500 90,000


Common Shares Scharfe, Bradley Nixon 3, 4 06/09/2013 10 0.03 13,610,122 50,000

Groundstar ResourcesLimited

Common Shares Dust, Chad 4 05/09/2013 30 0.15 977,498 249,998


Common Shares Groundstar ResourcesLimited

1 02/08/2013 38 0.07 375,500 11,000



1 06/08/2013 38 0.075 382,500 7,000



1 07/08/2013 38 0.075 386,500 4,000



1 08/08/2013 38 0.075 389,500 3,000



1 14/08/2013 38 0.075 399,500 10,000



1 16/08/2013 38 0.09 406,500 7,000



1 20/08/2013 38 0.1 412,500 6,000



1 21/08/2013 38 0.095 417,500 5,000



1 22/08/2013 38 0.095 422,500 5,000



1 23/08/2013 38 0.09 449,500 27,000



1 26/08/2013 38 0.09 451,500 2,000



1 27/08/2013 38 0.09 455,500 4,000



1 29/08/2013 38 0.09 456,500 1,000

GuestLogix Inc. Options LEUNG, PATRICK 5 17/06/2013 00GuestLogix Inc. Options LEUNG, PATRICK 5 03/09/2013 50 93,800 93,800GuestLogix Inc. Options LEUNG, PATRICK 5 03/09/2013 50 212,485 118,685GuestLogix Inc. Common Shares Proud, Brett 5 03/09/2013 10 0.95 1,380,185 -125,000Gulf & Pacific Equities Corp. Common Shares Cohen, Anthony 3, 4, 5 10/09/2013 10 0.29 241,000 30,000

Gulf & Pacific Equities Corp. Common Shares Cohen, Anthony 3, 4, 5 11/09/2013 10 0.29 271,000 30,000

Hadley Mining Inc. Options Wanner, Peter David 4 04/12/2012 00 400,000

Halogen Software Inc. Common Shares JMI Equity Fund VI, L.P. 3 11/09/2013 15 14 3,634,148 -600,000Halogen Software Inc. Common Shares Loucks, Paul 4, 5 11/09/2013 15 14 718,368 -132,000Halogen Software Inc. Common Shares Loucks, Paul 4, 5 11/09/2013 15 14 51,267 -115,400Halogen Software Inc. Common Shares Low, Peter John 5 11/09/2013 15 14 34 -33,300Halogen Software Inc. Common Shares Ronayne, Donna Lynn 5 11/09/2013 15 14 81,667 -25,000Halogen Software Inc. Common Shares Slaunwhite, Michael 3, 4 11/09/2013 15 14 2,222,367 -444,300High North Resources Ltd. Options Bethell, Roger 4 29/07/2013 00High North Resources Ltd. Options Bethell, Roger 4 05/09/2013 50 500,000 500,000High North Resources Ltd. Options Harris, Graham 4 26/02/2013 50 0.155 200,000 150,000High North Resources Ltd. Options Harris, Graham 4 05/09/2013 50 0.35 300,000 100,000High North Resources Ltd. Options Morrison, Brian Patrick 4, 5 26/02/2013 50 0.155 100,000 50,000High North Resources Ltd. Options Morrison, Brian Patrick 4, 5 05/09/2013 50 0.35 200,000 100,000

High North Resources Ltd. Options Soares, Colin Gregory 4, 5 14/05/2013 00High North Resources Ltd. Options Soares, Colin Gregory 4, 5 05/09/2013 50 0.35 500,000 500,000Hillcrest Resources Ltd. Common Shares ODEN, Jason Paul 4 09/09/2013 10 0.06 30,000Hillcrest Resources Ltd. Common Shares ODEN, Jason Paul 4 09/09/2013 10 0.06 1,025,000 25,000Hillcrest Resources Ltd. Common Shares ODEN, Jason Paul 4 09/09/2013 10 0.055 1,030,000 5,000Hillcrest Resources Ltd. Common Shares ODEN, Jason Paul 4 10/09/2013 10 0.06 1,053,000 23,000Home Capital Group Inc. Common Shares Ahlvik, Christer 5 04/09/2013 35 66.196 4,317 18Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 03/09/2013 30 64.2 172 26Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 04/09/2013 35 66.196 173 1Home Capital Group Inc. Common Shares Copperthwaite, Stephen 5 03/09/2013 30 64.2 45 7Home Capital Group Inc. Common Shares Decina, Pino 5 03/09/2013 30 64.2 586 1Home Capital Group Inc. Common Shares Decina, Pino 5 04/09/2013 35 66.196 589 3

Home Capital Group Inc. Common Shares Decina, Pino 5 03/09/2013 30 64.2 263 1Home Capital Group Inc. Common Shares Harry, John Roberts Komar 5 13/09/2013 51 41.29 10,000 10,000

Home Capital Group Inc. Options Harry, John Roberts Komar 5 13/09/2013 51 41.29 17,000 -10,000

Home Capital Group Inc. Common Shares Holland, Marie 5 03/09/2013 30 64.2 1,014 22Home Capital Group Inc. Common Shares Holland, Marie 5 04/09/2013 35 66.196 1,018 4

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9206



Acquired/Disposed

Home Capital Group Inc. Common Shares Hong, John 5 03/09/2013 30 64.2 519 11Home Capital Group Inc. Common Shares Hong, John 5 04/09/2013 35 66.196 521 2Home Capital Group Inc. Common Shares Mosko, Brian Robert 5 03/09/2013 30 64.2 300 38Home Capital Group Inc. Common Shares Mosko, Brian Robert 5 04/09/2013 35 66.196 301 1Home Capital Group Inc. Common Shares Parker, Gregory 5 04/09/2013 35 66.196 227 1

Home Capital Group Inc. Common Shares Reid, Martin 5 03/09/2013 30 64.2 7,064 52Home Capital Group Inc. Common Shares Reid, Martin 5 04/09/2013 35 66.196 7,094 30Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 03/09/2013 30 64.2 168,434 54Home Capital Group Inc. Common Shares Soloway, Gerald M. 4, 5 04/09/2013 35 66.196 168,570 136Hornby Bay MineralExploration Ltd. (formerly,Unor Inc.)

Common Shares Brady, James Martin 3 06/09/2013 10 0.09 10,588,830 4,000

Hornby Bay MineralExploration Ltd. (formerly,Unor Inc.)


Hornby Bay MineralExploration Ltd. (formerly,Unor Inc.)


Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 09/09/2013 38 12.3 841,733 1,500Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 10/09/2013 38 12.4 843,274 1,541Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 11/09/2013 38 12.4 844,815 1,541Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 12/09/2013 38 12.394 846,356 1,541Huntingdon Capital Corp. Common Shares Huntingdon Capital Corp. 1 13/09/2013 38 12.3 847,897 1,541

IAMGOLD Corporation Common Shares Snow, Jeffery Alexander 5 09/09/2013 10 6.08 156,702 5,700IAMGOLD Corporation Common Shares Snow, Jeffery Alexander 5 11/09/2013 10 5.72 159,502 2,800IBI Group Inc. Common Shares Johnson, Mel 7 09/09/2013 10 2.5 33,600 2,500iCo Therapeutics Inc. Options Barker, Richard William 4 31/05/2011 52 0.8 50,000 -50,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 01/08/2013 38 48.954 4,500 4,500IGM Financial Inc. Common Shares IGM Financial Inc. 1 01/08/2013 38 0 -4,500IGM Financial Inc. Common Shares IGM Financial Inc. 1 02/08/2013 38 48.83 4,600 4,600IGM Financial Inc. Common Shares IGM Financial Inc. 1 02/08/2013 38 0 -4,600IGM Financial Inc. Common Shares IGM Financial Inc. 1 06/08/2013 38 47.849 4,700 4,700IGM Financial Inc. Common Shares IGM Financial Inc. 1 06/08/2013 38 0 -4,700IGM Financial Inc. Common Shares IGM Financial Inc. 1 07/08/2013 38 48.383 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 07/08/2013 38 0 -5,000

IGM Financial Inc. Common Shares IGM Financial Inc. 1 08/08/2013 38 48.87 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 08/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 09/08/2013 38 48.824 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 09/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 12/08/2013 38 48.513 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 12/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 13/08/2013 38 48.71 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 13/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 14/08/2013 38 48.859 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 14/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 15/08/2013 38 48.212 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 15/08/2013 38 0 -5,000

IGM Financial Inc. Common Shares IGM Financial Inc. 1 16/08/2013 38 48.413 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 16/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/08/2013 38 48.087 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 19/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 20/08/2013 38 47.96 4,100 4,100IGM Financial Inc. Common Shares IGM Financial Inc. 1 20/08/2013 38 0 -4,100IGM Financial Inc. Common Shares IGM Financial Inc. 1 21/08/2013 38 47.615 5,900 5,900IGM Financial Inc. Common Shares IGM Financial Inc. 1 21/08/2013 38 0 -5,900IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/08/2013 38 48.079 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 22/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 26/08/2013 38 48.229 10,000 10,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 26/08/2013 38 0 -10,000

IGM Financial Inc. Common Shares IGM Financial Inc. 1 27/08/2013 38 47.208 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 27/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 28/08/2013 38 46.593 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 28/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/08/2013 38 47.6 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 29/08/2013 38 0 -5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/08/2013 38 47.401 5,000 5,000IGM Financial Inc. Common Shares IGM Financial Inc. 1 30/08/2013 38 0 -5,000IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 09/09/2013 51 37.78 11,749 5,000IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 09/09/2013 51 49.25 11,049 -700IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 09/09/2013 51 49.24 8,649 -2,400IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 09/09/2013 51 49.21 7,649 -1,000

IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 09/09/2013 51 49.2 6,749 -900IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 10/09/2013 51 37.78 11,749 5,000IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 10/09/2013 51 49.11 10,849 -900

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9207



Acquired/Disposed

IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 10/09/2013 51 49.1 6,749 -4,100IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 11/09/2013 51 37.78 8,749 2,000IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 11/09/2013 51 49.02 8,349 -400IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 11/09/2013 51 48.99 8,249 -100IGM Financial Inc. Common Shares Kinzel, Mark Richard 7 11/09/2013 51 48.98 6,749 -1,500

IGM Financial Inc. Options Kinzel, Mark Richard 7 09/09/2013 51 37.78 114,253 -5,000IGM Financial Inc. Options Kinzel, Mark Richard 7 10/09/2013 51 37.78 109,253 -5,000IGM Financial Inc. Options Kinzel, Mark Richard 7 11/09/2013 51 37.78 107,253 -2,000IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 46.68 5,067 5,067IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 43.19 6,911 1,844IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 42.82 8,823 1,912IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 45.56 9,689 866IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 46.72 11,497 1,808IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.18 10,597 -900IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.17 10,500 -97IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.16 9,600 -900IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.15 6,430 -3,170

IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.15 4,518 -1,912IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.15 2,710 -1,808IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.15 866 -1,844IGM Financial Inc. Common Shares Murdoch, Robert Charles 5 09/09/2013 51 49.15 0 -866IGM Financial Inc. Options Murdoch, Robert Charles 5 09/09/2013 51 44.68 34,582 -5,067IGM Financial Inc. Options Murdoch, Robert Charles 5 09/09/2013 51 43.19 32,738 -1,844IGM Financial Inc. Options Murdoch, Robert Charles 5 09/09/2013 51 42.82 30,826 -1,912IGM Financial Inc. Options Murdoch, Robert Charles 5 09/09/2013 51 45.56 29,960 -866IGM Financial Inc. Options Murdoch, Robert Charles 5 09/09/2013 51 46.72 28,152 -1,808IGM Financial Inc. Common Shares Warren, Allan 7 10/09/2013 51 33.52 24,234 1,100IGM Financial Inc. Common Shares Warren, Allan 7 10/09/2013 51 49.25 23,234 -1,000IGM Financial Inc. Common Shares Warren, Allan 7 10/09/2013 51 49.35 23,134 -100

IGM Financial Inc. Common Shares Warren, Allan 7 12/09/2013 51 33.52 26,034 2,900IGM Financial Inc. Common Shares Warren, Allan 7 12/09/2013 51 49.35 24,534 -1,500IGM Financial Inc. Common Shares Warren, Allan 7 12/09/2013 51 33.52 23,134 -1,400IGM Financial Inc. Options Warren, Allan 7 10/09/2013 51 33.52 113,430 -1,100IGM Financial Inc. Options Warren, Allan 7 12/09/2013 51 33.52 110,530 -2,900IMAX Corporation Common Shares Ruby, G. Mary 5 05/09/2013 51 6.86 7,802 800IMAX Corporation Common Shares Ruby, G. Mary 5 05/09/2013 10 28.2 7,002 -800IMAX Corporation Common Shares Ruby, G. Mary 5 06/09/2013 51 6.86 14,702 7,700IMAX Corporation Common Shares Ruby, G. Mary 5 06/09/2013 10 28.2 7,002 -7,700IMAX Corporation Options 1:1 Ruby, G. Mary 5 05/09/2013 51 6.86 113,440 -800IMAX Corporation Options 1:1 Ruby, G. Mary 5 06/09/2013 51 6.86 105,740 -7,700Immunotec Inc. (formerlyMagistral Biotech Inc.)

Common Shares Immunotec Inc. 1 06/08/2013 38 0.3 500 500

Immunotec Inc. (formerlyMagistral Biotech Inc.)

Common Shares Immunotec Inc. 1 09/08/2013 38 0.3 500


Common Shares Immunotec Inc. 1 12/08/2013 38 0.34 5,000 4,500






Common Shares Immunotec Inc. 1 19/08/2013 38 0.35 10,000
















Common Shares Immunotec Inc. 1 31/08/2013 38 0 -131,500

Inca One Resources Corp. Common Shares Roehlig, Axel GuntherRuediger

4 05/09/2013 10 0.065 238,000 1,000

Industrial Alliance Insuranceand Financial Services inc.

Common Shares Sauvageau, Yvon 5 08/08/2013 51 28.72 6,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9208



Acquired/Disposed


Common Shares Sauvageau, Yvon 5 08/08/2013 10 43.138 -6,000


Common Shares Sauvageau, Yvon 5 13/08/2013 51 28.72 6,108 6,000


Common Shares Sauvageau, Yvon 5 13/08/2013 10 43.138 108 -6,000


Options Sauvageau, Yvon 5 08/08/2013 51 28.72 -6,000


Options Sauvageau, Yvon 5 13/08/2013 51 28.72 66,000 -6,000


Common Shares Scandiffio, David 7 07/08/2013 51 28.72 2,100


Common Shares Scandiffio, David 7 07/08/2013 10 43 -2,100


Common Shares Scandiffio, David 7 08/08/2013 51 28.72 7,900


Common Shares Scandiffio, David 7 08/08/2013 10 43 -7,900


Common Shares Scandiffio, David 7 12/08/2013 51 28.72 2,100 2,100


Common Shares Scandiffio, David 7 12/08/2013 10 43 0 -2,100


Common Shares Scandiffio, David 7 13/08/2013 51 28.72 7,900 7,900


Common Shares Scandiffio, David 7 13/08/2013 10 43 0 -7,900


Options Scandiffio, David 7 07/08/2013 51 28.72 -2,100


Options Scandiffio, David 7 08/08/2013 51 28.72 -7,900


Options Scandiffio, David 7 12/08/2013 51 28.72 169,900 -2,100


Options Scandiffio, David 7 13/08/2013 51 28.72 162,000 -7,900

Innovative CompositesInternational Inc.

Common Shares Colburn, John Brian 4 13/10/2009 00


Common Shares Colburn, John Brian 4 04/09/2013 16 100,000


Common Shares Colburn, John Brian 4 04/09/2013 16 100,000


Convertible Debentures Colburn, John Brian 4 13/10/2009 00


Convertible Debentures Colburn, John Brian 4 04/09/2013 16 $100,000 $100,000


Convertible Debentures Colburn, John Brian 4 13/10/2009 00


Convertible Debentures Colburn, John Brian 4 04/09/2013 16 $100,000 $100,000


Warrants Colburn, John Brian 4 04/09/2013 16 409,500 160,000


Warrants Colburn, John Brian 4 13/10/2009 00


Warrants Colburn, John Brian 4 04/09/2013 16 160,000 160,000


Convertible Debentures Keeley, Kenneth A. 4 13/10/2009 00

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9209



Acquired/Disposed


Convertible Debentures Keeley, Kenneth A. 4 04/09/2013 16 $102,000 $102,000


Warrants Keeley, Kenneth A. 4 04/09/2013 16 163,200 163,200


Convertible Debentures Wray, Fraser 4 13/10/2009 00


Convertible Debentures Wray, Fraser 4 04/09/2013 16 $50,000 $50,000


Warrants Wray, Fraser 4 04/09/2013 16 -126,667 80,000

Intact Financial Corporation Common Shares Desilets, Claude 5 05/09/2013 10 61.64 18,147 -4,000

Intact Financial Corporation Common Shares Guénette, Françoise 5 12/09/2013 10 61.5 15,909 -500

Inter Pipeline Ltd. Common Shares Arsenych, Stephen James 5 01/09/2013 00Inter Pipeline Ltd. Common Shares Arsenych, Stephen James 5 12/09/2013 10 25.05 10,000 10,000Inter Pipeline Ltd. Rights Deferred Share

RightsArsenych, Stephen James 5 01/09/2013 00 57,143

Inter Pipeline Ltd. Common Shares Bayle, Christian 5 01/09/2013 00 222,351Inter Pipeline Ltd. Convertible Shares Bayle, Christian 5 01/09/2013 00 211,662Inter Pipeline Ltd. Rights Deferred Share

RightsBayle, Christian 5 01/09/2013 00 145,268

Inter Pipeline Ltd. Rights Deferred ShareRights

Brown, Lorne Easton 4 01/09/2013 00 12,246

Inter Pipeline Ltd. Common Shares Driscoll, John Fenbar 4 01/09/2013 00 5,114,060

Inter Pipeline Ltd. Convertible Shares Driscoll, John Fenbar 4 01/09/2013 00 4,868,231Inter Pipeline Ltd. Rights Deferred Share

RightsDusevic Oliva, AnitaElizabeth

5 01/09/2013 00 28,328

Inter Pipeline Ltd. Common Shares Fesyk, David William 4, 5 01/09/2013 00 667,051Inter Pipeline Ltd. Convertible Shares Fesyk, David William 4, 5 01/09/2013 00 634,987Inter Pipeline Ltd. Rights Deferred Share

RightsFesyk, David William 4, 5 01/09/2013 00 358,611


Keinick, Duane 4 01/09/2013 00 12,246


Madro, James Joseph 5 01/09/2013 00 59,405

Inter Pipeline Ltd. Common Shares Marchant, Jeffrey David 5 01/09/2013 00 222,351Inter Pipeline Ltd. Convertible Shares Marchant, Jeffrey David 5 01/09/2013 00 211,662Inter Pipeline Ltd. Rights Deferred Share

RightsMarchant, Jeffrey David 5 01/09/2013 00 59,405


Mauro, Antonio Natale 5 01/09/2013 00 17,877


Perron, Bernard 5 01/09/2013 00 24,390


Roberge, Jeremy Allan 5 01/09/2013 00 48,373


Robertson, William David 4 01/09/2013 00 12,246


Sangster, Brant G. 4 01/09/2013 00 12,246


van Yzerloo, William Arnold 5 01/09/2013 00 184,600

InterOil Corporation Rights Performance ShareUnits

Hession, Michael AnthonyIgnatius

5 11/07/2013 00

InterOil Corporation Rights Performance ShareUnits

Hession, Michael AnthonyIgnatius

5 11/07/2013 56 4,355 4,355

InterRent Real EstateInvestment Trust

Trust Units InterRent Real EstateInvestment Trust

1 15/08/2013 38 5.22 4,900 4,900



1 16/08/2013 38 5.2234 18,900 14,000



1 19/08/2013 38 5.1596 29,000 10,100



1 20/08/2013 38 5.148 54,000 25,000



1 20/08/2013 38 49,100 -4,900



1 21/08/2013 38 4.9968 74,100 25,000



1 21/08/2013 38 60,100 -14,000



1 22/08/2013 38 4.9 85,100 25,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9210



Acquired/Disposed



1 23/08/2013 38 5.09 110,100 25,000



1 26/08/2013 38 85,100 -25,000



1 27/08/2013 38 35,100 -50,000



1 27/08/2013 38 25,000 -10,100

Intertape Polymer Group Inc. Common Shares Yull, Gregory 4, 5 10/06/2013 51 12.257 69,512

Intertape Polymer Group Inc. Common Shares Yull, Gregory 4, 5 10/06/2013 51 3.61 347,675 69,512

Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 10/09/2013 10 14.689 -50,000

Intertape Polymer Group Inc. Common Shares Yull, Melbourne F. 4 10/09/2013 10 14.689 706,055 -50,000

Intrinsyc SoftwareInternational, Inc.

Common Shares Marks, Daniel 4 05/09/2013 10 0.06 11,426,000 20,000


Common Shares Marks, Daniel 4 06/09/2013 10 0.065 11,717,000 291,000


Common Shares Marks, Daniel 4 09/09/2013 10 0.07 488,000 100,000


Common Shares Marks, Daniel 4 10/09/2013 10 0.075 588,000 100,000


Common Shares REES, Tracy Adrian 5 09/09/2013 10 0.065 1,531,000 4,000

Jourdan Resources Inc. Common Shares Dehn, Michael Alexander 4, 5 10/09/2013 10 0.03 3,648,500 410,000Jourdan Resources Inc. Common Shares Wallace, Stephen 5 10/09/2013 10 0.03 2,693,000 100,000Jourdan Resources Inc. Common Shares Wylie, Glen Hector 5 10/09/2013 10 0.03 300,000 200,000Jovian Capital Corporation Common Shares Armstrong, Philip 4, 7, 5 09/09/2013 30 9.158 309,377 84

Jovian Capital Corporation Common Shares Armstrong, Philip 4, 7, 5 09/09/2013 30 10.23 309,748 371

Jovian Capital Corporation Common Shares Arthur, Mark Leslie 4, 7, 5 09/09/2013 30 9.158 161,911 84

Jovian Capital Corporation Common Shares Arthur, Mark Leslie 4, 7, 5 09/09/2013 30 10.23 162,282 371

Jovian Capital Corporation Common Shares Employee Share PurchasePlan

1 05/09/2013 30 10.23 27,097 -81

Jovian Capital Corporation Common Shares Employee Share PurchasePlan

1 09/09/2013 30 1,047 -26,050

Jovian Capital Corporation Common Shares Lindsay, John Russell 7, 5 09/09/2013 30 9.158 40,926 84

Jovian Capital Corporation Common Shares Lindsay, John Russell 7, 5 09/09/2013 30 10.23 41,297 371

Jovian Capital Corporation Common Shares Mackey, Jason 8, 7 09/09/2013 30 9.158 54,228 84

Jovian Capital Corporation Common Shares Mackey, Jason 8, 7 09/09/2013 30 10.23 54,599 371

Jovian Capital Corporation Common Shares Norris, Scott Alexander 7 09/09/2013 30 9.157 91 91

Jovian Capital Corporation Common Shares Norris, Scott Alexander 7 09/09/2013 30 10.23 465 374

Jovian Capital Corporation Common Shares Patel, Duriya 8, 5 09/09/2013 30 9.158 94,995 84

Jovian Capital Corporation Common Shares Patel, Duriya 8, 5 09/09/2013 30 10.23 95,366 371

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 1,256,316

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 1,256,316

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 1,256,316 1,256,316

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 186,737

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 186,737

Jubilee Gold Exploration Ltd. Common Shares Becker, Jeffrey Jonathan 5 01/01/2013 22 1,443,053 186,737

Junex Inc. Common Shares Junex Inc. 1 21/08/2013 38 0.53 990,000 2,000Junex Inc. Common Shares Junex Inc. 1 29/08/2013 38 0 -990,000

Karnalyte Resources Inc. Common Shares Macgillivray, RobertTerrence

5 06/09/2013 10 2.02 150,941 -100

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9211



Acquired/Disposed


5 09/09/2013 10 2.06 -9,900


5 09/09/2013 10 2.06 131,041 -19,900


5 06/09/2013 10 1.99 28,300 10,000


5 09/09/2013 10 2.07 38,300 10,000

Kettle River Resources Ltd. Common Shares Clements, Ellen 6 10/09/2013 10 0.02 4,715,573 8,000

Kettle River Resources Ltd. Common Shares Clements, Ellen 6 12/09/2013 10 0.02 4,716,573 1,000

Kincora Copper Limited Common Shares Cowan, David John 4 12/09/2013 10 0.03 127,400 33,400Kingsway Financial ServicesInc.

Common Shares Mitchell, Bruce 3 03/07/2012 37 1,400,619 -4,201,859

Kingsway Financial ServicesInc.

Common Shares Mitchell, Bruce 3 09/09/2013 10 2.9 1,396,719 -3,900


Rights Stilwell, Joseph David 4 06/09/2013 58 -Expiration

ofrights

4 0 -71,100



ofrights

4 0 -391,668



ofrights

4 0 -75,000



ofrights

4 0 -602,044



ofrights

4 0 -490,000



ofrights

4 0 -750,000



ofrights

4 0 -125,000


Rights Swets, Jr., Larry Gene 5 06/09/2013 58 -Expiration

ofrights

4 0 -276,500


Rights Swets, Jr., Larry Gene 5 06/09/2013 58 -Expiration

ofrights

4 0 -2,525

Kirkland Lake Gold Inc. Options Tessier, Mark Stephen 5 26/08/2008 50 6.99 250,000Kirkland Lake Gold Inc. Options Tessier, Mark Stephen 5 26/08/2008 50 6.99 250,000 250,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9212



Acquired/Disposed

Kirkland Lake Gold Inc. Options Tessier, Mark Stephen 5 20/08/2013 52 6.99 75,000 -250,000Klondex Mines Ltd. Common Shares Pountney, Glenn 3 10/09/2013 10 1.46 7,519,900 7,300Klondex Mines Ltd. Common Shares Pountney, Glenn 3 10/09/2013 10 1.45 7,520,200 300Klondex Mines Ltd. Common Shares Pountney, Glenn 3 11/09/2013 10 1.47 7,522,200 2,000Klondex Mines Ltd. Common Shares Pountney, Glenn 3 12/09/2013 10 1.42 7,524,700 2,500

Knick Exploration Inc. Options Brunelle, Jacques 4, 5 10/09/2013 50 1,000,000 100,000Knick Exploration Inc. Options Bryce, Robert 4 30/08/2013 00Knick Exploration Inc. Options Henriksen, Gordon Neil 4, 5 10/09/2013 50 850,000 150,000Knick Exploration Inc. Options Lavery, Mitchell Ernest 4 10/09/2013 50 0.05 400,000 100,000Knick Exploration Inc. Options Thivierge, Alain 4 10/09/2013 50 250,000 100,000Lanesborough Real EstateInvestment Trust

Debentures Series G Lanesborough Real EstateInvestment Trust

1 09/09/2013 38 96 $4,000 $4,000

Lanesborough Real EstateInvestment Trust

Debentures Series G Lanesborough Real EstateInvestment Trust

1 10/09/2013 38 95.286 $6,800 $2,800

Largo Resources Ltd. Options Cleave, Ernest Michael 5 03/09/2013 00 1,000,000LAURENTIAN BANK OFCANADA

Common Shares Bazin, Jean 4 09/09/2013 46 44.7 6,290 238

LAURENTIAN BANK OFCANADA

Common Shares Courville, Isabelle 4 09/09/2013 46 44.7 5,783 465






Common Shares Savoy, Michelle Renee 4 09/09/2013 46 44.7 1,822 297

LE CHATEAU INC. Subordinate Voting SharesClass A shares

Gruman, Barry 3 06/09/2013 10 5.23 3,925,227 2,100

Legend Gold Corp. Options Archibald, Jo-Anne 5 29/02/2012 50 50,000Legend Gold Corp. Options Archibald, Jo-Anne 5 29/02/2012 50 0.19 50,000Legend Gold Corp. Options Archibald, Jo-Anne 5 29/02/2012 50 1.14 50,000 50,000Legend Gold Corp. Options Archibald, Jo-Anne 5 04/09/2013 37 8,333 -41,667Legend Gold Corp. Common Shares Bayley, Brian Eric 4 10/09/2013 00 367,500Legend Gold Corp. Options Bayley, Brian Eric 4 10/09/2013 00

Legend Gold Corp. Options Bayley, Brian Eric 4 10/09/2013 50 0.3 250,000 250,000Legend Gold Corp. Warrants Series I Bayley, Brian Eric 4 10/09/2013 00Legend Gold Corp. Warrants Series I Bayley, Brian Eric 4 10/09/2013 22 0.5 167,500 167,500Legend Gold Corp. Common Shares Endeavour Mining

Corporation3 05/09/2013 00 4,800,000

Legend Gold Corp. Common Shares Guindo, Ambogo 5 04/09/2013 37 45,000 -225,000Legend Gold Corp. Common Shares Guindo, Ambogo 5 04/09/2013 37 534,667 -2,673,333Legend Gold Corp. Options Guindo, Ambogo 5 05/07/2011 50 0.3 250,000Legend Gold Corp. Options Guindo, Ambogo 5 05/07/2011 50 1.8 795,000 250,000Legend Gold Corp. Options Guindo, Ambogo 5 04/09/2013 37 103,334 -516,666Legend Gold Corp. Warrants Series I Guindo, Ambogo 5 04/09/2013 37 8,334 -41,666Legend Gold Corp. Common Shares Hand, Scott McKee 4 04/09/2013 37 424,417 -2,122,083Legend Gold Corp. Common Shares Hand, Scott McKee 4 06/09/2013 16 0.3 591,084 166,667Legend Gold Corp. Options Hand, Scott McKee 4 05/07/2011 50 0.3 250,000

Legend Gold Corp. Options Hand, Scott McKee 4 05/07/2011 50 1.8 250,000 250,000Legend Gold Corp. Options Hand, Scott McKee 4 04/09/2013 37 41,667 -208,333Legend Gold Corp. Options Hand, Scott McKee 4 09/09/2013 50 0.3 391,667 350,000Legend Gold Corp. Common Shares Ortslan, Terence Srab 4 04/09/2013 37 16,667 -83,333Legend Gold Corp. Options Ortslan, Terence Srab 4 05/07/2011 50 0.3 250,000Legend Gold Corp. Options Ortslan, Terence Srab 4 05/07/2011 50 1.8 250,000 250,000Legend Gold Corp. Options Ortslan, Terence Srab 4 04/09/2013 37 41,667 -208,333Legend Gold Corp. Options Ortslan, Terence Srab 4 06/09/2013 50 0.3 391,667 350,000Legend Gold Corp. Common Shares Perkins, Douglas 4, 5 04/09/2013 37 20,834 -104,166Legend Gold Corp. Common Shares Perkins, Douglas 4, 5 06/09/2013 16 0.3 100,834 80,000Legend Gold Corp. Common Shares Perkins, Douglas 4, 5 04/09/2013 37 5,000 -25,000Legend Gold Corp. Common Shares Perkins, Douglas 4, 5 04/09/2013 37 29,167 -145,833

Legend Gold Corp. Options Perkins, Douglas 4, 5 04/09/2013 37 166,667 -833,333Legend Gold Corp. Options Perkins, Douglas 4, 5 09/09/2013 50 0.3 1,166,667 1,000,000Legend Gold Corp. Common Shares Pohl, Demetrius 5 09/09/2013 00 166,666Legend Gold Corp. Common Shares Pohl, Demetrius 5 09/09/2013 00 1,000,000Legend Gold Corp. Options Pohl, Demetrius 5 09/09/2013 00 250,000Legend Gold Corp. Warrants Series I Pohl, Demetrius 5 09/09/2013 00 166,666Legend Gold Corp. Options Waldie, John Scott 4 05/07/2011 50 350,000Legend Gold Corp. Options Waldie, John Scott 4 05/07/2011 50 1.8 970,000 350,000Legend Gold Corp. Options Waldie, John Scott 4 04/09/2013 37 86,667 -433,333Legend Gold Corp. Common Shares Winn, Michael D. 4 09/09/2013 00 1,000,000Legend Gold Corp. Common Shares Winn, Michael D. 4 09/09/2013 00 128,979Legend Gold Corp. Options Winn, Michael D. 4 09/09/2013 00 250,000

Legend Gold Corp. Warrants Series I Winn, Michael D. 4 09/09/2013 00 128,979Legumex Walker Inc. Common Shares CAREFOOT, DAVID 5 05/09/2013 10 3 16,000 3,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9213



Acquired/Disposed

Legumex Walker Inc. Common Shares Schnarr, Christopher James 4 14/07/2011 00

Legumex Walker Inc. Common Shares Schnarr, Christopher James 4 06/09/2013 10 3.38 7,500 7,500

Leisureworld Senior CareCorporation

Common Shares Cormack, Lois 5 22/04/2013 00


Common Shares Cormack, Lois 5 24/05/2013 11 12.8 39,063 39,063


Common Shares Cormack, Lois 5 22/04/2013 00


Common Shares Cormack, Lois 5 12/09/2013 10 10.73 2,000 2,000


Restricted Share Units Veneziano, David 5 30/05/2013 46 12.73 1,178


Restricted Share Units Veneziano, David 5 30/05/2013 46 12.73 1,178

Limited Duration InvestmentGrade Preferred SecuritiesFund

Units Class A Limited Duration InvestmentGrade Preferred SecuritiesFund

1 20/06/2013 00



1 29/08/2013 38 22.88 100 100



1 04/09/2013 38 0 -100

LIONS GATEENTERTAINMENT CORP.

Common Shares Evrensel, Arthur 4 10/09/2013 46 37.46 57,498 1,335


Common Shares Giustra, Frank 4 10/09/2013 46 37.46 109,232 1,335


Common Shares Koffman, Morley 4 10/09/2013 46 37.46 79,689 1,335


Common Shares Ludwig, Harald Horst 4 10/09/2013 46 37.46 131,437 1,335


Common Shares Paterson, G. Scott 4 10/09/2013 46 37.45 126,549 1,335


Common Shares Simm, Daryl 4 10/09/2013 46 37.46 64,538 1,335


Common Shares SIMMONS, HARDWICK 4 10/09/2013 46 37.46 93,904 1,335


Common Shares Yaffe, Phyllis 4 10/09/2013 46 37.46 30,301 1,335

Logistec Corporation Common Shares Class A LOGISTEC CORPORATION 1 10/09/2013 38 35.5 1,100 1,000

Logistec Corporation Subordinate Voting SharesClass B

LOGISTEC CORPORATION 1 06/09/2013 38 35.19 700 200


LOGISTEC CORPORATION 1 09/09/2013 38 35 1,700 1,000


LOGISTEC CORPORATION 1 11/09/2013 38 35 1,800 100

Loon Energy Corporation Common Shares Elliott, Timothy M. 4 12/09/2013 10 0.025 1,937,750 3,000Loon Energy Corporation Common Shares Elliott, Timothy M. 4 12/09/2013 10 0.03 2,024,750 87,000Lundin Mining Corporation Common Shares Magie, Jinhee 5 10/09/2013 51 4.47 25,000 25,000Lundin Mining Corporation Common Shares Magie, Jinhee 5 10/09/2013 10 4.73 0 -25,000Lundin Mining Corporation Options Magie, Jinhee 5 10/09/2013 51 4.47 360,000 -25,000Lydian International Limited Common Shares Coughlin, Timothy James 4, 5 13/09/2013 10 0.87 765,100 5,000

Lydian International Limited Common Shares Coughlin, Timothy James 4, 5 13/09/2013 10 0.89 770,100 5,000MacMillan Minerals Inc. Common Shares Brown, George Andrew 4, 5 09/09/2013 11 0.01 3,267,493 -1,560,828Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 04/09/2013 10 5.25 431,759 -4,600Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 04/09/2013 10 5.245 430,759 -1,000Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 04/09/2013 10 5.24 428,459 -2,300Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 04/09/2013 10 5.23 391,359 -37,100Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 10/09/2013 10 5.95 -18,000Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 10/09/2013 10 5.97 -200Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 10/09/2013 10 5.95 364,359 -27,000Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 12/09/2013 10 5.95 346,359 -18,000Macro Enterprises Inc. Common Shares Dodge, Mark Alexander 7 12/09/2013 10 5.97 346,159 -200

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9214



Acquired/Disposed

Macusani Yellowcake Inc. Common Shares Disbrow, Robert 3 06/09/2013 10 0.055 12,929,667 15,000Macusani Yellowcake Inc. Common Shares Disbrow, Robert 3 09/09/2013 10 0.055 12,942,667 13,000Mad Catz Interactive Inc. Common Shares Woodward, William 4 06/09/2013 10 0.71 69,912 59,912Magna International Inc. Common Shares Magna International Inc. 1 13/08/2013 38 81.717 136,800 50,000Magna International Inc. Common Shares Magna International Inc. 1 14/08/2013 38 81.034 236,800 100,000

Magna International Inc. Common Shares Magna International Inc. 1 15/08/2013 38 82.13 250,800 14,000Magna International Inc. Common Shares Magna International Inc. 1 15/08/2013 38 79.686 371,076 120,276Magna International Inc. Common Shares Magna International Inc. 1 16/08/2013 38 80.953 431,076 60,000Magna International Inc. Common Shares Magna International Inc. 1 16/08/2013 38 381,076 -50,000Magna International Inc. Common Shares Magna International Inc. 1 19/08/2013 38 80.578 531,076 150,000Magna International Inc. Common Shares Magna International Inc. 1 19/08/2013 38 80.578 150,000Magna International Inc. Common Shares Magna International Inc. 1 19/08/2013 38 80.578 150,000Magna International Inc. Common Shares Magna International Inc. 1 20/08/2013 38 431,076 -100,000Magna International Inc. Common Shares Magna International Inc. 1 20/08/2013 38 80.519 489,676 58,600Magna International Inc. Common Shares Magna International Inc. 1 20/08/2013 38 369,400 -120,276Magna International Inc. Common Shares Magna International Inc. 1 20/08/2013 38 83.102 370,600 1,200Magna International Inc. Common Shares Magna International Inc. 1 21/08/2013 38 83.653 389,600 19,000

Magna International Inc. Common Shares Magna International Inc. 1 21/08/2013 38 80.04 504,600 115,000Magna International Inc. Common Shares Magna International Inc. 1 21/08/2013 38 430,600 -74,000Magna International Inc. Common Shares Magna International Inc. 1 22/08/2013 38 84.1 449,700 19,100Magna International Inc. Common Shares Magna International Inc. 1 22/08/2013 38 80.566 499,700 50,000Magna International Inc. Common Shares Magna International Inc. 1 22/08/2013 38 349,700 -150,000Magna International Inc. Common Shares Magna International Inc. 1 23/08/2013 38 80.714 399,700 50,000Magna International Inc. Common Shares Magna International Inc. 1 23/08/2013 38 339,900 -59,800Magna International Inc. Common Shares Magna International Inc. 1 26/08/2013 38 84.865 464,900 125,000Magna International Inc. Common Shares Magna International Inc. 1 26/08/2013 38 80.703 564,900 100,000Magna International Inc. Common Shares Magna International Inc. 1 26/08/2013 38 545,900 -19,000Magna International Inc. Common Shares Magna International Inc. 1 27/08/2013 38 82.983 819,900 274,000Magna International Inc. Common Shares Magna International Inc. 1 27/08/2013 38 78.956 964,900 145,000

Magna International Inc. Common Shares Magna International Inc. 1 27/08/2013 38 895,800 -69,100Magna International Inc. Common Shares Magna International Inc. 1 28/08/2013 38 80.205 1,047,069 151,269Magna International Inc. Common Shares Magna International Inc. 1 28/08/2013 38 76.512 1,192,069 145,000Magna International Inc. Common Shares Magna International Inc. 1 28/08/2013 38 1,027,069 -165,000Magna International Inc. Common Shares Magna International Inc. 1 29/08/2013 38 81.781 1,087,069 60,000Magna International Inc. Common Shares Magna International Inc. 1 29/08/2013 38 77.768 1,162,069 75,000Magna International Inc. Common Shares Magna International Inc. 1 29/08/2013 38 937,069 -225,000Magna International Inc. Common Shares Magna International Inc. 1 30/08/2013 38 77.482 1,017,069 80,000Magna International Inc. Common Shares Magna International Inc. 1 30/08/2013 38 598,069 -419,000Man GLG Emerging MarketsIncome Fund

Units Class A Man GLG Emerging MarketsIncome Fund

1 06/09/2013 10 8.1 8,600 8,600

Man GLG Emerging MarketsIncome Fund


1 06/09/2013 38 0 -8,600



1 09/09/2013 10 8.1 1,000 1,000



1 09/09/2013 38 0 -1,000



1 10/09/2013 10 8.1 26,300 26,300



1 10/09/2013 38 0 -26,300



1 12/09/2013 10 8.02 8,700 8,700



1 12/09/2013 38 0 -8,700

Manitoba Telecom ServicesInc.

Common Shares Blouin, Pierre J. 4, 5 05/09/2013 36 139,939 15,557


Common SharesEmployee ShareOwnership Plan

Blouin, Pierre J. 4, 5 05/09/2013 30 33.33 15,557 1,796


Common SharesEmployee ShareOwnership Plan

Blouin, Pierre J. 4, 5 05/09/2013 36 0 -15,557

Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 17,450 -100

Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 17,350 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 17,250 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 17,150 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 11 13.64 17,050 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 16,950 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 16,850 -100Maple Leaf Foods Inc. Common Shares Gratton, Glen Lucien 5 12/09/2013 10 13.64 15,550 -1,300Maplewood International RealEstate Investment Trust

Limited Partnership Units Kacira, Orhan 3, 4, 5 09/09/2013 00 662,500

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9215



Acquired/Disposed

Maplewood International RealEstate Investment Trust

Options Kacira, Orhan 3, 4, 5 09/09/2013 00 253,125


Trust Units Kacira, Orhan 3, 4, 5 09/09/2013 00




Trust Units Kacira, Orhan 3, 4, 5 10/09/2013 16 3.2 39,139


Trust Units Kacira, Orhan 3, 4, 5 10/09/2013 16 3.2 39,139




Trust Units Kacira, Orhan 3, 4, 5 10/09/2013 16 3.2 39,139 39,139


Warrants Kacira, Orhan 3, 4, 5 09/09/2013 00




Warrants Kacira, Orhan 3, 4, 5 10/09/2013 53 3.2 39,139


Warrants Kacira, Orhan 3, 4, 5 10/09/2013 53 3.2 39,139




Warrants Kacira, Orhan 3, 4, 5 10/09/2013 53 3.2 39,139 39,139


Limited Partnership Units Kanji, Nizar Esmail 4 09/09/2013 00 12,500


Limited Partnership Units Kanji, Nizar Esmail 4 09/09/2013 00 750,000


Options Kanji, Nizar Esmail 4 09/09/2013 00 84,375


Trust Units Kanji, Nizar Esmail 4 09/09/2013 00


Trust Units Kanji, Nizar Esmail 4 10/09/2013 16 3.2 31,250 31,250


Warrants Kanji, Nizar Esmail 4 09/09/2013 00




Warrants Kanji, Nizar Esmail 4 10/09/2013 53 3.2 31,250


Warrants Kanji, Nizar Esmail 4 10/09/2013 53 3.2 31,250




Warrants Kanji, Nizar Esmail 4 10/09/2013 53 3.2 31,250 31,250

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9216



Acquired/Disposed


Limited Partnership Units Nakamoto, Sean 4 09/09/2013 00 18,750


Options Nakamoto, Sean 4 09/09/2013 00 43,750


Limited Partnership Units Pedde, Oswald 3 09/09/2013 00 625,000


Trust Units Pedde, Oswald 3 09/09/2013 00


Trust Units Pedde, Oswald 3 10/09/2013 16 3.2 25,000 25,000


Trust Units Rivlin, Paul 4 09/09/2013 00


Trust Units Rivlin, Paul 4 10/09/2013 16 3.2 31,250 31,250


Warrants Rivlin, Paul 4 09/09/2013 00


Warrants Rivlin, Paul 4 10/09/2013 53 3.2 31,250 31,250


Limited Partnership Units Simcox, Paul 4 09/09/2013 00 387,500


Options Simcox, Paul 4 09/09/2013 00 56,250


Trust Units Simcox, Paul 4 09/09/2013 00


Trust Units Simcox, Paul 4 10/09/2013 16 3.2 7,813 7,813


Trust Units Stroink, Rudy 4 09/09/2013 00


Trust Units Stroink, Rudy 4 10/09/2013 16 3.2 6,250 6,250


Warrants Stroink, Rudy 4 09/09/2013 00


Warrants Stroink, Rudy 4 10/09/2013 53 3.2 6,250 6,250


Limited Partnership Units Tam, Kimberly 5 09/09/2013 00 43,750


Options Tam, Kimberly 5 09/09/2013 00 68,750


Limited Partnership Units Wentzell, Jamie 3 09/09/2013 00 312,500


Limited Partnership Units Wentzell, Jamie 3 09/09/2013 00 625,000

Martinrea International Inc. Options Options topurchase common shares

Carvalho, Oscar 5 09/09/2013 51 7 55,000 -1,000

Martinrea International Inc. Options Options topurchase common shares

La Rosa, Andre 5 09/09/2013 51 7 140,000 -1,000

Mawson Resources Limited Common Shares Sentient Executive GP IV,Limited (for the generalpartner of Sentient GlobalResources Fund IV, L.P.)

3 09/09/2013 11 12,207,000 3,634,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9217



Acquired/Disposed

Mawson Resources Limited Warrants Sentient Executive GP IV,Limited (for the generalpartner of Sentient GlobalResources Fund IV, L.P.)

3 09/09/2013 53 3,667,000 1,817,000

MAYA GOLD & SILVER INC. Common Shares Praetorian ResourcesLimited

3 12/09/2013 10 0.207 14,007,500 114,000

MBN Corporation Units OilSands Canada 1 05/09/2013 38 5.68 11,200 11,200MBN Corporation Units OilSands Canada 1 05/09/2013 38 0 -11,200MBN Corporation Units OilSands Canada 1 06/09/2013 38 5.68 22,600 22,600MBN Corporation Units OilSands Canada 1 06/09/2013 38 0 -22,600MBN Corporation Units OilSands Canada 1 09/09/2013 38 5.45 1,500 1,500

MBN Corporation Units OilSands Canada 1 09/09/2013 38 0 -1,500MBN Corporation Units OilSands Canada 1 10/09/2013 38 5.42 1,700 1,700MBN Corporation Units OilSands Canada 1 10/09/2013 38 0 -1,700MBN Corporation Units OilSands Canada 1 11/09/2013 38 5.54 10,000 10,000MBN Corporation Units OilSands Canada 1 11/09/2013 38 0 -10,000MBN Corporation Units OilSands Canada 1 12/09/2013 38 5.64 5,200 5,200MBN Corporation Units OilSands Canada 1 12/09/2013 38 0 -5,200MCAN Mortgage Corporation Common Shares Shaikh, Hassan 5 06/09/2013 10 13.25 0 -603

MCAN Mortgage Corporation Common Shares Shaikh, Hassan 5 16/01/2012 00

MCAN Mortgage Corporation Common Shares Shaikh, Hassan 5 06/09/2013 10 13.25 603 603

MCAN Mortgage Corporation Common Shares Sutherland, Derek 5 19/04/2013 30 14.731 2,138 46





MCAN Mortgage Corporation Common Shares Sutherland, Derek 5 28/06/2013 30 14 2,370 48


MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 12/09/2013 10 12.69 1,608,300 5,800

MCAN Mortgage Corporation Common Shares Sutherland, Ian 3, 4 13/09/2013 10 12.69 1,616,800 8,500

Mediagrif InteractiveTechnologies Inc.

Common Shares Roy, Claude 3, 4, 5 11/09/2013 10 19.5 618,189 1,700

Medmira Inc. Common Shares Sidler, Michael 4 09/09/2013 10 0.05 1,100,000 225,000Medworxx Solutions Inc. Common Shares Matheson, Joseph Lee

Grant4 11/09/2013 10 0.3786 1,723,000 200,000

MEG Energy Corp. Common Shares BUJOR, Sorin 5 12/09/2013 51 27.5 10,814 5,000MEG Energy Corp. Common Shares BUJOR, Sorin 5 12/09/2013 10 35.29 7,014 -3,800MEG Energy Corp. Common Shares BUJOR, Sorin 5 12/09/2013 10 35.33 5,814 -1,200MEG Energy Corp. Options BUJOR, Sorin 5 12/09/2013 51 27.5 149,200 -5,000

MEG Energy Corp. Common Shares McCAFFREY, WilliamJoseph

4, 5 09/09/2013 51 27.5 1,173,180 10,000


4, 5 09/09/2013 10 34.84 1,170,580 -2,600


4, 5 09/09/2013 10 34.845 1,170,280 -300


4, 5 09/09/2013 10 34.85 1,168,180 -2,100


4, 5 09/09/2013 10 35.3 1,166,280 -1,900


4, 5 09/09/2013 10 35.31 1,165,680 -600


4, 5 09/09/2013 10 35.32 1,164,980 -700


4, 5 09/09/2013 10 35.33 1,163,980 -1,000


4, 5 09/09/2013 10 35.34 1,163,880 -100


4, 5 09/09/2013 10 35.35 1,163,780 -100


4, 5 09/09/2013 10 35.36 1,163,180 -600

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9218



Acquired/Disposed

MEG Energy Corp. Options McCAFFREY, WilliamJoseph

4, 5 09/09/2013 51 27.5 447,600 -10,000

MEG Energy Corp. Common Shares WIZINSKY, David James 4, 5 09/09/2013 51 27.5 803,634 25,000MEG Energy Corp. Common Shares WIZINSKY, David James 4, 5 09/09/2013 10 34.2 781,334 -22,300MEG Energy Corp. Common Shares WIZINSKY, David James 4, 5 09/09/2013 10 34.28 781,310 -24MEG Energy Corp. Options WIZINSKY, David James 4, 5 09/09/2013 51 27.5 103,200 -25,000MEGA Brands Inc. Common Shares Bendayan, Michel 5 10/09/2013 51 9 9,532 9,000

MEGA Brands Inc. Common Shares Bendayan, Michel 5 10/09/2013 10 532 -9,000MEGA Brands Inc. Options Plan 2 Bendayan, Michel 5 10/09/2013 51 9 34,631 -9,000Melcor Developments Ltd. Common Shares Halford, Brett Albert 5 09/09/2013 51 3.71 900 900Melcor Developments Ltd. Common Shares Halford, Brett Albert 5 09/09/2013 10 19.3 0 -900Melcor Developments Ltd. Options Halford, Brett Albert 5 09/09/2013 51 3.71 42,300 -900Metallum Resources Inc.(formerly Young-ShannonGold Mines, Limited)

Common Shares Megann, Harold James(Jim)

4 28/08/2013 00 328,000

Metalore Resources Limited Common Shares Chilian, George 6 11/09/2013 10 3.2 377,008 200

Metalore Resources Limited Common Shares Chilian, George 6 12/09/2013 10 3.2 377,108 100

Metals Plus Income Corp. Class A Shares Faircourt AssetManagement Inc.

3 13/09/2013 10 4.4 0 -200

Metanor Resources Inc. Common Shares Coffin, Tristram 4 11/09/2013 10 0.19 896,260 -74,000Methanex Corporation Rights Share Appreciation

RightsAITKEN, BRUCE 4 11/09/2013 59 25.22 363,000 -131,000

Methanex Corporation Common Shares Macdonald, MichaelGlencoe

5 10/09/2013 51 24.96 20,125 5,000

Methanex Corporation Common Shares Macdonald, MichaelGlencoe

5 10/09/2013 10 52.2 15,125 -5,000

Methanex Corporation Options Macdonald, MichaelGlencoe

5 10/09/2013 51 109,000 -5,000

Methanex Corporation Common Shares Milner, Randall M. 5 11/09/2013 51 24.96 15,280 5,000Methanex Corporation Common Shares Milner, Randall M. 5 11/09/2013 10 52.13 15,180 -100Methanex Corporation Common Shares Milner, Randall M. 5 11/09/2013 10 52.12 10,280 -4,900Methanex Corporation Common Shares Milner, Randall M. 5 12/09/2013 51 24.96 15,280 5,000Methanex Corporation Common Shares Milner, Randall M. 5 12/09/2013 10 51.86 10,480 -4,800

Methanex Corporation Common Shares Milner, Randall M. 5 12/09/2013 10 51.72 10,280 -200Methanex Corporation Options Milner, Randall M. 5 11/09/2013 51 94,000 -5,000Methanex Corporation Options Milner, Randall M. 5 12/09/2013 51 89,000 -5,000Methanex Corporation Common Shares Schiodtz, Paul 7 10/09/2013 51 24.96 57,192 6,000Methanex Corporation Common Shares Schiodtz, Paul 7 10/09/2013 10 52.19 51,292 -5,900Methanex Corporation Common Shares Schiodtz, Paul 7 10/09/2013 10 52.16 51,192 -100Methanex Corporation Options Schiodtz, Paul 7 10/09/2013 51 84,000 -6,000Metro inc. Common Shares Metro inc. 1 02/08/2013 38 0 -250,000Metro inc. Common Shares Metro inc. 1 16/08/2013 38 68.76 6,000 6,000Metro inc. Common Shares Metro inc. 1 16/08/2013 38 69.04 6,400 400Metro inc. Common Shares Metro inc. 1 16/08/2013 38 69.42 6,500 100Metro inc. Common Shares Metro inc. 1 16/08/2013 38 69.47 8,000 1,500

Metro inc. Common Shares Metro inc. 1 16/08/2013 38 69.5 208,000 200,000Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.8 215,100 7,100Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.82 216,300 1,200Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.84 217,600 1,300Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.85 218,700 1,100Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.86 232,000 13,300Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.93 233,400 1,400Metro inc. Common Shares Metro inc. 1 19/08/2013 38 69 235,900 2,500Metro inc. Common Shares Metro inc. 1 19/08/2013 38 69.05 239,800 3,900Metro inc. Common Shares Metro inc. 1 19/08/2013 38 69.1 240,700 900Metro inc. Common Shares Metro inc. 1 19/08/2013 38 69.15 241,500 800Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.84 1,300

Metro inc. Common Shares Metro inc. 1 19/08/2013 38 68.84 1,300Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68 242,100 600Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.06 244,100 2,000Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.13 245,700 1,600Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.14 245,800 100Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.18 248,500 2,700Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.2 257,800 9,300Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.22 258,200 400Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.25 262,100 3,900Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.3 263,400 1,300Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.36 266,400 3,000Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.37 267,200 800

Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.38 268,500 1,300Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.4 268,700 200Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.45 280,000 11,300

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9219



Acquired/Disposed

Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.59 300,000 20,000Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.14 100Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.14 100Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.59 20,000Metro inc. Common Shares Metro inc. 1 20/08/2013 38 68.59 20,000

Metro inc. Common Shares Metro inc. 1 21/08/2013 38 67.89 300,200 200Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68 310,200 10,000Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.05 315,200 5,000Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.1 326,300 11,100Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.25 329,600 3,300Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.26 330,700 1,100Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.3 331,500 800Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.36 339,500 8,000Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.39 340,800 1,300Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.4 346,400 5,600Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.41 350,800 4,400Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.42 356,900 6,100

Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.44 357,700 800Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.45 358,500 800Metro inc. Common Shares Metro inc. 1 21/08/2013 38 -20,800Metro inc. Common Shares Metro inc. 1 21/08/2013 38 150,500 -208,000Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.41 4,400Metro inc. Common Shares Metro inc. 1 21/08/2013 38 68.41 4,400Metro inc. Common Shares Metro inc. 1 22/08/2013 38 67.88 151,100 600Metro inc. Common Shares Metro inc. 1 22/08/2013 38 67.96 152,000 900Metro inc. Common Shares Metro inc. 1 22/08/2013 38 67.97 152,300 300Metro inc. Common Shares Metro inc. 1 22/08/2013 38 67.99 152,900 600Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68 168,300 15,400Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.05 172,000 3,700

Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.1 172,100 100Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.17 173,700 1,600Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.2 198,700 25,000Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.21 199,800 1,100Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.22 200,200 400Metro inc. Common Shares Metro inc. 1 22/08/2013 38 166,700 -33,500Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.1 100Metro inc. Common Shares Metro inc. 1 22/08/2013 38 68.1 100Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.76 167,100 400Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.82 169,700 2,600Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.85 172,800 3,100Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.87 181,300 8,500

Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.88 181,600 300Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.99 182,200 600Metro inc. Common Shares Metro inc. 1 23/08/2013 38 68.01 182,600 400Metro inc. Common Shares Metro inc. 1 23/08/2013 38 68.02 185,000 2,400Metro inc. Common Shares Metro inc. 1 23/08/2013 38 68.03 185,500 500Metro inc. Common Shares Metro inc. 1 23/08/2013 38 68.16 205,600 20,100Metro inc. Common Shares Metro inc. 1 23/08/2013 38 68.15 210,900 5,300Metro inc. Common Shares Metro inc. 1 23/08/2013 38 152,400 -58,500Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.99 600Metro inc. Common Shares Metro inc. 1 23/08/2013 38 67.99 600Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.59 154,600 2,200Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.63 154,800 200

Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.7 156,800 2,000Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.83 157,600 800Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.75 158,100 500Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.84 158,300 200Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.85 193,400 35,100Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.96 195,200 1,800Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.97 196,900 1,700Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.99 198,300 1,400Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68 202,500 4,200Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.08 202,600 100Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.09 202,800 200Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.1 205,300 2,500

Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.11 206,800 1,500Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.12 207,400 600Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.14 207,800 400Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.15 208,100 300Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.16 210,200 2,100Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.17 210,900 700Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.6 400Metro inc. Common Shares Metro inc. 1 26/08/2013 38 181,300 -29,600Metro inc. Common Shares Metro inc. 1 26/08/2013 38 152,400 -28,900

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9220



Acquired/Disposed

Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.75 500Metro inc. Common Shares Metro inc. 1 26/08/2013 38 67.75 500Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.12 600Metro inc. Common Shares Metro inc. 1 26/08/2013 38 68.12 600Metro inc. Common Shares Metro inc. 1 27/08/2013 38 67.6 152,800 400

Metro inc. Common Shares Metro inc. 1 27/08/2013 38 67.64 259,200 106,400Metro inc. Common Shares Metro inc. 1 27/08/2013 38 209,500 -49,700Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.55 210,000 500Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.59 212,500 2,500Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.6 213,800 1,300Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.62 213,900 100Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.63 215,700 1,800Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.64 217,600 1,900Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.69 218,800 1,200Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.7 242,300 23,500Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.71 250,300 8,000Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.85 251,000 700

Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.91 268,000 17,000Metro inc. Common Shares Metro inc. 1 28/08/2013 38 223,800 -44,200Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.59 2,500Metro inc. Common Shares Metro inc. 1 28/08/2013 38 67.59 2,500Metro inc. Common Shares Metro inc. 1 29/08/2013 38 218,100 -5,700Metro inc. Common Shares Metro inc. 1 29/08/2013 38 165,300 -52,800Metro inc. Common Shares Metro inc. 1 29/08/2013 38 -5,700Metro inc. Common Shares Metro inc. 1 29/08/2013 38 -5,700Metro inc. Common Shares Metro inc. 1 30/08/2013 38 58,500 -106,800Metropolitan Energy Corp. Common Shares Shapiro, Jordan 4 13/09/2013 10 0.09 547,167 5,000MicroPlanet TechnologyCorp.

Common Shares Andrews, David Wayne 4 05/09/2013 16 0.05 301,300 151,300

MicroPlanet TechnologyCorp.

Warrants Andrews, David Wayne 4 05/09/2013 16 0.1 201,300 151,300


Common Shares Foulger, Grahame 4 15/10/2012 00


Common Shares Foulger, Grahame 4 05/09/2013 16 0.05 240,000 240,000


Warrants Foulger, Grahame 4 15/10/2012 00


Warrants Foulger, Grahame 4 05/09/2013 16 0.1 240,000 240,000


Common Shares Richardson, Alan Haines 4 05/09/2013 16 0.05 1,093,054 483,952


Warrants Richardson, Alan Haines 4 05/09/2013 16 0.1 611,625 483,952

Middlefield Can-Global REITIncome Fund

Trust Units Can-Global REIT IncomeFund

1 11/09/2013 38 8.96 334,200 1,300

Middlefield Can-Global REITIncome Fund

Trust Units Can-Global REIT IncomeFund

1 11/09/2013 38 8.98 335,500 1,300

Millrock Resources Inc. Common Shares Beischer, Gregory Allan 4 09/09/2013 10 0.1078 720,833 500Millrock Resources Inc. Common Shares Beischer, Gregory Allan 4 10/09/2013 10 0.1062 723,333 2,500

Millrock Resources Inc. Common Shares Beischer, Gregory Allan 4 12/09/2013 10 0.1 727,283 3,950Mincom Capital Inc. Common Shares York, Jeffrey 3, 4 06/09/2013 11 1,900,000 -50,000Minsud Resources Corp.(previously, RattlesnakeVentures Inc.)

Common Shares Compania de Tierras SudArgentino S.A.

3, 8 10/09/2013 16 9,400,300 1,200,000

Minsud Resources Corp.(previously, RattlesnakeVentures Inc.)

Warrants Compania de Tierras SudArgentino S.A.

3, 8 10/09/2013 16 1,726,316 1,200,000


Common Shares Martin, Eduardo Alberto 3 10/09/2013 00


Common Shares Martin, Eduardo Alberto 3 10/09/2013 16 3,404,558 3,404,558


Warrants Martin, Eduardo Alberto 3 10/09/2013 00


Warrants Martin, Eduardo Alberto 3 10/09/2013 16 1,300,000 1,300,000


Warrants Martin, Eduardo Alberto 3 10/09/2013 16 1,563,158 263,158

MINT Income Fund Trust Units MINT Income Fund 1 04/09/2013 38 9.49 43,267,212 1,200MINT Income Fund Trust Units MINT Income Fund 1 05/09/2013 38 9.47 43,270,312 3,100

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9221



Acquired/Disposed

MINT Income Fund Trust Units MINT Income Fund 1 06/09/2013 38 9.51 43,275,312 5,000MINT Income Fund Trust Units MINT Income Fund 1 09/09/2013 38 9.51 43,276,112 800MINT Income Fund Trust Units MINT Income Fund 1 10/09/2013 38 9.62 43,277,812 1,700MINT Income Fund Trust Units MINT Income Fund 1 11/09/2013 38 9.59 43,280,012 2,200MINT Income Fund Trust Units MINT Income Fund 1 12/09/2013 38 9.59 43,282,212 2,200

MINT Income Fund Trust Units Class A MINT Income Fund 1 09/09/2013 38 9.5 80,600 1,300MINT Income Fund Trust Units Class A MINT Income Fund 1 10/09/2013 38 9.5 81,100 500Miocene Metals Limited Common Shares Soever, Alar 4 09/09/2013 10 0.015 846,433 38,000Miocene Metals Limited Common Shares Soever, Alar 4 12/09/2013 10 0.015 861,433 15,000Mitel Networks Corporation Options Ball, Benjamin 4, 6 05/09/2013 50 4.64 346,876 8,588

Mitel Networks Corporation Options Charbonneau, Peter D. 4 05/09/2013 50 4.64 183,195 6,782

Mitel Networks Corporation Options Cossart, Jean-Paul Georges 4 05/09/2013 50 4.64 159,829 5,162

Mitel Networks Corporation Options Kowal, Andrew 4, 6 05/09/2013 50 4.64 346,876 8,588

Mitel Networks Corporation Options Matthews, Terence Hedley 3, 4, 5 05/09/2013 50 4.64 316,162 16,190

Mitel Networks Corporation Options McHugh, John 4 05/09/2013 50 4.64 142,564 9,213

Mitel Networks Corporation Options Perret, Henry Louis 4 05/09/2013 50 4.64 151,549 5,162

Monarques Resources Inc. Options lessard, rené 4 04/09/2013 50 0.15 210,000 60,000

Morguard Corporation Common Shares Morguard Corporation 1 11/09/2013 38 107.99 10,000 10,000Morguard Corporation Common Shares Morguard Corporation 1 11/09/2013 38 0 -10,000Morguard North AmericanResidential Real EstateInvestment Trust

Trust Units Robertson, Bruce Keith 4 12/09/2013 10 9 76,100 9,600

Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 09/09/2013 10 11 $3,850

Mosaic Capital Corporation Preferred Securities Block, Jeffrey Shaun 7 09/09/2013 10 11 $8,050 $3,300

Mosaic Capital Corporation Common Shares Taylor, Tim 5 04/10/2011 00

Mosaic Capital Corporation Common Shares Taylor, Tim 5 09/09/2013 10 10.6 10,900 10,900



Mosaic Capital Corporation Preferred Securities Taylor, Tim 5 04/10/2011 00

Mosaic Capital Corporation Preferred Securities Taylor, Tim 5 04/10/2011 00

Nanotech Security Corp. Common Shares Causey, Brian 4 13/09/2013 10 1 25,000 -100,000Nanotech Security Corp. Common Shares ZINKHOFER, BERNHARD 4 20/08/2013 16 0.8 35,000 25,000

Nanotech Security Corp. Warrants ZINKHOFER, BERNHARD 4 20/08/2013 16 0.9 22,500 12,500

Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 10/09/2013 10 0.015 10,852,833 20,000Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 11/09/2013 10 0.01 10,952,833 100,000Nass Valley Gateway Ltd. Common Shares Merfin Management Ltd 3 12/09/2013 10 0.005 10,982,833 30,000National Bank of Canada Common Shares DOUVILLE, Jean R. 4 10/09/2013 10 83.66 7,289 -1,300

National Bank of Canada Common Shares DOUVILLE, Jean R. 4 10/09/2013 10 83.65 5,889 -1,400National Bank of Canada Common Shares DOUVILLE, Jean R. 4 10/09/2013 10 83.63 589 -5,300Nemaska Lithium Inc.(formerly NEMASKAEXPLORATION INC.)

Common Shares Bourassa, guy georges 4, 5 11/09/2013 10 0.135 1,734,001 7,500

NEMI Northern Energy &Mining Inc.

Options Cooney, Michael 3, 4, 5 30/08/2013 50 450,000 50,000


Options Helmer, Joseph 4 06/09/2013 50 0.65 100,000 50,000


Options Hooper, Todd Lewis 4 30/08/2013 50 0.65 250,000 50,000


Options Leonard, Joel 4 06/09/2013 50 0.65 100,000 50,000


Options SHAW, BARRYALEXANDER JR

4 30/08/2013 50 150,000 50,000


Options Sujir, Jay 4 06/09/2013 50 0.65 100,000 50,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9222



Acquired/Disposed

Nevada Sunrise GoldCorporation

Options Ahuja, Suraj Prakash 4 29/08/2013 50 0.05 925,000 125,000

Nevsun Resources Ltd. Common Shares German, Gary Edward 4 13/09/2013 10 3.44 416,794 -25,000New Flyer Industries Inc. Common Shares Coliseum Capital

Management, LLC3 09/09/2013 10 10.8 1,568,157 2,540

New Flyer Industries Inc. Common Shares Coliseum CapitalManagement, LLC

3 10/09/2013 10 10.795 1,574,327 6,170


3 11/09/2013 10 10.8 1,580,417 6,090


3 12/09/2013 10 10.799 1,599,372 18,955


3 09/09/2013 10 10.8 996,250 1,566


3 10/09/2013 10 10.795 1,000,044 3,794


3 11/09/2013 10 10.8 1,003,788 3,744


3 12/09/2013 10 10.799 1,015,519 11,731


3 09/09/2013 10 10.8 3,356,030 5,194


3 10/09/2013 10 10.795 3,369,166 13,136


3 11/09/2013 10 10.8 3,382,132 12,966


3 12/09/2013 10 10.799 3,422,746 40,614

New Gold Inc. Restricted Share Awards Flores, Oscar Roberto 5 12/08/2013 57 8,001 -4,167

Newalta Corporation Common Shares Pardo, Felix 7 09/09/2013 10 15.69 38,731 -2,000Newalta Corporation Common Shares Pardo, Felix 7 09/09/2013 10 15.6 37,131 -1,600Newalta Corporation Common Shares Pardo, Felix 7 09/09/2013 10 15.61 35,731 -1,400NewGrowth Corp. Preferred Shares Class B,

Series 2McChesney, Brian David 4 24/03/2011 90 -5,600

NewGrowth Corp. Preferred Shares Class B,Series 2

McChesney, Brian David 4 20/04/2011 90 0 -5,600

NexC Partners Corp. Non-Voting Shares ClassA

NexC Partners Corp. 1 12/08/2013 38 9.2 300 300


NexC Partners Corp. 1 14/08/2013 38 9.4838 1,100 800


NexC Partners Corp. 1 15/08/2013 38 800 -300








NexC Partners Corp. 1 20/08/2013 38 9.11 600 600










NexC Partners Corp. 1 27/08/2013 38 1,600 -400






NexC Partners Corp. 1 29/08/2013 38 8.77 1,400 1,400


NexC Partners Corp. 1 30/08/2013 38 8.9288 4,000 2,600


NexC Partners Corp. 1 04/09/2013 38 2,600 -1,400


NexC Partners Corp. 1 05/09/2013 38 0 -2,600

NexJ Systems Inc. Deferred Share Unit Holland, William T. 4 09/08/2013 56 34,284 17,544

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9223



Acquired/Disposed

Nightingale InformatixCorporation

Common Shares Schachter, Brian 4 11/09/2013 10 0.24 13,255,500 300,000

Niko Resources Ltd. Options HESJE, MURRAY ELDON 5 17/08/2013 52 93.85 275,001 -12,500

Niko Resources Ltd. Options HESJE, MURRAY ELDON 5 17/08/2013 52 98.64 237,501 -37,500

Niko Resources Ltd. Options HORNADAY, WILLIAM,THOMAS

4 17/08/2013 52 93.85 720,832 -6,250


4 17/08/2013 52 93.85 708,332 -12,500


4 17/08/2013 52 60.39 683,332 -25,000

Niko Resources Ltd. Options Kathol, Conrad P. 4 17/08/2013 52 98.64 81,250 -6,250Niko Resources Ltd. Options SAMPSON, EDWARD

STANLEY4 17/08/2013 52 98.64 1,370,834 -37,500

North American EnergyPartners Inc.

Common Shares Ferron, Martin Robert 4, 5 03/09/2013 10 4.94 937,200 3,200






Notes NOACN 9 1/8 Oehmig, William C. 4 04/09/2013 38 1000 $0 -$1,300

North Atlantic Resources Ltd. Options Guindo, Ambogo 5 18/01/2010 50 0.16 120,000

North Atlantic Resources Ltd. Options Guindo, Ambogo 5 18/01/2010 50 0.96 620,000 120,000

North Atlantic Resources Ltd. Options Guindo, Ambogo 5 07/01/2011 50 250,000

North Atlantic Resources Ltd. Options Guindo, Ambogo 5 07/01/2011 50 3.6 545,000 250,000

North Atlantic Resources Ltd. Options Waldie, John Scott 4 18/01/2010 50 170,000

North Atlantic Resources Ltd. Options Waldie, John Scott 4 18/01/2010 50 620,000 170,000

Northcore Resources Inc.(formerly Big Red DiamondCorporation)

Common Shares Majerle, Garry 4 10/09/2013 10 200,000


Common Shares Majerle, Garry 4 10/09/2013 10 0.005 450,000 200,000


Common Shares Majerle, Garry 4 12/09/2013 10 0.005 550,000 100,000

Northern Dynasty MineralsLtd.

Options Kirk, Harry Wayne 4 10/09/2013 38 7.59 300,000 -150,000

Northern Frontier Corp.(formerly Frontier AcquisitionCorp.)

Subscription Rights (forshares & warrants)

Balderston, Monty 5 12/09/2013 00



Balderston, Monty 5 12/09/2013 15 3.5 1,800 1,800
















Nouveau Monde MiningEnterprises Inc.

Options BLISS, Ian Craig 4 10/09/2013 00





Insider Reporting

September 19, 2013 (2013), 36 OSCB 9224



Acquired/Disposed


Options BLISS, Ian Craig 4 10/09/2013 50 100,000 100,000


Common Shares Boileau, Julie 3 09/09/2013 10 0.2 2,013,000 1,500








Common Shares Boileau, Julie 3 11/09/2013 22 0.17 100,000


Warrants Boileau, Julie 3 10/09/2013 53 0.25 1,950,000 50,000


Warrants Boileau, Julie 3 11/09/2013 53 0.25 50,000


Common Shares Desaulniers, Eric 4, 5 09/09/2013 10 0.2 476,500 1,000


Options Keenan, Ronald 4 10/09/2013 50 50,000


Options Keenan, Ronald 4 10/09/2013 50 100,000 50,000


Options Letendre, Jacques, Pierre-Julien

4 10/09/2013 50 0.25 100,000 50,000


Common Shares Provencher, Richard 5 10/09/2013 16 0.17 229,412 29,412


Warrants Provencher, Richard 5 10/09/2013 16 164,706 14,706

Novo Resources Corp. Common Shares Newmont Canada FNHoldings ULC

3 04/09/2013 00


3 04/09/2013 11 0.914 17,260,000 17,260,000


3 04/09/2013 11 0.9 17,760,000 500,000

Novo Resources Corp. Common Shares Richmond Capital LLP(managers of RichmondPartners Master Limited, theFund)

3 05/09/2013 11 0.914 3,000,000 -9,260,000


3 10/09/2013 54 0.6 11,000,000 8,000,000


3 10/09/2013 11 0.914 3,000,000 -8,000,000

Novo Resources Corp. Warrants Richmond Capital LLP(managers of RichmondPartners Master Limited, theFund)

3 10/09/2013 54 0.6 5,580,000 -8,000,000

NSR Resources Inc. Options Tibriwal, Rishi 5 28/04/2012 50 150,000NSR Resources Inc. Options Tibriwal, Rishi 5 28/04/2012 50 150,000 150,000NSR Resources Inc. Options Tibriwal, Rishi 5 01/06/2012 00NSR Resources Inc. Options Tibriwal, Rishi 5 01/06/2012 00NSR Resources Inc. Options Tibriwal, Rishi 5 01/06/2012 00

NSR Resources Inc. Options Tibriwal, Rishi 5 01/06/2012 00NSR Resources Inc. Options Tibriwal, Rishi 5 01/06/2012 50 150,000NTG Clarity Networks Inc. Common Shares Stevens, Sinclair McKnight 4 06/09/2013 10 0.44 98,500 -5,000

Nuvo Research Inc. (formerlyDimethaid Research Inc.)

Common Shares Chicoine, Daniel 4 03/09/2013 10 1.6 58,062 2,500







Insider Reporting

September 19, 2013 (2013), 36 OSCB 9225



Acquired/Disposed








Common Shares Chicoine, Daniel 4 12/09/2013 10 1.79 76,662 800





Oceanus ResourcesCorporation

Common Shares Gordon, Richard Basil 4, 5 12/09/2013 10 0.22 1,382,307 2,000

Opta Minerals Inc. Options 2005 Plan Bromley, Steven 4 01/08/2013 50 2.7 100,208 25,000Opta Minerals Inc. Options 2005 Plan Jurczak, Paul 5 01/04/2010 00Opta Minerals Inc. Options 2005 Plan Jurczak, Paul 5 01/08/2013 50 2.7 25,000 25,000Opta Minerals Inc. Options 2005 Plan Kendall, Jeremy 4 01/08/2013 50 2.7 100,208 25,000Opta Minerals Inc. Common Shares Kruse, David 5 06/09/2013 30 1.955 111,408 2,582Opta Minerals Inc. Options 2005 Plan Kruse, David 5 01/08/2013 50 2.7 50,000Opta Minerals Inc. Options 2005 Plan Kruse, David 5 01/08/2013 50 2.7 543,367 50,000Opta Minerals Inc. Options 2005 Plan Perreault, Paul 5 11/07/2012 00Opta Minerals Inc. Options 2005 Plan Perreault, Paul 5 01/08/2013 50 2.7 50,000 50,000Opta Minerals Inc. Options 2005 Plan Riz, Joseph 4 01/08/2013 50 2.7 75,000 25,000Opta Minerals Inc. Options 2005 Plan Rumble, David 5 01/08/2013 50 2.7 143,383 5,000

Opta Minerals Inc. Options 2005 Plan Rumbold, Bernhard Carl 4 01/08/2013 50 2.7 100,208 25,000Opta Minerals Inc. Common Shares Uguccioni, Paul August 5 06/09/2013 30 1.955 5,690 573Opta Minerals Inc. Options 2005 Plan Uguccioni, Paul August 5 01/08/2013 50 2.7 139,317 25,000Oroco Resource Corp. Warrants Inwentash, Sheldon 3, 6 05/09/2013 55 0.4 500,000 -500,000Oroco Resource Corp. Warrants Pinetree Capital Ltd. 3 05/09/2013 55 0.4 500,000 -500,000Oroco Resource Corp. Convertible Debentures Wexford Capital LP 3 10/09/2013 38 $0 -$750,000Oroco Resource Corp. Convertible Debentures Wexford Capital LP 3 10/09/2013 38 $0 -$3,000,000Orvana Minerals Corp. Warrants Fabulosa Mines Limited 3 06/09/2013 53 3,225,000 500,000Pacific & Western Bank ofCanada

Rights DSUs Davis, Jane 4 27/08/2013 00

Pacific & Western Bank ofCanada

Rights DSUs Davis, Jane 4 09/09/2013 56 517 517


Common Shares Hillier, Arnold Edward 4, 6 20/08/2013 00


Common Shares Hillier, Arnold Edward 4, 6 09/09/2013 10 7 4,000 4,000


Common Shares TAYLOR, DAVID ROY 4, 6, 7, 5 10/09/2013 10 7.07 800 700


Common Shares TAYLOR, DAVID ROY 4, 6, 7, 5 10/09/2013 10 7.09 2,100 1,300


Common Shares TAYLOR, DAVID ROY 4, 6, 7, 5 11/09/2013 10 7.025 3,700 1,600


Common Shares TAYLOR, DAVID ROY 4, 6, 7, 5 11/09/2013 10 7.07 4,100 400

Pacific North West CapitalCorp.

Common Shares Barr, Harry 4, 5 06/09/2013 10 0.04 2,014,147 35,000

Pacific Safety Products Inc. Common Shares Marks, Daniel 4 06/09/2013 10 0.05 2,366,500 -150,000

Pacific Safety Products Inc. Common Shares Marks, Daniel 6 10/09/2013 00 2,366,500

Pan Global Resources Inc. Common Shares Palkovsky, Petr 4 28/08/2013 00Pan Global Resources Inc. Common Shares Palkovsky, Petr 4 28/08/2013 00Pan Global Resources Inc. Common Shares Palkovsky, Petr 4 28/08/2013 00 1,549,499Pan Global Resources Inc. Common Shares Palkovsky, Petr 4 28/08/2013 16 0.15 3,216,165 1,666,666

Pan Global Resources Inc. Warrants Palkovsky, Petr 4 28/08/2013 00 50,000Pan Global Resources Inc. Warrants Palkovsky, Petr 4 28/08/2013 53 1,716,666 1,666,666Parallel Energy Trust Trust Units Alexander, Richard M. 4 09/09/2013 10 4 150,000 10,000Parallel Energy Trust Trust Units Alexander, Richard M. 4 11/09/2013 10 4.06 160,000 10,000Paramount Gold and SilverCorp.

Common Shares Kennedy, Shawn M.T. 4 12/09/2013 10 1.28 339,735 -25,000

Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 09/09/2013 10 32.44 132,400 -500

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9226



Acquired/Disposed



Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 09/09/2013 10 32.44 1,052,300 -4,100


Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 11/09/2013 10 31.99 1,049,300 -600



Paramount Resources Ltd. Common Shares Class A Claugus, Thomas Eugene 4 11/09/2013 10 31.99 1,225,400 -700







Paramount Resources Ltd. Common Shares Class A Kinvig, Paul Robert 5 12/09/2013 51 7.34 18,266 10,000

Paramount Resources Ltd. Common Shares Class A Kinvig, Paul Robert 5 12/09/2013 10 33.25 8,266 -10,000

Paramount Resources Ltd. Options Kinvig, Paul Robert 5 12/09/2013 51 7.34 102,000 -10,000

Parex Resources Inc. Common Shares Disbrow, Robert 3 06/09/2013 10 6.1646 3,090,000 -5,000Parex Resources Inc. Common Shares Disbrow, Robert 3 09/09/2013 10 6.1444 3,085,000 -5,000Parex Resources Inc. Convertible Debentures Disbrow, Robert 3 09/09/2013 10 101.44 $7,707,000 -$83,000Parex Resources Inc. Convertible Debentures Disbrow, Robert 3 10/09/2013 10 101.3 $7,700,000 -$7,000Parkit Enterprise Inc. Common Shares Scharfe, Bradley Nixon 3, 4 11/09/2013 10 0.35 13,615,122 5,000

Parkit Enterprise Inc. Common Shares Scharfe, Bradley Nixon 3, 4 11/09/2013 10 0.4 13,620,122 5,000Parkit Enterprise Inc. Common Shares Scharfe, Bradley Nixon 3, 4 11/09/2013 10 0.4 13,630,122 10,000Pembina PipelineCorporation

Rights Wiun, Jason Travis 5 04/09/2013 00

Pembina PipelineCorporation

Rights Wiun, Jason Travis 5 04/09/2013 00 7,250

People Corporation Common Shares McFerran, John Ronald 3 01/03/2009 00People Corporation Common Shares McFerran, John Ronald 3 31/12/2011 30 0.407 2,401 2,401People Corporation Common Shares McFerran, John Ronald 3 30/06/2012 30 0.397 13,111 10,710People Corporation Common Shares McFerran, John Ronald 3 31/12/2012 30 0.388 17,447 4,336People Corporation Common Shares McFerran, John Ronald 3 30/07/2013 30 1.1932 0 -17,447Peregrine Diamonds Ltd. Common Shares Dundee Corporation 3 06/09/2013 10 0.65 17,044,142 -250,000Peregrine Diamonds Ltd. Common Shares Dundee Corporation 3 11/09/2013 10 0.65 17,026,642 -17,500Peregrine Diamonds Ltd. Common Shares Dundee Corporation 3 12/09/2013 10 0.6584 16,946,142 -80,500Pethealth Inc. Common Shares Pethealth Inc. 1 02/07/2013 10 1.4 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 02/07/2013 38 1.4 2,418 2,418

Pethealth Inc. Common Shares Pethealth Inc. 1 03/07/2013 10 1.37 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 03/07/2013 38 1.37 4,836 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 04/07/2013 10 1.42 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 04/07/2013 38 1.42 7,254 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 05/07/2013 10 1.44 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 05/07/2013 38 1.44 9,672 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 10 1.45 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 38 1.45 12,090 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 10 1.44 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 38 1.44 14,508 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 10 1.46 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/07/2013 38 1.46 16,926 2,418

Pethealth Inc. Common Shares Pethealth Inc. 1 11/07/2013 10 1.46 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 11/07/2013 38 1.46 19,326 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 15/07/2013 10 1.53 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 15/07/2013 38 1.53 21,744 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 17/07/2013 10 1.5 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 17/07/2013 38 1.5 24,162 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 18/07/2013 10 1.46 2,400

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9227



Acquired/Disposed

Pethealth Inc. Common Shares Pethealth Inc. 1 18/07/2013 38 1.46 26,562 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 22/07/2013 10 1.52 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 22/07/2013 38 1.52 28,980 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 23/07/2013 10 1.52 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 23/07/2013 38 1.52 31,398 2,418

Pethealth Inc. Common Shares Pethealth Inc. 1 24/07/2013 10 1.5 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 24/07/2013 38 1.5 33,816 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 26/07/2013 10 1.5 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 26/07/2013 38 1.5 36,234 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 29/07/2013 10 1.48 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 29/07/2013 38 1.48 38,652 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 31/07/2013 10 1.47 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 31/07/2013 38 1.47 41,070 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 02/08/2013 38 1.48 2,418 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 06/08/2013 38 1.5 4,836 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 07/08/2013 38 1.47 7,254 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 08/08/2013 38 1.48 2,418

Pethealth Inc. Common Shares Pethealth Inc. 1 08/08/2013 38 1.45 9,654 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 09/08/2013 38 1.4301 12,072 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 12/08/2013 38 1.4752 14,490 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 13/08/2013 38 1.51 16,908 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 14/08/2013 38 1.5 19,308 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 15/08/2013 38 1.51 21,708 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 16/08/2013 38 1.49 24,126 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 19/08/2013 38 1.5163 26,544 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 20/08/2013 38 1.51 28,944 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 21/08/2013 38 1.51 31,362 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 22/08/2013 38 1.5 33,780 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 22/08/2013 38 1.49 74,780 41,000

Pethealth Inc. Common Shares Pethealth Inc. 1 23/08/2013 38 1.5033 77,180 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 26/08/2013 38 1.51 79,580 2,400Pethealth Inc. Common Shares Pethealth Inc. 1 28/08/2013 38 1.5 81,998 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 29/08/2013 38 1.5 84,416 2,418Pethealth Inc. Common Shares Pethealth Inc. 1 30/08/2013 38 0 -84,416Pethealth Inc. Options Renaud, Richard J. 3, 4 19/03/2011 52 195,000 -200,000Petrolympic Ltd. Common Shares Ekstein, Brocha 3 09/09/2013 10 0.063 14,677,807 12,000Petrolympic Ltd. Common Shares Ekstein, Brocha 3 10/09/2013 10 0.062 14,689,807 12,000Petrolympic Ltd. Common Shares Ekstein, Brocha 3 11/09/2013 10 0.067 14,692,807 3,000PetroShale Inc. Warrants Chernoff, M. Bruce 4 08/09/2013 55 0 -5,000,000Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 11/09/2013 10 0.265 3,396,895 50,000Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 11/09/2013 10 0.265 3,416,895 20,000

Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 12/09/2013 10 0.255 50,000Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 12/09/2013 10 0.255 50,000Phoscan Chemical Corp. Common Shares Case, Stephen Dunbar 4, 5 12/09/2013 10 0.255 3,466,895 50,000Phoscan Chemical Corp. Common Shares PhosCan Chemical Corp. 1 05/09/2013 38 0.27 19,784 19,784Phoscan Chemical Corp. Common Shares PhosCan Chemical Corp. 1 06/09/2013 38 0.2701 39,568 19,784Phoscan Chemical Corp. Common Shares PhosCan Chemical Corp. 1 09/09/2013 38 0.275 46,568 7,000Phoscan Chemical Corp. Common Shares PhosCan Chemical Corp. 1 10/09/2013 38 0.275 66,352 19,784Phoscan Chemical Corp. Common Shares PhosCan Chemical Corp. 1 13/09/2013 38 0 -66,352Platinum CommunicationsCorporation

Common Shares Parkinson, Bernard 5 10/09/2013 10 0.12 2,116,115 5,000

Plazacorp Retail PropertiesLtd.

Common Shares Hamm, Richard 3, 4, 5 06/09/2013 10 4.1 246,671 800


Common Shares Hamm, Richard 3, 4, 5 06/09/2013 10 4.1 248,971 2,300


Common Shares Hamm, Richard 3, 4, 5 06/09/2013 10 4.1 249,571 600

PMI Gold Corporation Options Ciganek, John 5 09/09/2013 00 2,000,000Points International Ltd. Common Shares Lam, Anthony 5 05/09/2013 51 27,829 18,008Points International Ltd. Common Shares Lam, Anthony 5 05/09/2013 51 29,422 1,593Points International Ltd. Common Shares Lam, Anthony 5 05/09/2013 10 23.71 28,967 -455

Points International Ltd. Common Shares Lam, Anthony 5 05/09/2013 10 22.63 10,959 -18,008Points International Ltd. Common Shares Lam, Anthony 5 09/09/2013 10 24.17 10,093 -866Points International Ltd. Common Shares Lam, Anthony 5 09/09/2013 10 23.74 8,500 -1,593Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 3,500 -5,000Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 2,000 -1,500Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 1,750 -250Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 10,000 5,000Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 750 250Points International Ltd. Common Shares Lam, Anthony 5 10/09/2013 99 2,500 1,500Points International Ltd. Options ESOP Lam, Anthony 5 05/09/2013 10 4.6 22,634 -22,416Points International Ltd. Options ESOP Lam, Anthony 5 05/09/2013 10 9.74 21,041 -1,593Precious Metals Bullion Trust Units Precious Metals Bullion

Trust1 01/08/2013 38 12.26 800 800

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9228



Acquired/Disposed

Precious Metals Bullion Trust Units Precious Metals BullionTrust

1 01/08/2013 38 12.26 0 -800


1 06/08/2013 38 12.11 3,000 3,000


1 06/08/2013 38 12.11 0 -3,000


1 06/08/2013 38 12 3,000 3,000


1 06/08/2013 38 12 0 -3,000


1 07/08/2013 38 11.98 1,000 1,000


1 07/08/2013 38 11.98 0 -1,000


1 15/08/2013 38 12.91 3,000 3,000


1 15/08/2013 38 12.91 0 -3,000


1 19/08/2013 38 13.29 3,000 3,000


1 19/08/2013 38 13.29 0 -3,000


1 19/08/2013 38 13.14 3,000 3,000


1 19/08/2013 38 13.14 0 -3,000


1 21/08/2013 38 13.25 3,000 3,000


1 21/08/2013 38 13.25 0 -3,000


1 30/08/2013 38 13.56 3,000 3,000


1 30/08/2013 38 13.56 0 -3,000

Premier Gold Mines Limited Common Shares Downie, Ewan Stewart 4 11/09/2013 10 2.36 3,160,601 5,000



Premier Gold Mines Limited Common Shares Lemasson, Claude 4 11/09/2013 10 2.34 4,000 4,000

Premier Gold Mines Limited Common Shares Lemasson, Claude 4 12/09/2013 10 2.17 10,000 6,000

Premium Brands HoldingsCorporation

Common Shares BELIVEAU, JOHNSTEPHEN

7 19/08/2013 30 19.54 36,942 73


Common Shares CARRIERE, DAVIDJOSEPH LEONARD

5 19/08/2013 30 19.54 67,966 62


Common Shares PROPP, KENNETH 7 09/09/2013 10 18.37 35,368 -12,000

Primary PetroleumCorporation

Common Shares Marrandino, Michele 4, 5 09/09/2013 10 0.07 3,490,423 17,000

Primary PetroleumCorporation

Common Shares Marrandino, Michele 4, 5 10/09/2013 10 0.07 3,523,423 33,000

ProMetic Life Sciences Inc. Common Shares Delorme, Nancy 5 13/09/2013 51 0.4 50,000 50,000

ProMetic Life Sciences Inc. Common Shares Delorme, Nancy 5 13/09/2013 10 0.63 0 -50,000

ProMetic Life Sciences Inc. Options Delorme, Nancy 5 13/09/2013 51 0.4 77,500 -50,000

ProMetic Life Sciences Inc. Common Shares Ménard, Louise 4 13/09/2013 10 0.64 40,000 40,000

ProMetic Life Sciences Inc. Common Shares Pritchard, Bruce 5 13/09/2013 51 0.4 100,000 100,000


ProMetic Life Sciences Inc. Common Shares Pritchard, Bruce 5 13/09/2013 10 0.64 50,000 -100,000

ProMetic Life Sciences Inc. Common Shares Pritchard, Bruce 5 13/09/2013 10 0.64 10,000 -40,000

ProMetic Life Sciences Inc. Common Shares Pritchard, Bruce 5 13/09/2013 10 0.63 0 -10,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9229



Acquired/Disposed




ProMetic Life Sciences Inc. Options Pritchard, Bruce 5 13/09/2013 51 0.4 500,000 -100,000

ProMetic Life Sciences Inc. Options Pritchard, Bruce 5 13/09/2013 51 0.17 450,000 -50,000

ProMetic Life Sciences Inc. Common Shares Sartore, Patrick 5 12/10/2007 00

ProMetic Life Sciences Inc. Common Shares Sartore, Patrick 5 13/09/2013 51 0.4 200,000 200,000

ProMetic Life Sciences Inc. Common Shares Sartore, Patrick 5 13/09/2013 10 0.62 126,500 -73,500

ProMetic Life Sciences Inc. Common Shares Sartore, Patrick 5 13/09/2013 10 0.61 0 -126,500

ProMetic Life Sciences Inc. Options Sartore, Patrick 5 13/09/2013 51 0.4 500,000 -200,000

Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 06/09/2013 10 0.61 24,939,724 -15,000Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 06/09/2013 10 0.6 24,913,224 -26,500Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 06/09/2013 10 0.62 24,907,724 -5,500Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 06/09/2013 10 0.63 24,904,724 -3,000Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 09/09/2013 10 0.6 24,884,724 -20,000

Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 10/09/2013 10 0.6 24,878,724 -6,000Prophecy Platinum Corp. Common Shares Prophecy Coal Corp. 3 11/09/2013 10 0.6 24,859,224 -19,500Pulse Seismic Inc. Common Shares GALE, Brent Donald 4 04/09/2013 10 4.127 271,779 -50,005Puma Exploration Inc. Common Shares Robillard, Marcel 4, 5 10/09/2013 10 0.235 1,034,000 4,000Pure Technologies Ltd. Common Shares Elliott, John Francis 5 05/09/2013 10 4.85 207,184 -22,005Pure Technologies Ltd. Common Shares Elliott, John Francis 5 06/09/2013 10 5 198,684 -8,500QMX Gold Corporation(formerly Alexis MineralsCorporation)

Options New, Brett 5 29/08/2013 00 95,000

QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 10/09/2013 10 0.73 4,888,585 10,000QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 10/09/2013 10 0.76 4,895,585 7,000QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 11/09/2013 10 0.76 4,896,085 500QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 12/09/2013 10 0.73 4,898,085 2,000QSOLAR Limited Common Shares Tapakoudes, Andreas 3, 4, 5 12/09/2013 10 0.76 4,898,585 500

Quartz Mountain ResourcesLtd.

Common Shares Mordant, David Godfrey 4 06/09/2013 10 0.08 107,000 7,000

Questfire Energy Corp. Options Class A Drader, Kelly Ivan 4 20/06/2013 00Questfire Energy Corp. Options Class A Drader, Kelly Ivan 4 22/08/2013 50 75,000 75,000Quia Resources Inc. Common Shares Brown, William Richard 4, 5 04/09/2013 10 0.005 4,813,998 20,000Quia Resources Inc. Common Shares Brown, William Richard 4, 5 05/09/2013 10 0.005 4,823,998 10,000Quia Resources Inc. Common Shares Brown, William Richard 4, 5 12/09/2013 10 0.005 4,838,998 15,000Quinsam Capital Corporation Common Shares Szustak, Eric 3 05/09/2013 10 0.12 213,500 12,500

Raven Rock Strategic IncomeFund

Units Arrow Capital ManagementInc.

7 09/09/2013 10 8.8 30,000 300

Ravensource Fund (formerlyThe First Asia Income Fund)

Trust Units Schaus, Steven Kenneth 7 06/09/2013 10 11.71 4,950 200

RDM Corporation Common Shares Nally, Robert 4 09/09/2013 10 1.67 241,100 -3,500RDM Corporation Common Shares Nally, Robert 4 10/09/2013 10 1.71 237,900 -3,200Red Mile Minerals Corp. Common Shares Tallman, Peter 4 06/09/2013 10 0.03 837,000 170,000Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.75 1,140,685 -82,000Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.74 1,135,485 -5,200Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.73 1,134,185 -1,300

Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.72 1,125,385 -8,800Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.71 1,119,485 -5,900Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 06/09/2013 10 4.7 1,040,885 -78,600Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 09/09/2013 10 4.75 1,040,185 -700Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 09/09/2013 10 4.72 1,039,185 -1,000Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 10/09/2013 10 4.65 969,685 -69,500Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 10/09/2013 10 4.66 968,785 -900Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 10/09/2013 10 4.67 967,285 -1,500Redknee Solutions Inc. Common Shares Thexton, Kent Paul 4 11/09/2013 10 4.7 867,285 -100,000Reef Resources Ltd. Common Shares Hansen, Arnold 4, 5 06/09/2013 46 0.05 1,409,901 800,000Reef Resources Ltd. Common Shares olson, larry james 4, 5 06/09/2013 46 0.05 999,228 700,000Reef Resources Ltd. Common Shares Sandell, Martin 4 05/09/2013 16 0.025 1,842,000 1,042,000

Reef Resources Ltd. Warrants Sandell, Martin 4 05/03/2012 00Reef Resources Ltd. Warrants Sandell, Martin 4 05/09/2013 16 521,000 521,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9230



Acquired/Disposed

Retrocom Real EstateInvestment Trust (formerlyRetrocom Mid-Market RealEstate Investment Trust)

Units Schiffer, David Andrew 4 06/09/2013 10 4.67 6,660 1,060

Rheingold Exploration Corp. Common Shares McIntosh, Donald Grant 4 10/09/2013 10 0.03 1,685,200 50,000

Richards Packaging IncomeFund

Trust Units McKernan, Timothy 5 10/09/2013 10 8.9416 143,300 -1,200

Ridgewood CanadianInvestment Grade Bond Fund

Units Simpson, John H. 5 10/09/2013 10 12.004 16,430 -925

Rio Novo Gold Inc. Ordinary Share Cyprus River Holdings Ltd. 3 09/09/2013 11 0.045 62,290,579 5,821,195

Rio Novo Gold Inc. Ordinary Share Cyprus River Holdings Ltd. 3 09/09/2013 11 67,846,134 5,555,555

RIOCAN REAL ESTATEINVESTMENT TRUST

Trust Units RioCan Real EstateInvestment Trust

1 03/09/2013 38 23.608 120,000 30,000



1 04/09/2013 38 23.704 150,000 30,000



1 05/09/2013 38 23.707 180,000 30,000



1 06/09/2013 38 23.689 210,000 30,000

Ritchie Bros. AuctioneersIncorporated

Options Hinkelman, Curt 5 06/09/2013 51 8.82 145,650 -8,000


Options Hinkelman, Curt 5 06/09/2013 51 18.5 153,650 8,000


Common Shares Nicholson, David Dean 5 12/09/2013 30 20.06 51,555 -14,104


Common Shares Watt, Darren 5 09/09/2013 30 19.24 1,312 -173

Rockex Mining Corporation(formerly EnviropaveInternational Ltd.)

Common Shares Tondeur, Jonathan 4 09/09/2013 10 0.06 4,087,326 60,000

Rockland Minerals Corp. Common Shares MacQuarrie, DouglasRichard

3 10/09/2013 10 0.045 1,641,000 100,000

Rubicon Minerals Corporation Options Bradbrook, Christopher J. 4 09/09/2013 52 5.8 391,546 -59,449

Rubicon Minerals Corporation Options Kemp, Julian 4 27/08/2013 50 320,995 110,000

Rubicon Minerals Corporation Options Kemp, Julian 4 10/09/2013 52 261,546 -59,449

Rubicon Minerals Corporation Options Reid, David Robert 4 09/09/2013 52 391,546 -59,449

Rubicon Minerals Corporation Options Thomas, Bruce, Alexander 4 09/09/2013 52 5.8 476,546 -59,449

Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 09/09/2013 10 0.09 10,664,300 10,000

Rupert Resources Ltd. Common Shares Brimacombe, Alan Douglas 3 10/09/2013 10 0.11 10,679,300 15,000

Rusoro Mining Ltd. Options Agapov, Andre Vladimir 3, 4, 5 09/09/2013 50 17,650,000 3,000,000Rusoro Mining Ltd. Options Agapov, Vladimir Pavlovich 4 09/09/2013 50 12,210,000 2,000,000

Rusoro Mining Ltd. Options Crichton, Jeremy 5 09/09/2013 00 500,000Rusoro Mining Ltd. Options Hediger, Peter 4 09/09/2013 50 3,185,000 800,000Rusoro Mining Ltd. Options Kaplowitz, Jay 4 09/09/2013 50 5,275,000 1,200,000Rusoro Mining Ltd. Options Keep, Gordon 4 09/09/2013 50 5,275,000 1,200,000

Rusoro Mining Ltd. Options Stein, Abraham 4 09/09/2013 50 3,185,000 800,000Rusoro Mining Ltd. Options Ushakov, Dmitry 4, 5 27/06/2008 50 575,000Rusoro Mining Ltd. Options Ushakov, Dmitry 4, 5 27/06/2008 50 1.31 625,000Rusoro Mining Ltd. Options Ushakov, Dmitry 4, 5 27/06/2008 50 1.31 1,000,000 575,000Rusoro Mining Ltd. Options Ushakov, Dmitry 4, 5 09/09/2013 50 3,035,000 700,000SAGE GOLD INC. Common Shares Mars, Patrick James 4, 5 11/09/2013 10 0.025 2,109,500 50,000Sandspring Resources Ltd. Common Shares Barnes, Phillip Gregory 4, 5 06/09/2013 10 0.24 46,271 10,000Savaria Corporation Common Shares Berthiaume, Robert 4 10/09/2013 10 2.25 34,500 -100,000Sawhill Capital Ltd. Common Shares Matkaluk, Randal John 7 07/04/2006 00Sawhill Capital Ltd. Common Shares Matkaluk, Randal John 7 07/04/2006 00Sawhill Capital Ltd. Common Shares Matkaluk, Randal John 7 10/04/2006 00 1,900,000Sawhill Capital Ltd. Options Matkaluk, Randal John 7 07/04/2006 00

Sawhill Capital Ltd. Options Matkaluk, Randal John 7 10/04/2006 00 210,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9231



Acquired/Disposed

Security Devices InternationalInc.

Common Shares Parnham, Duane 4 10/09/2013 10 0.36 525,000 25,000

ShawCor Ltd. Common Shares Buckley, William Peter 4, 5 06/09/2013 51 17.5 403,477 90,000ShawCor Ltd. Common Shares Buckley, William Peter 4, 5 06/09/2013 51 16.9 489,477 86,000ShawCor Ltd. Common Shares Buckley, William Peter 4, 5 11/09/2013 47 -12,500ShawCor Ltd. Common Shares Buckley, William Peter 4, 5 11/09/2013 47 476,977 -12,500ShawCor Ltd. Options Buckley, William Peter 4, 5 06/09/2013 51 17.5 763,255 -90,000

ShawCor Ltd. Options Buckley, William Peter 4, 5 06/09/2013 51 16.9 677,255 -86,000ShawCor Ltd. Common Shares Dunn, Ronald Joseph 5 06/09/2013 51 17.5 47,187 14,000ShawCor Ltd. Common Shares Dunn, Ronald Joseph 5 06/09/2013 10 42 33,187 -14,000ShawCor Ltd. Options Dunn, Ronald Joseph 5 06/09/2013 51 17.5 66,410 -14,000ShawCor Ltd. Common Shares Love, Gary Scott 5 05/09/2013 51 15.51 54,000 32,000ShawCor Ltd. Common Shares Love, Gary Scott 5 05/09/2013 10 41.54 22,000 -32,000ShawCor Ltd. Common Shares Love, Gary Scott 5 05/09/2013 51 25.02 37,000 15,000ShawCor Ltd. Common Shares Love, Gary Scott 5 05/09/2013 10 41.79 22,000 -15,000ShawCor Ltd. Common Shares Love, Gary Scott 5 06/09/2013 51 25.02 37,000 15,000ShawCor Ltd. Common Shares Love, Gary Scott 5 06/09/2013 10 41.84 22,000 -15,000ShawCor Ltd. Common Shares Love, Gary Scott 5 06/09/2013 10 41.8 27,000 5,000ShawCor Ltd. Options Love, Gary Scott 5 05/09/2013 51 15.51 127,500 -32,000

ShawCor Ltd. Options Love, Gary Scott 5 05/09/2013 51 25.02 112,500 -15,000ShawCor Ltd. Options Love, Gary Scott 5 06/09/2013 51 25.02 97,500 -15,000Sierra Metals Inc. (formerlyDia Bras Exploration Inc.)

Common Shares Sierra Metals Inc. 1 04/09/2013 10 2 543,880 13,400

Sierra Metals Inc. (formerlyDia Bras Exploration Inc.)

Common Shares Sierra Metals Inc. 1 09/09/2013 10 1.9992 557,296 13,416


Common Shares Sierra Metals Inc. 1 10/09/2013 10 2 570,712 13,416







Silver Wheaton Corp. Common Shares Gillin, Robert Peter Charles 4 05/09/2013 54 20 15,850 850

Silver Wheaton Corp. Warrants Gillin, Robert Peter Charles 4 05/09/2013 54 20 0 -850

Silver Wheaton Corp. Common Shares Holtby, Douglas Martin 7 04/09/2013 54 20 95,100 5,100Silver Wheaton Corp. Common Shares Holtby, Douglas Martin 7 13/09/2013 90 0 -95,100Silver Wheaton Corp. Common Shares Holtby, Douglas Martin 7 15/10/2004 00Silver Wheaton Corp. Common Shares Holtby, Douglas Martin 7 15/10/2004 00Silver Wheaton Corp. Common Shares Holtby, Douglas Martin 7 13/09/2013 90 95,100 95,100Silver Wheaton Corp. Warrants Holtby, Douglas Martin 7 04/09/2013 54 20 0 -5,100Silver Wheaton Corp. Common Shares Luna, Eduardo 7, 5 05/09/2013 54 20 106,303 7,360Silver Wheaton Corp. Warrants Luna, Eduardo 7, 5 05/09/2013 54 20 0 -7,360Smart Employee Benefits Inc Convertible Notes

Common sharesJasek, Adam 7 20/08/2013 00

Smart Employee Benefits Inc Convertible NotesCommon shares

Jasek, Adam 7 06/09/2013 11 0.5 $150,000 $150,000

Smart Employee Benefits Inc Warrants Jasek, Adam 7 06/09/2013 11 0.5 1,350,000 150,000

Smart Employee Benefits Inc Options Private McKimm, John 5 06/09/2013 11 0.5 650,000 750,000


Qureshi, Latiq 3, 4 06/02/2013 00


Qureshi, Latiq 3, 4 06/09/2013 11 0.5 $190,000 $190,000

Smart Employee Benefits Inc Warrants Qureshi, Latiq 3, 4 06/02/2013 00

Smart Employee Benefits Inc Warrants Qureshi, Latiq 3, 4 06/09/2013 11 0.5 190,000 190,000

Sniper Resources Ltd. Common Shares Baxter, Scott David 3, 4, 5 09/09/2013 10 0.03 1,570,880 100,000Solium Capital Inc. Options Bester, Rudolph Christiaan 5 09/09/2013 59 70,925 -5,000

Solium Capital Inc. Options Bester, Rudolph Christiaan 5 09/09/2013 59 55,925 -15,000

Solium Capital Inc. Restricted Share Units Griffin, David 2 10/09/2013 10 5.3922 23,235 -1,950

Solium Capital Inc. Restricted Share Units Hocking, James 7 10/09/2013 10 5.3922 16,894 -2,048Solium Capital Inc. Restricted Share Units Landry, Patricia Anne 7 10/09/2013 10 5.3922 26,502 -1,950Spot Coffee (Canada) Ltd. Common Shares AYOUB, ANTON MICHEL 4, 5 11/09/2013 10 0.095 552,958 7,500

Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 09/09/2013 10 0.1 6,738,324 16,500Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 11/09/2013 10 0.1 6,770,324 32,000Spot Coffee (Canada) Ltd. Common Shares Lorenzo, John Michael 4 12/09/2013 10 0.1 6,785,324 15,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9232



Acquired/Disposed

ST ANDREW GOLDFIELDSLTD.

Common Shares Abramson, Randall 3 10/09/2013 97 17,201,678 -36,000

ST ANDREW GOLDFIELDSLTD.

Common Shares Abramson, Randall 3 12/09/2013 97 17,160,229 -41,449

Sterling Resources Ltd. Common Shares Ingalls & Snyder, LLC 3 12/09/2013 10 0.6787 33,117,043 50,000Stockport Exploration Inc. Common Shares MacEachen, Brian 4 09/09/2013 90 0 -10,000Stockport Exploration Inc. Common Shares MacEachen, Brian 4 09/09/2013 90 0 -10,000Stockport Exploration Inc. Options McKay, Robert Scott 4 23/07/2013 50 0.04 150,000 50,000Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 06/09/2013 10 1.01 2,103,800 16,400

Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 09/09/2013 10 0.98 2,129,900 26,100Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 06/09/2013 10 1.01 11,247,400 63,400Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 09/09/2013 10 0.98 11,348,400 101,000Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 06/09/2013 10 1.01 31,029,100 132,400Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 09/09/2013 10 0.98 31,239,900 210,800Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 06/09/2013 10 1.01 10,026,500 85,100Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 09/09/2013 10 0.98 10,161,700 135,200Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 06/09/2013 10 1.01 2,086,400 15,100Strategic Oil & Gas Ltd. Common Shares Claugus, Thomas Eugene 4 09/09/2013 10 0.98 2,110,400 24,000Stria Capital Inc. Common Shares York, Jeffrey 3, 4 06/09/2013 11 1,900,000 -50,000Strongbow Exploration Inc. Warrants Sun Valley Gold LLC 3 09/09/2013 55 0 -2,700,000Strongbow Exploration Inc. Warrants Sun Valley Gold Master

Fund, Ltd.3 09/09/2013 55 0 -2,700,000

Sulliden Gold CorporationLtd.

Options Amireault, Stéphane 5 12/09/2013 50 1.03 1,560,000 200,000


Options Bharti, Stan 4 12/09/2013 50 3,800,000 350,000


Options COLEMAN, James Hayward 4 12/09/2013 50 995,000 50,000


Options Dudek, Don 4 12/09/2013 50 1.03 485,000 45,000


Options Faught, George D. 4 12/09/2013 50 1.03 990,000 45,000


Options Fernandez-Concha Stucker,Javier Martin

7 12/09/2013 50 1.03 1,160,000 200,000


Options Fries, Carol 5 09/09/2013 50 550,000 200,000


Options Gleeson, Patrick James 5 12/09/2013 50 1.03 515,000 45,000


Options Humphrey, Raymond Bruce 4 12/09/2013 50 1,035,000 45,000


Options Milbourne, Joe 5 12/09/2013 50 1,550,000 200,000


Options Pettigrew, Pierre Stewart 4 12/09/2013 50 605,000 45,000


Options Reid, Christopher Justin 4, 5 12/09/2013 50 1,250,000 250,000


Options Tagliamonte, Peter Wilson 4, 5 12/09/2013 50 4,775,000 550,000

Sun Life Financial Inc. Common Shares Bogart, Thomas A. 5 10/09/2013 51 20.08 37,334 25,000

Sun Life Financial Inc. Common Shares Bogart, Thomas A. 5 10/09/2013 10 33.17 12,334 -25,000Sun Life Financial Inc. Options Bogart, Thomas A. 5 10/09/2013 51 20.08 349,152 -25,000Suncor Energy Inc. Common Shares Jackman, Boris 5 06/09/2013 51 34.34 17,750 11,800Suncor Energy Inc. Common Shares Jackman, Boris 5 06/09/2013 10 36.69 5,950 -11,800Suncor Energy Inc. Common Shares Jackman, Boris 5 06/09/2013 51 34.34 14,150 8,200Suncor Energy Inc. Common Shares Jackman, Boris 5 06/09/2013 10 36.67 5,950 -8,200Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 51 34.34 15,950 10,000Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 10 37.1 5,950 -10,000Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 51 34.34 10,450 4,500Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 10 37.09 5,950 -4,500Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 51 34.34 6,450 500Suncor Energy Inc. Common Shares Jackman, Boris 5 12/09/2013 10 37.08 5,950 -500

Suncor Energy Inc. Options - PCOptions/SARS

Jackman, Boris 5 06/09/2013 51 34.34 298,600 -11,800


Jackman, Boris 5 06/09/2013 51 34.34 290,400 -8,200


Jackman, Boris 5 12/09/2013 51 34.34 280,400 -10,000


Jackman, Boris 5 12/09/2013 51 34.34 275,900 -4,500


Jackman, Boris 5 12/09/2013 51 34.34 275,400 -500

Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 51 34.34 8,500 8,500Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 10 36.58 0 -8,500Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 51 34.34 6,200 6,200

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9233



Acquired/Disposed

Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 10 36.57 0 -6,200Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 51 34.34 300 300Suncor Energy Inc. Common Shares Langlois, Francois 5 06/09/2013 10 36.56 0 -300Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 51 34.34 600Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 51 34.34 600

Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 10 37.01 -600Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 10 37.01 -600Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 51 34.34 600 600Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 10 37.01 0 -600Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 51 34.34 12,560 12,560Suncor Energy Inc. Common Shares Langlois, Francois 5 12/09/2013 10 37 0 -12,560Suncor Energy Inc. Options - PC

Options/SARSLanglois, Francois 5 06/09/2013 51 34.34 74,700 -8,500


Langlois, Francois 5 06/09/2013 51 34.34 68,500 -6,200


Langlois, Francois 5 06/09/2013 51 34.34 68,200 -300


Langlois, Francois 5 12/09/2013 51 34.34 67,600 -600


Langlois, Francois 5 12/09/2013 51 34.34 55,040 -12,560

Suncor Energy Inc. Common Shares MacSween, MichaelRoderick

5 09/09/2013 51 20.78 600 600


5 09/09/2013 10 36.83 0 -600


5 09/09/2013 51 20.78 3,600 3,600


5 09/09/2013 10 36.82 0 -3,600


5 09/09/2013 51 20.78 1,800 1,800


5 09/09/2013 10 36.81 0 -1,800

Suncor Energy Inc. Options KeyContributor/ExecutiveStock Options

MacSween, MichaelRoderick

5 09/09/2013 51 20.78 42,300 -600



5 09/09/2013 51 20.78 38,700 -3,600



5 09/09/2013 51 20.78 36,900 -1,800

Suncor Energy Inc. Common Shares O'Brien, Michael Wilfrid 4 09/09/2013 51 16.55 2,000Suncor Energy Inc. Common Shares O'Brien, Michael Wilfrid 4 09/09/2013 51 16.55 2,000 2,000Suncor Energy Inc. Common Shares O'Brien, Michael Wilfrid 4 09/09/2013 10 37 -2,000

Suncor Energy Inc. Common Shares O'Brien, Michael Wilfrid 4 09/09/2013 10 37 0 -2,000Suncor Energy Inc. Options Key

Contributor/ExecutiveStock Options

O'Brien, Michael Wilfrid 4 09/09/2013 51 16.55 -2,000


O'Brien, Michael Wilfrid 4 09/09/2013 51 16.55 26,000 -2,000

Suncor Energy Inc. Options - Suncor EnergyOption Plan (Post August1, 2009)

Smith, Kristopher Peter 5 09/09/2013 50 36.08 170,000 20,000

Suncor Energy Inc. Performance Share Units Smith, Kristopher Peter 5 09/09/2013 56 56,995 7,600

SunOpta Inc. Common Shares Detlefsen, Michael Erik 4 09/09/2013 10 9.35 11,000 5,000SunOpta Inc. Common Shares Kendall, Jeremy 4, 5 09/09/2013 10 9.48 466,288 -10,000Super Nova Minerals Corp. Common Shares Wiese, Wolfgang 4, 6, 5 30/08/2013 10 0.01 1,852,383 -772,000

Superior Plus Corp. Convertible Debentures6% with a maturity date ofJune 30, 2019

Billing, Grant Donald 4 22/07/2013 11 1000 $5,000

Superior Plus Corp. Convertible Debentures6% with a maturity date ofJune 30, 2019

Billing, Grant Donald 4 22/07/2013 99 1000 $5,000,000 $5,000,000

Superior Plus Corp. Convertible Debentures6% with a maturity date ofJune 30, 2019.

Findlay, Randall J. 4 22/07/2013 11 1000 $100


Findlay, Randall J. 4 22/07/2013 99 1000 $100,000 $100,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9234



Acquired/Disposed


Findlay, Randall J. 4 22/07/2013 11 1000 $100

Sustainable EnergyTechnologies Ltd.

Common Shares DHCT II Luxembourg S.a.r.l. 3 11/09/2013 54 0.105 6,000,000 4,750,000

Sustainable EnergyTechnologies Ltd.

Warrants DHCT II Luxembourg S.a.r.l. 3 11/09/2013 54 4,779,411 -4,750,000

Synex International Inc. Common Shares Rennison, Elizabeth Lee 4 09/09/2013 10 0.53 10,000 -50,000Synex International Inc. Common Shares Russell, Daniel 3 09/09/2013 10 0.53 8,755,000 43,000TAG Oil Ltd Common Shares TAG Oil Ltd. 1 31/07/2013 38 0 -147,300TAG Oil Ltd Common Shares TAG Oil Ltd. 1 06/09/2013 10 4.3 10,000 10,000

TAG Oil Ltd Common Shares TAG Oil Ltd. 1 06/09/2013 10 4.25 25,000 15,000Tanzanian RoyaltyExploration Corporation

Common Shares HANSEN, HELENELIZABETH

5 10/09/2013 30 3.78 2,720 219

Tanzanian RoyaltyExploration Corporation

Common Shares Van Tongeren, StevenPetrus

5 10/09/2013 30 3.78 116,567 406

Taseko Mines Limited Common Shares Battison, Brian 5 09/09/2013 51 1 106,627 25,000Taseko Mines Limited Common Shares Battison, Brian 5 09/09/2013 10 2.18 81,627 -25,000Taseko Mines Limited Options Battison, Brian 5 09/09/2013 51 1 865,200 -25,000Taseko Mines Limited Options McDonald, Stuart David 5 01/09/2013 00 100,000Taseko Mines Limited Common Shares McManus, John 5 06/09/2013 51 1 121,000 20,000Taseko Mines Limited Common Shares McManus, John 5 06/09/2013 10 2.21 101,000 -20,000Taseko Mines Limited Common Shares McManus, John 5 09/09/2013 51 1 121,000 20,000Taseko Mines Limited Common Shares McManus, John 5 09/09/2013 10 2.2 101,000 -20,000Taseko Mines Limited Common Shares McManus, John 5 10/09/2013 51 1 111,000 10,000Taseko Mines Limited Common Shares McManus, John 5 10/09/2013 10 2.2 101,000 -10,000Taseko Mines Limited Options McManus, John 5 06/09/2013 51 1 1,058,400 -20,000

Taseko Mines Limited Options McManus, John 5 09/09/2013 51 1 1,038,400 -20,000Taseko Mines Limited Options McManus, John 5 10/09/2013 51 1 1,028,400 -10,000Taylor North American EquityOpportunities Fund

Units Taylor North AmericanEquity Opportunities Fund

1 07/08/2013 38 12.21 1,800 1,800

Taylor North American EquityOpportunities Fund


1 07/08/2013 38 12.21 0 -1,800



1 09/08/2013 38 12.21 3,000 3,000



1 09/08/2013 38 12.21 0 -3,000



1 13/08/2013 38 12.14 3,000 3,000



1 13/08/2013 38 12.14 0 -3,000



1 14/08/2013 38 12.13 3,000 3,000



1 14/08/2013 38 12.13 0 -3,000



1 15/08/2013 38 12.12 3,000 3,000



1 15/08/2013 38 12.12 0 -3,000



1 15/08/2013 38 12.08 1,000 1,000



1 15/08/2013 38 12.08 0 -1,000



1 16/08/2013 38 12.11 3,000 3,000



1 16/08/2013 38 12.11 0 -3,000



1 19/08/2013 38 12.1 3,000 3,000



1 19/08/2013 38 12.1 0 -3,000



1 19/08/2013 38 12.05 1,000 1,000



1 19/08/2013 38 12.05 0 -1,000



1 21/08/2013 38 12.12 3,000 3,000



1 21/08/2013 38 12.12 0 -3,000



1 27/08/2013 38 12.31 3,000 3,000



1 27/08/2013 38 12.31 0 -3,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9235



Acquired/Disposed

Tech Leaders Income Fund Units Tech Leaders Income Fund 1 01/08/2013 38 8.66 900 900

Tech Leaders Income Fund Units Tech Leaders Income Fund 1 01/08/2013 38 8.66 0 -900



Tech Leaders Income Fund Units Tech Leaders Income Fund 1 07/08/2013 38 8.72 3,000 3,000

Tech Leaders Income Fund Units Tech Leaders Income Fund 1 07/08/2013 38 8.72 0 -3,000













Temple Hotels Inc. Common Shares Beeston, Larry James 5 06/09/2013 10 5.52 0 -2,000Temple Hotels Inc. Common Shares Beeston, Larry James 5 09/09/2013 51 3.93 10,000 10,000Temple Hotels Inc. Common Shares Beeston, Larry James 5 11/09/2013 10 5.47 5,700 -4,300Temple Hotels Inc. Common Shares Beeston, Larry James 5 11/09/2013 10 5.46 2,000 -3,700Temple Hotels Inc. Common Shares Beeston, Larry James 5 11/09/2013 10 5.5 0 -2,000

Temple Hotels Inc. Options Beeston, Larry James 5 09/09/2013 51 3.93 146,000 -10,000Temple Hotels Inc. Convertible Debentures

7.00% Series FConvertible RedeemableUnsecured Subordinated

Temple Hotels Inc. 1 07/09/2013 38 $23,000 -$1,000

Temple Hotels Inc. Convertible Debentures7.00% Series FConvertible RedeemableUnsecured Subordinated

Temple Hotels Inc. 1 09/09/2013 38 92.15 $46,000 $23,000


Temple Hotels Inc. 1 10/09/2013 38 92.28 $54,000 $8,000


Temple Hotels Inc. 1 11/09/2013 38 $31,000 -$23,000

Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 05/08/2009 50 0.6 80,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 05/08/2009 50 0.6 80,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 05/08/2009 50 0.6 80,000 80,000

Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 01/01/2010 50 0.8 90,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 01/01/2010 50 0.8 90,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 01/01/2010 50 0.8 170,000 90,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 09/04/2010 50 2.1 230,000 60,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 20/10/2010 50 1.6 290,000 60,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 19/08/2011 50 0.66 515,000 225,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 23/04/2012 50 0.88 605,000 90,000Tethys Petroleum Limited Options 2007 LTSIP Elliott, Stephen William 5 12/09/2013 00

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9236



Acquired/Disposed

Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 09/09/2013 10 0.626 33,867,285 -54,500Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 10/09/2013 10 0.6569 33,797,335 -69,950Tethys Petroleum Limited Common Shares Wells, William Paul Wells 3 11/09/2013 90 0 -11,393The Cash Store FinancialServices Inc.

Common Shares Reykdal, Gordon 4, 6, 5 26/06/2003 00

The Cash Store FinancialServices Inc.

Common Shares Reykdal, Gordon 4, 6, 5 09/09/2013 10 2.117 9,300 9,300


Common Shares Reykdal, Gordon 4, 6, 5 10/09/2013 10 2.12 9,500 200


Common Shares Reykdal, Gordon 4, 6, 5 12/09/2013 10 2.05 14,500 5,000

The Descartes SystemsGroup Inc.

Deferred Share Unit Anderson, David Langley 4 09/09/2013 97 11.45 12,394 764


Deferred Share Unit Demirian, Eric 4 09/09/2013 97 11.45 12,394 764


Deferred Share Unit Walker, John Joseph 4 09/09/2013 97 11.45 11,174 764


Deferred Share Unit Watt, Stephen 4 09/09/2013 97 11.45 66,892 1,418

The Toronto-Dominion Bank Common Shares CUSIP891160 50 9

Campbell, Norie Clare 5 06/09/2013 51 72.67 11,002 7,536


Campbell, Norie Clare 5 06/09/2013 10 91.09 3,466 -7,536

The Toronto-Dominion Bank Options Campbell, Norie Clare 5 06/09/2013 51 72.67 27,760 -7,536


McKenna, Frank Joseph 5 06/09/2013 51 67.42 8,000 8,000


McKenna, Frank Joseph 5 06/09/2013 10 91.09 0 -8,000

The Toronto-Dominion Bank Options McKenna, Frank Joseph 5 06/09/2013 51 67.42 341,608 -8,000


Sinclair, Helen K 4 10/09/2013 47 91.36 9,669 -110


Sinclair, Helen K 4 10/09/2013 47 91.36 9,559 -110


The Toronto-Dominion Bank 1 01/08/2013 38 86.75 200,000 200,000


The Toronto-Dominion Bank 1 01/08/2013 38 86.75 0 -200,000



































Insider Reporting

September 19, 2013 (2013), 36 OSCB 9237



Acquired/Disposed















































Thomson ReutersCorporation

Common Shares Thomson ReutersCorporation

1 06/08/2013 38 35.57 119,200 119,200



1 07/08/2013 38 35.503 206,300 87,100



1 08/08/2013 38 35.673 328,000 121,700



1 09/08/2013 38 35.598 408,000 80,000



1 09/08/2013 38 288,800 -119,200



1 12/08/2013 38 36.001 406,600 117,800



1 12/08/2013 38 319,500 -87,100



1 13/08/2013 38 36.306 449,500 130,000



1 13/08/2013 38 327,800 -121,700



1 14/08/2013 38 36.102 494,500 166,700



1 14/08/2013 38 414,500 -80,000



1 15/08/2013 38 35.883 606,600 192,100



1 15/08/2013 38 488,800 -117,800

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9238



Acquired/Disposed



1 16/08/2013 38 36.072 657,900 169,100



1 16/08/2013 38 527,900 -130,000



1 19/08/2013 38 35.872 650,400 122,500



1 19/08/2013 38 483,700 -166,700



1 20/08/2013 38 35.371 667,500 183,800



1 20/08/2013 38 475,400 -192,100



1 21/08/2013 38 35.168 654,300 178,900



1 21/08/2013 38 485,200 -169,100



1 22/08/2013 38 35.388 635,700 150,500



1 22/08/2013 38 513,200 -122,500



1 23/08/2013 38 35.429 696,600 183,400



1 23/08/2013 38 512,800 -183,800



1 26/08/2013 38 35.468 679,100 166,300



1 26/08/2013 38 500,200 -178,900



1 27/08/2013 38 34.819 638,300 138,100



1 27/08/2013 38 487,800 -150,500



1 28/08/2013 38 34.894 623,900 136,100



1 28/08/2013 38 440,500 -183,400



1 29/08/2013 38 35.014 591,600 151,100



1 29/08/2013 38 425,300 -166,300



1 30/08/2013 38 34.784 520,800 95,500



1 30/08/2013 38 382,700 -138,100



1 03/09/2013 38 246,600 -136,100



1 04/09/2013 38 95,500 -151,100



1 05/09/2013 38 0 -95,500

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/08/2013 38 59.935 11,900 11,900Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 01/08/2013 38 0 -11,900Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/08/2013 38 60.273 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 02/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 06/08/2013 38 60.01 12,000 12,000

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 06/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 07/08/2013 38 59.652 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 07/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/08/2013 38 60.001 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 08/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/08/2013 38 60.668 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 09/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/08/2013 38 61.28 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 12/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 13/08/2013 38 61.369 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 13/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 14/08/2013 38 60.939 12,000 12,000

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 14/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/08/2013 38 59.546 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 15/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/08/2013 38 59.429 12,000 12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 16/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/08/2013 38 58.855 12,000 12,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9239



Acquired/Disposed

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 19/08/2013 38 0 -12,000Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 20/08/2013 38 58.708 16,400 16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 20/08/2013 38 0 -16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 21/08/2013 38 58.705 16,400 16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 21/08/2013 38 0 -16,400

Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/08/2013 38 59.041 16,400 16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 22/08/2013 38 0 -16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/08/2013 38 59.017 17,400 17,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 23/08/2013 38 0 -17,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/08/2013 38 59.181 16,400 16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 26/08/2013 38 0 -16,400Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 27/08/2013 38 58.346 53,900 53,900Tim Hortons Inc. Common Shares Tim Hortons Inc. 1 27/08/2013 38 0 -53,900Timbercreek MortgageInvestment Corporation

Class A Shares Timbercreek MortgageInvestment Corporation

1 06/09/2013 38 9.1701 12,800 12,800

Timbercreek MortgageInvestment Corporation


1 06/09/2013 38 9.1701 0 -12,800



1 09/09/2013 38 9.244 14,800 14,800



1 09/09/2013 38 9.244 0 -14,800



1 10/09/2013 38 9.2627 28,300 28,300



1 10/09/2013 38 9.2627 0 -28,300



1 11/09/2013 38 9.2813 10,000 10,000



1 11/09/2013 38 9.2813 0 -10,000



1 12/09/2013 38 9.2311 14,500 14,500



1 12/09/2013 38 9.2311 0 -14,500



1 13/09/2013 38 9.2906 3,300 3,300



1 13/09/2013 38 9.2906 0 -3,300

Timbercreek Senior MortgageInvestment Corporation

Class A Shares Timbercreek SeniorMortgage InvestmentCorporation

1 06/09/2013 38 9.1046 15,200 15,200



1 06/09/2013 38 9.1046 0 -15,200



1 09/09/2013 38 9.1002 21,900 21,900



1 09/09/2013 38 9.1002 0 -21,900



1 10/09/2013 38 9.1209 9,800 9,800



1 10/09/2013 38 9.1209 0 -9,800



1 11/09/2013 38 9.162 9,000 9,000



1 11/09/2013 38 9.162 0 -9,000



1 12/09/2013 38 9.0964 52,600 52,600



1 12/09/2013 38 9.0964 0 -52,600



1 13/09/2013 38 9.0316 18,800 18,800



1 13/09/2013 38 9.0316 0 -18,800

Times Three Wireless Inc. Common Shares Middleton, William 4, 5 04/09/2013 10 0.1 3,774,500 1,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9240



Acquired/Disposed

Tintina Mines Limited Options Tibriwal, Rishi 5 28/04/2012 50 150,000Tintina Mines Limited Options Tibriwal, Rishi 5 28/04/2012 50 150,000 150,000Tintina Mines Limited Options Tibriwal, Rishi 5 01/06/2012 50 150,000TitanStar Properties Inc.(formerly DPVC Inc.)

Options BYERS, WILLIAM 5 04/09/2013 50 0.1 375,000 250,000

TitanStar Properties Inc.(formerly DPVC Inc.)

Options Turner, Thomas Richard 4, 5 04/09/2013 50 0.1 575,000 250,000

TitanStar Properties Inc.(formerly DPVC Inc.)

Options Yuel, Gregory 4 04/09/2013 50 0.1 90,000 50,000

TORC Oil & Gas Ltd. Common Shares Angelini, Filippo 5 09/09/2013 36 1,146,325 35,000TORC Oil & Gas Ltd. Common Shares Angelini, Filippo 5 10/09/2013 37 229,265 -917,060

TORC Oil & Gas Ltd. Common Shares Angelini, Filippo 5 09/09/2013 37 15,677 -62,710TORC Oil & Gas Ltd. Options Angelini, Filippo 5 10/09/2013 37 92,243 -368,973TORC Oil & Gas Ltd. Stock Incentives Angelini, Filippo 5 10/09/2013 37 6,476 -25,906TORC Oil & Gas Ltd. Subscription Rights

Subscription Receiptsissued August 6, 2013.

Angelini, Filippo 5 09/09/2013 36 0 -35,000

TORC Oil & Gas Ltd. Warrants Angelini, Filippo 5 10/09/2013 37 208,800 -835,200TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 09/09/2013 36 325000 935,131 325,000TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 09/09/2013 36 300000 300,000TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 09/09/2013 37 187,026 -748,105TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 19/11/2012 00TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 09/09/2013 36 300000 300,000 300,000TORC Oil & Gas Ltd. Common Shares Brussa, John Albert 4 09/09/2013 37 60,000 -240,000TORC Oil & Gas Ltd. Options Brussa, John Albert 4 09/09/2013 37 26,779 -107,114

TORC Oil & Gas Ltd. Stock Incentives Brussa, John Albert 4 09/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Brussa, John Albert 4 09/09/2013 36 0 -325,000

TORC Oil & Gas Ltd. Subscription RightsSubscription Receiptsissued August 6, 2013.

Brussa, John Albert 4 09/09/2013 36 0 -300,000

TORC Oil & Gas Ltd. Warrants Brussa, John Albert 4 09/09/2013 37 73,950 -295,800TORC Oil & Gas Ltd. Common Shares Canada Pension Plan

Investment Board3 10/09/2013 37 240,440 -961,760

TORC Oil & Gas Ltd. Common Shares Canada Pension PlanInvestment Board

3 06/08/2013 00


3 09/09/2013 36 108,300,000 108,300,000


3 10/09/2013 37 21,660,000 -86,640,000


Canada Pension PlanInvestment Board

3 06/08/2013 00



3 06/08/2013 00 108,300,000



3 06/08/2013 16 1.57 108,300,000



3 06/08/2013 16 1.57 108,300,000



3 09/09/2013 36 0 -108,300,000

TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 10/09/2013 37 8,700 -34,800TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 10/09/2013 37 8,700 -34,800TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 10/09/2013 37 8,700 -34,800

TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 10/09/2013 37 9,866 -39,463TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 09/09/2013 36 742,113 159,300TORC Oil & Gas Ltd. Common Shares Chan, Raymond Tatsun 4 10/09/2013 37 148,423 -593,690TORC Oil & Gas Ltd. Options Chan, Raymond Tatsun 4 10/09/2013 37 26,779 -107,114TORC Oil & Gas Ltd. Stock Incentives Chan, Raymond Tatsun 4 10/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Chan, Raymond Tatsun 4 09/09/2013 36 0 -159,300

TORC Oil & Gas Ltd. Warrants Chan, Raymond Tatsun 4 10/09/2013 37 73,950 -295,800TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 10/09/2013 37 19,070 -76,282TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 09/09/2013 36 1,000,000 1,000,000TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 10/09/2013 37 200,000 -800,000TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 10/09/2013 37 209,096 -836,383TORC Oil & Gas Ltd. Common Shares Chernoff, M. Bruce 4 10/09/2013 37 43,500 -174,000

TORC Oil & Gas Ltd. Options Chernoff, M. Bruce 4 10/09/2013 37 26,779 -107,114

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9241



Acquired/Disposed

TORC Oil & Gas Ltd. Stock Incentives Chernoff, M. Bruce 4 10/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Chernoff, M. Bruce 4 09/09/2013 36 0 -1,000,000

TORC Oil & Gas Ltd. Warrants Chernoff, M. Bruce 4 10/09/2013 37 -295,800TORC Oil & Gas Ltd. Warrants Chernoff, M. Bruce 4 10/09/2013 37 -295,800TORC Oil & Gas Ltd. Warrants Chernoff, M. Bruce 4 10/09/2013 37 73,950 -295,800

TORC Oil & Gas Ltd. Common Shares Herman, Brett 5 09/09/2013 36 3,818,894 318,500TORC Oil & Gas Ltd. Common Shares Herman, Brett 5 10/09/2013 37 763,779 -3,055,115TORC Oil & Gas Ltd. Options Herman, Brett 5 10/09/2013 37 -649,600TORC Oil & Gas Ltd. Options Herman, Brett 5 10/09/2013 37 162,400 -649,600TORC Oil & Gas Ltd. Stock Incentives Herman, Brett 5 10/09/2013 37 -45,608TORC Oil & Gas Ltd. Stock Incentives Herman, Brett 5 10/09/2013 37 11,402 -45,608TORC Oil & Gas Ltd. Subscription Rights


Herman, Brett 5 09/09/2013 36 0 -318,500

TORC Oil & Gas Ltd. Warrants Herman, Brett 5 10/09/2013 37 -2,296,800TORC Oil & Gas Ltd. Warrants Herman, Brett 5 10/09/2013 37 574,200 -2,296,800TORC Oil & Gas Ltd. Common Shares Johnson, David Daniel 4 10/09/2013 37 121,156 -484,625TORC Oil & Gas Ltd. Common Shares Johnson, David Daniel 4 09/09/2013 36 185,052 159,300TORC Oil & Gas Ltd. Common Shares Johnson, David Daniel 4 10/09/2013 37 37,010 -148,042

TORC Oil & Gas Ltd. Options Johnson, David Daniel 4 10/09/2013 37 26,779 -107,114TORC Oil & Gas Ltd. Stock Incentives Johnson, David Daniel 4 10/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Johnson, David Daniel 4 09/09/2013 36 0 -159,300

TORC Oil & Gas Ltd. Warrants Johnson, David Daniel 4 10/09/2013 37 -285,360TORC Oil & Gas Ltd. Warrants Johnson, David Daniel 4 10/09/2013 37 71,340 -285,360TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 10/09/2013 37 2,567 -10,266TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 10/09/2013 37 798 -3,194TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 09/09/2013 36 272,534 16,000TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 10/09/2013 37 54,507 -218,027TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 10/09/2013 37 19,083 -76,330TORC Oil & Gas Ltd. Common Shares Manchester, Shane 5 10/09/2013 37 798 -3,194TORC Oil & Gas Ltd. Options Manchester, Shane 5 10/09/2013 37 80,388 -321,552

TORC Oil & Gas Ltd. Stock Incentives Manchester, Shane 5 10/09/2013 37 11,484 -45,936TORC Oil & Gas Ltd. Subscription Rights


Manchester, Shane 5 09/09/2013 36 0 -16,000

TORC Oil & Gas Ltd. Warrants Manchester, Shane 5 10/09/2013 37 39,962 -159,849TORC Oil & Gas Ltd. Common Shares Pasieka, James Murray 5 10/09/2013 37 107,200 -428,800TORC Oil & Gas Ltd. Options Pasieka, James Murray 5 10/09/2013 37 26,779 -107,114TORC Oil & Gas Ltd. Stock Incentives Pasieka, James Murray 5 10/09/2013 37 -10,579TORC Oil & Gas Ltd. Stock Incentives Pasieka, James Murray 5 10/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Warrants Pasieka, James Murray 5 10/09/2013 37 73,950 -295,800TORC Oil & Gas Ltd. Common Shares Shwed, Dale Orest 4 09/09/2013 36 222,752 127,400TORC Oil & Gas Ltd. Common Shares Shwed, Dale Orest 4 09/09/2013 37 44,550 -178,202TORC Oil & Gas Ltd. Common Shares Shwed, Dale Orest 4 09/09/2013 37 82,650 -330,600TORC Oil & Gas Ltd. Common Shares Shwed, Dale Orest 4 09/09/2013 37 1,740 -6,960

TORC Oil & Gas Ltd. Options Shwed, Dale Orest 4 09/09/2013 37 26,779 -107,114TORC Oil & Gas Ltd. Stock Incentives Shwed, Dale Orest 4 09/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Shwed, Dale Orest 4 09/09/2013 36 0 -127,400

TORC Oil & Gas Ltd. Warrants Shwed, Dale Orest 4 09/09/2013 37 73,950 -295,800TORC Oil & Gas Ltd. Common Shares Strachan, Eric 5 09/09/2013 36 2,693,700 63,700TORC Oil & Gas Ltd. Common Shares Strachan, Eric 5 10/09/2013 37 538,740 -2,154,960TORC Oil & Gas Ltd. Options Strachan, Eric 5 10/09/2013 37 107,184 -428,736TORC Oil & Gas Ltd. Stock Incentives Strachan, Eric 5 10/09/2013 37 7,526 -30,102TORC Oil & Gas Ltd. Subscription Rights


Strachan, Eric 5 09/09/2013 36 0 -63,700

TORC Oil & Gas Ltd. Warrants Strachan, Eric 5 10/09/2013 37 443,526 -1,774,104TORC Oil & Gas Ltd. Common Shares Swartout, Hank B. 4 09/09/2013 36 3,892,957 159,300TORC Oil & Gas Ltd. Common Shares Swartout, Hank B. 4 09/09/2013 37 -3,114,366

TORC Oil & Gas Ltd. Common Shares Swartout, Hank B. 4 10/09/2013 37 778,591 -3,114,366TORC Oil & Gas Ltd. Common Shares Swartout, Hank B. 4 10/09/2013 37 203,664 -814,658TORC Oil & Gas Ltd. Options Swartout, Hank B. 4 10/09/2013 37 26,779 -107,114TORC Oil & Gas Ltd. Stock Incentives Swartout, Hank B. 4 10/09/2013 37 2,645 -10,579TORC Oil & Gas Ltd. Subscription Rights


Swartout, Hank B. 4 09/09/2013 36 0 -159,300

TORC Oil & Gas Ltd. Common Shares Wallis, Jeremy 5 09/09/2013 36 1,076,250 159,300TORC Oil & Gas Ltd. Common Shares Wallis, Jeremy 5 10/09/2013 37 215,250 -861,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9242



Acquired/Disposed

TORC Oil & Gas Ltd. Common Shares Wallis, Jeremy 5 10/09/2013 37 379,407 -1,517,628TORC Oil & Gas Ltd. Options Wallis, Jeremy 5 10/09/2013 37 107,184 -428,736TORC Oil & Gas Ltd. Stock Incentives Wallis, Jeremy 5 10/09/2013 37 7,526 -30,102TORC Oil & Gas Ltd. Subscription Rights


Wallis, Jeremy 5 09/09/2013 36 0 -159,300

TORC Oil & Gas Ltd. Warrants Wallis, Jeremy 5 10/09/2013 37 447,876 -1,791,504

TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 09/09/2013 36 637,747 9,500TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 10/09/2013 37 127,549 -510,198TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 10/09/2013 37 15,364 -61,457TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 09/09/2013 36 45,650 6,500TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 10/09/2013 37 9,130 -36,520TORC Oil & Gas Ltd. Common Shares Wihak, Michael 5 10/09/2013 37 241,425 -965,700TORC Oil & Gas Ltd. Options Wihak, Michael 5 10/09/2013 37 107,184 -428,736TORC Oil & Gas Ltd. Stock Incentives Wihak, Michael 5 10/09/2013 37 7,526 -30,102TORC Oil & Gas Ltd. Subscription Rights


Wihak, Michael 5 09/09/2013 36 0 -9,500


Wihak, Michael 5 09/09/2013 36 0 -6,500

TORC Oil & Gas Ltd. Warrants Wihak, Michael 5 10/09/2013 37 321,900 -1,287,600TORC Oil & Gas Ltd. Common Shares Zabinsky, Jason 5 09/09/2013 36 2,820,014 165,500

TORC Oil & Gas Ltd. Common Shares Zabinsky, Jason 5 10/09/2013 37 564,003 -2,256,011TORC Oil & Gas Ltd. Options Zabinsky, Jason 5 10/09/2013 37 107,184 -428,736TORC Oil & Gas Ltd. Stock Incentives Zabinsky, Jason 5 10/09/2013 37 7,526 -30,102TORC Oil & Gas Ltd. Subscription Rights


Zabinsky, Jason 5 09/09/2013 36 0 -165,500

TORC Oil & Gas Ltd. Warrants Zabinsky, Jason 5 10/09/2013 37 447,876 -1,791,504Toromont Industries Ltd. Common Shares Cuddy, Mike 7 10/09/2013 51 14.49 126,694 10,000Toromont Industries Ltd. Options Cuddy, Mike 7 10/09/2013 51 115,000 -10,000Transition Metals Corp. Common Shares Collins, Gregory 4, 5 06/09/2013 10 0.225 425,500 2,000Treasury Metals Inc. Common Shares Gibson, Dennis George 5 11/09/2013 10 0.45 91,357 -25,000Tree Island Steel Ltd. Common Shares MacLean, Dale Robert 5 09/09/2013 10 0.54 332,500 5,000Tree Island Steel Ltd. Common Shares MacLean, Dale Robert 5 12/09/2013 10 0.54 347,000 14,500Trez Capital MortgageInvestment Corporation

Class A Shares Greene, Morley 3 27/08/2013 30 9.1088 22,945 145

Trez Capital MortgageInvestment Corporation

Class A Shares Lai, Kenty Hin-Fai 3 27/08/2013 30 9.1088 22,945 145


Class A Shares Manson, Alexander Maxwell 3, 4, 5 27/08/2013 30 9.1088 22,945 145


Class A Shares Nisker, Michael JohnRichard

3, 4, 5 27/08/2013 30 9.1088 22,945 145


Class A Shares Perkins, Robert Derek 3 27/08/2013 30 9.1088 22,945 145

Trez Capital Senior MortgageInvestment Corporation

Class A Shares Greene, Morley 3 27/08/2013 30 8.9274 31,747 147


Class A Shares Lai, Kenty Hin-Fai 3 27/08/2013 30 8.9274 31,747 147


Class A Shares Manson, Alexander Maxwell 3, 4, 5 27/08/2013 30 8.9274 31,747 147


Class A Shares Nisker, Michael JohnRichard

3, 4, 5 27/08/2013 30 8.9274 31,747 147


Class A Shares Perkins, Robert Derek 3 27/08/2013 30 8.9274 31,747 147

Tri Origin Exploration Ltd. Common Shares thompson, edward george 4 06/09/2013 10 887,300 100,000Tribute Resources Inc. Options Budd, Peter Brian 4, 5 21/08/2013 50 0.12 2,050,000 400,000Tribute Resources Inc. Options Budd, Peter Brian 4, 5 21/08/2013 50 0.12 400,000Tribute Resources Inc. Options Budd, Peter Brian 4, 5 21/08/2013 50 0.12 400,000Tribute Resources Inc. Options Crich, James Jeffery 4 21/08/2013 50 0.12 800,000 400,000Tribute Resources Inc. Options Lewis, Jennifer Allison 5 21/08/2013 50 0.12 800,000 400,000Tribute Resources Inc. Options Lowrie, Jane Elizabeth 3, 4, 5 21/08/2013 50 0.12 1,750,000 400,000Tribute Resources Inc. Options Ryley, Thomas Lovett 3 21/08/2013 50 0.12 800,000 400,000

Tribute Resources Inc. Options Schoenmakers, JackTheodorus

3 21/08/2013 50 0.12 1,950,000 400,000

Tribute Resources Inc. Options Smith, Larry M. 4 21/08/2013 50 0.12 800,000 400,000Trican Well Service Ltd. Common Shares Browne, David James 5 13/07/2012 10 10.99 4Trican Well Service Ltd. Common Shares Browne, David James 5 13/07/2012 30 10.99 4

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9243



Acquired/Disposed

Trican Well Service Ltd. Common Shares Browne, David James 5 13/07/2012 30 10.99 4Trican Well Service Ltd. Common Shares Browne, David James 5 13/07/2012 30 10.99 308 4Trican Well Service Ltd. Common Shares Browne, David James 5 14/01/2013 10 13.26 3Trican Well Service Ltd. Common Shares Browne, David James 5 14/01/2013 30 13.26 311 3Trican Well Service Ltd. Common Shares Browne, David James 5 12/07/2013 10 14.32 3

Trican Well Service Ltd. Common Shares Browne, David James 5 12/07/2013 30 14.32 314 3Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 30/08/2013 38 5.9 3,000 3,000Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 30/08/2013 38 5.87 4,700 1,700Tricon Capital Group Inc. Common Shares Tricon Capital Group Inc. 1 30/08/2013 38 5.93 5,000 300Tricon Capital Group Inc. Options Whelan, Margaret 5 03/09/2013 00Tricon Capital Group Inc. Options Whelan, Margaret 5 09/09/2013 50 6.0679 250,000 250,000Trimac Transportation Ltd. Common Shares Class A TRIMAC HOLDINGS LTD. 3 31/01/2013 36 7,108,741

Trimac Transportation Ltd. Common Shares Class A TRIMAC HOLDINGS LTD. 3 31/01/2013 36 10,249,410 7,108,741

Trimel PharmaceuticalsCorporation (formerly J5Acquisition Corp.)

Common Shares First Generation Capital Inc. 3 13/06/2013 10 0.72 1,100,000


Common Shares First Generation Capital Inc. 3 13/06/2013 10 0.72 1,100,000


Common Shares First Generation Capital Inc. 3 13/06/2013 10 0.72 22,852,500 1,100,000


Common Shares Ihnatowycz, Ian Orest 4, 6 09/09/2013 00 22,852,500

Triumph Ventures IICorporation

Options Wanner, Peter David 4 22/11/2011 00 83,481

Trueclaim Exploration Inc. Common Shares Silverpoint Equity Ltd. 3 04/09/2013 10 0.05 14,789,000 140,000Tuckamore CapitalManagement Inc.

Common Shares Bacon, David Eric 4 12/08/2013 00

Tuckamore CapitalManagement Inc.










Tucows Inc. Common Shares Fiume, Eugene Lucas 4 09/09/2013 51 0.48 30,000 20,000

Tucows Inc. Options Fiume, Eugene Lucas 4 09/09/2013 51 0.48 100,000 -20,000Tucows Inc. Common Shares Ito, Joichi 4 15/12/2008 00Tucows Inc. Common Shares Ito, Joichi 4 11/09/2013 51 0.31 25,000 25,000Tucows Inc. Options Ito, Joichi 4 11/09/2013 51 0.31 80,000 -25,000Tucows Inc. Common Shares Schwartz, Jeffrey 4 09/09/2013 51 0.48 43,000 18,000Tucows Inc. Common Shares Schwartz, Jeffrey 4 09/09/2013 51 0.48 62,500 19,500Tucows Inc. Options Schwartz, Jeffrey 4 09/09/2013 51 0.48 219,500 -18,000Tucows Inc. Options Schwartz, Jeffrey 4 09/09/2013 51 0.48 200,000 -19,500U3O8 Corp. Options Barron, Keith Michael 4 10/09/2013 50 0.12 800,000 400,000U3O8 Corp. Options Bastias, Gabriel Enrique 5 10/09/2013 50 0.12 500,000 50,000U3O8 Corp. Options Bastias, Hugo 5 10/09/2013 50 0.12 550,000 50,000U3O8 Corp. Options Chan-Palmateer, Nancy 5 06/06/2013 50 0.14 100,000

U3O8 Corp. Options Chan-Palmateer, Nancy 5 06/06/2013 50 0.16 510,000 100,000U3O8 Corp. Options Chan-Palmateer, Nancy 5 10/09/2013 50 0.12 500,000 50,000U3O8 Corp. Options Coates, Bryan A. 4 10/09/2013 50 0.12 600,000 200,000U3O8 Corp. Options Constable, David Wayne 4 10/09/2013 50 0.12 600,000 200,000U3O8 Corp. Options Inwentash, Sheldon 4 10/09/2013 50 0.12 800,000 400,000U3O8 Corp. Options Marcet, Pablo 4 10/09/2013 50 0.12 600,000 300,000U3O8 Corp. Options Patricio, Richard J 4 10/09/2013 50 0.12 800,000 400,000U3O8 Corp. Options Reis, Elpidio dos 5 10/09/2013 50 0.12 400,000 50,000U3O8 Corp. Options Ross, John Charles 5 10/09/2013 50 0.12 500,000 100,000U3O8 Corp. Options Spencer, Richard Mark 5 06/06/2013 50 0.14 750,000U3O8 Corp. Options Spencer, Richard Mark 5 06/06/2013 50 0.16 1,300,000 750,000U3O8 Corp. Options Taylor, Stewart 4 10/09/2013 50 0.12 600,000 300,000

U3O8 Corp. Options Taylor, Stewart 4 05/05/2010 00U3O8 Corp. Options Taylor, Stewart 4 10/09/2013 50 0.12 300,000Urbana Corporation Non-Voting Shares Class

AUrbana Corporation 1 29/08/2013 38 1.65 94,300 94,300

Urbana Corporation Non-Voting Shares ClassA

Urbana Corporation 1 29/08/2013 38 0 -94,300

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9244



Acquired/Disposed


Urbana Corporation 1 29/08/2013 38 1.63 14,300 14,300

































UrbanimmersiveTechnologies Inc.

Common Shares McDonald, James 4 05/09/2013 10 0.2 508,360 9,000

UrbanimmersiveTechnologies Inc.

Common Shares McDonald, James 4 06/09/2013 10 0.2 519,360 11,000

Valeant PharmaceuticalsInternational, Inc.

Common Shares Provencio, Norma Ann 4 06/09/2013 10 100.25 114,468 -4,000

Veris Gold Corp. Common Shares Chapman, Robert Llee 5 09/09/2013 10 0.5 20,459 4,000Vermilion Energy Inc. Common Shares Hergott, Terrance Gerald 5 06/09/2013 30 53.69 11,838 147Vermilion Energy Inc. Common Shares Hergott, Terrance Gerald 5 06/09/2013 10 57.32 9,038 -2,800Vermilion Energy Inc. Common Shares Macdonald, Larry 4 05/09/2013 10 57 54,738 -7,000Vicwest Inc. Common Shares Manning, Neil Donald 4 05/06/2012 00

Vicwest Inc. Common Shares Manning, Neil Donald 4 10/09/2013 10 13.2 1,500 1,500Vicwest Inc. Common Shares Manning, Neil Donald 4 11/09/2013 10 13.2 3,000 1,500Virginia Mines Inc. Common Shares Lemire, André 4 09/09/2013 51 3.89 131,600 17,500Virginia Mines Inc. Common Shares Lemire, André 4 09/09/2013 51 4.44 149,100 17,500Virginia Mines Inc. Common Shares Lemire, André 4 09/09/2013 10 10.934 146,600 -2,500Virginia Mines Inc. Common Shares Lemire, André 4 10/09/2013 10 10.775 144,600 -2,000Virginia Mines Inc. Options Lemire, André 4 09/09/2013 51 3.89 87,500 -17,500Virginia Mines Inc. Options Lemire, André 4 09/09/2013 51 4.44 70,000 -17,500Virtutone Networks Inc.(formerly Sawhill Capital Ltd.)

Common Shares Allen, Jason 4, 5 10/09/2013 10 0.27 4,369,000 -100,000

Virtutone Networks Inc.(formerly Sawhill Capital Ltd.)

Common Shares Matkaluk, Randal John 7 05/09/2013 10 0.305 1,211,000 -20,000


Common Shares Matkaluk, Randal John 7 06/09/2013 51 0.1 1,371,000 160,000






Options Matkaluk, Randal John 7 06/09/2013 51 0.1 0 -160,000

Visible Gold Mines Inc. Common Shares Champagne, Sylvain 4, 5 06/09/2013 10 0.02 366,000 34,000Visible Gold Mines Inc. Common Shares Champagne, Sylvain 4, 5 09/09/2013 10 0.02 406,000 40,000

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9245



Acquired/Disposed

Visible Gold Mines Inc. Common Shares Champagne, Sylvain 4, 5 10/09/2013 10 0.02 407,000 1,000Visible Gold Mines Inc. Common Shares Champagne, Sylvain 4, 5 11/09/2013 10 0.02 506,000 99,000VoodooVox Inc. (formerlyCall Genie Inc.)

Common Shares Cooney, George 4 07/01/2013 00

VoodooVox Inc. (formerlyCall Genie Inc.)

Common Shares Cooney, George 4 05/09/2013 11 0.25 40,000 40,000


Options Cooney, George 4 04/09/2013 37 60,000 -2,940,000


Common Shares ROSS, STEWARTGRAEME

4 04/09/2013 37 50 -2,450



4 04/09/2013 37 2,061 -101,005



4 04/09/2013 37 1,446 -70,888


Options ROSS, STEWARTGRAEME

4 04/09/2013 37 39,700 -1,945,300

Wallbridge Mining CompanyLimited

Rights DSU Farsangi, Parviz 4 23/11/2009 00


Rights DSU Farsangi, Parviz 4 06/09/2013 56 0.063 4,960 4,960


Rights DSU Galipeau, René Réal 4 14/08/2006 00


Rights DSU Galipeau, René Réal 4 06/09/2013 56 0.063 89,286 89,286


Rights DSU HOLMES, WARREN 4 01/05/2003 00


Rights DSU HOLMES, WARREN 4 06/09/2013 56 0.063 99,206 99,206


Rights DSU Horst, Roland 4 23/11/2009 00


Rights DSU Horst, Roland 4 06/09/2013 56 0.063 59,524 59,524


Rights DSU Sittler, Darryl 4 01/05/2003 00


Rights DSU Sittler, Darryl 4 06/09/2013 56 0.063 69,444 69,444

WesternOne Inc. Common Shares Hurdman, FrederickFairbanks

3 10/09/2013 10 7.552 3,050,479 1,000

WesternOne Inc. Common Shares Hurdman, FrederickFairbanks

3 13/09/2013 10 7.55 2,970,479 -80,000

WestJet Airlines Ltd. Common Shares - Voting Beddoe, Clive 5 12/09/2013 10 23.61 1,477,169 -100,000

WestJet Airlines Ltd. Common Shares - Voting Cummings, Robert 5 12/09/2013 10 23.68 15,910 -2,300

WestJet Airlines Ltd. Common Shares - Voting Rennie, Janice Gaye 4 09/09/2013 10 22.663 4,000 1,000

Westport Innovations Inc. Common Shares Scott, Ian J 5 30/08/2013 10 28.5 25,016 -12,000Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 03/09/2013 38 3.4151 78,700 20,000Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 04/09/2013 38 3.4029 98,000 19,300

Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 05/09/2013 38 3.4149 116,200 18,200Wi-LAN Inc. Common Shares Wi-LAN Inc. 1 05/09/2013 38 3.395 136,200 20,000Williams Creek Gold Limited Common Shares Interinvest Corporation 3 05/09/2013 10 0.13 14,545,279 5,000

Williams Creek Gold Limited Common Shares Interinvest Corporation 3 06/09/2013 10 0.13 14,555,279 10,000




Windfire Capital Corp. Common Shares Massey, Clive 4, 5 05/09/2013 11 0.11 393,750 -481,250Winston Resources Inc.(formerly Gorilla ResourcesCorp.)

Options Wanner, Peter David 4 18/01/2013 00 200,000

Winston Resources Inc.(formerly Gorilla ResourcesCorp.)

Options Wanner, Peter David 4 21/06/2013 51 0.05 0 -200,000

Wood CompositeTechnologies Inc.

Common Shares C. Marrelli Services Ltd. 3 12/09/2013 00


Common Shares C. Marrelli Services Ltd. 3 12/09/2013 11 0.0011 194,684 194,684

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9246



Acquired/Disposed


Common Shares C. Marrelli Services Ltd. 3 12/09/2013 11 0.0012 13,000,000 12,805,316


Common Shares Marrelli, Carmelo 6 12/09/2013 00


Common Shares Marrelli, Carmelo 6 12/09/2013 11 0.0011 194,684 194,684


Common Shares Marrelli, Carmelo 6 12/09/2013 11 0.0012 13,000,000 12,805,316


Common Shares Marrelli, Maria Noel 3 12/09/2013 11 0.0011 12,805,316 -194,684


Common Shares Marrelli, Maria Noel 3 12/09/2013 11 0.0012 0 -12,805,316

Worldwide PromotionalManagement Inc.

Options Fred Antonio Tejada 4 21/09/2011 00


Options Fred Antonio Tejada 4 21/09/2011 00


Options Fred Antonio Tejada 4 21/09/2011 00 38,462

WPT Industrial Real EstateInvestment Trust

Trust Units WPT Industrial Real EstateInvestment Trust

1 16/08/2013 00



1 16/08/2013 38 8.4 2,600 2,600



1 19/08/2013 38 8.45 6,800



1 19/08/2013 38 8.45 6,800



1 19/08/2013 38 8.39 4,700 2,100



1 19/08/2013 38 8.45 11,600 6,900



1 20/08/2013 38 8.3 11,700 100



1 21/08/2013 38 8.3 19,000 7,300



1 22/08/2013 38 8.3 28,000 9,000



1 22/08/2013 38 8.45 153,000 125,000



1 23/08/2013 38 8.45 157,500 4,500



1 26/08/2013 38 8.65 166,500 9,000



1 27/08/2013 38 8.45 172,800 6,300



1 27/08/2013 38 8.3 175,500 2,700



1 28/08/2013 38 8.1 178,500 3,000



1 28/08/2013 38 8.2 183,500 5,000



1 28/08/2013 38 8.25 184,500 1,000



1 29/08/2013 38 8.07 186,400 1,900



1 29/08/2013 38 8.1 187,100 700



1 30/08/2013 38 8.25 188,300 1,200



1 30/08/2013 38 8.27 189,300 1,000



1 30/08/2013 38 13,800 -175,500

Ximen Mining Corp. Common Shares Anderson, Christopher Ross 4 06/09/2013 10 0.21 539,000 500

Xmet Inc. Common Shares Stewart, Alexander 4, 5 03/09/2013 10 0.01 3,242,000 152,000Xmet Inc. Common Shares Stewart, Alexander 4, 5 04/09/2013 10 0.01 3,263,000 21,000Xmet Inc. Common Shares Stewart, Alexander 4, 5 05/09/2013 10 0.01 3,282,000 19,000Xmet Inc. Common Shares Stewart, Alexander 4, 5 06/09/2013 10 0.01 3,478,000 196,000Xmet Inc. Common Shares Stewart, Alexander 4, 5 09/09/2013 10 0.01 3,490,000 12,000

Xmet Inc. Common Shares Stewart, Alexander 4, 5 12/09/2013 10 0.01 3,666,000 176,000Xtra-Gold Resources Corp. Common Shares Longshore, James 7 11/09/2013 10 0.37 833,844 2,700

Insider Reporting

September 19, 2013 (2013), 36 OSCB 9247



Acquired/Disposed

Xtra-Gold Resources Corp. Common Shares Longshore, James 7 12/09/2013 10 0.37 836,684 2,840

Yangaroo Inc. Subscription Receipts (ona post-consolidation basis)

Atkinson, Howard John 4 16/11/2007 00


Atkinson, Howard John 4 05/09/2013 97 0.25 260,000 260,000


Hunt, Clifford Gordon 4, 5 29/04/2003 00


Hunt, Clifford Gordon 4, 5 05/09/2013 97 0.25 120,000 120,000


Miller, Anthony G. 4 27/09/2010 00


Miller, Anthony G. 4 05/09/2013 97 0.25 320,000 320,000


Quinn, Gerry C. 4 01/11/2012 00


Quinn, Gerry C. 4 05/09/2013 97 0.25 60,000 60,000

Yangaroo Inc. Subscription Receipts (ona post consolidation basis)

Shalinsky, Sander Michael 4 27/06/2012 00

Yangaroo Inc. Subscription Receipts (ona post consolidation basis)

Shalinsky, Sander Michael 4 05/09/2013 97 0.25 60,000 60,000

Yangarra Resources Ltd. Common Shares Glessing, James, Alan 5 12/09/2013 10 0.42 98,400 25,000ZADAR VENTURES LTD. Common Shares Walsh, Jason 8 05/09/2013 11 0.24 308,500 9,500ZADAR VENTURES LTD. Common Shares Walsh, Jason 8 11/09/2013 10 0.25 313,500 5,000ZADAR VENTURES LTD. Common Shares Walsh, Jason 8 11/09/2013 10 0.27 318,500 5,000ZADAR VENTURES LTD. Common Shares Wilson, Peter Grant 4 29/08/2013 10 0.29 450,500 -30,000Zaio Corporation Options Howes, Beverly Ann 5 22/08/2013 50 200,000 200,000Zaio Corporation Options Howes, Beverly Ann 5 05/09/2013 00

Zaio Corporation Rights Restricted ShareUnits

Howes, Beverly Ann 5 05/09/2013 00

Zaio Corporation Rights Restricted ShareUnits

Howes, Beverly Ann 5 05/09/2013 56 100,000 100,000

Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 15/08/2013 30 7.29 10,776 164Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 15/08/2013 30 6.3987 10,812 36Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 30/08/2013 30 7.28 10,976 164Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 15/08/2013 30 7.29 8,589 70Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 15/08/2013 30 6.3987 8,670 81Zargon Oil & Gas Ltd. Common Shares Burden, Leslie Edward 5 30/08/2013 30 7.28 8,740 70Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 15/08/2013 30 7.29 2,637 271Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 15/08/2013 30 6.3987 2,646 9Zargon Oil & Gas Ltd. Common Shares Doetzel, Randolph John 5 30/08/2013 30 7.28 1,918 272Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 15/08/2013 30 7.29 6,720 103Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 15/08/2013 30 6.3987 6,781 61Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 30/08/2013 30 7.28 6,885 104

Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 15/08/2013 30 7.29 15,485 192Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 15/08/2013 30 6.3987 15,574 89Zargon Oil & Gas Ltd. Common Shares Dranchuk, Jason Brent 5 30/08/2013 30 7.28 15,766 192Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 15/08/2013 30 7.29 683,763 246Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 15/08/2013 30 6.3987 683,894 131Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 30/08/2013 30 7.28 684,140 246Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 15/08/2013 30 7.29 574,202 133Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 15/08/2013 30 6.3987 574,273 71Zargon Oil & Gas Ltd. Common Shares Hansen, Craig Henry 4, 5 30/08/2013 30 7.28 574,406 133Zargon Oil & Gas Ltd. Common Shares Hustad, Christopher Michael 5 15/08/2013 30 7.29 10,573 248

Zargon Oil & Gas Ltd. Common Shares Hustad, Christopher Michael 5 15/08/2013 30 6.3987 10,656 83

Zargon Oil & Gas Ltd. Common Shares Hustad, Christopher Michael 5 30/08/2013 30 7.28 10,905 249

Zargon Oil & Gas Ltd. Common Shares Janjua, Pete Hardeep Singh 5 15/08/2013 30 6.3987 8,198 77


Insider Reporting

September 19, 2013 (2013), 36 OSCB 9248



Acquired/Disposed



Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 15/08/2013 30 7.29 50,011 174Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 15/08/2013 30 6.3987 50,103 92Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 30/08/2013 30 7.28 50,277 174Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 15/08/2013 30 7.29 26,935 116Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 15/08/2013 30 6.3987 26,996 61

Zargon Oil & Gas Ltd. Common Shares Kergan, Brian 5 30/08/2013 30 7.28 27,112 116Zargon Oil & Gas Ltd. Common Shares Lee, Kevin Chin Yu 5 15/08/2013 30 7.29 15,403 248Zargon Oil & Gas Ltd. Common Shares Lee, Kevin Chin Yu 5 15/08/2013 30 6.3987 15,543 140Zargon Oil & Gas Ltd. Common Shares Lee, Kevin Chin Yu 5 30/08/2013 30 7.28 15,792 249Zargon Oil & Gas Ltd. Common Shares Moriyama, Robert Todd 5 15/08/2013 30 7.29 7,877 257Zargon Oil & Gas Ltd. Common Shares Moriyama, Robert Todd 5 15/08/2013 30 6.3987 7,946 69Zargon Oil & Gas Ltd. Common Shares Moriyama, Robert Todd 5 30/08/2013 30 7.28 8,204 258Zargon Oil & Gas Ltd. Common Shares Moriyama, Robert Todd 5 15/08/2013 30 6.3987 4,193 39ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 10/09/2013 10 5.9 13,700 9,800ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 10/09/2013 10 5.9 3,900 -9,800ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 12/09/2013 10 5.8 9,800 5,900ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 12/09/2013 10 5.8 3,900 -5,900

ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 13/09/2013 10 5.75 8,200 4,300ZCL Composites Inc. Common Shares Lafferty, Bernard Allan 5 13/09/2013 10 5.75 3,900 -4,300ZCL Composites Inc. Options Lafferty, Bernard Allan 5 10/09/2013 51 3.75 26,200 -9,800ZCL Composites Inc. Options Lafferty, Bernard Allan 5 12/09/2013 51 3.75 20,300 -5,900ZCL Composites Inc. Options Lafferty, Bernard Allan 5 13/09/2013 51 3.75 16,000 -4,300Zenyatta Ventures Ltd. Common Shares Allan, Barry Dale 4 05/09/2013 10 3.7715 1,766,300 -47,700Zenyatta Ventures Ltd. Common Shares Allan, Barry Dale 4 06/09/2013 10 3.7615 1,723,300 -43,000Zenyatta Ventures Ltd. Common Shares Allan, Barry Dale 4 09/09/2013 10 3.7805 1,704,000 -19,300Zincore Metals Inc. Options Terry, David Andrew 5 26/08/2013 37 166,667 -833,333

September 19, 2013 (2013), 36 OSCB 9249

Chapter 8

Notice of Exempt Financings

REPORTS OF TRADES SUBMITTED ON FORMS 45-106F1 AND 45-501F1

TransactionDate

No. ofPurchasers

Issuer/Security Total PurchasePrice ($)

No. ofSecurities

Distributed

08/30/2013 to09/03/2013

2 Affinium Pharmaceuticals, Inc. - Debentures 1,173,864.70 2.00

08/23/2013 2 AMERICAN SOLAR DIRECT HOLDINGS INC. -Units

1,156,540.00 550,000.00

08/13/2013 4 AMERICAN TOWER CORPORATION - Notes 13,937,295.29 0.00

08/01/2013 2 Atalaya Special Opportunities Fund (Cayman) VL.P. - Limited Partnership Interest

48,365,354.40 N/A

08/12/2013 to08/19/2013

126 AVALON OIL & GAS LTD. - Common Shares 14,902,500.00 16,861,900.00

08/27/2013 1 Axela Inc. - Debentures 500,000.00 1.00

08/23/2013 65 B2 Gold Corp. - Notes 272,204,375.00 25,887.24

08/28/2013 11 Barclays Bank PLC - Notes 1,550,000.00 11.00

08/15/2013 to08/20/2013

46 Bergen Resources Inc. - Common Shares 8,453,003.20 16,000,000.00

08/26/2013 1 BLUE VISTA TECHNOLOGIES INC. - CommonShares

0.00 5,000,000.00

08/22/2013 1 Brant Park Phase 2 Inc. - Bonds 115,000.00 115.00

08/21/2013 5 Builddirect.com Technologies Inc. - Units 8,001,000.00 2,286,000.00

08/20/2013 to08/22/2013

31 Capital Markets Technologies, Inc. - CommonShares

1,497,550.00 46,756,666.00

08/20/2013 to08/22/2013

18 Capital Markets Technologies, Inc. - PreferredShares

115,000.00 2,300,000.00

08/27/2013 3 Caribou King Resources Ltd. - Common Shares 150,000.00 3,000,000.00

08/23/2013 6 Clearview Resources Ltd. - Preferred Shares 100.00 100.00

08/28/2013 to08/30/2013

31 Critical Outcome Technologies Inc. - Units 724,975.92 6,041,466.00

08/30/2013 2 Energy Fuels Inc. - Common Shares 600,000.00 2,754,746.00

08/29/2013 21 Fiera Properties CORE Fund LP - LimitedPartnership Units

17,500,000.00 17,166.29

08/05/2013 2 First Reliance Real Estate Investment Trust -Units

5,000.00 555.56

08/23/2013 17 FORESIGHT ENERGY LLC. - Notes 6,941,849.48 0.00

08/20/2013 1 GOLD BULLION DEVELOPMENT CORP. - Units 2,500.00 50,000.00


September 19, 2013 (2013), 36 OSCB 9250

TransactionDate

No. ofPurchasers


No. ofSecurities

Distributed

08/08/2013 32 GOLD CANYON RESOURCES INC. - Warrants 1,954,439.72 8,497,564.00

08/14/2013 12 Harvest Gold Corporation - Units 56,500.00 1,130,000.00

08/23/2013 2 Hortican Inc. - Common Shares 220,000.00 440,000.00

08/16/2013 22 INTEGRA GOLD CORP. - Common Shares 2,962,149.99 2,620,000.00

08/16/2013 4 J.P. Morgan Bank Canada - Notes 7,024,750.00 4.00

08/22/2013 1 League IGW Real Estate Investment Trust -Notes

15,000.00 15,000.00

08/20/2013 14 LUCK STRIKE RESOURCES LTD. - Units 160,000.00 2,000,000.00

08/29/2013 30 Lyfe Kitchen Retail (Canada) Trust - Trust Units 419,472.71 26,701.00

08/12/2013 28 Metallis Resources Inc. - Common Shares 261,700.00 4,695,008.00

08/28/2013 3 Myca Health Inc. - Debentures 1,950,000.00 1,950.00

08/23/2013 to08/29/2013

30 NEUTRISCI INTERNATIONAL INC. - CommonShares

740,000.00 740,000.00

07/31/2013 4 Newstart Financial Inc. - Notes 175,000.00 4.00

08/23/2013 1 NICKEL NORTH EXPLORATION CORP. -Common Shares

500,000.00 2,000,000.00

08/01/2013 9 Nipun Asia Total Return Offshore Fund Ltd. -Common Shares

30,807,240.00 N/A

08/26/2013 8 Nordic Oil and Gas Ltd. - Units 33,040.00 1,652,000.00

08/26/2013 20 NORTHWEST PLAZA COMMERCIAL TRUST -Units

1,424,932.00 1,424,932.00

08/26/2013 20 pan global resources inc. - Common Shares 1,004,200.10 6,694,666.00

08/23/2013 1 PARKSIDE RESOURCES CORPORATION -Units

30,000.00 500,000.00

08/15/2013 34 Patient Home Monitoring Corp. - Units 2,129,499.78 15,774,069.00

08/21/2013 1 Pixelworks, Inc. - Common Shares 1,589,946.75 435,000.00

08/27/2013 10 Pulis Registered Capital I Inc. - Bonds 883,800.00 8,838.00

08/21/2013 54 REDSTAR GOLD CORP. - Common Shares 2,166,085.00 139,080.00

08/13/2013 1 RNA DIAGNOCTICS INC. - Common Shares 25,000.00 19,231.00

08/15/2013 6 ROCKEX MINING CORPORATION - Units 123,750.00 4,500,000.00

08/19/2013 2 ROI CAPITAL - Units 1,107,613.00 1,107,613.00

08/23/2013 2 ROI Capital/Castlepoint Studio Partners Limited -Loan Agreements

521,228.02 521,228.02

08/29/2013 2 ROI Capital/Castlepoint Studio Partners Limited -Loan Agreements

24,307.40 24,307.40


September 19, 2013 (2013), 36 OSCB 9251

TransactionDate

No. ofPurchasers


No. ofSecurities

Distributed

08/26/2013 1 ROI Capital/MMS Enterprise Holdings Inc. - LoanAgreements

2,500,000.00 1.00

08/14/2013 169 ROYAL BANK OF CANADA - N/A 3,870,750.00 37,500.00

08/14/2013 13 SANATNA RECOURCES INC. - Units 803,000.00 10,037,500.00

07/31/2013 to08/07/2013

34 SecureCare Investments Inc. - Bonds 1,364,837.00 N/A

08/21/2013 to08/29/2013

73 SIF Solar Energy Income & Growth Fund - Units 2,021,600.00 20,216.00

09/03/2013 1 solarvest bioenergy inc. - Common Shares 100,000.00 400,000.00

08/07/2013 21 SUSTAINABLE ENERGY TECHNOLOGIESLTD. - Debentures

1,557,500.00 89.00

08/21/2013 1 Sydney Airport - N/A 6,974,531.44 2,058,404.00

08/21/2013 2 T-Mobile USA, Inc. - Notes 10,965,150.00 10,500.00

08/26/2013 2 tw telecom holdings inc. - Notes 2,358,995.45 2.00

08/26/2013 to08/30/2013

10 UBS AG, Jersey Branch - Certificates 8,794,225.69 10.00

08/13/2013 to08/23/2013

45 UBS AG, Jersey Branch - Certificates 16,353,866.60 45.00

08/14/2013 1 UBS AG, London Branch - Notes 52,497.50 500.00

08/13/2013 to08/15/2013

3 UBS AG, Zurich - Certificates 1,258,970.79 3.00

08/22/2013 42 U.S. Silver & Gold Inc. - Units 5,781,798.20 9,636,331.00

08/07/2013 to08/08/2013

2 U.S. Silver & Gold Inc.min - Notes 8,500,000.00 0.00

07/31/2013 50 Vertex Fund - Trust Units 4,314,048.53 N/A

08/30/2013 to09/04/2013

60 Victoria Rocket Limited Partnership - Units 1,518,500.00 15,185.00

08/15/2013 1 Victory Nickel Inc. - Common Shares 20,758.43 789,294.00

08/23/2013 43 WALKER RIVER RESOURCES CORP. - Units 800,000.00 5,000,000.00

08/22/2013 12 WALTON CA HIGHLAND RIDGE INVESTMENTCORPORATION - Common Shares

300,790.00 30,079.00

08/22/2013 29 WALTON FLA RIEDGEWOOD LAKESINVESTMENT CORPORATION - CommonShares

640,040.00 64,004.00

08/22/2013 21 WALTON INCOME 7 INVESTMENTCORPORATION - Common Shares

488,500.00 2,100.00

08/22/2013 28 WALTON VA ALEXANDER'S RUNINVESTMENT CORPORATION - CommonShares

806,040.00 80,604.00


September 19, 2013 (2013), 36 OSCB 9252

TransactionDate

No. ofPurchasers


No. ofSecurities

Distributed

08/31/2013 1 Western Pacific Resources Corp. - CommonShares

24,999.97 287,356.00

08/26/2013 1 WINDSTREAM CORPORATION - Notes 21,763,980.00 0.00

08/27/2013 43 Yonge-Yorkville-Cumberland Fund - Trust Units 3,250,600.00 32,506.00

September 19, 2013 (2013), 36 OSCB 9253

Chapter 11

IPOs, New Issues and Secondary Financings

Issuer Name:BlueBay Global Convertible Bond Class (Canada)Principal Regulator - OntarioType and Date:Preliminary Simplified Prospectus dated September 13,2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:Series A, Advisor Series, Advisor T5 Series, Series T5,Series H, Series D, Series F, Series FT5, Series I andSeries O mutual fund sharesUnderwriter(s) or Distributor(s):RBC Direct Investing Inc.Promoter(s):RBC DIRECT INVESTING INC.Project #2112600

_______________________________________________Issuer Name:Canadian Oil Sands LimitedPrincipal Regulator - AlbertaType and Date:Preliminary Base Shelf Prospectus dated September 12,2013NP 11-202 Receipt dated September 12, 2013Offering Price and Description:$2,500,000,000Debt SecuritiesCommon SharesPreferred SharesSubscription ReceiptsWarrantsUnitsUnderwriter(s) or Distributor(s):-Promoter(s):-Project #2112074

_______________________________________________

Issuer Name:CT Real Estate Investment TrustPrincipal Regulator - OntarioType and Date:Preliminary Long Form Prospectus dated September 10,2013NP 11-202 Receipt dated September 10, 2013Offering Price and Description:C$* - * UnitsPrice: $10.00 per UnitUnderwriter(s) or Distributor(s):RBC Dominion Securities Inc.CIBC World Markets Inc.BMO Nesbitt Burns Inc.Scotia Capital Inc.TD Securities Inc.National Bank Financial Inc.Desjardins Securities Inc.HSBC Securities (Canada) Inc.Canaccord Genuity Corp.GMP Securities L.P.Macquarie Capital Markets Canada Ltd.Raymond James Ltd.Promoter(s):Canadian Tire Corporation, LimitedProject #2111182

_______________________________________________


September 19, 2013 (2013), 36 OSCB 9254

Issuer Name:Discovery 2013 Flow-Through Limited PartnershipPrincipal Regulator - AlbertaType and Date:Preliminary Long Form Prospectus dated September 6,2013NP 11-202 Receipt dated September 10, 2013Offering Price and Description:Maximum: $25,000,000 - 1,000,000 UnitsMinimum: $5,000,000 - 200,000 UnitsPRICE: $25.00 PER UNITMINIMUM SUBSCRIPTION: $2,500 (100 Units)Underwriter(s) or Distributor(s):RBC Dominion Securities Inc.CIBC World Markets Inc.Scotia Capital Inc.BMO Nesbitt Burns Inc.National Bank Financial Inc.TD Securities Inc.Manulife Securities IncorporatedCanaccord Genuity Corp.GMP Securities L.P.Macquarie Private Wealth Inc.Middlefield Capital CorporationDundee Securities Ltd.Raymond James Ltd.Promoter(s):Middlefield LimitedProject #2111267

_______________________________________________Issuer Name:Manitoba Telecom Services Inc.Principal Regulator - ManitobaType and Date:Preliminary Base Shelf Prospectus dated September 13,2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:$500,000,000.00Medium Term Notes (unsecured)Underwriter(s) or Distributor(s):-Promoter(s):-Project #2112336

______________________________________________

Issuer Name:The Lonsdale Tactical Balanced PortfolioThe Lonsdale Tactical Growth PortfolioThe Lonsdale Tactical Yield PortfolioPrincipal Regulator - OntarioType and Date:Preliminary Simplified Prospectuses dated September 13,2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:UnitsUnderwriter(s) or Distributor(s):Newport Private Wealth Inc.Promoter(s):Newport Private Wealth Inc.Project #2112282

_______________________________________________Issuer Name:Verisante Technology, Inc.Principal Regulator - British ColumbiaType and Date:Preliminary Short Form Prospectus dated September 12,2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:Up to $10,000,000.00:Common SharesUnits consisting of Common Shares and Warrants toPurchase Common SharesUnderwriter(s) or Distributor(s):-Promoter(s):-Project #2112157

_______________________________________________Issuer Name:AGF Floating Rate Income FundPrincipal Regulator - OntarioType and Date:Amendment #3 dated September 6, 2013 to the SimplifiedProspectus and Annual Information Form dated April 19,2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:Mutual Fund Series, Series F, Series O, Series Q, Series Tand Series V SecuritiesUnderwriter(s) or Distributor(s):AGF Funds Inc.Promoter(s):AGF INVESTMENTS INC.Project #2027007

_______________________________________________


September 19, 2013 (2013), 36 OSCB 9255

Issuer Name:Avalon Rare Metals Inc.Principal Regulator - OntarioType and Date:Final Base Shelf Prospectus dated September 10, 2013NP 11-202 Receipt dated September 11, 2013Offering Price and Description:US$500,000,000.00:Common SharesWarrantsUnitsUnderwriter(s) or Distributor(s):-Promoter(s):-Project #2099381

_______________________________________________Issuer Name:BMO Nesbitt Burns Canadian Stock Selection Fund (ClassA, Class F and Class I Units)BMO Nesbitt Burns U.S. Stock Selection Fund (Class Aand Class F Units)BMO Nesbitt Burns Bond Fund (Class A and Class F Units)BMO Nesbitt Burns Balanced Fund (Class A and Class FUnits)BMO Nesbitt Burns International Equity Fund (Class A andClass F Units)BMO Nesbitt Burns Balanced Portfolio Fund (Class A andClass F Units)BMO Nesbitt Burns Growth Portfolio Fund (Class A andClass F Units)BMO Nesbitt Burns Maximum Growth Portfolio Fund (ClassA and Class F Units)Principal Regulator - OntarioType and Date:Amendment #1 dated August 30, 2013 to the SimplifiedProspectuses and Annual Information Form dated October23, 2012NP 11-202 Receipt dated September 12, 2013Offering Price and Description:Class A, Class F and Class I Units @ Net Asset ValueUnderwriter(s) or Distributor(s):BMO Nesbitt Burns Inc.Promoter(s):BMO Nesbitt Burns Inc.Project #1961548

_______________________________________________

Issuer Name:CIBC Emerging Markets FundPrincipal Regulator - OntarioType and Date:Amendment #1 dated September 5, 2013 to the SimplifiedProspectus and Annual Information Form dated June 26,2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:Class A and O units @ net asset valueUnderwriter(s) or Distributor(s):CIBC Securities Inc.Promoter(s):CANADIAN IMPERIAL BANK OF COMMERCEProject #2056078

_______________________________________________Issuer Name:Frontiers Emerging Markets Equity PoolPrincipal Regulator - OntarioType and Date:Amendment #2 dated September 5, 2013 to the SimplifiedProspectus and Annual Information Form dated December13, 2012NP 11-202 Receipt dated September 16, 2013Offering Price and Description:Class A, C, I and O units @ net asset valueUnderwriter(s) or Distributor(s):-Promoter(s):CIBC Asset Management Inc.Project #1976169

_______________________________________________Issuer Name:GE Capital Canada Funding CompanyPrincipal Regulator - OntarioType and Date:Final Base Shelf Prospectus dated September 10, 2013NP 11-202 Receipt dated September 11, 2013Offering Price and Description:Cdn. $4,000,000,000.00Medium Term Notes (unsecured)Unconditionally guaranteed as to principal, premium (ifany),interest and certain other amounts byGENERAL ELECTRIC CAPITAL CORPORATIONUnderwriter(s) or Distributor(s):RBC Dominion Securities Inc.TD Securities Inc.BMO Nesbitt Burns Inc.CIBC World Markets Inc.Scotia Capital Inc.Promoter(s):-Project #2100609

_______________________________________________


September 19, 2013 (2013), 36 OSCB 9256

Issuer Name:Granite REIT Holdings Limited PartnershipPrincipal Regulator - OntarioType and Date:Final Base Shelf Prospectus dated September 12, 2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:$1,000,000,000.00Debt SecuritiesUnderwriter(s) or Distributor(s):-Promoter(s):-Project #2110008

_______________________________________________Issuer Name:Heritage PlansPrincipal Regulator - OntarioType and Date:Amendment dated September 11, 2013 to the Long FormProspectus dated August 22, 2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:Scholarship Plan Units @ Net Asset ValueUnderwriter(s) or Distributor(s):HERITAGE EDUCATION FUNDS INC.Promoter(s):HERITAGE EDUCATION FUNDS INC.Project #2085126

_______________________________________________Issuer Name:Imperial Emerging Economies PoolPrincipal Regulator - OntarioType and Date:Amendment #2 dated September 5, 2013 to the SimplifiedProspectus and Annual Information Form dated December12, 2012NP 11-202 Receipt dated September 16, 2013Offering Price and Description:Class A units @ net asset valueUnderwriter(s) or Distributor(s):-Promoter(s):-Project #1976156

_______________________________________________

Issuer Name:Jov Canadian Equity ClassPrincipal Regulator - OntarioType and Date:Amendment #1 dated August 1, 2013 to the SimplifiedProspectus and Annual Information Form dated April 30,2013NP 11-202 Receipt dated September 10, 2013Offering Price and Description:-Underwriter(s) or Distributor(s):-Promoter(s):JovFinancial Solutions Inc.Project #2042742

_______________________________________________Issuer Name:Jov Leon Frazer Bond FundJov Leon Frazer Dividend FundJov Leon Frazer Preferred Equity FundJov Hahn Conservative ETF PortfolioJov Hahn Income & Growth ETF PortfolioJov Hahn Growth ETF PortfolioPrincipal Regulator - OntarioType and Date:Amendment No. 1 dated August 1, 2013 (amendment no.1) to the Amended and Restated Simplified Prospectusesand Annual Information Form dated June 27, 2013,amending and restating the Simplified Prospectuses andAnnual Information Form dated May 30, 2013.NP 11-202 Receipt dated September 10, 2013Offering Price and Description:-Underwriter(s) or Distributor(s):-Promoter(s):JovFinancial Solutions Inc.Project #2049418

_______________________________________________Issuer Name:Manulife Dividend Income Private PoolPrincipal Regulator - OntarioType and Date:Amendment #1 dated September 6, 2013 to the SimplifiedProspectus and Annual Information Form dated December14, 2012NP 11-202 Receipt dated September 12, 2013Offering Price and Description:Advisor Series, Series F, Series FT6, Series C, Series CT6,Series L, Series LT6 and Series T6 Securities @ Net AssetValueUnderwriter(s) or Distributor(s):Manulife Asset Management LimitedPromoter(s):Manulife Asset Management LimitedProject #1971066

_______________________________________________


September 19, 2013 (2013), 36 OSCB 9257

Issuer Name:PowerShares 1-5 Year Laddered Investment GradeCorporate Bond Index ETFPowerShares Ultra DLUX Long Term Government BondIndex ETFPowerShares Senior Loan (CAD Hedged) Index ETFPowerShares Fundamental High Yield Corporate Bond(CAD Hedged) Index ETFPowerShares Canadian Preferred Share Index ETFPowerShares Canadian Dividend Index ETFPowerShares FTSE RAFI Canadian Fundamental IndexETFPowerShares FTSE RAFI US Fundamental (CAD Hedged)Index ETFPowerShares S&P/TSX Composite Low Volatility IndexETFPowerShares S&P 500 Low Volatility (CAD Hedged) IndexETFPowerShares S&P/TSX Composite High Beta Index ETFPowershares S&P 500 High Beta (CAD Hedged) IndexETFPowerShares QQQ (CAD Hedged) Index ETFPrincipal Regulator - OntarioType and Date:Amendment #1 dated September 11, 2013 to the LongForm Prospectus dated April 12, 2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:ETF securities @ net asset valueUnderwriter(s) or Distributor(s):-Promoter(s):Invesco Canada Ltd.Project #2015583

_______________________________________________Issuer Name:PowerShares Tactical Bond ETFPrincipal Regulator - OntarioType and Date:Amendment #1 dated September 11, 2013 to the LongForm Prospectus dated April 12, 2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:ETF securities @ net asset valueUnderwriter(s) or Distributor(s):-Promoter(s):Invesco Canada Ltd.Project #2015595

_______________________________________________

Issuer Name:SENTRY GLOBAL BALANCED INCOME FUNDSENTRY GLOBAL GROWTH AND INCOME CLASS*SENTRY GLOBAL GROWTH AND INCOME FUND* a class of shares of Sentry Corporate Class Ltd.(Series A, Series F and Series I securities)Principal Regulator - OntarioType and Date:Amendment #1 dated September 4, 2013 to the SimplifiedProspectuses and Annual Information Form dated June 4,2013NP 11-202 Receipt dated September 12, 2013Offering Price and Description:(Series A, Series F and Series I securities)Underwriter(s) or Distributor(s):Sentry Investments Inc.Promoter(s):Sentry Investments Inc.Project #2049447, 2059299

_______________________________________________Issuer Name:Sprott Enhanced Balanced ClassPrincipal Regulator - OntarioType and Date:Final Simplified Prospectus dated September 10, 2013NP 11-202 Receipt dated September 13, 2013Offering Price and Description:Series A, Series T, Series F, Series FT and Series I SharesUnderwriter(s) or Distributor(s):-Promoter(s):Sprott Asset Management GP Inc.Project #2089191

_______________________________________________Issuer Name:Sprott Enhanced Equity ClassPrincipal Regulator - OntarioType and Date:Amendment #1 dated September 5, 2013 to the SimplifiedProspectus and Annual Information Form dated April 5,2013NP 11-202 Receipt dated September 12, 2013Offering Price and Description:Series A, AI, F, F1, FT, I and TUnderwriter(s) or Distributor(s):-Promoter(s):SPROTT ASSET MANAGEMENT LPProject #2018687

_______________________________________________


September 19, 2013 (2013), 36 OSCB 9258

Issuer Name:TransCanada PipeLines LimitedPrincipal Regulator - AlbertaType and Date:Final Base Shelf Prospectus dated September 16, 2013NP 11-202 Receipt dated September 16, 2013Offering Price and Description:$2,000,000,000.00Medium Term Note Debentures(Unsecured)Underwriter(s) or Distributor(s):BMO Nesbitt Burns Inc.CIBC World Markets Inc.HSBC Securities (Canada) Inc.National Bank Financial Inc.RBC Dominion Securities Inc.Scotia Capital Inc.TD Securities Inc.Promoter(s):-Project #2110830

_______________________________________________Issuer Name:Cordillera Gold Ltd.Principal Jurisdiction - OntarioType and Date:Preliminary Long Form Prospectus dated April 12, 2013Withdrawn on September 16, 2013Offering Price and Description:$2,600,000 to $5,500,000 - * UnitsPrice: $ * per Offered UnitUnderwriter(s) or Distributor(s):Kingsdale Capital Markets Inc.Promoter(s):Rob FiaProject #2045334

_______________________________________________Issuer Name:Vanoil Energy Ltd.Principal Jurisdiction – British ColumbiaType and Date:Preliminary Short Form Prospectus dated May 6, 2013Withdrawn on September 4, 2013Offering Price and Description:-Underwriter(s) or Distributor(s):-Promoter(s):-Project #2056569

_______________________________________________

September 19, 2013 (2013), 36 OSCB 9259

Chapter 12

Registrations

12.1.1 Registrants

Type Company Category of Registration Effective Date

New Registration AYAL Capital Advisors ULCPortfolio Manager, ExemptMarket Dealer andInvestment Fund Manager

September 12, 2013

Change in RegistrationCategory

Incapital Canada ULCFrom: Investment DealerTo: Investment Dealer andInvestment Fund Manager

September 13, 2013

New Registration Edgecrest Capital Corporation Investment Dealer September 16, 2013

Change in RegistrationCategory

Global Alpha Capital ManagementLtd.

From: Portfolio Manager

To: Portfolio Manager andInvestment Fund Manager

September 17, 2013

Registrations

September 19, 2013 (2013), 36 OSCB 9260


September 19, 2013 (2013), 36 OSCB 9261

Chapter 13

SROs, Marketplaces and Clearing Agencies

13.2 Marketplaces

13.2.1 Lynx ATS – Notice of Completion of Staff Review of Lynx ATS Initial Operations Report

LYNX ATS

NOTICE OF COMPLETION OF STAFF REVIEW OF LYNX ATS INITIAL OPERATIONS REPORT

On April 18, 2013, Omega Securities Inc. (OSI) announced its plans regarding the operation of its second Canadian tradingfacility, Lynx ATS. The description of the proposed operations of Lynx ATS (Proposed Amendments) was published forcomment in accordance with OSC Staff Notice 21-706 – Marketplaces’ Initial Operations and Material Systems Changes, andpursuant to an order requiring OSI to comply with the Process for the Review and Approval of the Information Contained in Form21-101F2 and the Exhibits Thereto (ATS Protocol). Two comment letters were received. A summary of and responses to thosecomments prepared by OSI is included at Appendix A to this notice.

The OSC has approved the Proposed Amendments pursuant to section 8 of the ATS Protocol applicable to OSI. OSI will publisha notice indicating the intended launch date of Lynx ATS, which will not be earlier than 90 days form the publication of thisnotice.


September 19, 2013 (2013), 36 OSCB 9262

APPENDIX A

LYNX ATS

SUMMARY OF COMMENTS AND RESPONSES

Issue Commenter and Comment OSI Response

Omega's classic market shareis very low

ITG Canada Corp. – the Omega Classictrading venue (Omega ATS) has very lowmarket share, and even lower contributionto the NBBO.

Omega ATS with its "Free to Take" modelis a niche player offering a service that issought by 3-5% of the market at best,comparing it to overall market share is notrelevant. We have seen in the last fewmonths both Select and CX2 move to ataker/maker model with a rebate.

Lynx/Omega LacksInnovation

ITG Canada CORP – while Omega issuggesting that Lynx will offer up“innovative solutions our industryrequires”, we fail to appreciate howanother slightly altered version of makertaker or taker maker pricing is deemed tobe necessary innovation.

TD Securities - recent new marketplaceshave brought no new innovation in termsof market efficiency and have primarilybeen created to add a new make/take feelevel for the marketplace operator.

Having both Omega and Lynx is intendedto provide for OSI two platforms uponwhich we are able to tailor services to thevaried needs of the market place. OmegaATS was the first market to offer aninverted price model offering the lowestpossible cost to the active retail order.

Omega ATS is the only market to have anOPR protection system that prevents bothlocked markets, and trade through. OmegaATS has been approved as the only ATSwith an odd lot book, and will offer the onlyodd lot book that will allow trading in singleshares. Lynx will be the only ATS with nodata fees, no connectivity fee, nosubscriber fee. All innovative and allbeneficial to our subscribers and theindustry in general.

In the future, Omega Securities Inc intendsto diverge our two marketplaces anddevelop each marketplace with moreoriginal services that will benefit the uniqueusers of the respected markets.

The make/take fee model isinconsistent with Canadianfair market principles

TD Securities – Marketplace operatorshave an incentive to create as manymake/take fee levels as possible to spana range of sub-penny prices and to offerpayment-for -order flow to both active andpassive participants. We see themake/take fee model as beinginconsistent with Canadian fair marketprinciples since it is equivalent to sub-penny pricing and payment-for-order flow

As we have addressed in question twoOmega Securities Inc, has always followedthe path of continuous change andinnovation.

The question of Maker/Taker is a questionof regulation and market structure, andbeyond the scope of of this commentary onthe launch of Lynx ATS.

Maker/Taker is the de facto pricingstructure of the Canadian Equity Markets,with 95% of all trades occurring under thispricing model. The TMX group thatcontrols 75% of all trading in Canadaoperates three Maker/Taker marketsalone.


September 19, 2013 (2013), 36 OSCB 9263


Omega Securities Incunderestimates the costs ofconnecting to a new market

ITG Canada Corp – we believe BrianCrew OSI management is drasticallyunderestimating both the real cost, andthe opportunity cost of setting upconnectivity and exhaustively testing anew marketplace.

OSI acknowledges there will be somecosts associated with developing systemsand networks to connect to Lynx ATS, andit is with this foremost in mind that OSI hasdone everything in its control to make thelaunch of Lynx ATS as low cost aspossible. With no subscription fee , nomarket data fees, no connection fee, andno drop copy fee, Lynx will be the first andonly strictly “pay as you go” marketplace.All connections to Omega ATS can beused for Lynx ATS thus reducinginfrastructure demands on the marketparticipant.

OSI has chosen to keep new functions to alimit as it introduces Lynx ATS, allowingusers to integrate Lynx ATS to theirpresent systems with the lowest cost. It isour hope that without additional feesparticipants will be able to recoup theircosts in a short time.

Maker/Taker creates a lack oftransparency

TD Securities – The make/take modelalso creates a lack of transparency sincethe payments are not included in thedisplayed price and are not uniformlypassed to the end client.

Different pricing models are a componentof a competitive landscape.

All pricing is very transparent and can becalculated easily. Moreover, the variedmarket prices give the trading communitythe tools to select the trading venue thatbest fits its needs.

Omega and Lynx ATS offer a fullyprogrammable free smart order router thatcan be set to achieve the lowest cost foryou and your client.

Market fragmentation isharmful to market quality, andreduces the likelihood ofpassive orders being filled.

TD Securities – Fragmentation is harmfulto market quality as it creates anunnecessary level of intermediation basedon rebate arbitrage and reduces thelikelihood of passive orders to be filled.

Omega Securities Inc is presentlycompeting with rivals that control severalmarketplaces, the TMX group alonecontrols four lit markets and one darkmarket. We have seen in the last fewmonths both CX2 and the TMX groupmove into the inverted price niche.

Competition is fragmentation and with ithas come the tightest spreads, lowesttrading fees and continuous competitiveinnovation. Omega Securities Inc is theonly independent Canadian marketplace,the Lynx ATS market will provide us withthe tools necessary to continue serving oursubscribers.


September 19, 2013 (2013), 36 OSCB 9264


Increased market participantsincrease risk and complexity

TD Securities – Most participants havemultiple connection points tomarketplaces through a variety of vendorsand/ or in-house systems. As newmarketplaces are added, connectionsmust be established to each vendor andin-house system, which rapidly multipliesthe number of connections that must besupported and makes vendor co-ordination, system testing and changedeployment exceptionally complex.

An increased number of market placesmathematically increases the risk of anissue, but it also increases the rewards ofmultiple marketplaces such as, improvedtrade quality, lower costs and greatercompetition. Moreover, the multiplemarketplace environment plays a key rolein reducing systemic risk. As the TMXGroup consolidates many of the keyfunctions of the markets they acquired,they have increased the systemic riskcreated by the purchase of the TMX and itsconsolidation with Alpha, and Select.

Lynx ATS will add to the tradingcommunity another marketplace separatefrom the larger groups, one that has beingan ATS as its only focus.

The increased number ofmarketplaces increases therate of change for gatewayupgrades, matching engineenhancements, order typeprogramming, and generalinfrastructure maintenance.

TD Securities – Increasing the number ofmarketplaces also increases the rate ofchange for gateway upgrades, matchingengine enhancements, additional ordertypes, data centre migrations andinfrastructure maintenance.

Although we agree that the addition of anew marketplace would result in someadditional changes for enhancements, weat OSI also believe in offering features thatwould appeal to different segments of thebroker dealer community. Historically, OSIhas minimized the number of mandatoryupgrades, preferring to introduceenhancements that are optional, targetingusers that would use these features. It has,and continues to be our intention tominimize the amount of work required bythe broker dealer community to receivevalue enhancing features.


September 19, 2013 (2013), 36 OSCB 9265

13.3 Clearing Agencies

13.3.1 Notice of Commission Approval – Material Amendments to CDS Procedures – Amendments to the Buy-inProcess

CDS CLEARING AND DEPOSITORY SERVICES INC.

MATERIAL AMENDMENTS TO CDS PROCEDURES

AMENDMENTS TO THE BUY-IN PROCESS

NOTICE OF COMMISSION APPROVAL

In accordance with the Rule Protocol between the Ontario Securities Commission (Commission) and CDS Clearing andDepository Services Inc. (CDS), the Commission approved on September 10, 2013, amendments filed by CDS to its proceduresrelating to the buy-in process, a settlement option that forms part of the Continuous Net Settlement Service (CNS). Theamendments will ensure that there is a proper sequencing of CNS settlement priorities and that liabilities are properly allocatedor made available for reallocation in a buy-in situation, where necessary. A copy and description of the procedural amendmentswere published for comment on July 11, 2013 at (2013) 36 OSCB 7098. No comments were received.


September 19, 2013 (2013), 36 OSCB 9266

13.3.2 LCH.Clearnet Limited. – Notice of Commission Order – Application for Recognition

LCH.CLEARNET LIMITED

APPLICATION FOR RECOGNITION

NOTICE OF COMMISSION ORDER

On September 10, 2013, the Commission issued an order under section 21.2 of the Securities Act (Ontario) (Act) recognisingLCH.Clearnet Limited (LCH) as a clearing agency (Order), subject to terms and conditions as set out in the Order. A copy of theOrder is published in Chapter 2 of this Bulletin.

The Commission published LCH’s application and draft recognition order for comment on February 14, 2013 at (2013) 36 OSCB1798. A comment letter was received from TMX Group Limited. A copy of the comment letter is posted at www.osc.gov.on.ca.We summarize below the main comments and Staff's responses to them.

In issuing the Order, the following substantive amendments were made to the draft recognition order published for comment:

Amendments to Terms and Conditions:

a new term and condition was included wherein LCH will conduct its businesses and operations in a mannerthat is consistent with the public interest

one term and condition was amended related to regulatory oversight to state that LCH shall maintain its statusas a central counterparty authorised under the European Market Infrastructure Regulation (EMIR) and shallcontinue to be subject to the regulatory oversight under EMIR

a new reporting requirement was included wherein LCH, based on the information available, will promptlynotify the Commission of the identity of any new Ontario clearing member or any other Ontario resident thathas entered into a direct or indirect arrangement with LCH for the provision of clearing services

a reporting requirement was modified to make it clear that LCH will, on a quarterly basis based on theinformation available, provide for each clearing member offering client clearing to Ontario residents, theidentity of the Ontario resident client receiving such services and the value and volume by asset class of theirclient clearing transactions

Attached as Appendix A to this notice is a blackline identifying amendments made to the Order since publication for comment.


September 19, 2013 (2013), 36 OSCB 9267

Summary of Comments and Staff’s Responses

Comment Response

The Commenter raised concerns about thepotential for an unlevel playing field fordomestic and foreign clearing agencies.Specifically, they stated that itis important to ensure that a foreignclearing agency does not have acompetitive advantage over a domesticclearing agency because of differencesin rules and requirements that they mustmeet in order to offer similar services.

The commenter also raised concerns about ourreliance on the United Kingdom (U.K.)regulatory authorities (the Financial ServicesAuthority (FSA) and as of April 1, 2013 theBank of England, LCH’s new primaryregulator), without conducting atransparent comparability analysis of theoversight regimes of Ontario and the U.K. Thecommenter also noted that a comparabilityanalysis is very difficult to achieve at thepresent time due to regulatory uncertaintyrelating to the FSA transferring its oversight tothe Bank of England and EMIR has not beenfinalised.

The Commenter noted that there is no MOUbetween the FSA and the Commission whichthey view as an important precursor to therecognition or exemption of a dually regulatedfinancial market infrastructure.

As noted in OSC Staff Notice 24-702 Regulatory Approach to Recognitionand Exemption from Recognition of Clearing Agencies (Staff Notice 24-702), our application process for recognition or exemption from recognitionfor clearing agencies is similar regardless whether the clearing agency isOntario based or not. We would only recommend that a clearing agencybased outside Ontario be exempted from recognition if it does not posesystemic risk to the Ontario capital markets. Once we determine that aclearing agency should be recognised, we tailor the recognition order tofocus on key areas that pose the biggest risk to the Ontario market and toadopt, as much as we can, current regulatory processes to which the entityis already subject.

As noted in Staff Notice 24-702, in processing an application forrecognition or exemption from a foreign based clearing agency staffconsider whether the clearing agency is subject to an appropriateregulatory and oversight regime. Foreign based clearing agencies arespecifically asked to include in its application a description of the regulatoryregime that it is currently subject to. In addition to reviewing theinformation in the application, staff also interact with staff of the homeregulator to gain an understanding of their oversight. All these inform ourconclusion as to whether a foreign regime is appropriate and comparableto the regime in Ontario.

The Commission, together with the Alberta and British Columbia SecuritiesCommissions, entered into a MOU with the Bank of England concerningregulatory cooperation related to the supervision and oversight of regulatedentities that operate in both the United Kingdom and Canada. The MOUprovides a comprehensive framework for consultation, cooperation andinformation-sharing related to the day-to-day supervision and oversight ofcross-border regulated entities such as LCH and enhances theCommission’s ability to supervise these entities. The MOU was publishedin the OSC bulletin on July 11, 2013 ((2013) 36 OSCB 6918) and is postedat www.osc.gov.on.ca.


September 19, 2013 (2013), 36 OSCB 9268

Appendix “A” to the Notice

Draft Order


R.S.O. 1990, CHAPTER S.5, AS AMENDED(THE ACT)

AND

IN THE MATTER OFLCH.CLEARNET LIMITED

ORDER(Subsection Section 21.2(0.1) of the Act)

WHEREAS LCH.Clearnet Limited (LCH) has filed an application (Application) with the Ontario Securities Commission(Commission) requesting an order pursuant to subsection 21.2(0.1) of the Act recognizing LCH as a clearing agency;

AND WHEREAS the Commission issued an interim order dated March 1, 2011 (Initialerim Order) pursuant to section147 of the Act exempting LCH from the requirement to be recognized as a clearing agency under subsection 21.2(0.1) of theAct;

AND WHEREAS the Commission issued an order dated May 17, 2011 varying and restating the Initialerim Order toclarify that LCH may provide additional clearing services, including LCH Enclear OTC service to Ontario-resident clients (FirstRestated Interim Order);

AND WHEREAS the Commission issued an order dated August 19, 2011 varying and restating the First RestatedInterim Order and issued an order dated August 28, 2012 varying the August 19, 2011 order to extend LCH’s interim exemptionfrom the requirement to be recognized as a clearing agency under subsection 21.2(0.1) of the Act (Subsequent Order) to extendthe expiry of the First Restated Interim Order (Second Restated Interim Order);

AND WHEREAS the Commission issued an order dated August 28, 2012 varying the Second Restated Interim Orderto extend the expiry of the Second Restated Interim Order;

AND WHEREAS the Commission issued an order dated February 12, 2013 varying and restating the SubsequentOrder to extend the expiry of the Subsequent Order and include an additional filing requirement (Restated Subsequent Order):

AND WHEREAS the Commission issued an order dated May 24, 2013 varying the Restated Subsequent Order tofurther extend the expiry of the Restated Subsequent Order;

AND WHEREAS the Restated Subsequent Order will be replaced by this order and therefore will be automaticallyrevoked upon issuance of this order;

AND WHEREAS LCH has represented to the Commission that:

1. LCH is a clearing house incorporated under the laws of England and Wales. LCH operates as a central counterparty(CCP) clearing house and receives most of its revenue from treasury income and thereafter clearing fees charged to itsclearing members (Clearing Members);

2. As of July 31, 2013January 12, 2012, LCH.Clearnet Group Ltd. (LCH Group), the parent holding company of LCH, isowned 57.8% owned by the London Stock Exchange Group (“LSEG”), with the remainder being owned by its users (i.e.clearing members) and other exchanges; 77.5 percent by users (i.e., Clearing Members) and 22.5 percent byexchanges. As at December 31, 2012, there are no shareholders of LCH Group who hold 10% or more of LCH Group’sissued and outstanding shares. On December 14, 2012, the Office of Fair Trading in the United Kingdom (U.K.)announced that the proposed acquisition by the London Stock Exchange Group Plc of a majority stake in LCH wascleared unconditionally;

3. LCH Group, which is incorporated in the U.K., is regulated as a Compagnie financière by the Autorité de ContrôlePrudentiel (France);


September 19, 2013 (2013), 36 OSCB 9269

4. LCH is a Recognised Clearing House (RCH) in the U.K. under the U.K.’s Financial Services and Markets Act 2000(Recognition Requirements for Investment Exchanges and Clearing Houses) (FSMA) and, as such, is approved by theU.K. Financial Services Authority (FSA). LCH as a RCH must comply with the recognition requirements laid down inFSMA to clear a broad range of asset classes including securities, exchange traded derivatives, commodities, energy,freight, interest rate swaps, credit default swaps and euro and sterling denominated bonds and repurchasetransactions, and works closely with market participants and exchanges to identify and develop clearing services fornew asset classes. The exchange-traded futures and options on futures relate to underlyings in short-term interestrates (Euro, Sterling, Swiss Franc); government bonds (U.K. Gilts and Japanese Government Bonds); medium andlong-term swap rates (Euro), equity indices (U.K.-related FTSE indices and FTSE and MSCI pan-European indices);and individual stocks (British, Dutch, French, German, Italian, Spanish and U.S. companies) and energy;

5. LCH was until March 31, 2013 regulated by the Financial Services Authority (FSA). The Bank of England FSA is nowLCH’s primary regulator. Proposed legislation uUnder a new framework established by the Financial Services Act2012 which was introduced into the U.K. Parliament on January 27, 2012 and that will fundamentally reformed thestructure of financial services regulation in the U.K. Under Tthe new framework, which came into force April 1, 2013 willbe implemented in 2013, and transferred the FSA’s regulatory and oversight responsibilities for RCHs of systemicallyimportant financial market infrastructures will be transferred to the Bank of England; (the FSA and the Bank of Englandhereinafter referred to collectively or individually as the “U.K. Authorities”);

6. The regulatory regime for CCPs in the European Union now comes under the European Market InfrastructureRegulation (EMIR). Under EMIR all CCPs providing services in the European Union and European Economic Areamust apply for re-authorisation by September 15, 2013 and must demonstrate compliance with EMIR and relatedregulations before authorisation is granted. EMIR came into force on August 16, 2012; LCH is in the process ofbecoming authorised as a CCP under EMIR;

76. As part of its regulatory oversight of LCH, the U.K. AuthoritiesBank of England will reviews, assesses and enforces theon-going compliance by LCH with the requirements set out in FSMA including financial resources, the financial andoperational requirements for Clearing Members, systems and controls, rule-making, and LCH’s practices andprocedures;

87. LCH is required to provide to the U.K. AuthoritiesBank of England on request, access to all records and to cooperatewith other regulatory authorities, including making arrangements for information-sharing;

98. LCH is also a designated clearing organization (DCO) within the meaning of that term under the United States (U.S.)Commodity Exchange Act. As a DCO, LCH is subject to regulatory supervision by the U.S. Commodity Futures TradingCommission, a U.S. federal regulatory agency. In addition, the Bank of Canada designated LCH’s SwapClear serviceunder the Payment Clearing and Settlement Act (Canada) with effect from April 2, 2013 which brings LCH’s SwapClearservice under the formal oversight of the Bank of Canada;

109. LCH is currently offering the following four services to Ontario-resident Clearing Members: RepoClear, SwapClear,EnClear and LCH Nodal. LCH currently has five Clearing Members who qualify as “Canadian financial institutions”(within the meaning of that term in subsection 1.1(3) of National Instrument 14-101 Definitions and that have a headoffice or principalle place of business in Ontario. LCH is currently offering client clearing services to Ontario residentsthrough non-Ontario resident SwapClear Clearing Members and is in the process of permitting Ontario residentSwapClear Clearing Members to offer client clearing services to Ontario residents and non-Ontario residents; LCH.Currently does not offer client clearing services to its Ontario resident clients;

110. The RepoClear service clears cash bond and repurchase trades on the following securities: Austrian, Belgian, Dutch,German, Irish, Finnish, PortugesePortuguese and U.K. government bonds, German Jumbo Pfandbriefe andSupranationals, Agency and Sovereign. RepoClear accepts the following types of specific bond repurchase trades:classic fixed rate repurchases with first leg settlement on a same day and forward start basis with a term not greaterthan one year;

121. The SwapClear service clears over-the-counter (OTC) interest rate swaps (IRS) and LCH anticipates clearing anexpanded list of swap products and OTC derivatives on exempt commodities (e.g., energy and metals);

132. Transactions cleared through SwapClear and RepoClear are traded by Clearing Members on a bilateral basis, eitherinter-office, or through brokers, or on automated trading systems recognized by LCH;

143. The EnClear service clears OTC forward freight agreements and OTC emission contracts that provide a riskmanagement and delivery solution. Cleared OTC Spot European Union Allowances issued in accordance with theterms of Directive 1003/87/EC (EUA) and Certified Emissions Reductions issued pursuant to Article 12 of the Kyoto


September 19, 2013 (2013), 36 OSCB 9270

Protocol (CER) contracts allow market practitioners to benefit from the security offered by a CCP and the flexibilityprovided by platform independence;

154. The LCH Nodal service clears cash-settled power and natural gas futures for participants of the Nodal Exchange,which is an independent electronic commodities exchange dedicated to offering locational forward trading products andservices to participants in the organized North American power markets;

165. LCH maintains Clearing Member criteria that all applicants must satisfy before their applications are accepted,including fitness criteria, review of corporate constitutive documentation, financial standards, operational standards,appropriate registration qualifications with applicable statutory regulatory authorities, and LCH applies a due diligenceprocess to ensure that all applicants meet the required criteria;

176. There are no material differences in terms of membership standards and financial requirements between Ontario-resident Clearing Members and other Clearing Members;

187. LCH utilizes processes to minimize systemic risk, which processes include operational and financial criteria for allClearing Members, margining and financial protections, the maintenance of a clearing/guarantee fund, soundinformation systems, comprehensive internal controls, ongoing monitoring of Clearing Members, and appropriateoversight by the LCH Board of Directors;

198. LCH does not have any office or maintain other physical installations in Ontario or any other Canadian province orterritory. LCH does not currently have any plans to open such an office or to establish any such physical installations inOntario or elsewhere in Canada; and

2019. LCH permits Ontario- residents who meet the criteria set out in its rules to become registered as Clearing Members,and as a result, is considered by the Commission to be “carrying on business as a clearing agency” in Ontario. LCHcannot carry on business in Ontario as a clearing agency unless it is recognized by the Commission as a clearingagency under subsection 21.2(0.1) of the Act or exempted from such recognition under section 147 of the Act.

AND WHEREAS based on the Application and the representations LCH has made to the Commission, theCommission has determined that LCH satisfies the criteria set out in Schedule “A” to this order and that it is in the public interestto recognize LCH as clearing agency pursuant to subsection 21.2(0.1) of the Act, subject to terms and conditions that are set outin Schedule “B” of this order;

AND WHEREAS LCH has agreed to the respective terms and conditions that are set out in Schedule “B” to this order;

AND WHEREAS the Commission will monitor developments in international and domestic capital markets and LCH’sactivities on an ongoing basis to determine whether it is appropriate that LCH continues to be recognized subject to the termsand conditions in this order;

IT IS ORDERED by the Commission that LCH is recognized as a clearing agency pursuant to subsection 21.2(0.1) ofthe Act;

PROVIDED THAT LCH complies with the terms and conditions attached as hereto as Schedule “B” to this order.

DATED __________, 2013


September 19, 2013 (2013), 36 OSCB 9271

SCHEDULE A

Criteria for Recognition and Exemption from Recognition as a Clearing Agency

PART 1 GOVERNANCE

1.1 The governance structure and governance arrangements of the clearing agency ensures:

(a) effective oversight of the clearing agency;

(b) the clearing agency’s activities are in keeping with its public interest mandate;

(c) fair, meaningful and diverse representation on the governing body (Board) and any committees of the Board,including a reasonable proportion of independent directors;

(d) a proper balance among the interests of the owners and the different entities seeking access (participants) tothe clearing services and facilities (clearing services) of the clearing agency;

(e) the clearing agency has policies and procedures to appropriately identify and manage conflicts of interest;

(f) each director or officer of the clearing agency, and each person or company that owns or controls, directly orindirectly, more than 10 percent of the clearing agency is a fit and proper person; and

(g) there are appropriate qualifications, limitation of liability and indemnity provisions for directors and officers ofthe clearing agency.

PART 2 FEES

2.1 All fees imposed by the clearing agency are equitably allocated. The fees do not have the effect of creatingunreasonable barriers to access.

2.2 The process for setting fees is fair and appropriate, and the fee model is transparent.

PART 3 ACCESS

3.1 The clearing agency has appropriate written standards for access to its services.

3.2 The access standards and the process for obtaining, limiting and denying access are fair and transparent. A clearingagency keeps records of

(a) each grant of access including, for each participant, the reasons for granting such access; and

(b) each denial or limitation of access, including the reasons for denying or limiting access to an applicant.

PART 4 RULES AND RULEMAKING

4.1 The clearing agency’s rules are designed to govern all aspects of the clearing services offered by the clearing agency,and

(a) are not inconsistent with securities legislation;

(b) do not permit unreasonable discrimination among participants; and

(c) do not impose any burden on competition that is not necessary or appropriate.

4.2 The clearing agency’s rules and the process for adopting new rules or amending existing rules should be transparent toparticipants and the general public.

4.3 The clearing agency monitors participant activities to ensure compliance with the rules.

4.4 The rules set out appropriate sanctions in the event of non-compliance by participants.


September 19, 2013 (2013), 36 OSCB 9272

PART 5 DUE PROCESS

5.1 For any decision made by the clearing agency that affects an applicant or a participant, including a decision in relationto access, the clearing agency ensures that:

(a) an applicant or a participant is given an opportunity to be heard or make representations; and

(b) the clearing agency keeps a record of, gives reasons for, and provides for appeals or reviews of, its decisions.

PART 6 RISK MANAGEMENT

6.1 The clearing agency’s clearing services are designed to minimize systemic risk.

6.2 The clearing agency has appropriate risk management policies and procedures and internal controls in place.

6.3 Without limiting the generality of the foregoing, the clearing agency’s clearing or functions are designed to achieve thefollowing objectives:

1. Where the clearing agency acts as a central counterparty, it rigorously controls the risks it assumes.

2. The clearing agency minimizes principal risk by linking securities transfers to funds transfers in a way thatachieves delivery versus payment.

3. Final settlement occurs no later than the end of the settlement day. Intraday or real-time finality is providedwhere necessary to reduce risks.

4. Where the clearing agency extends intraday credit to participants, including a clearing agency that operatesnet settlement systems, it institutes risk controls that, at a minimum, ensure timely settlement in the event thatthe participant with the largest payment obligation is unable to settle.

5. Assets used to settle the ultimate payment obligations arising from derivatives transactions carry little or nocredit or liquidity risk. If central bank money is not used, steps are to be taken to protect participants inclearing services from potential losses and liquidity pressures arising from the failure of the cash settlementagent whose assets are used for that purpose.

6. If the clearing agency establishes links to settle cross-border trades, it designs and operates such links toreduce effectively the risks associated with cross-border settlements.

6.4 The clearing agency engaging in activities not related to clearing services carries on such activities in a manner thatprevents the spillover of risk to the clearing agency that might affect its financial viability or negatively impact any of theparticipants in the clearing service.

PART 7 SYSTEMS AND TECHNOLOGY

7.1 For its clearing services systems, the clearing agency:

(a) develops and maintains,

(i) reasonable business continuity and disaster recovery plans,

(ii) an adequate system of internal control,

(iii) adequate information technology general controls, including controls relating to information systemsoperations, information security, change management, problem management, network support, andsystem software support;

(b) on a reasonably frequent basis, and in any event, at least annually, and in a manner that is consistent withprudent business practice,

(i) makes reasonable current and future capacity estimates,

(ii) conducts capacity stress tests to determine the ability of those systems to process transactions in anaccurate, timely and efficient manner,


September 19, 2013 (2013), 36 OSCB 9273

(iii) tests its business continuity and disaster recovery plans; and

(c) promptly notifies the regulator of any material systems failures.

7.2 The clearing agency annually engages a qualified party to conduct an independent systems review and prepare areport in accordance with established audit standards regarding its compliance with section 7.1(a).

PART 8 FINANCIAL VIABILITY AND REPORTING

8.1 The clearing agency has sufficient financial resources for the proper performance of its functions and to meet itsresponsibilities and allocates sufficient financial and staff resources to carry out its functions as a clearing agency in amanner that is consistent with any regulatory requirements.

PART 9 OPERATIONAL RELIABILITY

9.1 The clearing agency has procedures and processes to ensure the provision of accurate and reliable clearing servicesto participants.

PART 10 PROTECTION OF ASSETS

10.1 The clearing agency has established accounting practices, internal controls, and safekeeping and segregationprocedures to protect the assets that are held by the clearing agency.

PART 11 OUTSOURCING

11.1 Where the clearing agency has outsourced any of its key functions, it has appropriate and formal arrangements andprocesses in place that permit it to meet its obligations and that are in accordance with industry best practices. Theoutsourcing arrangement provides regulatory authorities with access to all data, information, and systems maintainedby the third party service provider required for the purposes of regulatory oversight of the agency.

PART 12 INFORMATION SHARING AND REGULATORY COOPERATION

12.1 For regulatory purposes, the clearing agency cooperates by sharing information or otherwise with the Commission andits staff, self-regulatory organizations, exchanges, quotation and trade reporting systems, alternative trading systems,other clearing agencies, investor protection funds, and other appropriate regulatory bodies.


September 19, 2013 (2013), 36 OSCB 9274

SCHEDULE “B”

TERMS and CONDITIONS

DEFINITIONS

For the purposes of this Schedule:

“Clearing Member” means a clearing member as defined under LCH rules;

“client clearing” means a Clearing Member(s) clearing transactions on behalf of their clients who are not Clearing Members;

“Crisis” means (i) when one or more of LCH’s major Clearing Members default on their obligations to LCH that might place LCHunder financial distress that is handled with significant difficulties (ii) when LCH experiences operational problems which resultsin the delay of the processing of the clearance of trades for more than two hours following the disruptive event, such as an ITsystem or process failure, human error, management failure, fraud, or disruption from external events, such as natural disasters,physical attacks by terrorists, or cyber attacks; (iii) any material problem with the clearance of transactions that could materiallyaffect the safety and soundness of LCH; (iv) when LCH’s assets and those of its Clearing Members and/or their clients held byor on behalf of LCH suffer significant loss due to market risk or due to custody risk following the failure of the third partycommercial custody bank holding such assets; (v) a default of an Ontario Clearing Member; (vi) a default of a Clearing Memberwhere the Clearing Member is clearing on behalf of Ontario residents or (vii) any expectation of LCH that any of the foregoing isreasonably likely to occur;

“criteria for recognition” means the criteria for recognition set out in Schedule “A” to this order;

“FMIs” means financial market infrastructures as defined under the principles of the Bank for International Settlements and theInternational Organization of Securities Commissions;

“Ontario Clearing Member” means Ontario- residents who are Clearing Members of LCH;

“Ontario securities law” has the meaning ascribed to it in subsection 1(1) of the Act;

REGULATION OF LCH

1. LCH shall maintain its status as a RCH with the U.K. AuthoritiesBank of England and as a CCP authorised under EMIRand shall continue to be subject to the regulatory oversight of the U.K. Authorities.Bank of England and under EMIR.

2. LCH shall continue to meet the criteria for recognition as set out in Schedule “A”.

OWNERSHIP OF LCH

3. LCH shall provide to the Commission 90 days prior written notice and a detailed description and impact of anyproposed change to its ownership.

PUBLIC INTEREST

4. LCH shall conduct its businesses and operations in a manner that is consistent with the public interest.

ACCESS

54. LCH shall request the Commission’s prior written approval before offering (i) any new clearing service including clientclearing to Ontario Clearing Members or (ii) any new link to FMIs (FMI Link) to be utilized by Ontario ClearingMembers. Such a request shall be made at least 75 days prior to the offering of the new clearing service or FMI Link toOntario Clearing Members and shall be accompanied by a written notice and detailed description and impact of thenew clearing service or FMI Link to the safety and soundness of LCH and the existing clearing services offered toOntario Clearing Members.

RULES AND RULEMAKING

65. LCH shall provide to the Commission a written notice and detailed description of any new substantive rules orsubstantive changes to current rules relating to LCH’s access criteria, default management and risk managementmodel that are specific to the clearing services utilized by Ontario Clearing Members 45 days prior to the effective dateof the rule or change.


September 19, 2013 (2013), 36 OSCB 9275

76. Notwithstanding paragraph 65, where LCH needs to implement a new substantive rule or a substantive rule changeresulting in an effective date of less than 45 days, LCH shall provide to the Commission as soon as possible prior to theeffective date a written notice and detailed description of the new material rule or material rule change and the reasonsfor the shorter implementation.

RISK CONTROLS

87. LCH shall have clearly defined and transparent procedures for the management of risk which specify the respectiveresponsibilities of LCH and its Clearing Members.

CRISIS MANAGEMENT

98. In the event of a Crisis, LCH shall promptly share with and provide periodic updates to the Commission on the followinginformation:

(a) details of the Crisis;

(b) any actions likely to be taken by LCH including details of the use of LCH’s default protections and defaultmanagement processes that have occurred and which impact the resilience of the LCH clearing services andthe total level of financial resources remaining at LCH for default management purposes with regard tocleared products;

(c) actions likely to be taken by the U.K. AuthoritiesBank of England if known to LCH; and

(d) any other information and documentation requested by the Commission related to the Crisis.

SYSTEMS AND TECHNOLOGY

109. LCH shall promptly notify Commission staff of any material system failures graded as Priority 1 or similarly graded bythe U.K. AuthoritiesBank of England of a clearing service(s) utilized by an Ontario Clearing Member.

COMPLIANCE

110. LCH shall certify in writing to the Commission, in a certificate signed by its general counsel or head of compliance andregulation, within one year of the effective date of this oOrder and every year subsequent to that date, or at other timesrequired by the Commission, that it is in compliance with the terms and conditions in this oOrder and the criteria forrecognition set out in Schedule “A” attached to this oOrder and describe in detail:

(a) the steps taken to require compliance;

(b) the controls in place to verify compliance; and

(c) the names and titles of employees who have oversight of compliance.

121. LCH shall immediately notify staff of the Commission of any event, circumstance, or situation concerning any of LCH’soperations that could materially prevent LCH’s ability to continue to comply with the terms and conditions of the oOrderor the criteria for recognition set out in Schedule “A” attached to the oOrder.

INFORMATION SHARING AND REGULATORY COOPERATION

132. LCH shall provide such information as may be requested from time to time, and otherwise cooperate with, theCommission or its staff with respect to matters subject to the Commission's jurisdiction.

143. Unless otherwise prohibited under applicable law, LCH shall share information and otherwise cooperate with otherrecognized or exempt clearing agencies, recognized or exempt self-regulatory organizations, investor protection funds,marketplaces, and other regulatory bodies as appropriate.

154. LCH shall comply with Appendix "A" to this Schedule setting out the filing and reporting obligations, as amended fromtime to time, regarding the reporting of information to the Commission.


September 19, 2013 (2013), 36 OSCB 9276

SUBMISSION TO JURISDICTION AND AGENT FOR SERVICE

165. With respect to a proceeding brought by the Commission arising out of, related to, concerning or in any other mannerconnected with the Commission’s regulation and oversight of LCH’s activities in Ontario, LCH shall submit to the non-exclusive jurisdiction of (i) the courts and administrative tribunals of Ontario and (ii) an administrative proceeding inOntario.

176. For greater certainty, LCH shall file with the Commission a valid and binding appointment of an agent for service inOntario upon whom the Commission may serve a notice, pleading, subpoena, summons or other process in any action,investigation or administrative, criminal, quasi-criminal, penal or other proceeding arising out of or relating to orconcerning the Commission’s regulation and oversight of LCH’s activities in Ontario.


September 19, 2013 (2013), 36 OSCB 9277

Appendix “A”

Filing and Reporting Obligations

FILING REQUIREMENTS

Bank of EnglandFSA Filings

1. LCH shall provide staff of the Commission, concurrently, the following information that it is required to file with the U.K.AuthoritiesBank of England:

(a) the audited and unaudited financial statements of LCH;

(b) the institution of any legal proceeding against it;

(c) the presentation of a petition for winding up, the appointment of a receiver or the making of any voluntaryarrangement with creditors;

(d) any material changes and proposed material changes to its bylaws, constating documents, rules (other thanthe rules identified in paragraphs 65 and 76 of Schedule “B”), operations manual, participant agreements andother similar instruments or documents of LCH which contain any contractual terms setting out the respectiverights and obligations between LCH and Clearing Members or among Clearing Members;

(e) any reports or other similar documents that provide risk management information; and

(f) any regulatory assessments or self -assessments against international standards or requirements.

Prior Notification

2. LCH shall provide prior notification to staff of the Commission of any of the following:

(a) a material change to its business operations or the information provided in the Application; and

(b) any material change to the clearing services provided to Ontario Clearing Members.

Prompt Notification

3. LCH shall promptly notify staff of the Commission of any of the following:

(a) an event of default by a Clearing Member that does not constitute a Crisis, including details of the use ofLCH’s default protections and default management processes that have occurred and the total level offinancial resources remaining at LCH for a default management purposes with regard to cleared products inthe clearing services offered to Ontario Clearing Members;

(b) any material change or proposed material change in status or the regulatory oversight by the U.K.AuthoritiesBank of England; and

(c) the clearing of new products that are proposed to be offered to Ontario Clearing Members or products that willno longer be available to Ontario Clearing Members; and

(d) in relation to client clearing and based on the information available to LCH, the identity of any new OntarioClearing Member or any other Ontario resident that has entered into a direct or indirect arrangement with LCHfor the provision of clearing services.

Quarterly Reporting

4. LCH shall maintain the following updated information and submit such information to the Commission in a manner andform acceptable to the Commission on at least a quarterly basis within 30 days of the end of the quarter, and at anytime promptly upon the request of staff of the Commission:

(a) a current list of all Ontario Clearing Members;


September 19, 2013 (2013), 36 OSCB 9278

(b) a list of all Ontario Clearing Members against whom disciplinary action has been taken in the last quarter byLCH or the U.K. AuthoritiesBank of England with respect to activities at LCH;

(c) a list of all investigations by LCH relating to Ontario Clearing Members;

(d) a list of all Ontario applicants who have been denied Clearing Member status by LCH;

(e) for each LCH clearing service provided to Ontario Clearing Members, the aggregate nominal volumes duringthe period and the level of open interest as of the end of the period (by currency) in cleared products; the highand low daily nominal volumes and level of open interest during that period (with breakdowns by currencywhere relevant) in cleared products; the level and composition of margin and default fund collateral held withregard to cleared products (with breakdowns by currency where relevant) for each Ontario Clearing Member;

(f) the proportion of the metrics identified in paragraph (e) above for Ontario Clearing Members related to theactivity of all clearing members in each of the LCH clearing services provided to Ontario Clearing Members;

(g) for each LCH clearing service provided to Ontario Clearing Members, a summary of risk management testresults related to the adequacy of required margin and the adequacy of the level of the default fund, includingbut not limited to stress testing and back testing results, the level of payments effected over LCH’s paymentssystem(s) with regard to cleared products (or total payments processed, if not operationally viable to separatepayments);

(h) for each LCH clearing service provided to Ontario Clearing Members, the total level of default protection withregard to cleared products; average daily volumes of margin calls with regard to cleared products;anonymized aggregated average daily notional position of the five and ten largest clearing members incleared product;

(i) for each LCH clearing service provided to Ontario Clearing Members, a description of any material servicesoutages (other than the material outages identified in paragraph 910 of Schedule “B”) with regard to clearedproducts that have occurred since the last quarterly report;

(j) based on the information available to LCH, a list of all Cclearing Mmembers (grouped by country ofincorporation of the ultimate parent) that LCH provides clearing services to who offer client clearing services inOntario; and

(k) based on the information available to LCH, for each Clearing Member offering client clearing to Ontarioresidents, the identity of the Ontario resident client receiving such services and the value and volume by assetclass of their client clearing transactionsfor each Clearing Member offering client clearing to Ontario residents,the value and volume of the client clearing transaction.

September 19, 2013 (2013), 36 OSCB 9279

Index

Afren plcDecision ....................................................................9136

Agueci, Eda MarieNotice from the Office of the Secretary .....................9123

American Heritage Stock Transfer Inc.Notice from the Office of the Secretary .....................9122Order – Rules 3 and 9 of theOSC Rules of Procedure...........................................9152

American Heritage Stock Transfer, Inc.Notice from the Office of the Secretary .....................9122Order – Rules 3 and 9 of theOSC Rules of Procedure...........................................9152

AYAL Capital Advisors ULCNew Registration.......................................................9259

Azimuth Resources LimitedOrder – s. 1(10)(a)(ii) ................................................9140

Beacon Acquisition Partners Inc.Cease Trading Orders ..............................................9169

CanPro Income Fund I, LPNotice from the Office of the Secretary .....................9121Order – s. 127 ...........................................................9150

CDS Procedures – Amendments to the Buy-in ProcessClearing Agencies.....................................................9265

Celtic Tiger Minerals Exploration Inc.Cease Trading Orders ..............................................9169

Chan, AllenNotice from the Office of the Secretary .....................9123Order.........................................................................9155

CSA Consultation Paper 25-401 Potential Regulation ofProxy Advisory Firms

Notice........................................................................9113News Release...........................................................9118

CSA Notice 25-301 – Update on CSA ConsultationPaper 25-401 Potential Regulation of Proxy AdvisoryFirms

Notice........................................................................9113News Release...........................................................9118

Curry, KoltNotice from the Office of the Secretary .....................9122Order – Rules 3 and 9 of theOSC Rules of Procedure...........................................9152

Edgecrest Capital CorporationNew Registration.......................................................9259

Fiorillo, HenryNotice from the Office of the Secretary .................... 9123

Fiorini, Giuseppe (Joseph)Notice from the Office of the Secretary .................... 9123

Gauthier, NormandNotice from the Office of the Secretary .................... 9121Order – s. 127 .......................................................... 9150

Gentree Asset Management Inc.Notice from the Office of the Secretary .................... 9121Order – s. 127 .......................................................... 9150

Global Alpha Capital Management Ltd.Change in Registration Category ............................. 9259

Gornitzki, JacobNotice from the Office of the Secretary .................... 9123

Great Basin Gold Ltd.Cease Trading Orders.............................................. 9169

Henderson, BerylNotice of Hearing – s. 127(1).................................... 9117Notice from the Office of the Secretary .................... 9121

Heritage Education Funds Inc.Notice from the Office of the Secretary .................... 9120Order ........................................................................ 9144

Ho, GeorgeNotice from the Office of the Secretary .................... 9123Order ........................................................................ 9155

Horsley, DavidNotice from the Office of the Secretary .................... 9123Order ........................................................................ 9155

Hung, Alfred C.T.Notice from the Office of the Secretary .................... 9123Order ........................................................................ 9155

Iacono, SantoNotice from the Office of the Secretary .................... 9123

Incapital Canada ULCChange in Registration Category ............................. 9259

Inova Resources LimitedDecision.................................................................... 9130

Invesco Canada Ltd.Decision.................................................................... 9133

Index

September 19, 2013 (2013), 36 OSCB 9280

Ip, AlbertNotice from the Office of the Secretary .....................9123Order.........................................................................9155

LCH.Clearnet LimitedOrder – s. 21.2 ..........................................................9157Clearing Agencies.....................................................9266

Lynx ATS – Notice of Completion of Staff Review ofLynx ATS Initial Operations Report

Marketplaces.............................................................9261

Mateyak, LauraNotice from the Office of the Secretary .....................9122Order – Rules 3 and 9 of theOSC Rules of Procedure...........................................9152

Memoranda of Understanding with the EU and EEAMember State Financial Regulators under the EUAlternative Investment Fund Managers Directive

Notice (Ministerial Approval) .....................................9110

Memoranda of Understanding with the UK FinancialConduct Authority and the Bank of England

Notice (Ministerial Approval) .....................................9112

Northern Lights Resources Corp.Cease Trading Orders ..............................................9169

OSC Staff Notice 52-271 – Office of the ChiefAccountant Financial Reporting Bulletin – September2013

Notice........................................................................9116

Pan American Fertilizer (Canada) Corp.Decision ....................................................................9138

Phillips, David CharlesNotice from the Office of the Secretary .....................9119Order – Rule 3 of theOSC Rules of Procedure...........................................9141

Pollen Services LimitedNotice from the Office of the Secretary .....................9123

Portland Global Income FundDecision ....................................................................9125

Portland Investment Counsel Inc.Decision ....................................................................9125

Quach, HaoNotice from the Office of the Secretary .....................9122Order – s. 127(1).......................................................9154

R.E.A.L. Group Fund III (Canada) LPNotice from the Office of the Secretary .....................9121Order – s. 127 ...........................................................9150

Raponi, JosephineNotice from the Office of the Secretary .................... 9123

RS Technologies Inc.Order – s. 9.1 of MI 61-101 Protection ofMinority Security Holders inSpecial Transactions ................................................ 9145

Serpa, JohnNotice from the Office of the Secretary .................... 9123

Shanxi Donghui Coal Coking & Chemicals Group Co.,Ltd

Decision.................................................................... 9130

Sino-Forest CorporationNotice from the Office of the Secretary .................... 9123Order ........................................................................ 9155

Stephany, KimberleyNotice from the Office of the Secretary .................... 9123

Sterling Shoes Inc.Cease Trading Orders.............................................. 9169

Systematech Solutions Inc.Notice from the Office of the Secretary .................... 9122Order – s. 127(1) ...................................................... 9154

Telfer, IanNotice from the Office of the Secretary .................... 9123

Vuong, AprilNotice from the Office of the Secretary .................... 9122Order – s. 127(1) ...................................................... 9154

Waheed, JowdatNotice from the Office of the Secretary .................... 9119Order ........................................................................ 9143

Walter, BruceNotice from the Office of the Secretary .................... 9119Order ........................................................................ 9143

Wilson, John RussellNotice from the Office of the Secretary .................... 9119Order – Rule 3 of theOSC Rules of Procedure.......................................... 9141

Wing, DennisNotice from the Office of the Secretary .................... 9123

Yeung, SimonNotice from the Office of the Secretary .................... 9123Order ........................................................................ 9155