Chantal Mainville

Counsel Portfolio Services Inc. applied for exemptive relief from sections 2.6(a), 2.6(c), and 6.1(1) of National Instrument 81-102 to permit its mutual funds to engage in short selling up to 20% of their net asset value.

The Ontario Securities Commission granted the requested relief, subject to several conditions including limits on the aggregate market value of securities sold short, requirements for cash cover, and specific disclosure obligations in the funds' prospectuses and annual information forms.

The applicant, Mackenzie Financial Corporation, applied on behalf of the Mackenzie Cundhill Recovery Class for exemptive relief under Part 6 of National Instrument 81-101.

The application sought an exemption from General Instruction 8 to Form 81-101F3, which prohibits including information not specifically prescribed by the Form, to permit the inclusion of fund codes in the Fund Facts document.

The Ontario Securities Commission granted the requested exemption, which will be evidenced by the issuance of a receipt for the Fund's prospectus.

The applicant, Mackenzie Financial Corporation, applied on behalf of the Mackenzie Cundhill Recovery Class for exemptive relief under Part 6 of National Instrument 81-101.

The requested relief was from General Instruction 8 to Form 81-101F3, which prohibits including information not specifically prescribed by the Form, to allow the inclusion of fund codes in the Fund Facts document.

The Ontario Securities Commission granted the requested exemption, to be evidenced by the issuance of a receipt for the Fund's prospectus.

The Filer, 5Banc Split Inc., applied for exemptive relief from sections 10.3 and 10.4(1)(a) of National Instrument 81-102 regarding the calculation and payment of redemptions for its proposed Class C preferred shares.

The Ontario Securities Commission granted the relief, permitting the Filer to calculate the retraction price on the applicable Valuation Date and pay the retraction price on the Retraction Payment Date as described in its preliminary prospectus.

The Filer applied for exemptive relief under National Instrument 81-102 to merge its assets referable to its Income Shares with its assets referable to its Diversified Shares.

The merger required approval because it did not meet all criteria for pre-approved reorganizations, specifically regarding investment objectives, qualifying exchange status, and the inadvertent omission of the current prospectus from meeting materials.

The Ontario Securities Commission granted the approval, noting that the decision is not a precedent for the non-inclusion of a current prospectus with meeting materials.

The applicant, Goodman & Company, Investment Counsel Ltd., applied on behalf of the Dynamic Strategic Resource Class mutual fund for exemptive relief from the prohibitions in National Instrument 81-102 against purchasing physical commodities other than gold and specified derivatives with underlying interests in physical commodities other than gold.

The applicant sought to permit the fund to invest up to 10% of its net assets in gold, silver, platinum, palladium, or standardized futures with underlying interests in oil or gas for non-hedging purposes, and up to 80% in such futures for hedging purposes.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the futures be traded on specified exchanges for cash or offsetting contracts, and that the fund's prospectus disclose the investments and associated risks.

The Applicant, Global 45 Split Corp., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission was satisfied that the Applicant met the necessary criteria, including having fewer than 51 security holders in Canada and no securities traded on a marketplace.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The manager of Dynamic Strategic Resource Class applied for exemptive relief from subsection 2.1(2) of National Instrument 81-101, which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director of the Ontario Securities Commission granted the requested exemption, subject to the condition that the prospectus be filed no later than November 18, 2011.

The applicant manager applied on behalf of a mutual fund for exemptive relief from National Instrument 81-102 to permit the fund to invest up to 10% of its net assets in gold, silver, platinum, and palladium, and to invest in standardized futures with underlying interests in oil or gas for hedging purposes.

The principal regulator granted the relief, subject to conditions including limits on the aggregate value of such investments and requirements that futures contracts be traded only for cash or offsetting contracts.

The Manager applied for exemptive relief on behalf of the Precious Metals Funds from certain provisions of National Instrument 81-102 Mutual Funds.

The relief sought to permit the funds to invest up to 10% of their net assets in aggregate in underlying ETFs, including leveraged index ETFs, inverse ETFs, leveraged gold and silver ETFs, and metals ETFs traded on Canadian or US stock exchanges.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives and that the underlying ETFs are treated as specified derivatives.

The Filer applied for exemptive relief on behalf of certain mutual funds from various provisions of National Instrument 81-102 Mutual Funds relating to securities lending transactions.

The funds invest in Canadian equity securities pledged to a counterparty under forward contracts.

The relief permits the funds to lend up to 100% of their equity portfolio, use an agent other than the fund's custodian, and not hold the collateral under the custodianship of the fund's custodian, subject to certain conditions.

The principal regulator granted the requested exemptions.

The Filers applied for exemptive relief from paragraphs 2.5(2)(a) and 2.5(2)(e) of National Instrument 81-102.

The relief sought would permit existing and future mutual funds managed by the Filers to invest in exchange-traded mutual funds that are not subject to National Instrument 81-101, and to pay brokerage commissions in relation to the purchase and sale of these securities on a recognized exchange.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds do not short sell securities of the underlying ETFs and that the underlying ETFs do not rely on certain other exemptive relief.

The applicant, CIBC Asset Management Inc., applied on behalf of two mutual funds for an exemption from the requirement to file an annual management report of fund performance for the fiscal year ended August 31, 2011.

The funds had only been reporting issuers for a few days, held only cash, and had issued no securities to the public.

The Ontario Securities Commission granted the exemption, provided the applicant prepares an interim report for the period ended February 29, 2012.

The Filer applied for exemptive relief to approve the mergers of several terminating mutual funds into continuing funds under subsection 5.5(1)(b) of National Instrument 81-102.

Approval was required because the fundamental investment objectives of the terminating and continuing funds were not substantially similar, meaning the mergers did not meet all criteria for pre-approval.

The Ontario Securities Commission granted the requested relief, finding that the mergers would benefit securityholders through potential economies of scale, lower costs, and increased portfolio diversification, and that securityholders were provided with adequate disclosure to make an informed decision.

The filer applied for exemptive relief on behalf of two mutual funds to permit them to engage in short selling of securities up to 20% of their total net assets, notwithstanding certain provisions of National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to several conditions including cash cover requirements, limits on the aggregate market value of securities sold short, and internal control and disclosure requirements.