Darren McKall

The applicant, an investment fund manager, applied for exemptive relief on behalf of its investment funds (the Top Funds) to permit them to invest in related underlying funds.

The applicant sought relief from the related issuer restrictions and the consent requirement under National Instrument 31-103.

The principal regulator granted the requested exemptions, subject to conditions including that the investments are compatible with the Top Funds' objectives, no duplication of management or incentive fees occurs, and appropriate disclosure is provided to investors.

The filer applied for exemptive relief from the concentration restriction in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 to permit each proposed ETF to invest in a single Specified Public Issuer in excess of the investment restrictions.

The principal regulator granted the relief, subject to conditions including that the ETFs meet the definition of a fixed portfolio investment fund and that the ETFs will not purchase securities if it would result in becoming an insider of the issuer.

The filer applied for exemptive relief from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 to permit its proposed exchange-traded funds to invest in a single Launch Public Issuer.

The principal regulator granted the exemption, subject to conditions including that the ETFs otherwise meet the definition of a fixed portfolio investment fund and that the Launch Public Issuer meets specific market capitalization and liquidity requirements.

The applicant applied on behalf of an investment fund for exemptive relief from the requirement under National Instrument 81-106 to file and deliver audited annual financial statements within 90 days of its financial year-end.

The fund invests in underlying funds that have up to 120 days to provide their audited financial statements, making it impossible for the fund to meet the 90-day deadline.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadline to 125 days, subject to certain conditions including notice to securityholders.

The Filer applied for exemptive relief on behalf of several existing and future exchange-traded funds (ETFs) to permit each ETF to invest up to 100% of its assets in the securities of a single Specified Public Issuer, contrary to the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The Filer sought to revoke and replace an existing decision to remove the average daily trading volume restriction for issuers that otherwise satisfy the public issuer requirements and have a market capitalization in excess of $50 billion.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure requirements.

The applicants, CI Investments Inc. and CI Assante Wealth Management Ltd., applied to the Ontario Securities Commission for exemptive relief from the Pre-sale Fund Facts Delivery Requirement under section 3.2.01 of National Instrument 81-101.

The relief was sought to facilitate automatic switches of investors from Retail Investor Series to Private Investor Series mutual funds with lower fees, without requiring the delivery of a Fund Facts document prior to each switch.

The Commission granted the exemption, subject to conditions including that no sales charges or switch fees apply, and that specific disclosure regarding the lower fee switches be included in the simplified prospectus and Retail Investor Series Fund Facts.

The Filer applied for exemptive relief on behalf of existing and future mutual funds to permit them to invest in exchange-traded funds that invest in commodities, including gold and silver, on an unlevered basis.

The Principal Regulator granted the exemption from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102, subject to conditions including that such investments are in accordance with the funds' fundamental investment objectives, do not exceed 10% of net asset value, and are disclosed in the funds' prospectuses.

The filer, CI Investments Inc., applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The requested relief included exemptions from the dealer registration requirement for sales communications, the underwriter certificate requirement for ETF prospectuses, and the take-over bid requirements for purchasers of ETF units in the normal course.

The Principal Regulator granted the requested exemptions, revoking and replacing a previous decision, provided the filer complies with Part 15 of NI 81-102 regarding sales communications.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of several mutual funds from the cover requirements in paragraphs 2.8(1)(d) and 2.8(1)(f)(i) of National Instrument 81-102.

The requested exemption would permit the funds to cover long positions in futures, forwards, and swaps with a right or obligation to sell an equivalent quantity of the underlying interest.

The Commission granted the exemption, subject to conditions including that the use of the exemption is consistent with the funds' investment objectives and that specific cash cover and offsetting position requirements are met.

The applicant applied for exemptive relief on behalf of several mutual funds (the Top Funds) from the restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief sought to permit the Top Funds to invest in other funds (the Bottom Funds) that hold more than 10% of their net asset value in securities of other investment funds.

The Principal Regulator granted the exemption, noting that the resulting multi-tier fund structure would be akin to permitted structures and that there would be no duplication of fees.

The Filer applied for exemptive relief on behalf of several mutual funds offering exchange-traded fund (ETF) securities.

The requested relief included exemptions from the requirement to file a long-form prospectus, the requirement to include an underwriter's certificate, take-over bid requirements for secondary market purchasers, borrowing restrictions to fund distributions, and certain sales and redemptions requirements under NI 81-102.

The principal regulator granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and ETF Facts, and compliance with specific borrowing limits.

The Filer applied for exemptive relief on behalf of existing and future investment funds to permit each fund to appoint more than one custodian, contrary to subsection 6.1(1) of National Instrument 81-102.

The Filer sought this flexibility to engage additional custodians, including prime brokers, to increase operational efficiency and reduce execution risk and costs.

The Ontario Securities Commission granted the requested relief, subject to conditions including that a single entity reconciles all portfolio assets and completes daily reconciliations before striking a daily net asset value.

The Filer applied to the Ontario Securities Commission on behalf of the Fund for exemptive relief from various provisions of National Instruments 81-102, 81-101, and 81-106.

The relief sought to permit the Fund to include its past performance data from before it became a reporting issuer in its sales communications, simplified prospectus, fund facts, and management reports of fund performance.

The Commission granted the requested exemption, subject to conditions requiring disclosure that the Fund was not a reporting issuer during the relevant period and that its expenses would have been higher had it been subject to reporting issuer requirements.

The filer applied for exemptive relief from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit its mutual funds to invest in securities of exchange-traded funds listed on a United States stock exchange that are not index participation units.

The principal regulator granted the requested relief, subject to conditions including that the investment is in accordance with the funds' investment objectives and does not exceed 10% of the net asset value of the funds.

The filer applied for exemptive relief on behalf of proposed exchange-traded funds (ETFs) from the requirement to include an underwriter's certificate in the ETFs' prospectus and from take-over bid requirements for purchasers of ETF securities in the normal course.

The principal regulator granted the requested exemptions, noting that authorized dealers and designated brokers do not provide conventional underwriting services and that the application of take-over bid requirements could adversely impact the liquidity of the ETF securities.

The applicant, an investment fund manager, applied on behalf of several investment funds (the Top Funds) for exemptive relief from the investment restrictions in the Securities Act and National Instrument 31-103.

The relief sought would permit the Top Funds to invest in other investment funds managed by the applicant (the Underlying Funds) even where the Top Funds become substantial security holders of the Underlying Funds, or where responsible persons have a significant interest in the Underlying Funds.

The Ontario Securities Commission granted the requested relief, subject to several conditions including that the investments are compatible with the Top Funds' objectives, no duplicative fees are charged, and the Underlying Funds' net asset values are independently determined.

The Filer applied on behalf of a top fund for exemptive relief from the annual financial statement filing and delivery deadlines under National Instrument 81-106.

The top fund invests in an underlying fund, which in turn invests in a master fund, and requires the underlying fund's financial statements to complete its own audit.

The Principal Regulator granted the exemption, extending the filing and delivery deadline to 183 days after the top fund's financial year-end, subject to conditions.

The filer, McLean Asset Management Ltd., applied to the Ontario Securities Commission for exemptive relief to extend the deadline for filing the Second Year Documents (fund facts) for two mutual funds.

The extension was requested because the filer was resigning as trustee and manager, and a unitholder meeting to approve the successor manager was scheduled after the original filing deadline.

The Commission granted the requested relief, extending the filing deadline to July 7, 2026, to avoid the costs of filing twice in quick succession.

The Filer applied on behalf of several exchange-traded funds for exemptive relief from the fund-of-fund restrictions in National Instrument 81-102.

The relief permits the ETFs to purchase and hold securities of certain private investment trusts that are not reporting issuers and are not subject to NI 81-102.

The exemption was granted subject to conditions, including that the private trusts hold only cash, cash equivalents, and promissory notes, and remain redeemable daily on demand.

The Filer, Brandes Investment Partners & Co., applied on behalf of the T. Rowe Price Global Allocation Fund for exemptive relief from certain provisions of National Instrument 81-102.

The relief sought to permit the Fund to invest in Blackstone Partners Offshore Fund Ltd., an underlying fund that is not subject to NI 81-102, is not a reporting issuer, and invests more than 10% of its net asset value in a third-tier fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including limits on the aggregate exposure to illiquid assets and non-reporting underlying funds, and requirements to prevent the duplication of management and incentive fees.