Darren McKall

The applicant sought exemptive relief on behalf of two exchange-traded alternative mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions from the 300% limit on aggregate exposure to cash borrowing, short selling, and specified derivatives transactions, as well as relief to permit a three-tier and four-tier fund-of-funds structure involving a U.S. underlying ETF.

The Ontario Securities Commission granted the requested leverage, three-tier, and four-tier relief, subject to conditions including compliance with the SEC's value-at-risk (VaR) rules and specific disclosure requirements.

The Filer applied for exemptive relief from the cash cover requirement in section 2.8(1)(d) of National Instrument 81-102.

The relief sought would permit the Filer's mutual funds to hold receivables arising from distributions or dividends on portfolio securities as cover for long positions in standardized futures during the period between entitlement and receipt.

The principal regulator granted the exemption, provided the funds hold a combination of the receivable, cash cover, and margin that equals the underlying market exposure of the standardized future on a daily mark-to-market basis.

The Filer applied for exemptive relief from the requirement under subsection 3.2.01 of National Instrument 81-101 to deliver the most recently filed fund facts documents to purchasers before accepting instructions for purchases made pursuant to an Automatic Series Switch.

The Filer proposed to automatically switch clients holding Series A securities to Series P securities, which have lower management fees, without delivering new fund facts documents, provided certain notice and disclosure conditions were met.

The principal regulator granted the exemption, subject to conditions including that the combined fees for Series P securities remain lower and that clients receive prior notice of the switch and their rights.

The Filer applied for exemptive relief from the margin deposit restrictions in sections 6.8(1) and 6.8(2)(c) of National Instrument 81-102 on behalf of existing and future investment funds.

The relief sought to permit the funds to deposit up to 35% of their net asset value as margin with a single dealer, and up to 70% in aggregate across all dealers, for transactions involving exchange-traded specified derivatives.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest, subject to conditions limiting the funds to exchange-traded specified derivatives and capping the margin amounts as requested.

The Filer applied for exemptive relief on behalf of several mutual funds to be exempt from filing a long form prospectus for ETF Securities, provided they file a simplified prospectus and ETF Facts.

The Filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions.

The Filer applied for exemptive relief on behalf of a new mutual fund and future mutual funds to be exempted from filing a simplified prospectus for Mutual Fund Securities, provided a long form prospectus is filed.

The Filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions regarding prospectus disclosure and compliance with applicable provisions of NI 81-102.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Picton Mahoney Fortified Core Bond Fund, and to permit the consolidation of the simplified prospectuses for its alternative mutual funds with those of its conventional mutual funds.

The Commission granted the requested relief, finding that the lapse date extension would not prejudice investors and that consolidating the prospectuses would reduce costs and facilitate comparison between the funds.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in U.S. exchange-traded funds, foreign index participation units listed on the London Stock Exchange, and European UCITS.

The Ontario Securities Commission granted the relief, subject to conditions including concentration limits, disclosure requirements, and compliance with equivalent foreign regulatory frameworks, finding that the investments would provide cost-effective diversification and exposure to broader asset classes.

The applicant applied for exemptive relief on behalf of several exchange-traded funds and mutual funds.

The applicant sought relief from the requirement to file a long form prospectus for ETF securities, proposing instead to file a simplified prospectus and ETF Facts.

The applicant also sought an extension of the lapse dates for the prospectuses of certain funds to align them with the lapse date of other funds managed by the applicant, thereby reducing renewal and printing costs.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the filing of the simplified prospectus and required disclosures.

The Filers applied to the Ontario Securities Commission for exemptive relief from the borrowing limit in National Instrument 81-102.

The relief was sought to allow their mutual funds to borrow cash up to 10% of their net asset value on a temporary basis.

This borrowing is intended to accommodate fund redemptions and purchases that experience settlement mismatches due to the transition to a T+1 settlement cycle in North American markets, while some portfolio securities continue to settle on a T+2 basis.

The Commission granted the requested exemption, subject to conditions including the implementation of liquidity risk management policies and specific prospectus disclosures.

Corton Capital Inc. applied for exemptive relief on behalf of the Corton Enhanced Income Fund and future funds offering ETF Securities.

The requested relief included exemptions from the long form prospectus requirement, certain sales and redemptions requirements, the underwriter's certificate requirement, and take-over bid requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including compliance with simplified prospectus and ETF Facts document requirements.

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for certain exchange-traded mutual funds from February 9, 2025, to May 16, 2025.

The extension was sought to align the renewal timeframe with other funds managed by the Filer, thereby reducing costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, noting that there had been no material changes to the funds and that the extension would not be prejudicial to the public interest.

The applicant investment fund manager sought exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds from October 5, 2024, to December 6, 2024.

The extension was requested to align the renewal of the funds' prospectus with the renewal of the prospectus for 119 other mutual funds managed by the applicant, thereby reducing costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, finding that it would not be prejudicial to the public interest.

The applicant applied on behalf of several existing investment funds for approval of a proposed reorganization where the existing funds will become underlying funds of a new continuing fund.

The applicant also sought exemptive relief to permit the continuing fund to hold units of the existing funds after they cease to be reporting issuers.

The Ontario Securities Commission granted the requested approval and relief, subject to conditions including unitholder approval and continued compliance with applicable investment fund rules.

The filer applied for exemptive relief on behalf of existing and future investment funds to permit them to invest in related underlying funds and underlying investments that provide exposure to private market asset classes.

The principal regulator granted the requested relief from various conflict of interest, related issuer, and concentration restrictions under securities legislation, subject to several conditions including independent review committee approval and compliance with illiquid asset restrictions.

The applicant, Harvest Portfolios Group Inc., applied for exemptive relief from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 Investment Funds on behalf of several ETFs.

The relief was sought to permit each ETF to invest in a single Specified US Public Issuer in accordance with its fundamental investment objective.

The Ontario Securities Commission granted the requested exemption, subject to conditions including specific prospectus disclosure requirements and that the ETFs not be used as a financing vehicle by the underlying issuers.

The Filer applied for exemptive relief on behalf of several Top Funds to permit them to invest in Underlying Funds that are not subject to NI 81-102 or NI 81-107, and which may hold more than 10% of their net asset value in Third Tier Funds.

The Filer sought exemptions from the fund-of-funds restrictions in sections 2.5(2)(a), (b), and (c) of NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to several conditions, including that the Top Funds' independent review committees approve the investments, that there be no duplication of fees, and that the Filer maintain policies to manage liquidity and redemption risks associated with the three-tier structure.

The applicant, Embark Student Corp., applied on behalf of the Flex First Plan and Family Single Student Education Savings Plan for an order under securities legislation that the Plans have ceased to be reporting issuers in all applicable Canadian jurisdictions.

The Ontario Securities Commission, acting as the principal regulator, noted that the Plans had fewer than 15 securityholders in each jurisdiction and no securities traded on a marketplace.

The Commission was satisfied that the test under the legislation was met and granted the requested order.

The applicant manager applied on behalf of current and future investment funds for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The requested exemption would permit the funds to invest up to 20% or 35% of their net asset value in highly rated evidences of indebtedness issued or guaranteed by foreign supranational agencies or governments.

The principal regulator granted the exemption, finding it would better enable the funds to achieve their investment objectives by providing access to high-quality foreign government bond markets, subject to conditions including disclosure of the associated concentration risks in the funds' simplified prospectuses.

The filer, an investment fund manager, applied for exemptive relief to extend the lapse date of the prospectus for certain exchange-traded funds from August 30, 2024, to September 22, 2024.

The extension was sought to align the renewal of this prospectus with another prospectus for different funds managed by the filer, thereby reducing costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest.