Darren McKall

The applicant, a mutual fund structured as a corporation, applied for an exemption from subsection 2.2(d) of National Instrument 44-101 to permit it to file a short form or shelf prospectus despite not having current annual financial statements or a current Annual Information Form (AIF).

The applicant had recently completed its initial public offering and had not yet reached its first financial year-end.

The principal regulator granted the exemption, provided the applicant incorporates by reference audited financial statements to a date not more than 90 days before the prospectus date, files a management report of fund performance, and includes disclosure that would have been required in a current AIF.

TD Asset Management Inc. applied for exemptive relief on behalf of itself, its affiliates, and certain investment funds (Top Funds) from the investment fund conflict of interest investment restrictions and reporting requirements.

The relief sought to permit the Top Funds to invest a portion of their assets in underlying investment vehicles managed by the Filer or its affiliates that are not reporting issuers or investment funds.

The Ontario Securities Commission granted the requested relief, revoking and replacing previous relief, subject to several conditions including independent valuation, independent review committee approval, and specific disclosure requirements.

Fidelity Investments Canada ULC applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Fidelity Global Equity+ Fund.

The extension was requested to align the Fund's prospectus renewal with the November 9, 2024 lapse date of other Fidelity Funds, allowing them to be combined into a single offering document to reduce costs and improve investor comparison.

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

The Filer applied for exemptive relief on behalf of existing and future mutual funds offering ETF Securities.

The requested relief sought an exemption from the requirement to file a long form prospectus for ETF Securities, provided a simplified prospectus and ETF facts document are filed.

Additionally, the Filer sought permission to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptive relief, subject to specified conditions regarding prospectus filings and compliance with applicable provisions for exchange-traded and non-exchange-traded mutual funds.

The Filer applied on behalf of two alternative mutual funds for exemptive relief to extend the lapse date of their simplified prospectus from September 7, 2024, to October 16, 2024.

The extension was sought to align the Funds' prospectus renewal with that of six other alternative mutual 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.

The Filer applied for exemptive relief on behalf of existing and future investment funds to permit them to invest up to 10% of their net assets in UCITS and SICAV funds (Underlying Funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.

The Ontario Securities Commission granted the relief, noting that the Underlying Funds are subject to substantially similar regulatory requirements under European Union directives and that the investments would provide an efficient way for the Funds to achieve diversification.

The Filer applied for exemptive relief to extend the time limits for the renewal of the Current ETF Prospectus of the Terminating ETFs to September 6, 2024, the date the ETFs will be terminated and delisted.

The principal regulator granted the relief, finding that it would avoid unnecessary costs and confusion, and would not be prejudicial to the public interest.

The applicant, Hazelview Securities Inc., applied on behalf of Hazelview Alternative Real Estate Fund for exemptive relief from various provisions of National Instrument 81-102, National Instrument 81-101, and National Instrument 81-106.

The requested relief sought to permit the fund to sell securities short and borrow cash up to a combined aggregate total of 100% of its net asset value, to deposit portfolio assets with a borrowing agent that is not its custodian, to appoint multiple custodians, and to include past performance data from before it became a reporting issuer in its sales communications and disclosure documents.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding leverage limits, compliance with short sale and cash borrowing requirements, and disclosure obligations.

Fidelity Investments Canada ULC applied for exemptive relief on behalf of its mutual funds and ETFs to invest in US Commodity ETFs and US Commodity NRIFs that are not subject to National Instrument 81-102.

The Ontario Securities Commission granted the exemption, revoking and replacing a previous decision, subject to conditions including investment limits and prospectus disclosure requirements.

The Filer applied for exemptive relief on behalf of proposed exchange-traded funds (ETFs) from certain requirements under securities legislation.

The requested relief included exemptions from filing a long form prospectus, treating ETF and mutual fund securities as separate funds for sales and redemptions, omitting an underwriter's certificate, and exempting purchasers from take-over bid requirements.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including filing a simplified prospectus and ETF Facts, and complying with specific parts of NI 81-102.

BMO Asset Management Inc. applied for exemptive relief on behalf of a mutual fund trust (the Top Fund) to permit it to invest substantially all of its assets in a Luxembourg-based alternative investment fund (the Underlying Investment) in which an affiliate of the Filer may hold a significant interest.

The Ontario Securities Commission granted the relief, exempting the Top Fund from the related issuer and substantial security holder restrictions in the securities legislation, subject to several conditions including that the securities are distributed solely to accredited investors and that no duplicative fees are charged.

The applicant, Sprott Asset Management LP, applied on behalf of Sprott Physical Copper Trust for an exemption from paragraph 2.2(d) of National Instrument 44-101.

The exemption would permit the Trust to file a short form or shelf prospectus despite not having current annual financial statements or a current AIF, as it recently completed its initial public offering and has not yet completed its first financial year.

The Ontario Securities Commission granted the exemption, subject to conditions requiring the incorporation by reference of initial financial statements and AIF-equivalent disclosure.

The Filer, Global X Investments Canada Inc., applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the long form prospectus for several of its exchange-traded mutual funds from June 28, 2024, to August 4, 2024.

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

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

Arrow Capital Management Inc. applied for exemptive relief on behalf of WaveFront Global Diversified Investment Fund and other funds from the margin deposit restrictions in sections 6.8(1) and 6.8(2)(c) of National Instrument 81-102.

The requested relief would permit the funds to deposit up to 35% of their net asset value as margin with any one dealer, and up to 70% in aggregate, for transactions involving exchange-traded specified derivatives.

The Ontario Securities Commission granted the requested relief, finding it would allow the funds to pursue their investment strategies more efficiently and flexibly without prejudicing the public interest.

CI Investments Inc. applied for exemptive relief on behalf of several alternative mutual funds from the short selling and cash borrowing limits under National Instrument 81-102.

The applicant sought to permit the funds to sell securities short and borrow cash up to 100% of their net asset value, provided the aggregate exposure does not exceed the 300% leverage limit.

The principal regulator granted the requested relief, finding it would allow the funds to more effectively manage investment exposure and reduce related expenses, subject to specific conditions including prospectus disclosure.

The Filer, manager of the Sprott Physical Copper Trust, applied for exemptive relief from the custodian requirements of National Instrument 81-102.

The relief sought to permit specialized warehouse providers, rather than traditional financial institutions, to act as custodians for the physical copper owned by the Trust.

The Principal Regulator granted the relief, subject to conditions including insurance coverage, segregation of assets, and the use of LME or CME approved warehouses.

Several investment fund managers applied for exemptive relief from the borrowing limit in National Instrument 81-102 Investment Funds.

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 mismatches in settlement cycles (T+1 vs T+2) for fund redemptions and portfolio security purchases following the industry's transition to a T+1 settlement cycle.

The Ontario Securities Commission granted the requested relief, subject to conditions including written policies, borrowing limits, and prospectus disclosure.

The Filer applied for exemptive relief on behalf of the Fund to permit the inclusion of past performance data and financial highlights from the period before the Fund became a reporting issuer in its sales communications, fund facts, and management reports of fund performance.

The principal regulator granted the requested relief, subject to conditions including disclosure that the Fund was not a reporting issuer during that period and that its expenses would have been higher had it been subject to reporting issuer requirements.

The Filer applied for exemptive relief on behalf of two mutual funds to permit the inclusion of past performance data from the period before the funds became reporting issuers in their sales communications, fund facts documents, and management reports of fund performance.

The Ontario Securities Commission granted the requested relief, subject to conditions requiring disclosure that the funds were not reporting issuers during the relevant period and that expenses would have been higher had they been subject to reporting issuer requirements.

The Filer applied on behalf of a proposed exchange-traded fund (ETF) for exemptive relief from the underwriter's certificate requirement and the take-over bid requirements.

The principal regulator granted the requested exemptions, noting that authorized dealers and designated brokers do not perform conventional underwriting services and that applying take-over bid requirements would adversely impact the ETF's liquidity.