Darren McKall

The applicant applied for exemptive relief from the requirement in subsection 5.1(4) of National Instrument 81-101, which prohibits consolidating a simplified prospectus for an alternative mutual fund with that of a conventional mutual fund.

The applicant sought to combine the prospectuses to reduce costs and streamline disclosure, noting that National Instrument 41-101 permits such consolidation for exchange-traded funds.

The Ontario Securities Commission granted the requested exemptive relief.

The Filer applied for exemptive relief on behalf of its current and future investment funds to permit them to purchase 144A Securities without those securities being classified as 'illiquid assets' under National Instrument 81-102.

The Filer argued that 144A Securities trade in a deep, liquid institutional market and that treating them as illiquid restricts the Funds from attractive investment opportunities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Funds must be Qualified Institutional Buyers at the time of purchase and the securities must be traded on a mature and liquid market.

The applicant, Counsel Portfolio Services Inc., applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the applicant's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The principal regulator granted the exemption, subject to specific disclosure conditions, finding that the ratings provide objective and transparent performance measures that are helpful to investors.

The Filers applied for exemptive relief under the Securities Act (Ontario) to permit certain investment funds to invest in related infrastructure funds.

The principal regulator granted the requested exemptions from the Local Investment Restrictions and Local Reporting Requirements, subject to several conditions including independent valuation, IRC approval, and specific disclosure requirements.

The Filer applied for exemptive relief on behalf of several mutual funds to permit the inclusion of past performance data in sales communications, fund facts documents, and management reports of fund performance, despite the funds not having distributed securities under a simplified prospectus for 12 consecutive months.

The Filer also sought relief to permit the consolidation of the simplified prospectus for alternative mutual funds with conventional mutual funds.

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

The applicant, an investment fund manager, applied for exemptive relief on behalf of several alternative mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions from the short selling limit, the cash borrowing limit, and the requirement to hold all portfolio assets with a single qualified custodian.

The principal regulator granted the requested exemptions, subject to specific conditions regarding aggregate exposure limits, compliance with other short sale and cash borrowing requirements, and operational controls for multiple custodians.

The Filer applied for exemptive relief on behalf of an alternative mutual fund to exceed the leverage limits in NI 81-102 and to use the past performance data of its underlying fund from before it became a reporting issuer.

The Ontario Securities Commission granted the relief, permitting the fund to use an Absolute Value-at-Risk (VaR) approach to manage leverage risk, subject to a 20% limit and strict risk management conditions.

The Commission also permitted the use of the underlying fund's past performance data in sales communications and disclosure documents, provided specific cautionary disclosures are included.

The Filer applied for exemptive relief from paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit its mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in sales communications.

The principal regulator granted the exemption, subject to conditions requiring specific disclosure about the ratings and awards, including the category, number of funds, ranking entity, and measurement periods.

BlackRock Asset Management Canada Limited applied for exemptive relief to extend the lapse date of the long form prospectus for certain exchange-traded mutual funds.

The extension was requested to align the renewal timeframe of these ETFs with other iShares funds managed by the filer, thereby reducing costs and streamlining operations.

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

The applicant, Manulife Investment Management Limited, applied for an order that the Manulife EAFE Equity Fund cease to be a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The principal regulator found that the outstanding securities of the Fund are beneficially owned by fewer than 15 securityholders in each jurisdiction of Canada and fewer than 51 worldwide, and no securities are traded on a marketplace.

The order was granted.

The applicant, Fidelity Investments Canada ULC, applied for exemptive relief to extend the lapse date of the simplified prospectus for the Fidelity Global Growth Private Pool.

The extension was requested to align the fund's prospectus renewal with other funds managed by the applicant, thereby reducing costs and allowing for a consolidated offering document.

The Ontario Securities Commission granted the requested relief, extending the lapse date to April 25, 2024.

BMO Investments Inc. applied for exemptive relief from subsection 2.15(3) of National Instrument 81-102, which prohibits an investment fund manager from appointing an agent that is not a custodian or sub-custodian to administer securities lending transactions.

The applicant sought to appoint eSecLending, an independent securities lending agent, to administer transactions for its funds.

The Ontario Securities Commission granted the requested exemption, noting that eSecLending is qualified and that the appointment could improve revenue generated from securities lending activities without increasing operational risk.

The Filer applied for exemptive relief on behalf of its investment funds from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief sought to permit the funds to invest more than 10% (for mutual funds) or 20% (for alternative mutual funds and non-redeemable investment funds) of their net asset value in debt obligations issued or guaranteed by Fannie Mae or Freddie Mac.

The Ontario Securities Commission granted the exemption, subject to conditions including minimum credit rating requirements and specific prospectus disclosures.

CIBC Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief from the multi-tier fund-of-fund restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit a three-tier structure where a fund purchases securities of a reference fund, which in turn holds more than 10% of its net asset value in a third-tier fund.

The Commission granted the requested relief, subject to conditions including no duplication of management fees and compliance with continuous disclosure requirements.

The Filer applied for exemptive relief on behalf of alternative mutual funds from certain short selling and cash borrowing restrictions in National Instrument 81-102.

The relief sought to permit the funds to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, and to exceed the single issuer short restriction for index participation units.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds' aggregate exposure does not exceed the overall 300% limit and that appropriate risk management controls are maintained.

RBC Global Asset Management Inc. applied for exemptive relief on behalf of certain mutual funds (the Top Funds) from the control restriction in subsection 2.2(1) of National Instrument 81-102.

The relief was sought to permit the Top Funds to purchase securities of RBC Private Funds even if the purchase would result in holding more than 10% of the voting or equity securities of the private fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Top Funds not actively participate in the business of the private funds and that investments in the private funds not exceed 10% of the Top Fund's net asset value.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the long form prospectus for two of its exchange-traded mutual funds.

The extension was sought to align the lapse date with that of eight other funds managed by the Filer, thereby reducing renewal costs and streamlining disclosure.

The Commission granted the requested relief, finding that it would not be prejudicial to the public interest as there had been no material changes to the funds.

The Filer applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 to permit it to pay participating dealers for direct costs related to Cooperative Marketing Initiatives whose primary purpose is to provide educational information concerning financial planning matters.

The principal regulator granted the relief, subject to conditions including that the Filer complies with other requirements of NI 81-105, does not require dealers to sell specific funds, and ensures the educational materials are general and contain appropriate disclaimers.

The Filer, on behalf of the BMO Gold Bullion ETF, applied for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the Filer sought an exemption from subsection 6.1(1) to permit the Bank of Montreal to act as a second custodian to hold the Fund's physical gold bullion, as the primary custodian lacked a suitable vault facility.

The Filer also sought an exemption from subsection 9.4(2) to permit the Fund to accept a combination of cash and physical gold bullion as subscription proceeds for units.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding asset reconciliation and compliance with paragraph 9.4(2)(b).

The applicant, on behalf of existing and future mutual funds, applied for exemptive relief from the restriction in subsection 4.1(1) of National Instrument 81-102.

The relief sought to permit the funds to invest in equity securities during a distribution or the 60-day period thereafter, even when an affiliate of the applicant acts as an underwriter in a foreign jurisdiction.

The principal regulator granted the exemption, subject to conditions including independent review committee approval and that the securities are distributed via prospectus or private placement in the foreign jurisdiction.