Darren McKall

The applicant applied for exemptive relief on behalf of its mutual funds from the requirement in NI 81-102 that all portfolio assets be held by a single qualified custodian.

The relief sought to permit the funds to deposit portfolio assets with a borrowing agent that is not the fund's custodian in connection with short sales, up to certain collateral limits.

The Ontario Securities Commission granted the exemption, provided the funds otherwise comply with the short sale requirements in NI 81-102.

The applicant applied for exemptive relief on behalf of its mutual funds to be exempt from the requirement to file a long form prospectus for its ETF Securities, provided it files a simplified prospectus.

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

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing of a simplified prospectus and compliance with specific provisions of NI 81-102 applicable to each type of security.

Fidelity Investments Canada ULC applied for exemptive relief from section 2.1 of National Instrument 81-101 to permit the consolidation of Part B Introductions of a Renewal Prospectus into a single Part B Introduction combined with the Part A section.

The principal regulator granted the exemption, finding it would reduce duplication and provide investors with a more convenient way to review the information without prejudicing the public interest.

The filer applied on behalf of an alternative mutual fund for exemptive relief from the cash borrowing and short selling limits in National Instrument 81-102.

The filer sought to permit the fund to borrow cash up to 100% of its net asset value, provided that the aggregate of cash borrowing and short selling does not exceed 100% of NAV, and total leverage does not exceed 300% of NAV.

The principal regulator granted the requested exemption, finding it would allow the fund to manage its investment exposure more effectively and cost-efficiently than using specified derivatives.

The applicant sought exemptive relief on behalf of several continuing mutual funds following a series of mergers with terminating funds.

The relief requested permission to use the past performance data, financial highlights, and formation dates of the terminating funds in the continuing funds' prospectus, fund facts, and continuous disclosure documents.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest, provided the continuing funds include the applicable data and disclose the mergers in their communications.

The Filer applied for exemptive relief on behalf of three exchange-traded funds to permit them to invest more than 10% or 20% of their net asset value in the securities of a single Canadian bank, contrary to the concentration restrictions in National Instrument 81-102.

The relief was required to allow the funds to achieve their investment objectives of tracking an equal-weight index of the six largest Canadian banks, which inherently requires concentrated positions.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding disclosure and portfolio rebalancing.

The Filer applied for exemptive relief from the self-dealing prohibitions in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit a one-time reorganization involving in-specie transfers of portfolio securities between managed accounts of an affiliate and newly created investment funds managed by the Filer.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written consent, valuation requirements, and record-keeping obligations.

The Filer, BMO Asset Management Inc., applied for exemptive relief on behalf of certain investment funds (Top Funds) to permit them to invest in related collective investment schemes and non-reporting investment funds (Underlying Funds and Underlying Investments).

The Ontario Securities Commission granted the requested relief, including related issuer relief, reporting relief, consent requirement relief, and fund-of-fund relief, subject to several conditions including independent net asset value calculation, independent review committee approval, and compliance with illiquid asset restrictions.

The Filer applied for exemptive relief on behalf of several mutual funds from the requirement in NI 81-102 to provide securityholders with 60 days' prior notice before engaging in securities lending, repurchase, and reverse repurchase transactions.

The Filer argued that the notice requirement was included in the funds' prospectuses due to an oversight and that the cost of mailing notices outweighed the benefits.

The Ontario Securities Commission granted the relief, provided the Filer issues a press release and posts it on the funds' designated website at least 60 days before commencing the transactions.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus and fund facts for certain mutual funds.

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

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

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse date of the simplified prospectus for two of its funds to November 10, 2023.

This extension was requested to align the prospectus renewal of these funds with other Fidelity funds, thereby reducing costs and allowing for a combined offering document.

The Ontario Securities Commission granted the requested relief, finding that it would not be prejudicial to the public interest as there were no material changes to the funds and current information remained available to investors.

The Filer applied on behalf of the Top Fund for an exemption from the multi-tiering restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The exemption would permit the Top Fund to invest up to 20% of its net asset value in the Underlying Fund, which itself holds more than 10% of its net asset value in other investment funds.

The principal regulator granted the exemption, subject to conditions including no duplication of management fees and compliance with other requirements of section 2.5.

The Filer applied for exemptive relief on behalf of existing and future alternative mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions from short selling limits, cash borrowing limits, 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, leverage limits, and reconciliation processes among multiple custodians.

AGF Investments Inc. applied for exemptive relief on behalf of its mutual funds to be exempted from the requirement to prepare and file a long form prospectus for ETF Securities, provided they file a simplified prospectus.

They 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 specified conditions.

Fidelity Investments Canada ULC applied for exemptive relief on behalf of its mutual funds offering both ETF and mutual fund securities.

The applicant sought relief from the requirement to file a long-form prospectus for ETF securities, provided it files a simplified prospectus and ETF Facts document.

The applicant also sought relief to treat ETF and mutual fund securities as separate funds for compliance with sales and redemption requirements under National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to specified conditions regarding prospectus disclosure and compliance with applicable provisions for each security type.

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 an ETF facts document.

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 specified conditions regarding prospectus filing and compliance with applicable provisions of NI 81-102.

BMO Asset Management Inc. applied for exemptive relief on behalf of certain top funds from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The top funds invest primarily in underlying funds, which causes delays in obtaining the necessary financial information to complete their own audits and financial statements.

The Ontario Securities Commission granted the requested relief, extending the annual filing and delivery deadline to 180 days and the interim deadline to 120 days, subject to certain conditions.

The applicant, Manulife Investment Management Limited, applied to the Ontario Securities Commission for exemptive relief from subsection 5.1(a) of National Instrument 81-105.

The relief sought to permit the applicant to pay participating dealers for direct costs related to Cooperative Marketing Initiatives where the primary purpose is to provide educational information concerning Financial Planning matters.

The principal regulator granted the exemption, subject to several conditions ensuring the information remains general, educational, and does not incentivize the sale of specific funds.

The applicant applied for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 to permit its mutual funds to invest more than 10% of their net asset value in debt obligations issued or guaranteed by Fannie Mae or Freddie Mac.

The Ontario Securities Commission granted the relief, subject to conditions including that the securities maintain a U.S. Government Equivalent Rating and a minimum credit rating, and that the funds' simplified prospectuses disclose the increased investment limit and associated risks.

The Filer applied for exemptive relief on behalf of itself and the Chou Associates Fund from the self-dealing and inter-fund trade restrictions in NI 81-102 and NI 31-103.

The relief was sought to permit the Fund to sell illiquid shares of a private issuer to affiliated companies in order to comply with the 15% limit on illiquid assets.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including independent valuation, independent review committee approval, and a top-up provision if the shares increase in value within six months.