Darren McKall

The Filer applied to the Ontario Securities Commission for exemptive relief from the requirement to obtain prior unitholder approval for the reorganization of the High Interest Savings Account Fund (HISA) into two separate mutual fund trusts.

The reorganization was proposed in response to changes in liquidity treatment by the Office of the Superintendent of Financial Institutions.

The Commission granted the requested relief, subject to conditions including approval by the independent review committee and the provision of a written notice to unitholders at least 60 days prior to the effective date.

The applicant, AGF Investments Inc., applied for exemptive relief on behalf of itself and a new mutual fund to be exempted from the new requirements of National Instrument 81-101.

The applicant sought to file a simplified prospectus, annual information form, and fund facts document under the previous requirements, to align with the existing offering documents of its other mutual funds until their renewal in June 2023.

The Ontario Securities Commission granted the requested exemption, provided the fund is incorporated into the renewal prospectus in compliance with the new requirements in June 2023.

The applicant, Picton Mahoney Asset Management, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for certain alternative funds.

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

The Commission granted the requested relief, finding that it would not affect the accuracy of the information provided to investors and would not be prejudicial to the public interest.

Purpose Investments Inc. applied for exemptive relief from the concentration restrictions in National Instrument 81-102 to permit several proposed exchange-traded funds to invest in a single Specified US Public Issuer.

The fundamental investment objective of the ETFs is to provide long-term capital appreciation through the purchase and holding of a single US public issuer.

The Ontario Securities Commission granted the requested exemption, subject to conditions including that the ETFs otherwise meet the definition of a fixed portfolio investment fund and that the US public issuers meet specific market capitalization and liquidity requirements.

Waypoint Investment Partners Inc. applied for exemptive relief on behalf of its investment funds to permit them to invest in related pooled funds and private issuers, and to provide loans to a related special purpose vehicle.

The principal regulator granted the requested relief from the restrictions in NI 81-102, NI 31-103, and the Securities Act (Ontario), subject to several conditions including compatibility with investment objectives, fee duplication prohibitions, and independent review committee approval.

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

The principal regulator granted the exemption, subject to conditions including specific disclosure requirements and time limits on the use of the awards.

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for the Waypoint Alternative Yield Fund from January 31, 2023, to July 31, 2023.

The extension was sought to consolidate the prospectus renewal with another alternative mutual fund managed by the Filer, 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, Horizons ETFs Management (Canada) Inc., applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the prospectuses for its Active ETFs, Index ETFs, and Thematics Plus ETFs.

The extension was sought to align the renewal dates with the availability of audited financial statements and to combine the prospectuses of the Index ETFs and Thematics Plus ETFs to reduce costs.

The Commission granted the requested relief, extending the lapse dates to April 28, 2023, and July 31, 2023, respectively.

The Filer, CI Investments Inc., applied for exemptive relief on behalf of its investment funds to permit them to invest in underlying non-traditional asset funds managed by the Filer, its affiliates, or unrelated managers, directly or indirectly through look-through funds.

The requested relief included exemptions from related issuer restrictions, consent requirements for investing in related issuers, reporting requirements for related party transactions, and fund-on-fund investment restrictions.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions, including compliance with concentration and illiquid asset restrictions, independent valuation of underlying assets, and independent review committee approval for public funds.

The Filer, Venturelink Innovation Fund Inc., applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator found that the Filer met the necessary criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, with no securities traded on any marketplace.

The application was granted.

Vision Capital Corporation applied on behalf of Vision Market Neutral Alternative Fund for an order that the Fund has ceased to be a reporting issuer in all jurisdictions of Canada.

The Ontario Securities Commission, acting as the principal regulator, granted the order based on representations that the Fund has fewer than 15 securityholders in each Canadian jurisdiction, fewer than 51 worldwide, and its securities are not traded on any marketplace.

The Filer, Guardian Capital LP, applied to the Ontario Securities Commission on behalf of several mutual funds for exemptive relief to extend the lapse date of their simplified prospectus from January 6, 2023, to April 14, 2023.

The extension was requested to align the prospectus renewal with the completion of the funds' first annual audited financial statements, avoiding the need and cost of reviewing interim unaudited financial statements.

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

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the long form prospectuses for three of its exchange-traded mutual funds.

The applicant sought to align the lapse dates of these prospectuses with those of six other funds it manages, in order to reduce renewal costs and streamline disclosure.

The Commission granted the requested exemption, finding that it would not affect the accuracy of the information contained in the prospectuses and would not be prejudicial to the public interest.

TD Asset Management Inc. applied for exemptive relief on behalf of the Top Funds to permit them to invest in the Underlying Funds, despite related issuer restrictions and consent requirements under securities legislation.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities are distributed solely to accredited investors and that the investments are compatible with the fundamental investment objectives of the Top Funds.

The decision also revoked and replaced prior decisions from 2018 and 2019 to eliminate redundancy.

The applicant investment fund manager applied for exemptive relief to extend the lapse date of the long form prospectus for several exchange-traded mutual funds.

The extension was sought to align the prospectus renewal timeline with the availability of the funds' audited annual financial statements, thereby avoiding the cost of reviewing interim unaudited financial statements.

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

The applicant, RBC Global Asset Management Inc., applied on behalf of its mutual funds for exemptive relief from the cash cover requirements in section 2.8(1)(d) of National Instrument 81-102.

The relief was sought to permit the funds to engage in government bond rate cross hedging and equity cross-market hedging without holding cash cover for the long derivatives positions.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the strategies are consistent with the funds' investment objectives and do not increase overall market exposure or leverage.

The Filer, CI Investments Inc., applied for exemptive relief to extend the lapse dates of the prospectuses for three of its ETFs.

The extension was sought to align the renewal dates of these ETFs with other affiliated ETFs managed by the Filer, thereby reducing renewal, printing, and related costs, and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest as there were no material changes in the affairs of the ETFs.

The Filer, Covington Fund II Inc., applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all jurisdictions of Canada where it is currently a reporting issuer.

The Filer represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator found that the statutory test was met and granted the requested order.

The Filer applied for exemptive relief from the concentration restriction in sections 2.1(1) and (1.1) of National Instrument 81-102 to permit its proposed exchange-traded mutual funds to invest in accordance with their fundamental investment objectives.

The ETFs seek to provide long-term capital appreciation by purchasing and holding the equity securities of a single specified US public issuer (Tesla, Amazon, or Alphabet).

The principal regulator granted the relief, subject to conditions including that the ETFs otherwise meet the definition of a fixed portfolio investment fund and that the specified issuers meet certain capitalization and liquidity standards.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for several of its education portfolio funds.

The extension was requested to align the renewal date with another fund managed by the Filer, thereby reducing renewal, printing, and related costs.

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.