Darren McKall

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

Due to an inadvertent miscalculation, the pro forma simplified prospectus was filed one day late.

The Filer required additional time to address comments from the principal regulator regarding ESG-related disclosure.

The Commission granted the requested exemption, extending the lapse date to July 30, 2022, finding it would not be prejudicial to the public interest.

TD Asset Management Inc. applied for exemptive relief under section 19.2 of National Instrument 41-101 to extend the 90-day deadline for filing a final prospectus for the TD Global Carbon Credit Index ETF.

The Director of the Ontario Securities Commission granted the exemption, permitting the final prospectus to be filed no later than August 31, 2022.

The applicant, CI Investments Inc., applied to the Ontario Securities Commission for exemptive relief from the prohibitions in sections 13.5(2)(b)(ii) and (iii) of National Instrument 31-103.

The relief sought was to permit in specie subscriptions and redemptions between managed accounts and investment funds, and between pooled funds and other investment funds.

The Commission granted the exemption, subject to several conditions including independent review committee approval, client consent, and valuation requirements.

The applicant applied for exemptive relief on behalf of existing and future mutual funds to permit short selling of government securities up to 20% of the net asset value of the applicable fund, and to be exempted from the cash cover requirements for such short sales.

The principal regulator granted the requested relief, revoking a prior decision and replacing it with the new exemptions, subject to conditions including that the relief only applies to government securities and that appropriate internal controls and risk management procedures are maintained.

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 funds.

The extension was requested to allow the Filer to combine the renewal prospectus of the existing funds with a new fund currently being developed, thereby streamlining disclosure.

The Commission granted the requested relief, extending the lapse date to September 8, 2022.

The filer applied for exemptive relief to extend the lapse dates of the prospectuses for the Mackenzie Series Funds and the Laurentian Series Funds.

The extension was requested to align the renewal dates of these funds with other funds managed by the filer, thereby reducing renewal, printing, and related costs.

The principal regulator 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.

The applicant, TD Asset Management Inc., applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of simplified prospectuses for its alternative mutual funds with those of its conventional mutual funds.

The principal regulator granted the requested relief, noting that a similar consolidation is permitted for exchange-traded funds under National Instrument 41-101.

Fidelity Investments Canada ULC and Sterling Mutuals Inc. applied to the Ontario Securities Commission for exemptive relief from the Fund Facts Delivery Requirement under National Instrument 81-101.

The relief was sought for purchases of initial sales charge (ISC) series of securities made in connection with a Change of Systematic Instructions, following the implementation of the deferred sales charge (DSC) ban.

The Commission granted the requested relief, subject to conditions including that no ISC is charged and investors are notified they will not receive the Fund Facts but may request it.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest up to 10% of their net asset value in securities of SICAV Funds, which are Luxembourg-based UCITS funds.

The principal regulator granted the relief, revoking and replacing previous decisions, on the condition that the investments are consistent with the funds' objectives, the SICAV Funds remain subject to substantially similar regulatory restrictions, and the total investment in SICAV Funds does not exceed 10% of the investing fund's net asset value.

CIBC Asset Management Inc. applied for exemptive relief on behalf of CIBC Alternative Credit Strategy and future alternative mutual funds to permit the funds to short sell government securities up to a maximum of 300% of their net asset value.

The Ontario Securities Commission granted the requested relief, exempting the funds from the short selling restrictions in subparagraph 2.6.1(1)(c)(v) and section 2.6.2 of National Instrument 81-102, subject to certain conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed 300% of the fund's net asset value.

The Filer applied for exemptive relief on behalf of several 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 the sales and redemptions requirements of NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with specific disclosure and filing requirements.

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

The Filer sought to combine the prospectuses for its alternative and conventional mutual funds to reduce costs and streamline disclosure, noting that exchange-traded funds are permitted to do so under National Instrument 41-101.

The Ontario Securities Commission granted the requested exemptive relief.

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.

The relief was sought to permit the Filer'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 applicant sought exemptive relief on behalf of its investment funds to permit them to invest up to 10 percent of their net asset value in certain foreign investment funds (UCITS) formed in Luxembourg and Ireland.

The principal regulator granted the exemption, revoking a previous decision, on the condition that the underlying funds qualify as UCITS and are distributed in accordance with UCITS Regulations, which subject them to substantially similar investment restrictions as the applicant's funds.

The applicant, Franklin Templeton Investments Corp., applied for exemptive relief on behalf of pooled funds from certain provisions of National Instrument 81-102.

The relief sought to permit the pooled funds to invest in securities of investment funds formed under Irish collective asset-management vehicles authorized by the Central Bank of Ireland.

The Ontario Securities Commission granted the exemption, subject to conditions ensuring the underlying funds are subject to substantially similar regulatory oversight and investment restrictions as Canadian mutual funds.

The filers applied for exemptive relief from the control restriction in subsection 2.2(1) of National Instrument 81-102 to permit their mutual funds to invest in private market funds managed by Northleaf Capital Partners.

The relief was sought because the mutual funds' investments could exceed 10% of the voting or equity securities of the smaller Northleaf funds.

The Ontario Securities Commission granted the relief, subject to conditions including a 20% ownership cap and a prohibition on active participation in the Northleaf funds' operations.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for an order exempting certain mutual funds from the annual filing and delivery deadlines for audited financial statements under National Instrument 81-106.

The applicant argued that the funds invest in underlying funds with varying financial year-ends and reporting deadlines, making it impossible to complete the audits within the standard 90-day period.

The Commission granted the requested relief, extending the filing and delivery deadline to 180 days after the funds' financial year-end, subject to certain conditions.

The Filer 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.

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

The principal regulator granted the exemption, subject to conditions including minimum credit rating requirements and specific prospectus disclosure.

The Filer applied for exemptive relief on behalf of its mutual funds from the cover requirements in paragraph 2.8(1)(d) and subparagraph 2.8(1)(f)(i) of National Instrument 81-102.

The relief sought permits the funds to use a right or obligation to sell an equivalent quantity of the underlying interest of a standardized future, forward, or swap as cover when opening or maintaining certain long positions or swap positions.

The Ontario Securities Commission granted the exemption, subject to specific conditions regarding cash cover and portfolio limits.

AGF Investments Inc. applied for exemptive relief on behalf of various investment funds (the Top Funds) to permit them to invest in certain private credit funds managed by AGF (the Underlying Investments).

The requested relief included exemptions from restrictions on investing in related issuers, the requirement to obtain client consent for such investments, and the requirement to file reports of related party transactions.

The Ontario Securities Commission granted the requested relief, subject to several conditions designed to protect investors, including compliance with concentration and illiquid asset restrictions, independent valuation of the Underlying Investments, and independent review committee approval for public funds.