Darren McKall

The Filer, Brandes Investment Partners & Co., applied on behalf of the T. Rowe Price Global Allocation Fund for exemptive relief from certain provisions of National Instrument 81-102.

The relief sought to permit the Fund to invest in Blackstone Partners Offshore Fund Ltd., an underlying fund that is not subject to NI 81-102, is not a reporting issuer, and invests more than 10% of its net asset value in a third-tier fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including limits on the aggregate exposure to illiquid assets and non-reporting underlying funds, and requirements to prevent the duplication of management and incentive fees.

The applicant applied for exemptive relief on behalf of its investment funds to permit them to invest in collective investment schemes managed by the applicant or its affiliates that are not reporting issuers.

The principal regulator granted the requested relief from the conflict of interest investment restrictions, reporting requirements, and fund-of-fund restrictions, subject to several conditions including independent review committee approval and specific disclosure requirements.

Fidelity Investments Canada ULC applied for exemptive relief on behalf of existing and future mutual funds offering ETF securities.

The requested relief included exemptions from filing a long-form prospectus for ETF securities, permission to treat ETF and mutual fund securities as separate funds for sales and redemptions compliance, and an extension of prospectus lapse dates to align renewal filings.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring appropriate disclosure and compliance with applicable parts of National Instrument 81-102.

Corton Capital Inc. applied for exemptive relief on behalf of its investment funds from certain provisions of National Instrument 81-102.

The requested relief sought to permit the funds to invest in US-listed exchange-traded funds that are not reporting issuers in Canada, and to borrow cash from their custodian as a temporary measure to fund distributions.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including concentration limits, SEC registration requirements for the underlying ETFs, and borrowing limits.

The applicant, 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 sought to align the renewal timeframe of these ETFs with other funds managed by the applicant, 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 applied on behalf of existing and future alternative mutual funds for exemptive relief from certain provisions of National Instrument 81-102.

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

The Ontario Securities Commission granted the requested relief, subject to specific conditions regarding leverage limits, short sale collateral, and reconciliation of assets among multiple custodians.

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

The relief sought to permit the funds to short sell government securities, including those of the U.K. and Germany, up to a maximum of 300% of their net asset value as part of an interest rate risk hedging strategy.

The Ontario Securities Commission granted the requested relief, subject to conditions including that aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of NAV.

The Filer applied for exemptive relief on behalf of its mutual funds from the requirement in subsection 6.1(1) of National Instrument 81-102 that all portfolio assets be held by one 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, subject to specified collateral limits.

The principal regulator granted the requested relief, provided the funds otherwise comply with subsections 6.8.1(2) and (3) of NI 81-102.

The Filer applied for exemptive relief on behalf of an alternative mutual fund from certain provisions of National Instrument 81-102 regarding leverage limits, cash borrowing, short selling, and custodianship.

The Filer proposed using a value-at-risk (VaR) methodology to measure leverage risk instead of the standard aggregate exposure limit.

The Ontario Securities Commission granted the requested relief, permitting the fund to use the Absolute VaR test and to appoint additional qualified custodians, subject to comprehensive risk management and reporting conditions.

The Filer applied on behalf of the Harvest Premium Yield Canadian Bank ETF for exemptive relief from the concentration restriction in section 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit the ETF to invest more than 20% of its net asset value in the equity securities of a single Canadian bank, which is necessary to implement its investment strategy involving leverage and covered call options.

The principal regulator granted the exemption, subject to conditions requiring the ETF to maintain approximately equal weight exposure to the constituent banks and to provide specific prospectus disclosure regarding the exemption and associated concentration risks.

Canada Life Investment Management Ltd. applied for exemptive relief on behalf of certain investment funds to permit them to invest in underlying private equity funds managed by Northleaf and Sagard.

The underlying funds are not subject to NI 81-102, may hold more than 10% of their net asset value in other investment funds, and are not reporting issuers.

The Ontario Securities Commission granted the requested exemptions from paragraphs 2.5(2)(a), 2.5(2)(a.1), 2.5(2)(b), and 2.5(2)(c) of NI 81-102, subject to several conditions including independent review committee approval and limits on illiquid assets.

The Filer applied for exemptive relief from the multi-layering restriction in clause 2.5(2)(b) of National Instrument 81-102.

The relief sought would permit the proposed wrap funds to invest in corresponding middle funds, which in turn hold more than 10% of their net asset value in third-tier funds.

The Ontario Securities Commission granted the requested exemption, subject to conditions including no duplication of management fees and compliance with top portfolio holdings disclosure requirements.

The Filer applied for exemptive relief on behalf of existing and future investment funds to permit each fund to appoint more than one custodian, contrary to the prohibition in subsection 6.1(1) of National Instrument 81-102.

The Filer sought this flexibility to increase operational efficiency and reduce execution risk by allowing prime brokers to act as additional custodians.

The principal regulator granted the requested relief, subject to conditions including that a single entity reconciles all portfolio assets and completes daily reconciliations before striking a daily net asset value.

The Filer applied for exemptive relief on behalf of two investment funds to permit the inclusion of past performance data in sales communications, fund facts documents, and management reports of fund performance.

The data related to a period before the funds became reporting issuers and offered units under a simplified prospectus.

The principal regulator 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 for exemptive relief on behalf of proposed and future investment funds offering ETF securities.

The requested relief included exemptions from the requirement to file a long form prospectus, permission to treat ETF and mutual fund securities as separate funds for sales and redemptions compliance, an exemption from including an underwriter's certificate in the prospectus, and an exemption from take-over bid requirements for normal course purchases on a marketplace.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding prospectus filing and compliance with applicable parts of NI 81-102.

The Filers applied for exemptive relief under section 19.1 of National Instrument 81-102 to permit the Royal Canadian Mint and its sub-custodian to act as sub-custodians for the Funds' physical bullion in Canada.

The principal regulator granted the relief, revoking and replacing a previous decision, subject to conditions including shareholder equity thresholds and monitoring requirements.

The applicant, an investment fund manager, applied on behalf of an exchange-traded fund for exemptive relief from the requirement to include an underwriter's certificate in the fund's prospectus and from the take-over bid requirements in Part 2 of National Instrument 62-104.

The principal regulator granted the requested exemptions, noting that designated brokers and dealers do not provide conventional underwriting services and that the application of take-over bid requirements would adversely impact the liquidity of the ETF units.

Algonquin Capital Corporation applied for exemptive relief on behalf of several investment funds to permit them to invest in related underlying funds managed by the same manager.

The Ontario Securities Commission granted the requested relief from the related issuer, reporting, consent, and fund-of-fund restrictions, subject to several conditions including independent review committee approval, fee duplication prohibitions, and disclosure requirements.

The applicant applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs) from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit each ETF to invest in a single Specified Public Issuer in excess of the investment restrictions, in accordance with its fundamental investment objective.

The principal regulator granted the requested exemption, subject to conditions including that the ETFs otherwise meet the definition of a fixed portfolio investment fund and that specific disclosure requirements are met.

The Filer applied for exemptive relief to permit its investment funds to invest in securities of exchange-traded funds listed in the United States that are not index participation units and are not reporting issuers in Canada.

The principal regulator granted the relief, revoking and replacing a previous decision, subject to conditions including a 10% net asset value limit on such investments and requirements that the underlying ETFs be regulated by the SEC.