Darren McKall

The Filer applied on behalf of itself and the Fund for exemptive relief from the annual and interim financial statement filing and delivery deadlines under NI 81-106.

The Fund invests primarily in underlying funds, which have financial reporting deadlines that do not align with the Fund's deadlines, making it impossible for the Fund to meet its own deadlines.

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

The applicant, True Exposure Investments, Inc., applied for exemptive relief on behalf of its alternative mutual funds from certain short selling restrictions under National Instrument 81-102.

The applicant sought permission for the funds to short sell index participation units (IPUs) up to a maximum of 100% of the fund's net asset value.

The Ontario Securities Commission granted the requested relief, finding that the high diversity and liquidity of IPU issuers mitigated the concentration risk typically associated with shorting securities of a single issuer.

The relief was granted subject to conditions, including that the funds comply with aggregate exposure limits.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the Current Prospectus for the AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF.

The extension was requested to align the Fund's prospectus renewal with the renewal of 11 other exchange-traded mutual funds managed by the Filer, allowing them to be combined into a single multi-fund prospectus.

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

The applicant, EHP Funds Inc., 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 that all portfolio assets be held by one qualified custodian.

The Ontario Securities Commission granted the requested relief, subject to conditions, finding that the exemptions would allow the funds to more effectively manage their investment exposures and reduce related expenses without increasing overall risk.

The applicant, an investment fund manager, applied for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 on behalf of several mutual funds.

The requested relief would permit the funds to invest up to 20% or 35% of their net assets in highly rated evidences of indebtedness issued or guaranteed by foreign governments or supranational agencies.

The principal regulator granted the exemption, subject to conditions including that the funds' investment objectives permit such investments and that the prospectuses disclose the associated risks and the nature of the relief.

The Filer, Next Edge Capital Corp., applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectuses of its alternative mutual funds with those of its conventional mutual funds.

The Filer argued that consolidation would reduce costs and facilitate investor comparison, noting that National Instrument 41-101 already permits such consolidation for exchange-traded funds.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemption.

The Filer, Silver Heights Capital Management Inc., applied for an exemption from the prohibition in subparagraphs 13.5(2)(b)(ii) and 13.5(2)(b)(iii) of National Instrument 31-103 to permit specified In-specie Transfers between Managed Accounts and Pooled Funds.

The principal regulator granted the exemption, subject to conditions including obtaining prior written consent from clients, ensuring the transfers are consistent with investment objectives, and maintaining proper valuation and record-keeping.

The applicant applied to the Ontario Securities Commission for exemptive relief to approve the merger of a terminating fund into a continuing fund.

The proposed merger did not meet all pre-approval criteria under NI 81-102 because the funds' investment objectives were not substantially similar and the merger would be implemented on a taxable basis.

The Commission granted the requested relief, provided that the applicant obtains prior approval from the unitholders of the terminating fund at a special meeting.

The applicants sought exemptive relief on behalf of several mutual funds (the Continuing Funds) in connection with a reorganization.

They requested relief from the seed capital requirement under NI 81-102, as the Continuing Funds would receive assets from existing funds significantly in excess of the requirement.

They also sought relief to permit the use of past performance data, financial highlights, and start dates of the existing funds in the Continuing Funds' simplified prospectuses, fund facts documents, and management reports of fund performance.

The Ontario Securities Commission granted the requested relief, subject to certain disclosure conditions.

The applicants, Franklin Templeton Investments Corp. and Vanguard Investments Canada Inc., applied for exemptive relief from the cover requirements in sections 2.8(1)(d), (e), and (f) of National Instrument 81-102 Investment Funds.

The relief was sought to permit the funds to open, enter into, or maintain Short Derivatives, FX Derivatives, and Long IR Derivatives without meeting the standard cover requirements, provided certain alternative risk management and cash cover conditions were met.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest and would allow the funds to better pursue their investment objectives.

Canada Life Investment Management Ltd. applied for exemptive relief on behalf of its mutual funds to permit them to invest in U.S. exchange-traded funds that are not index participation units.

The relief sought exemptions from the control restriction and the prohibitions against investing in funds not subject to NI 81-102 or not reporting issuers in Canada.

The Ontario Securities Commission granted the requested relief, subject to conditions including a 10% net asset value limit on such investments and disclosure in the funds' prospectuses.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 Investment Funds.

The applicant sought approval for the reorganization of certain series of the Mackenzie Global Resource Fund with the Canada Life Global Resources Fund.

The applicant also sought an exemption from the fund of funds investment restrictions to permit its top funds to invest in the reorganizing funds despite those funds holding more than 10% of their net asset value in other investment funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including unitholder approval and specific portfolio disclosure requirements.

The applicant applied for exemptive relief under section 6.1 of National Instrument 81-101 from the 90-day limit for filing a prospectus after the receipt of a preliminary prospectus.

The Director granted the requested exemption, allowing the prospectus to be filed no later than January 28, 2022.

CI Investments Inc. applied for exemptive relief on behalf of its managed investment funds from the related securityholder and related issuer requirements under securities legislation.

The relief sought to permit the funds to invest in non-exchange-traded debt securities of related issuers in primary offerings and the secondary market, and to permit pooled funds to invest in exchange-traded securities of related issuers in the secondary market.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval, pricing requirements, and designated rating requirements, and revoked prior related decisions.

The applicant, an investment fund manager, applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying investments managed by the same manager.

The relief sought included exemptions from the related issuer investment restrictions, the reporting requirements for related party transactions, and the requirement to obtain client consent before investing in securities of an issuer in which a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions, including that the investments are compatible with the top funds' objectives, effected at an objective price, and that no duplicative fees are charged.

The Filer, BlackRock Asset Management Canada Limited, applied for exemptive relief from paragraph 2.5(2)(b) of National Instrument 81-102.

The relief sought to permit four new exchange-traded funds to purchase and hold shares of U.S. iShares ETFs that may hold more than 10% of their net asset value in U.S. Money Market Funds.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investment aligns with the funds' fundamental objectives and that the U.S. iShares ETFs are in good standing with the SEC.

RBC Global Asset Management Inc. applied for exemptive relief from the principal trading prohibitions in NI 31-103 and NI 81-102.

The relief was sought to permit the Filer's public funds, private funds, and managed accounts to purchase and sell commercial mortgages from or to an affiliate, Royal Bank of Canada.

The Ontario Securities Commission granted the requested relief, subject to several conditions including independent valuation, independent review committee approval, and concentration limits.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of the Fund to permit the use of past performance data from the period before the Fund became a reporting issuer.

The relief was sought for use in sales communications, fund facts documents, ETF facts documents, and management reports of fund performance.

The Commission granted the requested relief, subject to conditions requiring disclosure that the Fund was not a reporting issuer during the relevant period and that expenses might have been higher had it been subject to reporting issuer requirements.

CIBC Asset Management Inc. applied for exemptive relief to extend the lapse date for the renewal of the simplified prospectus, annual information form, and fund facts documents of various funds.

The extension was requested to provide sufficient time to reflect the applicable fees based on the voting results of special meetings regarding a proposed fixed administration fee.

The Ontario Securities Commission granted the requested exemption, extending the lapse date to August 27, 2021.

The Canadian Imperial Bank of Commerce applied to the Ontario Securities Commission for exemptive relief from various prospectus delivery, pricing, form, and underwriter certificate requirements under securities legislation.

The relief was sought to facilitate the continuous distribution of Canadian Depositary Receipts (CDRs), which provide Canadian investors with direct access to ownership of equity securities of foreign issuers.

The Commission granted the requested relief, subject to several conditions, including that the underlying issuers meet specific capitalization and liquidity standards and that the Filer maintain a dedicated website providing continuous disclosure regarding the CDRs.