Darren McKall

The applicant investment fund manager applied for exemptive relief on behalf of several mutual funds to extend the lapse dates of their prospectuses to align with other funds managed by the applicant.

The applicant also sought relief from the requirement in NI 81-101 prohibiting the consolidation of a simplified prospectus for an alternative mutual fund with that of a conventional mutual fund.

The principal regulator granted the requested exemptions, finding that consolidation would reduce costs and facilitate comparison, and that the lapse date extension would avoid duplicative renewals without prejudicing the public interest.

The Filer, as manager of the Sprott Physical Uranium Trust, applied for exemptive relief from certain investment restrictions under National Instrument 81-102 and the Securities Act (Ontario) in connection with a proposed plan of arrangement involving Uranium Participation Corporation.

The requested relief included exemptions from concentration, control, illiquid assets, and custodian restrictions to permit the Trust to acquire and hold securities of UPC Subsidiaries and store physical uranium at specialized facilities.

The Ontario Securities Commission granted the requested exemptions, subject to various conditions ensuring the Trust operates in accordance with its investment objectives and maintains adequate safeguards for its physical uranium holdings.

The Manager applied on behalf of the Terminating Fund for approval of a proposed merger into the Continuing Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not qualify as a pre-approved reorganization because it was not a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The principal regulator granted the approval, subject to the Manager obtaining prior approval from the securityholders of the Terminating Fund.

The applicant applied for exemptive relief from the short sale exposure limits in National Instrument 81-102 to permit its mutual funds to short sell government securities up to 20% of their net asset value for hedging purposes.

The principal regulator granted the exemption, finding that the strategy would allow for more effective interest rate hedging using highly liquid government securities, subject to conditions including compliance with other short sale requirements and prospectus disclosure.

The applicant investment fund manager applied for exemptive relief from the concentration restriction in section 2.1 of National Instrument 81-102.

The relief was sought to permit the ETF to invest up to 20% or 35% of its net assets in certain highly-rated foreign government securities.

The principal regulator granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the ETF's prospectus discloses the associated concentration risks.

The Filer, Waypoint Investment Partners Inc., applied to the Ontario Securities Commission for exemptive relief from the prohibitions in National Instrument 31-103.

The requested relief would permit inter-fund trades and in-specie transfers between the investment funds managed by the Filer and fully managed accounts for which the Filer acts as portfolio manager.

The Commission granted the relief, subject to conditions including independent review committee approval and compliance with pricing and valuation requirements under National Instrument 81-107 and National Instrument 81-102.

The applicant, Strathbridge Asset Management Inc., applied to the Ontario Securities Commission for approval of the proposed merger of four terminating closed-end investment funds into an open-ended mutual fund, the Mulvihill Premium Yield Fund.

The approval was required under subsection 5.5(1)(b) of National Instrument 81-102 because the merger did not meet all criteria for pre-approved reorganizations, specifically regarding tax-deferred status, fundamental investment objectives, and fee structures.

The Commission granted the requested exemptive relief, permitting the merger to proceed.

The applicant applied for exemptive relief on behalf of several continuing mutual funds following their merger with terminating funds.

The requested relief included exemptions from seed capital requirements, as the continuing funds would receive assets from the terminating funds well in excess of the minimum.

Relief was also sought to permit the continuing funds to use the past performance data, financial highlights, and start dates of the terminating funds in their simplified prospectuses, fund facts documents, and continuous disclosure filings.

The principal regulator granted the requested relief, finding it would provide investors with relevant historical information and avoid unnecessary confusion.

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

The relief was sought to permit the fund to invest more than 10% of its net asset value in the securities of a single Canadian bank or life insurance company, in accordance with its passive equal-weighting investment strategy.

The principal regulator granted the requested relief, subject to conditions including a 15% maximum concentration limit per issuer and specific prospectus disclosure requirements.

The Filer applied on behalf of Venator Investment Trust for exemptive relief from subsections 9.3(1) and 10.3(1) of National Instrument 81-102.

The relief sought to permit the Fund to process purchase and redemption orders on a weekly basis, rather than daily, to mitigate excessive portfolio turnover and protect the Fund during challenging market conditions.

The Ontario Securities Commission granted the requested relief, subject to conditions requiring the Fund to disclose its weekly processing frequency and suitability for investors in its simplified prospectus and Fund Facts.

The applicant, an investment fund manager, applied for exemptive relief on behalf of its mutual funds from the illiquid asset restrictions in National Instrument 81-102.

The applicant sought to allow the funds, when acting as Qualified Institutional Buyers, to purchase fixed income securities under Rule 144A of the US Securities Act without those securities being classified as illiquid assets.

The principal regulator granted the relief, provided the funds are Qualified Institutional Buyers at the time of purchase, the securities are traded on a mature and liquid market, and the funds disclose the exemption in their prospectuses.

The Filer, on behalf of the Fund, applied for exemptive relief from the redemption price requirements under NI 81-102 and the fund facts disclosure requirements under NI 81-101.

The relief was sought to permit the Fund to calculate the redemption price for its Decumulation Class units at an amount that may be less than the net asset value per unit, and to include specific disclosure regarding this pricing mechanism and targeted income payments in its Fund Facts document.

The principal regulator granted the requested relief, subject to conditions requiring bold text box disclosure on the cover page of the Prospectus and Fund Facts.

BMO Investments Inc. applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to permit the merger of two terminating mutual funds into two continuing mutual funds.

The proposed mergers did not meet all pre-approval criteria because the investment objectives and fee structures were not substantially similar, and one merger would not be completed on a tax-deferred basis.

The Ontario Securities Commission granted the requested relief, subject to the condition that the applicant obtain prior approval from the securityholders of the terminating funds at special meetings.

Arrow Capital Management Inc. applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to permit the merger of the Exemplar Investment Grade Fund into the Arrow EC Income Advantage Alternative Fund.

Regulatory approval was required because the investment objectives and fee structures of the two funds were not substantially similar.

The Ontario Securities Commission granted the requested relief, finding that the merger would provide economies of scale, increased portfolio diversification, and was in the best interests of the unitholders.

The applicant, Fidelity Investments Canada ULC, applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102, National Instrument 31-103, and National Instrument 81-107.

The requested relief would permit the applicant's managed investment funds and client accounts to engage in inter-fund trades of debt securities and exchange-traded securities, including cross-border inter-fund trades with U.S. funds.

The principal regulator granted the requested exemptions, subject to numerous conditions including independent review committee approval, compliance with specific pricing and execution requirements, and periodic reporting obligations.

The Filer applied to the Ontario Securities Commission for approval to merge the Templeton Global Bond Fund (Hedged) into the Templeton Global Bond Fund.

The merger required regulatory approval because it would not be completed on a tax-deferred basis, thus failing to meet all criteria for pre-approved reorganizations under NI 81-102.

The Commission granted the requested exemptive relief, subject to the Filer obtaining prior approval from the securityholders of the terminating fund.

The Manager applied on behalf of the Terminating Fund for approval to merge into the Continuing Fund pursuant to paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not qualify as a pre-approved reorganization because it would not be a qualifying exchange under the Income Tax Act.

The principal regulator granted the requested exemptive relief, allowing the merger to proceed on a taxable basis.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future investment funds to permit them to invest up to 10% of their net asset value in certain foreign underlying funds (UCITS and Guernsey funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.

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

The Filer applied for exemptive relief on behalf of the Evolve FANGMA Index ETF from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The relief was sought to permit the Fund to invest more than 10% of its net asset value in the securities of a single issuer in order to replicate the performance of the Solactive FANGMA Equal Weight Index.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Fund's portfolio be rebalanced quarterly and that the final prospectus disclose the exemption and associated concentration risks.

The Filer, Purpose Investments 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 relief, noting that combining the prospectuses would reduce costs and allow investors to more easily compare the features of the funds, and that similar consolidation is already permitted for exchange-traded funds under National Instrument 41-101.