Darren McKall

The applicant applied for exemptive relief on behalf of an exchange-traded fund and future ETFs.

The applicant sought exemptions from the requirement to include an underwriter's certificate in the ETF's prospectus and from the take-over bid requirements for purchasers of listed securities in the normal course.

The Ontario Securities Commission granted both exemptions, noting that authorized dealers do not perform conventional underwriting services and that applying take-over bid requirements would adversely impact the liquidity of the listed securities.

The applicant 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 to permit the funds to use a right or obligation to sell an equivalent quantity of the underlying interest to cover long positions in forward contracts, standardized futures, or swaps.

The principal regulator granted the exemption, subject to conditions regarding cash cover and limits on the percentage of net asset value made up of such options.

The Filer applied on behalf of two exchange-traded funds for an exemption from section 2.12(1)12 of National Instrument 81-102.

The exemption sought to permit the funds to enter into securities lending transactions where the aggregate market value of loaned securities exceeds 50% of the net asset value of the fund, up to 100%.

The principal regulator granted the exemption, subject to conditions regarding collateral, mark-to-market requirements, and borrower acceptability, noting the funds' passive investment strategies and liquid equity holdings.

The Filer, Horizons ETFs Management (Canada) Inc., applied for exemptive relief on behalf of Horizons ETF Corp. and its exchange traded funds from the Formal Issuer Bid Requirements of Part 2 of National Instrument 62-104.

The relief permits one Horizons Corporate Class ETF to acquire shares of another Horizons Corporate Class ETF in the secondary market without triggering issuer bid requirements.

The Ontario Securities Commission granted the exemption, subject to conditions including compliance with the Fund of Funds Rules and that acquired shares remain outstanding.

The Filers applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same or affiliated managers.

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

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the investments are compatible with the top funds' objectives, effected at an objective price, and subject to appropriate disclosure and fee duplication prohibitions.

Canada Life Investment Management Ltd. applied for exemptive relief to extend the lapse date of the simplified prospectus for several of its funds from May 15, 2021, to August 14, 2021.

The extension was requested to align the renewal of these funds' prospectuses with those of other funds managed by the applicant, thereby reducing costs and streamlining disclosure.

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

The Filer applied to the Ontario Securities Commission for approval of a proposed merger between the Mackenzie Global Credit Opportunities Fund and the Mackenzie North American Corporate Bond Fund under paragraph 5.5(l)(b) of NI 81-102.

The merger did not meet all pre-approval criteria because the fundamental investment objectives were not substantially similar, it would not be completed on a tax-deferred basis, and certain fund facts documents were not sent to unitholders.

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

The Filer applied for exemptive relief on behalf of itself, its affiliates, and certain top funds to permit the top funds to invest in underlying funds managed by the Filer.

The relief sought exemptions from restrictions prohibiting an investment fund from knowingly making an investment in a person or company in which it is a substantial securityholder, and from restrictions prohibiting a registered adviser from knowingly causing an investment portfolio to purchase securities of an issuer in which a responsible person is a partner, officer, or director without prior client consent.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely pursuant to prospectus exemptions and that investments are effected at an objective price.

The applicant, Allbanc Split Corp. II, applied to the Ontario Securities Commission for an order that it has ceased to be a reporting issuer in all jurisdictions of Canada.

The applicant 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, satisfied that the statutory test was met, granted the requested order.

The applicant, CI Investments Inc., applied on behalf of the CI MSCI World ESG Impact Fund for exemptive relief to extend the lapse date of the Fund's prospectus from May 27, 2021, to July 29, 2021.

The extension was requested to align the Fund's prospectus renewal with the renewal of approximately 142 other affiliated mutual funds managed by the applicant, thereby 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 applied on behalf of the Mackenzie Greenchip Global Balanced Fund for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief sought to permit the Fund to invest up to 20% or 35% of its net assets in certain highly-rated Foreign Government Securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the Fund's simplified prospectus discloses the additional risks and the nature of the relief.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 to permit the reorganization of several mutual funds into corresponding Canada Life funds.

The applicant also sought relief from concentration restrictions to allow certain funds to invest up to 35% of their net asset value in highly rated foreign government securities, and relief from the three-tier fund structure prohibition to allow top funds to invest in reorganizing funds that hold more than 10% of their net asset value in underlying limited partnerships.

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

The Manager applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the merger of several terminating exchange-traded funds into continuing exchange-traded funds.

Regulatory approval was required because the mergers did not satisfy all criteria for pre-approved reorganizations under section 5.6 of NI 81-102, specifically regarding substantially similar fundamental investment objectives and tax-deferred transaction status.

The principal regulator granted the merger approval, provided the Manager obtains prior approval from the securityholders of the terminating ETFs.

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

The Filer sought to consolidate the prospectuses to reduce costs and streamline disclosure, noting that ETFs are permitted to do so under National Instrument 41-101.

The Ontario Securities Commission granted the requested relief.

RBC Global Asset Management Inc. applied for exemptive relief from section 5.1(4) of National Instrument 81-101 to permit the simplified prospectus of one or more alternative mutual funds to be consolidated with the simplified prospectus of conventional mutual funds.

The Ontario Securities Commission granted the requested relief, noting that combining the documents would reduce costs, facilitate comparison for investors, and align the treatment of mutual funds under NI 81-101 with exchange-traded funds under NI 41-101.

The Filer, RP Investment Advisors LP, 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 simplified prospectuses of its alternative and conventional mutual funds to reduce costs and streamline disclosure.

The Ontario Securities Commission granted the requested relief, noting that National Instrument 41-101 permits such consolidation for exchange-traded funds and there is no reason to treat mutual funds differently.

The applicant, Horizons ETFs Management (Canada) Inc., applied on behalf of the Horizons US 7-10 Year Treasury Bond CAD Hedged ETF for an order that the fund cease to be a reporting issuer.

The Ontario Securities Commission, acting as principal regulator, granted the order upon being satisfied that the fund met the requisite criteria, including having fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and having no securities traded on a marketplace.

The Filer, Purpose Investments Inc., applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Purpose Structured Equity Yield Portfolio II.

The Filer inadvertently missed the pro forma filing deadline.

The Commission granted the requested relief, extending the lapse date to April 22, 2021, to allow sufficient time for review and filing.

The Manager applied for exemptive relief to merge two terminating mutual funds into two continuing mutual funds.

The mergers did not meet all criteria for pre-approved reorganizations under NI 81-102 because the fundamental investment objectives were not substantially similar.

The principal regulator granted the requested merger approval, subject to the Manager obtaining prior securityholder approval at a special meeting.

The Filers applied for exemptive relief on behalf of several Continuing Funds in connection with a reorganization of existing mutual funds.

The relief sought exemptions from seed capital requirements, as the Continuing Funds would receive assets significantly in excess of the requirement upon reorganization.

The Filers also sought relief to use the past performance data, financial highlights, and start dates of the Existing Funds in the Continuing Funds' simplified prospectuses, fund facts documents, sales communications, and management reports of fund performance.

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