Darren McKall

The Filer, 3iQ Corp., applied on behalf of the 3iQ Bitcoin ETF and future ETFs for exemptive relief from the underwriter's certificate requirement and the take-over bid requirements.

The Ontario Securities Commission granted the requested exemptions, noting that authorized dealers and designated brokers do not perform conventional underwriting services and that the application of take-over bid requirements could adversely impact the liquidity of the ETF securities.

Emerge Canada Inc. applied for exemptive relief on behalf of several exchange-traded mutual funds.

The applicant sought an exemption from the requirement to file a long form prospectus for ETF Securities, provided a simplified prospectus and annual information form are filed.

The applicant also sought an exemption from the sales and redemptions requirements of National Instrument 81-102 to permit the funds to treat ETF Securities and Mutual Fund Securities as separate funds for compliance purposes.

The Ontario Securities Commission granted the requested exemptions, subject to specified conditions.

The applicant, an investment fund manager, applied for exemptive relief from National Instrument 81-102 to permit the Royal Canadian Mint to act as custodian, and International Depository Services of Canada Inc. to act as sub-custodian, for the bullion held by its precious metals funds.

The principal regulator granted the requested relief, subject to conditions regarding shareholder equity thresholds, guarantees, and monitoring of the sub-custodian.

The Filer applied for exemptive relief on behalf of existing and future alternative mutual funds to permit them to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, exceeding the 50% limits set out in National Instrument 81-102.

The principal regulator granted the requested relief, subject to conditions including that the funds' aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed the 300% leverage limit.

Vanguard Investments Canada Inc. applied for exemptive relief from the performance rating and ranking requirements in 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 and FundGrade Ratings in their sales communications.

The principal regulator granted the exemption, subject to conditions requiring specific disclosure about the ratings, their methodology, and the timeframes to which they apply.

The applicant filed for exemptive relief from the Ontario Securities Commission to permit the merger of two terminating exchange-traded funds into a continuing fund.

Regulatory approval was required because the terminating funds did not have substantially similar fundamental investment objectives or fee structures as the continuing fund, thereby failing to meet all criteria for pre-approved reorganizations under section 5.6 of NI 81-102.

The Commission granted the requested exemptive relief, provided the applicant obtains prior approval from the unitholders of the terminating funds.

The Filer applied for exemptive relief to extend the lapse dates of the long form prospectuses for several of its exchange-traded funds.

The extension was sought to align the renewal dates of these prospectuses with those of other funds managed by the Filer, thereby reducing renewal, printing, and related costs.

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

The filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date for filing a renewal prospectus for its funds.

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

The Commission granted the requested relief, finding that the extension would not be prejudicial to the public interest and would provide administrative efficiencies.

The applicant applied on behalf of an investment fund for an exemption from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The exemption sought to permit the fund 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 fund's simplified prospectus discloses the associated risks and the nature of the relief.

The applicant, an investment fund manager, applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectus of its alternative mutual funds with the simplified prospectus of its conventional mutual funds.

The applicant argued that consolidation would reduce costs and allow investors to more easily compare the features of the funds, noting that similar consolidation is permitted for exchange-traded funds under National Instrument 41-101.

The Ontario Securities Commission granted the requested exemption, finding it met the test set out in the legislation.

The Filer applied to the Ontario Securities Commission for approval to merge the Ninepoint Concentrated Canadian Equity Fund into the Ninepoint Convertible Securities Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all pre-approval criteria under section 5.6 because the investment objectives and fee structures were not substantially similar, and the merger would not be a qualifying exchange under the Income Tax Act.

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

The applicant applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for a mutual fund.

The extension was requested to align the fund's prospectus renewal timeline with that of other mutual funds managed by the applicant, thereby reducing costs and streamlining operations.

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

Invesco Canada 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 prospectus disclosure requirements.

The Filer applied for exemptive relief to extend the time limits for the renewal of the prospectus of two exchange-traded mutual funds.

The Filer intended to merge the funds into another fund and argued it would be unduly costly to file renewal documents for the short period prior to the merger.

The Ontario Securities Commission granted the requested relief, extending the lapse date to allow continuous distribution until the merger.

The Filer, BlackRock Asset Management Canada Limited, applied for exemptive relief to extend the lapse date of the prospectus for certain exchange-traded mutual funds from March 26, 2021, to June 26, 2021.

The extension was requested to align the renewal timeframe of these ETFs with other funds managed by the Filer, thereby reducing costs and streamlining operations.

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

Guardian Capital LP applied for exemptive relief on behalf of a proposed fund to offer both exchange-traded fund (ETF) securities and conventional mutual fund securities.

The Filer sought an exemption from the requirement to file a simplified prospectus and annual information form for the mutual fund securities, proposing instead to file a single long-form prospectus for both classes.

The Filer also sought relief to treat the ETF and mutual fund securities as separate funds for compliance with sales and redemption requirements under NI 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to conditions ensuring appropriate disclosure and compliance with applicable rules for each security type.

The applicant, an investment fund manager, applied for exemptive relief from certain investment restrictions under National Instrument 81-102.

The relief sought would permit the mutual funds it manages to invest in underlying pooled funds that are not subject to NI 81-102 and are not reporting issuers.

The Ontario Securities Commission granted the exemption, subject to several conditions including valuation of private equity investments by a third-party administrator, inclusion of the investments in illiquid asset calculations, and independent review committee approval.

The Filer applied for an exemption from the requirement in subsection 6.1(1) of National Instrument 81-102 that all portfolio assets of an investment fund be held under the custodianship of one custodian.

The exemption was sought to permit the Funds to appoint more than one custodian, specifically to allow the physical bullion ETFs to use a specialized bullion custodian while maintaining their existing custodian for other assets.

The Ontario Securities Commission granted the exemption, subject to conditions including that a single entity reconciles all portfolio assets and provides valuation services.

The filer, CI Investments Inc., applied on behalf of various public and private investment funds for exemptive relief from certain conflict of interest and reporting requirements under Ontario securities legislation.

The relief sought to permit the funds to invest in related underlying investment vehicles managed by the filer, without triggering prohibitions against investing in substantial security holders or related issuers, and to waive related reporting and client consent requirements.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions ensuring independent valuation, compliance with concentration and illiquidity restrictions, and independent review committee oversight.

The Filer applied to the Ontario Securities Commission for approval of the proposed mergers of several terminating mutual funds into continuing mutual funds under section 5.5(1)(b) of National Instrument 81-102.

The proposed mergers did not meet all criteria for pre-approved reorganizations under section 5.6(1) because some would be implemented on a taxable basis to preserve unused tax losses, and the investment objectives were not substantially similar in all respects.

The Commission granted the requested approval, subject to the Filer obtaining prior approval from the unitholders of the terminating funds at a special meeting.