Darren McKall

The Filer, Picton Mahoney Asset Management, applied for exemptive relief on behalf of several alternative mutual funds from certain short selling and cash borrowing restrictions under National Instrument 81-102.

The requested relief would permit the funds to sell securities short and borrow cash up to a combined aggregate total of 100% of their net asset value, and to deposit portfolio assets with a borrowing agent that is not the funds' custodian up to certain limits.

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 leverage limit.

The applicant, Portland Investment Counsel Inc., applied for exemptive relief from the conflict of interest provisions in subparagraph 13.5(2)(b)(iii) of National Instrument 31-103 to permit the merger of the Portland Value Plus Fund into the Portland Special Opportunities Fund, and future similar mergers.

The Ontario Securities Commission granted the relief, subject to conditions including independent review committee approval, unitholder notice, and the manager bearing the costs of the mergers.

The applicant, Guardian Capital LP, applied on behalf of several proposed exchange-traded funds (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.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of two exchange-traded funds (the Existing Funds) to facilitate their reorganization into a corresponding class of shares of a mutual fund corporation (the Continuing Funds).

The requested relief included approval for the reorganization, an extension of the prospectus lapse date, permission to use the past performance and financial data of the Existing Funds for the Continuing Funds, and permission for the Continuing Funds to hold securities of the Existing Funds after they cease to be reporting issuers.

The Commission granted the requested relief, subject to unitholder approval and other conditions.

The Filer applied to the Ontario Securities Commission for approval of a change of manager of various mutual funds to Canoe Financial LP, and for approval to merge the funds into certain mutual funds managed by Canoe.

The Commission granted the requested approvals under National Instrument 81-102, finding that the proposed transactions were not detrimental to the protection of investors and that the necessary securityholder approvals had been obtained.

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse dates for the renewal of the simplified prospectuses, fund facts, and annual information forms of certain mutual funds to November 1, 2020.

The extension was sought to align the renewal dates of these funds with other Fidelity funds, allowing them to be combined in the same simplified prospectus for administrative efficiency and easier investor comparison.

The Ontario Securities Commission granted the requested exemption.

The Filer applied on behalf of the Initial Fund and Future Funds for exemptive relief from the short selling restrictions in National Instrument 81-102.

The relief sought would permit the Funds to short sell government securities up to a maximum of 300% of their net asset value as part of a short hedging strategy.

The principal regulator granted the exemption, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of the net asset value.

The Filer applied for exemptive relief on behalf of several alternative and conventional mutual funds from certain provisions of National Instrument 81-102.

The requested relief sought to permit the alternative funds to short sell securities up to 100% of their net asset value to implement market-neutral strategies.

Additionally, the Filer sought relief to allow the funds to deposit portfolio assets with borrowing agents that are not their custodians up to higher limits, and to appoint multiple custodians.

The principal regulator granted the requested exemptions, subject to specific conditions regarding leverage limits, risk management, and reconciliation processes.

The Filer, Hamilton Capital Partners Inc., applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds to approve the proposed mergers of several terminating exchange-traded funds into newly established continuing exchange-traded funds.

Regulatory approval was required because the fundamental investment objectives of the continuing funds were not substantially similar to the terminating funds, and the mergers would be effected on a taxable basis rather than as a qualifying exchange.

The Commission granted the requested approval, provided the Filer obtains prior unitholder approval for the mergers.

CI Investments Inc. applied for exemptive relief to extend the time limits for the renewal of the simplified prospectus of two mutual funds.

The extension was requested to align the renewal date with that of 142 affiliated funds, 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 Fund for exemptive relief from various provisions of National Instruments 81-102, 81-101, and 81-106.

The relief sought to permit the Fund to use its past performance data from the period before it became a reporting issuer in its sales communications, fund facts documents, and management reports of fund performance.

The Ontario Securities Commission granted the requested exemption, subject to conditions requiring disclosure that the Fund was not a reporting issuer during that period and that its expenses would have been higher had it been subject to reporting issuer requirements.

The Filer applied for exemptive relief on behalf of existing and future alternative mutual funds to exceed the short selling limits in NI 81-102.

The relief sought would permit the funds to sell securities short such that the aggregate market value of all securities sold short could exceed 50% of the net asset value, up to a maximum of 100%, and the combined value of cash borrowed and securities sold short could exceed 50%, up to 100% of the net asset value.

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

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds.

The extension was requested because the Filer had entered into an agreement to sell the management rights of the funds, which would result in the funds being merged into continuing funds shortly after the original lapse date.

The principal regulator granted the relief, finding that requiring a renewal and subsequent amendment within a short period would lead to increased costs and potential investor confusion.

The Filer 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.

Regulatory approval was required because the fundamental investment objectives of the terminating funds were not substantially similar to those of the continuing funds, thereby not satisfying the pre-approval criteria in section 5.6 of NI 81-102.

The principal regulator granted the requested approval, subject to the condition that the Filer obtain prior approval from the unitholders of the terminating funds and one of the continuing funds at special meetings.

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

The relief was sought to permit the funds to replicate the performance of a rules-based, variable-weight Canadian bank index and an equal-weight Australian bank index, which would require investing more than 10% of net assets in a single issuer.

The Ontario Securities Commission granted the requested exemption, subject to conditions regarding investment objectives, rebalancing frequency, and prospectus disclosure.

The Filer applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the proposed mergers of several mutual funds.

Pre-approval was unavailable because the fundamental investment objectives of certain continuing funds were not substantially similar to the merging funds, and the mergers would be effected on a taxable basis.

The Commission granted the requested relief, provided that the Filer obtains prior approval from the securityholders of the merging funds at special meetings.

Lysander Funds Limited applied for exemptive relief on behalf of certain alternative mutual funds from various provisions of National Instrument 81-102 and National Instrument 81-101.

The requested relief included permitting monthly processing of purchase and redemption orders, allowing the inclusion of past performance data from before the funds became reporting issuers, permitting short selling of government securities up to 300% of net asset value, and allowing the deposit of portfolio assets with a borrowing agent that is not the fund's custodian.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding disclosure and operational controls.

The applicant, Lysander Funds Limited, applied on behalf of Lysander-Canso Credit Opportunities Fund for exemptive relief from certain provisions of National Instrument 81-106 and National Instrument 81-102.

The relief sought to permit the fund to include past performance data in its management reports of fund performance, despite the data relating to a period prior to the fund offering its securities under a simplified prospectus.

The principal regulator granted the requested exemption, subject to specific disclosure and posting conditions.

The Filer applied for exemptive relief on behalf of its mutual funds from the cash cover requirements in section 2.8(1)(d) of National Instrument 81-102.

The relief was sought to allow the funds to open or maintain long positions in FX Forward Contracts to substitute Base Currency risk for another currency risk without increasing aggregate currency risk.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the aggregate amount of Base Currency to be delivered does not exceed the value of Base Currency-denominated assets held by the fund.

The Filer applied on behalf of the Partnership for exemptive relief from the illiquid asset restrictions in subsections 2.4(4), 2.4(5), and 2.4(6) of National Instrument 81-102.

The relief was sought to permit the Partnership to purchase and hold up to 100% of its net asset value in illiquid assets, specifically Restricted Period Flow-Through Shares, during its Initial Investment Restriction Period.

The Ontario Securities Commission granted the requested relief, subject to conditions including the dissemination of a news release and specific prospectus disclosures for future partnerships.