Darren McKall

The applicant, Northwest & Ethical Investments L.P., applied to the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 81-102.

The applicant sought an exemption from sections 2.5(2)(a) and 2.5(2)(c) to permit its existing and future mutual funds to invest in US-listed exchange-traded funds that do not qualify as index participation units and that seek to replicate the daily performance of permitted precious metals on an unlevered basis.

The Commission granted the requested relief, subject to conditions including a 10% net asset value limit on investments in such underlying ETFs and a 10% limit on overall exposure to physical commodities.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in certain foreign exchange-traded funds (Underlying ETFs) traded in Japan and Hong Kong, and to permit a three-tier fund-of-fund structure.

The Ontario Securities Commission granted the relief, subject to conditions, finding that the Underlying ETFs are subject to substantially equivalent regulatory oversight and that the investments would provide an efficient way for the funds to achieve diversification.

CI Investments Inc. applied for exemptive relief on behalf of its current and future investment funds from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief sought to permit the funds to invest more than 10% (or 20% for alternative mutual funds and non-redeemable investment funds) of their net asset value in debt obligations issued or guaranteed by Fannie Mae or Freddie Mac.

The Ontario Securities Commission granted the requested relief, subject to conditions requiring the securities to maintain a U.S. Government Equivalent Rating and a minimum credit rating, as well as specific prospectus disclosure and risk factors.

The Filer, Horizons ETFs Management (Canada) Inc., applied on behalf of numerous Horizons Funds for an order that each fund has ceased to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator, the Ontario Securities Commission, found that the funds met the requirements, including having fewer than 15 securityholders in each jurisdiction and no securities traded on a marketplace.

The order was granted.

The applicant, an investment fund manager, applied for exemptive relief from the trading prohibitions in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit inter-fund trades between pooled funds and managed accounts at the last sale price rather than the closing sale price.

The Ontario Securities Commission granted the exemption, subject to conditions including independent review committee approval and compliance with specific provisions of National Instrument 81-107.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in Dublin iShares ETFs, which are not subject to NI 81-102 and are not reporting issuers in Canada, and to permit the funds to invest in other funds that hold more than 10% of their net asset value in Dublin iShares ETFs.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments align with the funds' fundamental investment objectives and that the Dublin iShares ETFs qualify as index participation units but for being traded on a UK stock exchange.

The Filer applied on behalf of several Horizons Corporate Class ETFs for exemptive relief from the control and fund of fund restrictions in National Instrument 81-102.

The relief permits the ETFs to continue holding 100% of the voting securities of their corresponding Horizons Private Trusts after the trusts cease to be reporting issuers.

The Ontario Securities Commission granted the requested exemption, subject to conditions including that the trusts will not issue new securities or make new investments.

The applicant applied for exemptive relief on behalf of an alternative mutual fund from certain provisions of National Instrument 81-102.

The requested relief sought to permit the fund to short sell securities up to 100% of its net asset value, and to process purchase and redemption orders on a monthly basis rather than daily.

The Ontario Securities Commission granted the requested relief, subject to conditions including aggregate exposure limits and specific disclosure requirements in the fund's offering documents.

The applicant, Venator Capital Management Ltd., applied on behalf of Venator Income Fund for exemptive relief from certain provisions of National Instrument 81-102 and National Instrument 81-101.

The relief sought to permit the Fund to include past performance data from before it became a reporting issuer in its sales communications, fund facts, and investment risk level determinations.

The Ontario Securities Commission granted the requested exemptions, subject to conditions requiring disclosure that the Fund was not a reporting issuer during the relevant period.

The Filer applied on behalf of the Fund for exemptive relief from certain continuous disclosure requirements under NI 81-106 and NI 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 before the Fund offered its securities under a simplified prospectus.

The principal regulator granted the exemption, subject to conditions including disclosure that the Fund was not a reporting issuer during the relevant period and making past financial statements available.

The Filer applied for exemptive relief from the custodianship requirements of National Instrument 81-102 to permit its mutual funds and alternative mutual funds to deposit portfolio assets with a borrowing agent that is not the fund's custodian or sub-custodian in connection with short sales of securities.

The Ontario Securities Commission granted the exemption, provided the funds otherwise comply with subsections 6.8.1(2) and (3) of NI 81-102.

Blackrock Asset Management Canada Limited applied for exemptive relief on behalf of its mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to invest up to 100% of their net asset value in Dublin iShares Funds, and to permit investments in other funds that hold more than 10% of their net asset value in Dublin iShares Funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Dublin iShares Funds qualify as index participation units but for being traded on a UK stock exchange.

The applicant, Connor, Clark & Lunn Funds Inc., applied for exemptive relief on behalf of several alternative mutual funds from certain short selling and custodian requirements under National Instrument 81-102.

The requested relief would permit the funds to short sell securities up to 100% of their net asset value, deposit portfolio assets with borrowing agents that are not the funds' custodians, and appoint multiple custodians.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding leverage limits, short sale requirements, and operational controls.

AGF Investments Inc. applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Lipper Awards and Lipper Leader Ratings to be referenced in sales communications relating to its mutual funds.

The Ontario Securities Commission granted the exemption, subject to specific disclosure conditions, noting that the ratings provide an objective and transparent measure of performance.

The applicant, Vision Capital Corporation, applied on behalf of the Vision Alternative Income Fund for exemptive relief to extend the lapse date of the Fund's simplified prospectus from February 6, 2020, to April 15, 2020.

The extension was requested to align the prospectus renewal with the completion of the Fund's first annual financial audit and to allow the Fund's prospectus to be combined with that of a newly proposed alternative mutual fund.

The Ontario Securities Commission granted the requested relief, finding that the extension would not prejudice the public interest and would reduce unnecessary costs for the Fund and its securityholders.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the long form prospectuses for two exchange-traded funds.

The extension was requested to align the renewal dates with ten other funds managed by the Filer, thereby reducing renewal and printing costs.

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

The Filer, CI Investments Inc., applied for exemptive relief on behalf of several mutual funds to permit the filing of a single long-form prospectus for both exchange-traded fund (ETF) securities and mutual fund securities, rather than separate prospectuses.

The Filer also sought relief from the sales and redemption requirements of National Instrument 81-102 to treat the ETF and mutual fund securities as separate funds for compliance purposes.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including specific disclosure requirements and compliance with applicable provisions for each type of security.

CI Investments Inc. applied for exemptive relief on behalf of its existing and future mutual funds that offer both mutual fund securities and exchange-traded fund (ETF) securities.

The applicant sought an exemption from the requirement to file a long-form prospectus for the ETF securities, proposing instead to use a simplified prospectus.

The applicant also sought relief to treat the ETF and mutual fund securities as separate funds for the purpose of compliance with the sales and redemption requirements under National Instrument 81-102.

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

The applicant sought exemptive relief from subsections 9.3(1) and 10.3(1) of National Instrument 81-102 to permit the Venator Income Fund to process purchase and redemption orders on a semi-monthly basis, rather than daily.

The Ontario Securities Commission granted the relief, subject to conditions requiring clear disclosure of the semi-monthly processing frequency in the fund's simplified prospectus and fund facts documents, and a statement that the fund is only suitable for investors who can accept this frequency.

The Filer applied to the Ontario Securities Commission for exemptive relief from the commingling prohibition in paragraph 11.1(1)(b) of National Instrument 81-102.

The Filer sought to temporarily commingle cash received for investment in its private equity funds with cash received for its mutual funds and exempt funds in the same trust accounts.

The Commission granted the requested relief, finding it would facilitate administrative economies without being detrimental to investor protection.