Darren McKall

The Filer applied for exemptive relief to permit its investment funds to invest in securities of exchange-traded funds listed in the United States that are not index participation units and are not reporting issuers in Canada.

The principal regulator granted the relief, revoking and replacing a previous decision, subject to conditions including a 10% net asset value limit on such investments and requirements that the underlying ETFs be regulated by the SEC.

The applicant, CI Investments Inc., applied for exemptive relief to extend the lapse date of the simplified prospectus for the CI Structured Premium Yield Fund.

Due to an administrative error, the prospectus lapsed before a proforma prospectus was filed, and the fund continued to distribute securities.

The applicant sought to extend the lapse date to align with other funds it manages.

The Ontario Securities Commission granted the relief, extending the lapse date to July 24, 2027, subject to conditions including providing a cancellation right to investors who purchased securities during the period when the prospectus had lapsed.

The Filer applied on behalf of two investment funds for exemptive relief from the annual financial statement filing and delivery deadlines under sections 2.2 and 5.1(2)(a) of National Instrument 81-106.

The funds invest in underlying master-feeder structures domiciled in the Cayman Islands, which have a six-month deadline to publish their audited financial statements.

Consequently, the funds cannot meet the 90-day deadline under NI 81-106.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadline to 180 days after the funds' financial year-end, subject to certain conditions.

The applicant, on behalf of existing and future mutual funds, applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102.

The requested relief would permit the funds to invest in securities of exchange-traded funds listed on United States stock exchanges that are not index participation units, are not subject to NI 81-102, and are not reporting issuers in Canada.

The Commission granted the requested exemption, finding that the investments would increase diversification and pose limited risk, subject to conditions including a 10% net asset value limit on such investments.

The applicant, Hamilton Capital Partners Inc., applied on behalf of the Hamilton Enhanced Bitcoin DayMAX ETF for exemptive relief from paragraphs 2.5(2)(a.1) and 2.5(2)(c) of National Instrument 81-102.

The relief was sought to permit the Fund to invest up to 100% of its net asset value in shares of the iShares Bitcoin Trust (IBIT), which is not subject to NI 81-102 and is not a reporting issuer in any Canadian jurisdiction.

The Ontario Securities Commission granted the exemption, subject to conditions including that IBIT remains a reporting issuer in the United States and the Fund's investment remains consistent with its investment objectives and other NI 81-102 restrictions.

The applicant, 1832 Asset Management L.P., applied for exemptive relief from the multi-tier fund-of-fund restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit a three-tier structure where a top fund invests in a reference fund, which in turn invests more than 10% of its net asset value in a third-tier fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including no duplication of management fees and compliance with continuous disclosure requirements.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of certain investment funds from the financial statement filing and delivery deadlines under National Instrument 81-106.

The funds invest primarily in underlying funds that have financial reporting deadlines that align with or extend beyond the funds' own deadlines, making it impossible to finalize their financial statements in time.

The Commission granted the requested relief, extending the annual filing and delivery deadline to 120 days and the interim deadline to 90 days, subject to conditions.

The filer applied for exemptive relief on behalf of several mutual funds to be exempted from the requirement to file a long form prospectus for ETF Securities, provided they file a simplified prospectus and ETF Facts document.

The filer also sought relief to treat ETF Securities and Mutual Fund Securities as separate funds for compliance with Parts 9, 10, and 14 of NI 81-102.

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

The Filer applied for exemptive relief on behalf of existing and future investment funds to permit them to invest in U.S. exchange-traded funds that are not subject to NI 81-102 and are not reporting issuers in Canada.

The Filer also sought relief from self-dealing restrictions to permit the funds to purchase and sell securities of affiliated underlying ETFs through an affiliated designated broker acting as principal.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the U.S. ETFs are listed on a U.S. national securities exchange and regulated by the SEC or CFTC, and that the self-dealing trades are approved by the funds' independent review committee and executed at net asset value.

The Filer applied for exemptive relief from the cash cover requirement under section 2.8(1)(d) of National Instrument 81-102 Investment Funds.

The relief sought to permit the Filer's mutual funds to hold receivables arising from distributions or dividends on portfolio securities as cover for long positions in standardized futures during the period between entitlement and receipt.

The principal regulator granted the exemption, finding it would allow the funds to reduce cash drag and more closely track their applicable indices or investment objectives.

The Filer applied for exemptive relief from the margin limits in subsections 6.8(1) and 6.8(2)(c) of National Instrument 81-102 Investment Funds on behalf of its exchange-traded alternative mutual funds.

The relief sought to permit the funds to deposit up to 35% of their net asset value as margin with any one dealer, and up to 70% in aggregate with all dealers, for transactions involving Exchange Traded Specified Derivatives.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest and would allow the funds to pursue their investment strategies more efficiently.

The Filer applied for exemptive relief to extend the time limits for the renewal of the simplified prospectus of the Funds.

The extension was requested because the Funds recently changed auditors, and the audited financial statements would not be finalized by the current lapse date.

Additionally, the Filer required time to translate documents into French to qualify the securities for distribution in Quebec.

The principal regulator granted the requested exemption, extending the lapse date to May 8, 2026.

The Filer applied for exemptive relief on behalf of several mutual funds to permit them to invest in securities of existing and future U.S.-listed exchange-traded funds that are not index participation units.

The principal regulator granted the relief, subject to conditions including that the investment aligns with the funds' objectives, does not exceed 10% of net asset value, and that the underlying ETFs are subject to the U.S. Investment Company Act.

The Filer applied for exemptive relief on behalf of several existing and future exchange-traded funds (ETFs) to permit each ETF to invest up to 100% of its total assets in the securities of a single Specified Public Issuer, contrary to the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The application sought to revoke and replace a prior decision to expand the definition of 'Specified Public Issuer' to include issuers headquartered in specified international jurisdictions beyond the United States.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure requirements and ensuring the ETFs are not used as financing vehicles by the underlying issuers.

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

The requested relief included exemptions from the requirement to file a long form prospectus, the requirement to include an underwriter's certificate, certain take-over bid requirements, borrowing restrictions to fund distributions, and the requirement to treat ETF and mutual fund securities as a single fund for sales and redemptions compliance.

The Ontario Securities Commission granted the requested relief, subject to specified conditions, and revoked previous decisions that only applied to funds offering both mutual fund and ETF securities.

The Filers applied for an exemption from the restrictions in paragraphs 4.1(1)(a) and (b) of National Instrument 31-103 to permit a representative to be dually registered as an advising representative of Quintessence Wealth while also acting as the Ultimate Designated Person, Chief Compliance Officer, advising representative, and director at ZLC Wealth Inc. for a limited period.

The dual registration is required to facilitate the transfer of all client accounts from ZLC to Quintessence Wealth.

The Ontario Securities Commission granted the exemption, subject to conditions including adequate supervision, sufficient time and resources, conflict of interest policies, and written disclosure to clients.

Middlefield Limited applied for exemptive relief on behalf of its investment funds from certain provisions of National Instrument 81-102.

The requested relief would permit the funds to invest in U.S. exchange-traded funds that are not index participation units, and to invest more than 10% (or 20% for alternative/non-redeemable 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 exemptions, subject to conditions including concentration limits, rating requirements, and prospectus disclosure obligations.

The applicant, LongPoint Asset Management Inc., applied on behalf of the Return Stacked® Global Balanced & Macro ETF for exemptive relief to extend the lapse date of the ETF's prospectus from January 30, 2026, to April 30, 2026.

The extension was requested to align the prospectus renewal with the completion of the ETF's audited annual financial statements, thereby avoiding the recurring costs of reviewing unaudited interim financial statements.

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

AGF Investments Inc. applied for exemptive relief on behalf of its managed investment funds to permit them to invest in the AGF NHC Tactical Alpha Fund, a related investment fund.

The relief sought exemptions from the fund-of-fund restrictions in NI 81-102, the related issuer investment restrictions in the Securities Act (Ontario), and the consent requirements in NI 31-103.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with illiquid asset restrictions, independent review committee approval, and specific disclosure requirements.

The Filer, a registered portfolio manager, applied for exemptive relief under National Instrument 31-103 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger required an exemption from the prohibition against a registered adviser knowingly causing an investment portfolio to purchase or sell a security from or to another investment portfolio managed by the same adviser.

The principal regulator granted the exemption, finding that the merger was in the best interests of the funds and that potential conflicts of interest were adequately addressed.