Darren McKall

The Filer applied for exemptive relief on behalf of several alternative mutual funds to permit them to sell securities short such that the aggregate market value of all securities sold short, and the aggregate value of cash borrowed combined with the aggregate market value of all securities sold short, may exceed 50% of the net asset value of the Fund.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the aggregate market value of all securities sold short does not exceed 100% of the Fund's NAV, and the aggregate value of cash borrowing does not exceed 50% of the Fund's NAV.

The Filer applied for exemptive relief on behalf of its mutual funds that offer both ETF and mutual fund securities.

The requested relief included exemptions from the long-form prospectus requirement for ETF securities, the underwriter's certificate requirement, and the take-over bid requirements for secondary market purchasers.

The Ontario Securities Commission granted the requested relief, allowing the funds to use a simplified prospectus and annual information form, and exempting them from the underwriter's certificate and take-over bid requirements.

The applicant, Caldwell Investment Management Ltd., applied for exemptive relief on behalf of its mutual funds that offer both ETF and mutual fund securities.

The relief sought to permit the funds to treat the ETF securities and mutual fund securities as separate funds for the purpose of complying with the sales and redemptions requirements under Parts 9, 10, and 14 of National Instrument 81-102.

The Ontario Securities Commission granted the requested exemption, provided each class of securities complies with the provisions applicable to its respective type.

The applicant applied for exemptive relief on behalf of its mutual funds and alternative mutual funds from the requirement in NI 81-102 that all portfolio assets be held by a single custodian.

The relief sought to permit the funds to deposit portfolio assets with a prime broker acting as a borrowing agent in connection with short sales, up to 10% of NAV for mutual funds and 25% of NAV for alternative mutual funds, excluding the proceeds from outstanding short sales.

The Ontario Securities Commission granted the exemption, finding it was not prejudicial to the public interest, provided the funds otherwise comply with subsections 6.8.1(2) and (3) of NI 81-102.

The applicant sought approval for the merger of two terminating funds into a continuing fund under subsection 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because it was not a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The principal regulator granted the requested exemptive relief, finding that the merger would provide operational efficiencies and was in the best interest of unitholders.

The applicant, Franklin Templeton Investments Corp., applied for exemptive relief to extend the time limits for the renewal of the long form prospectus of several exchange traded funds.

The applicant sought to align the lapse date of the funds' prospectus with that of other funds it manages to reduce costs and streamline disclosure.

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

The Filer applied for exemptive relief on behalf of several exchange-traded funds to permit the Continuing Funds to use the historical financial data, performance data, and prior sales data of the Terminating Funds following a proposed merger.

The Continuing Funds were created solely to implement the merger and would have substantially similar investment objectives, strategies, and fee structures.

The principal regulator granted the requested relief, subject to conditions ensuring appropriate disclosure in the funds' prospectuses, ETF facts documents, and management reports of fund performance.

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

The Filer sought permission for its existing and future mutual funds and exchange-traded funds to hold receivables arising from distributions or dividends on portfolio securities as cover for long positions in standardized futures.

The principal regulator granted the exemption, allowing the funds to equitize the receivables and reduce tracking error, provided the funds hold a combination of the receivable, cash cover, and margin equal to the underlying market exposure of the futures position.

The Filer applied to the Ontario Securities Commission for approval of a proposed merger of two exchange-traded mutual funds under subsection 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because the funds did not have substantially similar fundamental investment objectives, the merger was not a qualifying exchange under the Income Tax Act, and a required statement was inadvertently omitted from the meeting materials.

The Commission granted the requested exemptive relief, allowing the merger to proceed.

The Filer applied for exemptive relief under clause 5.5(1)(b) of National Instrument 81-102 to permit the reorganization of several exchange-traded funds into corresponding classes of shares of a new mutual fund corporation.

The relief was required because the reorganization did not meet all the criteria for a pre-approved reorganization under section 5.6(1), specifically regarding the wind-up of the existing funds and the delivery of certain documents.

The Principal Regulator granted the requested relief, subject to the condition that the Filer obtain prior securityholder approval for the reorganization of each fund.

The applicants, Quadravest Capital Management Inc. and National Bank Financial Inc., applied to the Ontario Securities Commission for exemptive relief from the Prospectus Delivery Requirement and Prospectus Form Requirements in connection with at-the-market distributions.

The applicants argued that delivering a prospectus is impracticable for at-the-market distributions because the identity of purchasers is unknown.

The Commission granted the requested exemptions, subject to conditions including specific disclosure requirements and limitations on the volume of securities sold.

The applicant applied to the Ontario Securities Commission for approval to merge several mutual funds into corresponding continuing trust funds under paragraph 5.5(1)(b) of NI 81-102.

The proposed mergers did not meet all criteria for pre-approved reorganizations under section 5.6 of NI 81-102 because some investment objectives and fee structures were not substantially similar, and certain mergers would be effected on a taxable basis.

The Commission granted the requested approval, provided that the applicant obtains prior approval from the securityholders of the merging funds at a special meeting.

The applicants, Purpose Investments Inc. and Hamilton Capital Partners Inc., sought exemptive relief under National Instrument 81-102 to approve a change of manager and the merger of the Purpose Global Financials Income Fund into the Hamilton Australian Financials Yield ETF.

The Ontario Securities Commission granted the requested relief, provided that the applicants obtain prior approval from the unitholders of the terminating fund at a special meeting.

The Filer applied for exemptive relief from the custodianship requirements of subsection 6.1(1) of National Instrument 81-102.

The relief sought to permit the Funds to deposit portfolio assets with a borrowing agent as security for short sales, up to 10% of net asset value for standard mutual funds and 25% for alternative mutual funds, excluding the proceeds from outstanding short sales.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest and noting the operational requirements of prime brokers in the context of short selling.

The Filer applied on behalf of existing and future alternative mutual funds for exemptive relief from certain short selling restrictions in National Instrument 81-102.

Specifically, the Filer sought permission for the funds to short sell index participation units (IPUs) up to 100% of the fund's net asset value, exceeding the standard 10% single issuer and 50% aggregate limits.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the aggregate market value of all securities sold short combined with cash borrowing does not exceed 100% of the fund's net asset value.

The Filer applied for exemptive relief on behalf of a proposed mutual fund to permit it to invest in an exchange-traded fund listed on the Stock Exchange of Hong Kong.

The relief was required because the underlying ETF did not qualify as an 'index participation unit' under National Instrument 81-102, as it was not traded on a Canadian or US exchange.

The Ontario Securities Commission granted the relief, finding that the underlying ETF was subject to comparable regulatory oversight and investment restrictions, provided it did not use a synthetic replication strategy.

The applicant applied for exemptive relief on behalf of existing and future alternative mutual funds from certain short selling and collateral limits under National Instrument 81-102.

The relief sought to permit the funds to short sell government securities up to 300% of their net asset value and to deposit portfolio assets with a borrowing agent in excess of the 25% limit.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including compliance with aggregate exposure limits and disclosure requirements.

The Filer applied for exemptive relief on behalf of alternative mutual funds to permit them to short sell securities up to 100% of their net asset value, contrary to the 50% limit in National Instrument 81-102.

The Filer argued that physical short selling is more cost-effective and carries less counterparty risk than synthetic short selling through derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions including that aggregate cash borrowing not exceed 50% of NAV and aggregate short selling and cash borrowing not exceed 100% of NAV.

The applicant applied on behalf of several investment funds for exemptive relief from subsection 6.1(1) of National Instrument 81-102 to permit the funds to appoint a second custodian.

The applicant sought to appoint a second custodian to act as a securities lending agent for certain in-demand securities, while maintaining its primary custodian.

The principal regulator granted the requested relief, subject to conditions requiring a single entity to reconcile all portfolio assets and limiting the second custodian's role to the transferred in-demand securities.

TD Asset Management Inc. applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing funds.

The mergers did not meet all criteria for pre-approved reorganizations under section 5.6 because the fundamental investment objectives and fee structures were not substantially similar, and some portfolio holdings were not acceptable to the continuing funds' portfolio advisers.

The Ontario Securities Commission granted the requested relief, subject to the condition that the filers obtain prior approval from the unitholders of the terminating funds at a special meeting.