Darren McKall

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

The relief sought to permit the Filer's mutual funds and alternative mutual funds to deposit portfolio assets with a borrowing agent as security for short sales, such that the aggregate market value of the deposited assets (excluding proceeds from outstanding short sales) does not exceed 10% of net asset value for standard funds and 25% for alternative funds.

The Commission granted the requested relief, noting it would not be prejudicial to the public interest and would alleviate operational inefficiencies with prime brokers.

The Manager applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the merger of Counsel Income Portfolio into Counsel High Income Portfolio.

The merger did not meet all pre-approval criteria under section 5.6 because the fundamental investment objectives were not substantially similar and certain materials were not sent to unitholders.

The Ontario Securities Commission granted the requested relief, subject to the Manager obtaining prior approval from the unitholders of the Terminating Fund at a special meeting.

The Filer applied to the Ontario Securities Commission for approval of a proposed change of manager of several mutual funds from the Filer to Fiera Capital Corporation.

The change of manager was a result of Fiera Capital Corporation acquiring all outstanding shares of the Filer.

The Commission granted the requested approval, provided that the Filer obtains the prior approval of the securityholders of the funds.

The applicant, an investment fund manager, applied for exemptive relief from the investment restrictions in the Securities Act and National Instrument 31-103.

The relief was sought to permit the applicant's top funds to invest in underlying funds managed by the applicant, creating a fund-on-fund structure.

The Ontario Securities Commission granted the requested relief, subject to several conditions including that the top funds are distributed solely pursuant to prospectus exemptions, investments are made at an objective price, and there is no duplication of management or sales fees.

The Filer, 1832 Asset Management L.P., applied for exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds from October 9, 2019, to November 9, 2019.

The extension was sought to consolidate the renewal of the Funds' prospectus with that of 97 other mutual funds managed by the Filer, 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 applicant, Mackenzie Financial Corporation, applied on behalf of the Mackenzie Anti-Benchmark Global Investment Grade 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 asset value in highly rated evidences of indebtedness issued or guaranteed by foreign supranational agencies or governments.

The Ontario Securities Commission granted the exemption, subject to conditions including that the securities are traded on a mature and liquid market and that the Fund's simplified prospectus discloses the additional risks and the nature of the exemption.

The applicants sought approval for a change of control of the investment fund manager resulting from its acquisition by a third party.

They also sought an abridgement of the 60-day notice period to securityholders to 30 days.

The Ontario Securities Commission granted both the approval and the abridgement relief, provided that no material changes are made to the management, operations, or portfolio management of the funds for at least 60 days following the delivery of the notice.

The applicant applied for exemptive relief on behalf of several mutual funds to be exempted from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-Over Bid Requirements.

The Ontario Securities Commission granted the requested exemptions, allowing the funds to file a simplified prospectus and annual information form in respect of the ETF Securities, and exempting purchasers of ETF Securities from the Take-Over Bid Requirements.

The Filer applied for exemptive relief to permit its existing and future mutual funds that offer both exchange-traded fund (ETF) securities and mutual fund securities to treat them as separate funds for the purpose of complying with the sales and redemptions requirements of Parts 9, 10, and 14 of National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, provided the funds comply with the respective provisions applicable to exchange-traded and non-exchange-traded mutual funds.

The Filer applied for exemptive relief on behalf of the Fund to revoke a previous decision and permit the Fund to adopt investment restrictions contained in NI 81-102 prior to the January 2019 amendments.

The relief also sought to permit the Fund to acquire securities of a Sub-Fund, which in turn invests in a Bottom Fund.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds comply with applicable restrictions and provide adequate disclosure to shareholders.

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of certain alternative mutual funds to permit them to short sell government securities up to a maximum of 300% of their net asset value.

The relief sought exemptions from the short selling restrictions in sections 2.6.1(1)(c)(v) and 2.6.2 of National Instrument 81-102.

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

Global Resource Champions Split Corp. applied to the Ontario Securities Commission for an order to cease to be a reporting issuer in all applicable Canadian jurisdictions.

The applicant represented that it has fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The principal regulator granted the requested order, finding that the applicant met the statutory test to cease being a reporting issuer.

The Filer, Soundvest Capital Management Ltd., applied to the Ontario Securities Commission for approval of a change of manager for Soundvest Split Trust to Bristol Gate Capital Partners Inc. under subsection 5.5(1)(a) of National Instrument 81-102.

The proposed transaction involves redeeming capital units, accelerating the maturity of preferred securities, and restructuring the fund as a non-public investment fund.

The Commission granted the requested approval, provided that the Filer obtains prior approval from the fund's securityholders.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The requested relief included exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and from the take-over bid requirements for persons purchasing listed securities in the normal course on a marketplace.

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

Mackenzie Financial Corporation applied for exemptive relief to merge certain terminating mutual funds into continuing funds.

The proposed mergers did not meet all pre-approval criteria under NI 81-102 because the investment objectives were not substantially similar and certain unitholders did not receive current simplified prospectuses.

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

BMO Asset Management Inc. applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the same manager or its affiliates.

The relief sought exemptions from the related issuer investment restrictions and the consent requirement for investments in issuers where a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to several conditions including objective pricing, fee duplication prohibitions, and specific disclosure requirements.

The Filer applied on behalf of existing and future alternative mutual funds for an exemption from the short selling limits in National Instrument 81-102.

The exemption would permit the funds to short sell government securities up to a maximum of 300% of their net asset value, rather than the standard 50% limit.

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

The applicant, Algonquin Capital Corporation, applied on behalf of Algonquin Fixed Income 2.0 Fund for exemptive relief from the short selling restrictions in National Instrument 81-102.

The applicant sought to permit the fund to short sell government securities up to a maximum of 300% of its net asset value to hedge against interest rate risk.

The Ontario Securities Commission granted the exemption, subject to conditions including that the aggregate exposure to short selling, cash borrowing, and specified derivatives not exceed 300% of the fund's net asset value.

The applicant, an investment fund manager, applied for exemptive relief on behalf of an alternative mutual fund to permit it to continue purchasing and holding securities of an underlying fund.

The relief was required because recent amendments to National Instrument 81-102 imposed new aggregate exposure limits on leverage obtained through specified derivatives, which would otherwise restrict the fund's established investment strategy.

The Ontario Securities Commission granted the requested relief, subject to conditions, noting that the fund would not engage in any new borrowing or short selling and that the underlying fund complies with applicable investment restrictions.

Fidelity Investments Canada ULC applied for exemptive relief to extend the lapse date of the simplified prospectus for its August Funds from August 31, 2019, to November 1, 2019.

The extension was sought to align the renewal of the August Funds Prospectus with the Fidelity Funds Prospectus, allowing them to be consolidated into a single document.

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