Darren McKall

The applicant, an investment fund manager, applied for exemptive relief to extend the time limits for the renewal of the simplified prospectuses of several of its mutual funds.

The applicant sought to combine the prospectuses into a single document to reduce costs and streamline disclosure, which required additional time for translation and updating.

The Ontario Securities Commission granted the requested exemption, finding that it would not affect the accuracy of the information provided to investors and was not prejudicial to the public interest.

The manager of the YTM Capital Fixed Income Alternative Fund applied for exemptive relief under section 6.1 of National Instrument 81-101.

The applicant sought relief from subsection 2.1(2), which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director of the Ontario Securities Commission granted the exemption, subject to the condition that the prospectus be filed no later than June 7, 2019.

The applicant, YTM Capital Asset Management Ltd., applied on behalf of the YTM Capital Fixed Income Alternative Fund and future alternative mutual funds for an exemption from the short selling restrictions in National Instrument 81-102.

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

The Ontario Securities Commission granted the requested exemptive 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, AGF Investments Inc., applied to the Ontario Securities Commission 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 mutual funds.

The mergers did not meet all criteria for pre-approved reorganizations under section 5.6 of NI 81-102 due to differences in investment objectives, fee structures, and tax treatment.

The Commission granted the requested relief, subject to the applicant obtaining prior approval from the securityholders of the terminating funds at a special meeting.

The Manager applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the mergers of two terminating mutual funds into a continuing fund.

Regulatory approval was required because the fundamental investment objectives were not substantially similar and the mergers would not be completed on a tax-deferred basis.

The principal regulator granted the requested relief, provided that the Manager obtains prior approval from the securityholders of the funds at a special meeting.

Manulife Asset Management Limited applied for exemptive relief from the inter-fund trading and in specie transaction prohibitions under National Instrument 81-102, National Instrument 31-103, and National Instrument 81-107.

The relief sought to permit Canadian funds and client accounts to engage in inter-fund trades with U.S. funds and to execute trades at the last sale price.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and compliance with specified policies and procedures.

The filer applied for exemptive relief from the requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 Investment Funds.

The relief was sought to permit the filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The principal regulator granted the exemption, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer applied for exemptive relief to approve the merger of two terminating mutual funds into two continuing mutual funds under paragraph 5.5(1)(b) of NI 81-102.

The mergers did not meet all pre-approval criteria under section 5.6 because the investment objectives and fee structures were not substantially similar, and the mergers would not be completed on a tax-deferred basis.

The principal regulator granted the requested approval, finding that the mergers would provide a more streamlined product line-up and benefit securityholders.

The Filers applied for exemptive relief from certain custody requirements in National Instrument 81-102 Investment Funds.

Specifically, they sought permission to appoint the Royal Canadian Mint and its sub-custodian as sub-custodians to hold the Funds' physical bullion in Canada, despite these entities not meeting the standard qualifications for sub-custodians under the Instrument.

The principal regulator granted the requested relief, subject to conditions regarding shareholder equity thresholds, monitoring, and reporting.

The applicant, Brandes Investment Partners & Co., sought approval under paragraph 5.5(1)(b) of National Instrument 81-102 to merge several terminating mutual funds into continuing funds.

Regulatory approval was required because the mergers did not satisfy all criteria for pre-approved reorganizations under section 5.6, specifically regarding substantially similar investment objectives and tax-deferred status for one of the mergers.

The Ontario Securities Commission granted the requested exemptive relief, finding the mergers beneficial to unitholders due to streamlined product offerings, reduced costs, and increased portfolio diversification.

TD Asset Management Inc. applied for exemptive relief from provisions of NI 31-103 and NI 81-102 to permit its managed funds and accounts to engage in inter-fund trades involving private debt.

The Ontario Securities Commission granted the relief, subject to conditions including independent review committee approval, independent valuation or use of approved valuation models, and disclosure to investors.

Mackenzie Financial Corporation applied for exemptive relief on behalf of the Mackenzie Enhanced Fixed Income Risk Premia Fund from the concentration restriction in section 2.1 of NI 81-102.

The relief sought to permit the Fund to invest up to 35% of its net assets in highly rated foreign government securities.

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

The Filer applied to the Ontario Securities Commission 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 Filer's mutual funds to reference FundGrade A+ Awards and FundGrade Ratings in their sales communications.

The Commission granted the exemption, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer applied for exemptive relief on behalf of existing and future investment funds from the requirement under NI 81-106 to send an information circular to each registered securityholder whose proxy is solicited.

The Filer sought to use the Notice-and-Access Procedure instead, similar to corporate finance issuers under NI 51-102 and NI 54-101.

The Ontario Securities Commission granted the exemption, subject to conditions ensuring securityholders receive a Notice-and-Access Document and can request printed copies of the information circular.

RBC Global Asset Management Inc. applied for exemptive relief under National Instrument 81-102 to approve a change in manager, the merger of several exchange-traded funds, and a change in custodian.

The Ontario Securities Commission granted the requested relief, subject to the applicant obtaining prior approval from the unitholders of the affected funds.

Russell Investments Canada Limited applied for exemptive relief from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-over Bid Requirements for its ETF Funds.

The Ontario Securities Commission granted the requested exemptions, allowing the Filer to file a simplified prospectus and annual information form instead of a long form prospectus, exempting the inclusion of an underwriter's certificate, and exempting purchasers in the normal course from take-over bid requirements.

The applicant, Russell Investments Canada Limited, applied for exemptive relief on behalf of its ETF Funds from certain provisions of National Instrument 81-102.

Specifically, the applicant sought an exemption from the borrowing requirement to permit the funds to borrow cash to fund distributions, and an exemption from the sales and redemptions requirements to treat ETF securities and mutual fund securities as separate funds.

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

The filer applied to the Ontario Securities Commission for an extension of the 90-day period under subsection 2.1(2) of National Instrument 81-101 to file a mutual fund prospectus.

The Director granted the requested exemption, to be evidenced by the issuance of a receipt for the prospectus filed on February 15, 2019.

The applicant, a registered scholarship plan dealer and investment fund manager, applied for exemptive relief to extend the lapse date of its current prospectus.

The extension was requested to allow sufficient time to complete ongoing discussions with the Ontario Securities Commission regarding proposed changes to operational and allocation practices.

The principal regulator granted the exemption, noting that no undisclosed material changes had occurred and the extension would not be prejudicial to the public interest.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the prospectuses for two education savings plans and a mutual fund.

The extension was requested to allow the applicant time to respond to concerns raised by Commission staff without forcing the funds to cease distribution of their units.

The Commission granted the requested exemption, noting that there had been no undisclosed material changes and the current prospectuses continued to provide accurate information.