Darren McKall

The filers, managers of various exchange-traded funds (ETFs), applied to the Ontario Securities Commission for exemptive relief from the T+2 settlement requirements under National Instrument 81-102.

The relief was sought for ETFs that invest a portion of their portfolio assets in securities that customarily settle on a T+3 basis.

The Commission granted the exemption, allowing the funds to settle primary market trades in units within three business days, provided the funds have a portion of their portfolio invested in T+3 securities and disclose the settlement cycle in their prospectus.

The Filer applied for exemptive relief to extend the lapse date of the long form prospectus for several of its exchange-traded funds from April 3, 2019, to June 20, 2019.

The extension was sought to align the prospectus renewal with that of other 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 Filer applied for exemptive relief from the matching and timing requirements for performance ratings in sales communications under paragraphs 15.3(4)(c) and 15.3(4)(f) of NI 81-102.

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 conditions requiring specific disclosure about the ratings and awards, and limiting the use of awards to those granted within the preceding 365 days.

The applicant, BMO Nesbitt Burns Inc., applied on behalf of three alternative mutual funds for exemptive relief to extend the lapse date of their long form prospectus from January 17, 2019, to February 28, 2019.

The extension was requested to allow the funds to transition to a simplified prospectus format as required by recent amendments to National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, finding it would be more efficient and cost-effective for unitholders and would not prejudice the public interest.

The applicant applied on behalf of an alternative mutual fund for exemptive relief from the concentration restriction in section 2.1 of National Instrument 81-102.

The requested relief would permit the fund to invest up to 35% of its net assets in highly rated evidences of indebtedness issued or guaranteed by foreign governments or supranational agencies.

The principal regulator 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 additional 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 Investment Funds.

The relief was sought to permit the Filer to reference FundGrade A+ Awards and FundGrade Ratings in sales communications relating to its mutual funds.

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

The applicant, Evolve Funds Group Inc., applied for exemptive relief to extend the lapse dates of the long form prospectuses for three of its exchange-traded funds to April 6, 2019.

The extension was sought to align the renewal dates with those of other funds managed by the applicant, allowing them to be combined into a single prospectus 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 on behalf of the Fund for exemptive relief from various provisions of National Instrument 81-102 Investment Funds.

The requested relief included exemptions related to single issuer concentration, specified derivatives, cash borrowing, short selling, incentive fees, and purchase and redemption processing frequencies.

The principal regulator granted the requested relief, subject to extensive conditions regarding disclosure, leverage limits, borrowing agreements, and distribution restrictions, to allow the Fund to operate as an alternative mutual fund.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The Filer sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectus and from the take-over bid requirements for purchasers of ETF securities in the normal course on a marketplace.

The Commission granted both exemptions, noting that authorized dealers and designated brokers do not perform conventional underwriting services and that the application of take-over bid requirements could adversely impact the liquidity of the ETF securities.

The applicant, BMO Nesbitt Burns Inc., applied on behalf of two investment funds for approval under paragraph 5.5(1)(b) of National Instrument 81-102 to merge the PineBridge Investment Grade Preferred Securities Fund into the BMO PineBridge Preferred Securities TACTIC Fund.

The merger was not a qualifying exchange under the Income Tax Act and involved changes to the continuing fund's investment objectives.

The Ontario Securities Commission granted the requested exemptive relief, subject to conditions regarding press releases and unitholder notices.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the prospectuses for three of its exchange-traded funds.

The extension was requested to align the renewal date with the Filer's other affiliated funds, allowing all funds to be consolidated into a single master prospectus.

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

The Filer applied to the Ontario Securities Commission for approval under subsection 5.5(1)(b) of National Instrument 81-102 to merge the Taylor North American Equity Opportunities Fund into the Brompton Global Dividend Growth ETF.

The merger required approval because the funds did not have substantially similar investment objectives.

The Commission granted the requested approval, noting the merger would provide unitholders with lower fees, increased liquidity, and a tax-deferred exchange.

The Filer applied to the Ontario Securities Commission for exemptive relief to approve the merger of Ninepoint Energy Opportunities Trust into Ninepoint Energy Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger could not be completed as a pre-approved reorganization because it was structured on a taxable basis to preserve unused capital losses, rather than as a qualifying exchange under the Income Tax Act.

The Commission granted the requested merger approval, finding it not prejudicial to the public interest.

The Filer applied on behalf of three alternative mutual funds for exemptive relief from various provisions of National Instrument 81-102 Investment Funds.

The requested relief included exemptions from concentration restrictions, specified derivatives rules, cash borrowing limits, short selling restrictions, custodian requirements, and performance fee calculations.

The Ontario Securities Commission granted the requested relief, subject to extensive conditions regarding disclosure, leverage limits, and distribution restrictions, pending the coming-into-force of the proposed alternative fund rule amendments to NI 81-102.

CIBC Asset Management Inc. applied for an exemption from paragraph 2.5(2)(a) of National Instrument 81-102 to permit mutual funds it manages to invest up to 10% of their net asset value in units of the CIBC Multi-Asset Absolute Return Strategy, an alternative fund.

The Ontario Securities Commission granted the exemption, subject to conditions including that the underlying fund complies with the investment restrictions in the Alternative Funds Rule and that the combined exposure to the underlying fund and certain ETFs does not exceed 10% of the top fund's net asset value.

The applicant, Purpose Investments Inc., applied on behalf of the Purpose Gold Bullion Fund for exemptive relief from various provisions of National Instrument 81-102.

The requested relief sought to permit the Fund to invest up to 100% of its net assets in physical gold bullion, accept a combination of cash and bullion as subscription proceeds, extend the time for paying redemption proceeds beyond two business days, and appoint the Royal Canadian Mint as the custodian of the Fund's bullion.

The Ontario Securities Commission granted the requested relief, subject to conditions including specific prospectus disclosure and the Mint maintaining sufficient minimum capitalization.

Brompton Funds Limited applied for exemptive relief on behalf of its mutual funds to permit them to invest in exchange-traded funds that are not index participation units.

The relief sought exemptions from the concentration restriction, control restriction, simplified prospectus requirement, and brokerage fee restrictions under National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the investments align with the funds' objectives and that the underlying ETFs are listed on a recognized Canadian exchange.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of two mutual funds from various provisions of National Instrument 81-102.

The requested relief sought to permit the funds to operate as alternative funds, including exemptions from concentration restrictions, commodity investment limits, specified derivatives rules, cash borrowing limits, short selling restrictions, and performance fee requirements.

The Commission granted the requested relief, subject to conditions including specific disclosure requirements, leverage limits, and distribution restrictions, until the coming into force of the proposed alternative fund rules.

The Filer, Frontenac Mortgage Investment Corporation, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of its current prospectus from September 29, 2018, to November 29, 2018.

The extension was requested to allow sufficient time to conclude discussions with OSC Staff regarding the Filer's transition from oversight as an investment fund issuer to a corporate issuer.

The principal regulator granted the requested relief, finding it 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 date of the prospectus for several of its exchange-traded funds.

The applicant sought to align the lapse date with that of other funds it managed to combine them into a single renewal prospectus, thereby reducing costs.

The Commission granted the requested relief, finding it would not be prejudicial to the public interest as no material changes had occurred and the current prospectus remained accurate.