Darren McKall

Franklin Templeton Investments Corp. applied for exemptive relief on behalf of the Franklin Liberty Senior Loan ETF from the borrowing restriction in Section 2.6(a)(i) of National Instrument 81-102.

The relief was sought to allow the ETF to borrow cash on a temporary basis to accommodate redemption requests while settling portfolio transactions, given the longer settlement times of senior loans.

The Ontario Securities Commission granted the requested exemption, subject to several conditions including a maximum borrowing limit of 10% of the ETF's net asset value.

The applicants, Redwood Asset Management Inc. and Ninepoint Partners LP, sought approval for a change of manager of the UIT Alternative Health Fund from Redwood to Ninepoint under section 5.5(1)(a) of National Instrument 81-102.

The Ontario Securities Commission, acting as principal regulator, granted the approval, finding that the change of manager was not detrimental to unitholders or the public interest and would be subject to unitholder approval at a special meeting.

The Filer applied for exemptive relief under section 19.1 of National Instrument 41-101 to extend the 90-day deadline for filing a final prospectus after the receipt of a preliminary prospectus.

The Director granted the requested exemption, permitting the final prospectus to be filed by June 1, 2018.

The Filer applied for exemptive relief on behalf of proposed exchange-traded mutual funds.

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the prospectus and from the take-over bid requirements for normal course purchases of securities on the TSX.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding the delivery of ETF Facts documents.

The Filer applied for exemptive relief under section 19.1 of National Instrument 41-101 from the requirement in subsection 2.3(1.1) to file a final prospectus within 90 days of the preliminary prospectus receipt.

The Director of the Ontario Securities Commission granted the requested exemption, subject to the condition that the final prospectus be filed by February 15, 2018.

The Filer, CI Investments Inc., applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the prospectus for several mutual funds by 56 days.

The extension was requested to align the renewal of the funds' prospectus with that of approximately 130 affiliated funds managed by the Filer, allowing them to be consolidated into a single offering document.

The Commission granted the requested relief, finding that the extension would not affect the accuracy of the information in the current prospectus and would not be prejudicial to the public interest.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 to permit the Mackenzie China A-Shares CSI 300 Index ETF to purchase securities of the ChinaAMC CSI 300 Index ETF, which is listed in Hong Kong.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the underlying ETF not be a synthetic ETF and that the prospectus disclose the relief.

The applicant, Sphere Investment Management Inc., applied for exemptive relief under National Instrument 81-102 to approve the mergers of certain exchange-traded funds and a change of investment fund manager to Evolve.

The Ontario Securities Commission granted the requested approval, finding that the mergers and change of manager were not detrimental to the protection of investors or contrary to the public interest.

The Manager applied on behalf of the Trust for exemptive relief from certain provisions of National Instrument 81-102 Investment Funds.

The requested exemptions would permit the Trust to invest up to 100% of its net assets in physical gold and silver bullion, appoint the Royal Canadian Mint as its bullion custodian, and allow for specific redemption pricing mechanisms.

The Principal Regulator granted the requested exemptions, subject to conditions including capitalization requirements for the custodian and disclosure obligations in any future prospectus.

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of existing and future 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, and restrictions on investing in funds not offering securities under a simplified prospectus, as well as relief to pay brokerage fees for related underlying ETFs.

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

The Filer applied for exemptive relief on behalf of existing and future mutual funds (Top Funds) to permit them to invest up to 100% of their net asset value in Dynamic/BlackRock ETFs, which in turn invest substantially all of their assets in corresponding Underlying Funds.

The exemption from subsection 2.5(2)(b) of National Instrument 81-102 was granted, subject to conditions, as the proposed three-tier fund of funds structure operates similarly to a permitted clone fund structure and poses little additional investment risk or fee duplication.

The Filer, Evolve Funds Group Inc., applied on behalf of the Evolve Bitcoin ETF for exemptive relief from subsection 2.3(1.1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the preliminary prospectus receipt.

The Director of the Ontario Securities Commission granted the requested exemption, permitting the final prospectus to be filed no later than March 20, 2018.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for approval to merge two closed-end investment funds.

Approval was required under National Instrument 81-102 because the merger was not a tax-deferred transaction and the funds did not have substantially similar investment objectives.

The Commission granted the requested approval, finding that the merger met the legislative test and would be beneficial to unitholders due to increased distributions, lower management fees, and improved liquidity.

Arrow Capital Management Inc. applied for exemptive relief on behalf of the Exemplar Investment Grade Fund and other exchange-traded series mutual funds.

The applicant sought exemptions from the requirement to prepare a long-form prospectus, the requirement to include an underwriter's certificate, and the take-over bid requirements for purchasers in the normal course.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing of a simplified prospectus and annual information form, and the provision of ETF Facts documents to dealers.

Arrow Capital Management Inc. applied for exemptive relief on behalf of the Exemplar Investment Grade Fund and other mutual funds.

The applicant sought an exemption from section 2.6(a)(i) of National Instrument 81-102 to permit the funds to borrow cash to fund distributions, and an exemption 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 exemptions, subject to specified conditions.

Questrade Wealth Management Inc. applied for exemptive relief to approve the mergers of several of its exchange-traded funds into funds managed by WisdomTree Asset Management Canada, Inc., and to approve a change of manager for another fund to WisdomTree Canada.

The mergers did not meet all pre-approval criteria under NI 81-102 because the continuing funds had different investment objectives and fee structures, and some mergers were not tax-deferred.

The Ontario Securities Commission granted the requested approvals, subject to the condition that Questrade obtain prior approval from the securityholders of the affected funds.

The Filer applied for exemptive relief on behalf of an exchange-traded series of a mutual fund from the ETF Prospectus Form Requirement, the Underwriter's Certificate Requirement, and the Take-over Bid Requirements.

The principal regulator granted the requested exemptions, subject to conditions including the filing of a simplified prospectus and annual information form, and the provision of ETF Facts to dealers.

The applicant applied to the Ontario Securities Commission for exemptive relief on behalf of an exchange-traded mutual fund.

The applicant sought an exemption from the borrowing restrictions in section 2.6(a)(i) of National Instrument 81-102 to permit the fund to borrow cash to fund distributions.

The applicant also sought an exemption to treat the fund's exchange-traded securities and mutual fund securities as separate funds for the purpose of compliance with the sales and redemptions requirements in Parts 9, 10, and 14 of NI 81-102.

The Commission granted the requested exemptions subject to specified conditions.

Sentry Investments Inc. and CI Financial Corp. applied to the Ontario Securities Commission for approval of a change of control of Sentry, the manager of the Sentry Funds, and for an abridgement of the 60-day notice period required to be given to securityholders.

The Commission granted the requested relief, approving the change of control and abridging the notice period to not less than 38 days, provided no material changes are made to the management or operations of the funds for at least 60 days following the delivery of the notice.

The applicant applied on behalf of an exchange traded fund for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102, which prohibits investing more than 10% of net assets in a single issuer.

The relief was sought to permit the fund to track an index of the six largest Canadian banks weighted by dividend yield.

The Ontario Securities Commission granted the exemption, subject to conditions requiring specific prospectus disclosure and quarterly portfolio rebalancing.