Darren McKall

The Manager applied on behalf of several terminating mutual funds for approval to merge them into continuing funds under paragraph 5.5(1)(b) of National Instrument 81-102.

Regulatory approval was required because the fundamental investment objectives of some continuing funds were not substantially similar to the terminating funds, and the trust fund mergers would not be completed as qualifying exchanges or tax-deferred transactions under the Income Tax Act.

The Principal Regulator granted the requested approval, finding that the mergers would achieve a fair and reasonable result for each fund and provide benefits such as increased economies of scale, lower operating expenses, and greater portfolio diversification.

The manager of First Trust Short Duration High Yield Bond ETF (FHY) and First Trust Advantaged Short Duration High Yield Bond Fund (FSD) applied to the Ontario Securities Commission for exemptive relief under subsection 5.5(1)(b) of National Instrument 81-102 to permit the merger of FHY into FSD.

The merger did not meet all pre-approval criteria under section 5.6 because it was not a qualifying exchange or tax-deferred transaction under the Income Tax Act, and the ETF summary document could not be delivered with the circular.

The Commission granted the requested approval, finding it met the test set out in the legislation.

The applicant, BMO Asset Management Inc., applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document, and revoked prior related decisions.

The applicants, Horizons ETFs Management (Canada) Inc. and AlphaPro Management Inc., applied for exemptive relief on behalf of existing and future exchange-traded funds.

The relief sought exemptions from the requirement to include an underwriter's certificate in the prospectus and the requirement to include a specific statement respecting purchasers' statutory rights.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document.

The filer, BlackRock Asset Management Canada Limited, applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers.

Previous decisions granting similar relief were revoked and replaced by this decision.

Questrade Wealth Management Inc. applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The applicant sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts, and revoked a previous decision that had granted temporary relief.

The applicant, Purpose Investments Inc., applied for exemptive relief on behalf of its existing and future exchange-traded funds from the underwriter's certificate requirement and the prospectus form requirement.

The Ontario Securities Commission granted the requested relief, revoking previous decisions and replacing them with this decision, subject to conditions including the filing and delivery of a Summary Document or ETF Facts.

The filer, Invesco Canada Ltd., applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs) from the underwriter's certificate requirement and the prospectus form requirement.

The Ontario Securities Commission granted the requested relief, revoking previous decisions and allowing the filer to use a Summary Document (and eventually an ETF Facts document) in place of the prescribed prospectus delivery and form requirements, subject to specific conditions regarding the filing and delivery of these documents.

The applicant, FT Portfolios Canada Co., applied to the Ontario Securities Commission for exemptive relief on behalf of its existing and future exchange-traded funds.

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the funds' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document, and revoked prior related decisions.

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

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Commission granted the requested exemptions, subject to conditions requiring the Filer to file and deliver a Summary Document (or ETF Facts) to investors, and revoked previous decisions granting similar relief.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Commission granted the relief, revoking prior decisions and imposing conditions, including the requirement that the Filer file and make available a Summary Document or ETF Facts for each class or series of ETF securities to facilitate compliance with prospectus delivery requirements by dealers.

Vanguard Investments Canada Inc. applied for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The applicant sought relief from the requirement to include an underwriter's certificate in the ETFs' prospectuses and the requirement to include a prescribed statement respecting purchasers' statutory rights.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a Summary Document (or ETF Facts) to purchasers.

The decision also revoked prior related exemptive relief decisions.

The Filer applied for exemptive relief from the trading prohibition in subsection 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit the Filer's investment funds to engage in inter-fund trades of exchange-traded securities at the last sale price rather than the closing sale price.

The principal regulator granted the requested relief, subject to conditions including independent review committee approval and compliance with specific pricing and trading procedures.

The Filers applied for exemptive relief from the inter-fund trading prohibitions in NI 81-102 and NI 31-103 to permit mutual funds, closed-end funds, pooled funds, and managed accounts to engage in inter-fund trades of debt securities and exchange-traded securities at the last sale price.

They also sought relief to permit in specie subscriptions and redemptions by managed accounts and pooled funds in the funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and compliance with pricing and record-keeping requirements.

The applicant, manager of a mutual fund, sought exemptive relief to extend the time limits for the renewal of the fund's simplified prospectus and annual information form.

The extension was requested to align the fund's lapse date with that of 106 other mutual funds managed by the applicant, allowing them to be combined into a single simplified prospectus to reduce costs and administrative burden.

The principal regulator granted the exemption, noting it would not affect the accuracy of the current prospectus and would not be prejudicial to the public interest.

The applicant applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission was satisfied that the statutory test was met and ordered that the applicant is not a reporting issuer.

The applicant, Russell Investments Canada Limited, applied for exemptive relief from certain provisions of National Instrument 81-102 regarding derivative transactions.

The relief sought to permit the applicant's mutual funds to enter into Cleared Swaps and deposit cash and portfolio assets as margin with Futures Commission Merchants and Clearing Corporations.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the regulatory status and financial requirements of the Futures Commission Merchants.

AGF Investments Inc. applied to the Ontario Securities Commission for exemptive relief to permit the merger of certain mutual funds where the investment objectives of the merging funds were not substantially similar to the continuing funds.

The Commission granted the requested merger approvals, subject to AGF obtaining prior approval from the securityholders of each of the merging funds.

The applicant sought exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 to permit its mutual funds to enter into swap transactions cleared through a clearing corporation.

The relief was required due to new U.S. and European requirements to clear over-the-counter derivatives.

The Ontario Securities Commission granted the relief, treating cleared swaps similarly to other cleared derivatives, subject to specific margin and clearing corporation conditions.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to enter into cleared swap transactions and deposit cash and portfolio assets as margin with a Futures Commission Merchant.

The principal regulator granted the relief, noting that new U.S. and European regulations require clearing of certain over-the-counter derivatives, and the relief treats cleared swaps similarly to other cleared derivatives.