Darren McKall

The applicant, BMO Asset Management Inc., applied for exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102.

The relief was sought to permit its mutual funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants.

The applicant applied for exemptive relief on behalf of two commodity pools from the investment restrictions in subsections 2.5(2)(a), (b), and (c) of National Instrument 81-102.

The relief was sought to permit the funds to gain exposure to a portfolio of assets through a second commodity pool, in response to adverse tax regulations that prevented the use of forward agreements.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the exposure to the underlying portfolio not exceed 10% of the net asset value of the funds.

The applicant, Sun Life Global Investments (Canada) Inc., applied on behalf of the Sun Life Schroder Emerging Markets Fund for exemptive relief from sections 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102.

The relief was sought to permit the fund to invest up to 10% of its net asset value in a Luxembourg-based underlying fund that invests in frontier markets.

The principal regulator granted the exemption, noting that the underlying fund is subject to European Union regulations substantially similar to NI 81-102, provided that the fund complies with specified disclosure and divestment conditions.

The applicant sought approval under section 5.5(1)(b) of National Instrument 81-102 for the merger of a terminating mutual fund into a continuing mutual fund.

Approval was required because the merger did not meet all criteria for pre-approval, specifically regarding substantially similar investment objectives and fee structures, and because the merger would be conducted on a taxable basis.

The Ontario Securities Commission granted the requested exemptive relief, finding that unitholders were provided with adequate disclosure and the merger would be beneficial.

The Filers applied to the Ontario Securities Commission for approval of a change of manager of the Brigata Diversified Portfolio from Brigata Capital Management Inc. to Counsel Portfolio Services Inc. The change of manager was proposed in connection with a transaction resulting in a change of control of Brigata Capital and its subsequent amalgamation with CPSI.

The principal regulator granted the requested approval, finding that the change of manager was not detrimental to unitholders or contrary to the public interest.

The applicant, 1832 Asset Management L.P., sought exemptive relief from the inter-fund trading prohibitions in section 13.5(2)(b) of National Instrument 31-103 to permit inter-fund trades and in specie transfers between mutual funds, closed-end funds, pooled funds, and managed accounts.

The Ontario Securities Commission granted the relief, subject to conditions including compliance with section 6.1(2) of National Instrument 81-107, Independent Review Committee approval or client consent, and specific pricing and transparency requirements.

The applicant, an investment fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, permitted silver certificates, silver derivatives, underlying ETFs, and commodity ETFs.

The principal regulator granted the exemption, subject to conditions including limits on the percentage of net assets that can be invested in these products and disclosure requirements in the funds' prospectuses.

This decision revokes and replaces a previous decision.

The applicant sought exemptive relief on behalf of existing and future mutual funds from certain provisions of National Instrument 81-102.

The relief would permit the funds to invest up to 10% of their net assets in silver, permitted silver certificates, silver derivatives, underlying ETFs, and commodity ETFs.

The principal regulator granted the exemption, revoking and replacing a previous decision, subject to several conditions regarding exposure limits and prospectus disclosure.

The Filer applied for exemptive relief to permit its managed funds to purchase or sell debt securities from or to the investment portfolio of an associate or affiliate, specifically a related principal dealer.

The relief was sought in connection with an internal reorganization where the Filer acquired the asset management business of an affiliate.

The principal regulator granted the requested relief, subject to conditions ensuring independent pricing and IRC approval, and revoked the affiliate's prior relief.

The applicant sought exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest up to 10 percent of their net assets in exchange-traded funds that have exposure to physical commodities other than gold or silver.

The principal regulator granted the relief, subject to conditions including that the ETFs are traded on a Canadian or U.S. stock exchange and that the funds' total exposure to physical commodities does not exceed 10 percent.

The applicant sought exemptive relief from sections 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit a mutual fund to invest up to 10% of its net assets in exchange-traded funds (ETFs) that hold physical commodities on an unlevered basis.

The principal regulator granted the relief, subject to conditions including that no more than 2.5% of the fund's net assets be exposed to any one commodity sector (other than gold and silver) and that aggregate exposure to physical commodities not exceed 10%.

The applicant, a sponsor of scholarship plans, applied for exemptive relief to extend the lapse date of its current prospectus by 41 days.

The extension was requested to provide sufficient time to prepare a new prospectus in compliance with the newly amended National Instrument 41-101 and to allow for translation into French.

The Ontario Securities Commission granted the relief, noting that no undisclosed material changes had occurred and the extension would not prejudice the public interest.

The applicant sought exemptive relief on behalf of its mutual funds from certain provisions of National Instrument 81-102.

Specifically, relief was sought from the cash cover requirements to permit the funds to use a right or obligation to sell an equivalent quantity of the underlying interest as cover for long positions in specified derivatives.

Relief was also sought from the concentration restriction to permit a global bond fund to invest up to 35% of its net assets in highly rated foreign government or supranational agency debt securities.

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

AlphaPro Management Inc. applied for exemptive relief on behalf of existing and future mutual funds (Top Funds) to permit them to invest in certain exchange-traded funds (Underlying ETFs) beyond the concentration and control restrictions in National Instrument 81-102.

The relief also sought to permit the Top Funds to invest in exchange-traded mutual funds not subject to NI 81-101 and to pay brokerage commissions for trading these securities on a recognized exchange.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including prohibitions on short selling the Underlying ETFs and restrictions on the use of leverage and commodity pools.

The Filer, Purpose Investments Inc., applied for exemptive relief from Parts 9, 10, and 14 of National Instrument 81-102 to allow its mutual funds to offer both exchange-traded series and conventional mutual fund series within the same fund structure.

The Ontario Securities Commission granted the relief, permitting the funds to treat the exchange-traded series and mutual fund series as separate funds for the purpose of compliance with the specified parts of NI 81-102.

The applicant, an investment fund manager, applied for exemptive relief from the seed capital requirements under section 3.2(2)(a) of National Instrument 81-104 for its commodity pools.

The applicant sought permission to redeem its initial $50,000 investment in each pool.

The Ontario Securities Commission granted the relief, permitting the redemption provided the pool has received at least $5 million in subscriptions from other investors and the manager maintains the required working capital under National Instrument 31-103.

The Manager applied for exemptive relief under National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing funds.

Pre-approval was not available because the fundamental investment objectives of certain continuing funds were not substantially similar to the terminating funds, certain mergers were taxable, and current simplified prospectuses were not available for certain series.

The principal regulator granted the requested relief, finding that the mergers would be beneficial to securityholders and that adequate disclosure had been provided.

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of its mutual funds from certain derivatives and custodial requirements under National Instrument 81-102.

The relief was sought to permit the funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The Filer, an investment fund manager, applied for exemptive relief on behalf of its mutual funds from certain derivatives and custodial requirements under National Instrument 81-102.

The relief was sought to permit the funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The principal regulator granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The applicant, BlackRock Asset Management Canada Limited, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its existing and future mutual funds to invest up to 100% of their assets in securities of specified Dublin iShares Funds.

The relief was sought because the Dublin iShares Funds are listed on the London Stock Exchange rather than a North American exchange, which would otherwise prevent them from qualifying as index participation units.

The Ontario Securities Commission granted the exemption, subject to conditions including that the Dublin iShares Funds are not synthetic ETFs and that the top funds adhere to specific concentration limits.