Darren McKall

The Applicant, NWQ U.S. Large Cap Value Fund, applied to the Ontario Securities Commission and other jurisdictions for an order to cease being 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 in total in Canada, its securities are not traded on a marketplace, and it is not in default of its obligations as a reporting issuer.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is no longer a reporting issuer.

The applicant sought exemptive relief from subsection 10.4(3) of National Instrument 81-102 to permit target date mutual funds to pay the redemption price of their securities upon termination by delivering a proportionate share of portfolio assets (money market securities) without obtaining prior written consent from securityholders.

The Ontario Securities Commission granted the relief, provided that securityholders receive 60 days' written notice and the option to elect to receive cash instead.

The Filers applied for exemptive relief from the self-dealing and related issuer investment restrictions in National Instrument 81-102.

The relief was sought to permit dealer-managed mutual funds to purchase securities of related entities in the secondary market, and to permit inter-fund trades between mutual funds and pooled funds.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including Independent Review Committee approval and specific pricing requirements.

The applicants sought exemptive relief from the conflict of interest provisions in sections 13.5(2)(a) and 13.5(2)(b) of National Instrument 31-103.

The relief was requested to permit certain mutual funds and pooled funds to purchase securities of related entities on the secondary market, and to permit inter-fund trades and in specie transfers between public mutual funds, pooled funds, and managed accounts.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval, client consent, and specific pricing and transparency requirements.

The Filer applied for exemptive relief to approve the proposed reorganizations of several mutual funds under section 5.5(1)(b) of National Instrument 81-102.

The reorganizations did not meet all pre-approval criteria because the investment objectives were not substantially similar and certain series lacked a simplified prospectus or fund facts document.

The Ontario Securities Commission granted the requested relief, provided the management information circular sent to securityholders contained sufficient information to permit an informed decision.

The applicant, Mackenzie Financial Corporation, applied for exemptive relief on behalf of several mutual funds undergoing reorganizations.

The reorganizations involved splitting existing funds into separate hedged and unhedged funds.

The applicant sought relief from continuous disclosure requirements to permit the new continuing funds to use the historical financial data and performance history of the terminating funds in their management reports of fund performance.

The Ontario Securities Commission granted the requested exemptive relief, subject to conditions regarding the preparation of financial statements and disclosure of the reorganizations.

Mackenzie Financial Corporation applied for exemptive relief under multiple National Instruments to facilitate the reorganization of several mutual funds.

The reorganization involved splitting existing funds into separate hedged and unhedged classes.

The applicant sought relief from seed capital requirements, prospectus delivery requirements, and permission to use the terminating funds' past performance data for the continuing funds.

The Ontario Securities Commission granted the requested exemptions, finding that the reorganizations would not prejudice securityholders and that the continuing funds would be managed identically to the terminating funds.

The applicants sought exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger did not meet all pre-approval criteria because it could not be carried out as a tax-deferred transaction, as the Terminating Fund did not qualify as a mutual fund trust under the Income Tax Act.

The Ontario Securities Commission granted the requested relief, noting that securityholders were provided with timely and adequate disclosure and that the merger would provide benefits including tax advantages and reduced administrative costs.

The applicants sought an exemption from paragraphs 2.5(2)(a) and (c) of National Instrument 81-102 to permit four mutual funds to invest up to 10% of their net assets in an Ontario-domiciled mutual fund that holds Qualified Foreign Institutional Investor status in China.

The principal regulator granted the exemption, subject to conditions including compliance with Parts 2, 4, and 6 of NI 81-102, concentration restrictions, and portfolio disclosure requirements.

The applicant, First Asset Investment Management Inc., applied for exemptive relief to extend the lapse date of the prospectuses for several of its exchange-traded funds.

Due to inadvertence, the final renewal prospectuses were filed late, causing the original prospectuses to lapse.

The Ontario Securities Commission granted the requested relief, noting that no distributions had occurred since the lapse dates, no material changes had occurred, and the extension would not be prejudicial to the public interest.

The applicant applied for exemptive relief on behalf of a mutual fund from the cover requirements in sections 2.8(1)(d) and 2.8(1)(f)(i) of National Instrument 81-102.

The relief sought to permit the fund to use an offsetting right or obligation to sell an equivalent quantity of the underlying interest as cover when opening or maintaining long positions in certain standardized futures, forwards, or swaps.

The principal regulator granted the exemption, subject to conditions regarding cash cover, margin, and disclosure.

The applicant investment fund applied for exemptive relief under section 19.1 of National Instrument 41-101 from the requirement in subsection 2.3(1) to file a final prospectus within 90 days of the preliminary prospectus receipt.

The Director granted the requested exemption, permitting the final prospectus to be filed by a specified extended date.

The applicant investment fund applied to the Director of the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

The applicant sought relief from subsection 2.3(1), which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, permitting the final prospectus to be filed no later than May 25, 2012.

The applicant, a mutual fund manager, applied for exemptive relief from the multi-layering prohibition in section 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit certain top funds to invest up to 100% of their assets in reference funds, which in turn may invest more than 10% of their assets in other mutual funds and ETFs.

The Ontario Securities Commission granted the relief, finding that the proposed three-tier fund structure is analogous to the current multi-layering exception in NI 81-102 and provides transparent investment portfolio and accountability for portfolio management.

The applicant sought exemptive relief from paragraphs 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 securities of mutual funds governed by the laws of Luxembourg or the Republic of Ireland.

The principal regulator granted the relief, subject to conditions including that the foreign funds remain subject to investment restrictions substantially similar to those governing the applicant fund, and that the applicant fund divest if the foreign laws change to become materially inconsistent with Part 2 of NI 81-102.

The Applicant, NB Split Corp., applied for a decision under the securities legislation of multiple Canadian jurisdictions that it is no longer a reporting issuer.

The Ontario Securities Commission granted the application, finding that the Applicant's outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada.

Furthermore, the Applicant's securities are not traded on a marketplace, and it is not in default of any obligations as a reporting issuer.

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

Regulatory approval was required because the funds did not have substantially similar investment objectives, thus failing to meet the criteria for pre-approved reorganizations.

The Ontario Securities Commission granted the exemptive relief, finding that the merger would be beneficial to shareholders and that adequate disclosure had been provided.

AlphaPro Management Inc. applied for exemptive relief on behalf of several commodity-based exchange-traded funds (ETFs) from certain investment restrictions in National Instrument 81-102.

The relief was sought to allow the ETFs to gain exposure to their respective commodity portfolios through forward purchase and sale agreements.

The Ontario Securities Commission granted the requested exemption, subject to conditions including that the exposure aligns with the ETFs' fundamental investment objectives and that the reference funds comply with applicable investment requirements.

The Manager and the Existing Top Funds applied for exemptive relief from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit the Top Funds to invest up to 10% of their net assets in SICAV Funds managed by an affiliate.

The Ontario Securities Commission granted the relief, subject to conditions including that the SICAV Funds qualify as UCITS and that the Top Funds divest if the laws applicable to the SICAV Funds become materially inconsistent with Part 2 of NI 81-102.

The Filers applied to the Ontario Securities Commission for an exemption from the requirement in section 5.1(c) of National Instrument 81-102 to obtain unitholder approval before changing the fundamental investment objectives of two mutual funds.

All but one unitholder of the funds were discretionary clients of the portfolio manager, relying entirely on the manager for investment decisions.

The Commission granted the requested exemptive relief, permitting the funds to change their investment objectives without a unitholder meeting.