Darren McKall

The applicant, Sprott Asset Management LP, applied for exemptive relief under National Instrument 81-102 Mutual Funds on behalf of several mutual funds.

The requested relief sought to permit the funds to invest up to 100% of their net assets in gold and silver bullion, and to allow the physical bullion to be held outside of Canada by specific sub-custodians not otherwise permitted under the instrument.

The Ontario Securities Commission granted the exemption, subject to conditions regarding investment objectives, prospectus disclosure, and sub-custodian monitoring.

The applicant, a mutual fund manager, applied for exemptive relief from the investment restrictions in paragraphs 2.3(f) and 2.3(h) of National Instrument 81-102 Mutual Funds.

The relief sought would permit the mutual funds to invest up to 10% of their net assets in silver, permitted silver certificates, and specified derivatives with silver as the underlying interest.

The principal regulator granted the requested exemption, subject to the condition that the funds' aggregate direct and indirect exposure to gold and silver does not exceed 10% of their net assets at the time of the transaction.

The applicant, Goodman & Company, Investment Counsel Ltd., applied on behalf of two mutual funds for exemptive relief from the prohibition in section 2.3(h) of National Instrument 81-102.

The relief sought to permit the funds to invest in standardized futures with underlying interests in oil or gas for hedging purposes.

The Ontario Securities Commission granted the relief, subject to conditions including that the investments not exceed 20% of the net assets of the fund and that the futures be traded on specified exchanges.

The filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit a mutual fund to engage in short selling of fixed income exchange-traded funds up to 20% of its net assets.

The Ontario Securities Commission granted the requested relief, subject to several conditions including maintaining cash cover, limiting short sales to cash transactions, and implementing appropriate internal controls and risk management procedures.

The filer applied for exemptive relief from the prohibition against a registered adviser knowingly causing an investment portfolio managed by it to purchase or sell a security from or to another investment portfolio managed by it.

The relief was sought to permit inter-fund trades between pooled funds and managed accounts at the last sale price or closing sale price.

The Ontario Securities Commission granted the exemption, subject to conditions including independent review committee approval and client authorization.

The applicant applied for exemptive relief from the conflict of interest trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit in specie subscriptions and redemptions by separately managed accounts and mutual funds managed by the applicant.

The Ontario Securities Commission granted the requested exemption, subject to conditions including prior written consent from clients, independent review committee approval, and specific valuation and record-keeping requirements.

The Filers applied to the Ontario Securities Commission for an exemption from the conflict of interest trading prohibition in paragraph 13.5(2)(b) of National Instrument 31-103.

The exemption was sought to permit in specie subscriptions and redemptions by separately managed accounts and pooled funds in other pooled funds managed by the Filers.

The Commission granted the requested relief, subject to conditions including prior written consent from clients, valuation requirements, and record-keeping obligations, finding that the transactions would allow the Filers to manage asset classes more effectively and reduce transaction costs.

The Applicant, Acker Finley Canada Focus Fund, 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 jurisdiction and fewer than 51 in total in Canada, its securities are not traded on a marketplace, and it is not in default of any obligations under securities legislation.

The Decision Maker was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Filer applied for exemptive relief to permit the merger of the Aston Hill Global High Income Fund into two continuing funds.

The merger did not meet all pre-approval criteria under NI 81-102 because it was not a qualifying exchange for tax purposes, the investment objectives were not substantially similar, and one continuing fund lacked a current simplified prospectus in Québec.

The Ontario Securities Commission granted the requested approval, noting the merger would provide unitholders with broader diversification, lower management fees, and enhanced liquidity.

The Manager, Galileo Funds Inc., applied for approval of an indirect change of control under s. 5.5(2) of National Instrument 81-102.

The principal regulator granted the exemptive relief, finding that the indirect change in control will not result in any change in how the Manager operates or acts in relation to the mutual funds.

The filer applied for exemptive relief from the mutual fund self-dealing restrictions, reporting requirements, and conflicts of interest provisions under the Securities Act and National Instrument 31-103.

The relief was sought to allow the filer's pooled funds to invest in other investment funds managed by the filer or its affiliates.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed under prospectus exemptions, no duplication of management or sales fees occurs, and appropriate disclosure is provided to investors.

Scotia Asset Management L.P. applied for exemptive relief on behalf of existing and future mutual funds to permit them to engage in short selling up to 20% of their net assets.

The Ontario Securities Commission granted the relief, exempting the funds from certain provisions of National Instrument 81-102, subject to several conditions including cash cover requirements, limits on shorting individual issuers, and disclosure obligations.

The Friedburg Global-Macro Hedge Fund Limited Partnership 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 prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, provided the final prospectus is filed no later than November 30, 2011.

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 prospectus within 90 days of the receipt for the preliminary prospectus.

The Director of the Ontario Securities Commission granted the requested exemption, provided the final prospectus was filed by November 30, 2011.

The applicant, Fidelity Investments Canada ULC, applied for exemptive relief from the concentration restriction in section 2.1(1) of National Instrument 81-102 on behalf of certain mutual funds.

The relief sought would permit the funds to invest up to 20% or 35% of their net assets in debt securities issued by foreign governments or supranational agencies, subject to minimum credit rating requirements.

The Ontario Securities Commission granted the exemption, subject to conditions including that the securities trade on a mature and liquid market, the investments align with the funds' fundamental investment objectives, and the funds' simplified prospectuses disclose the additional risks and details of the exemption.

The applicant, an investment fund, applied to the Ontario Securities Commission for exemptive relief from the requirement under section 2.6 of National Instrument 81-106 to prepare its financial statements in accordance with Canadian GAAP.

The applicant sought permission to adopt International Financial Reporting Standards (IFRS-IASB) early, for financial periods beginning on or after March 1, 2011.

The Commission granted the requested exemption, allowing the applicant to prepare its financial statements in accordance with IFRS-IASB.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief from certain investment restrictions, consent requirements, and reporting requirements under the Securities Act and National Instrument 31-103.

The relief was sought to permit top funds to invest in underlying funds in a fund-on-fund structure, expanding upon prior relief granted to a predecessor entity.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed on a private placement basis, the investments are compatible with the top funds' objectives, and appropriate disclosure is provided to investors.

The Filers applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds to permit two existing commodity pools to restructure into a two-tiered fund-on-fund structure.

The restructuring was proposed to mitigate the impact of the Harmonized Sales Tax on incentive fees.

The Ontario Securities Commission granted the requested relief, permitting the top funds to invest in the underlying limited partnerships and granting the underlying limited partnerships the same short selling exemptions previously granted to the top funds, subject to various conditions including continuous disclosure and risk management requirements.

The Filer applied for exemptive relief from the self-dealing restrictions in section 4.2 of National Instrument 81-102 to permit inter-fund trades of debt securities and mortgages between Public Funds and Pooled Funds.

The Ontario Securities Commission granted the relief, subject to conditions including that the trades be consistent with the funds' investment objectives, be approved by the independent review committee, and that mortgages be valued by an independent provider.

RBC Global Asset Management Inc. applied for exemptive relief from the self-dealing restrictions in section 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit inter-fund trades of portfolio securities, including mortgages, between public mutual funds, pooled funds, and managed accounts.

The applicant also sought relief to permit in-specie subscriptions and redemptions by separately managed accounts, public mutual funds, and pooled funds.

The Ontario Securities Commission granted the requested exemption, subject to several conditions including independent review committee approval, compliance with pricing and transparency requirements, and independent valuation for mortgage trades.