Darren McKall

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

The change of control resulted from a minority shareholder purchasing the majority of shares in the Manager's parent company.

The principal regulator granted the approval, finding that the transaction would have no negative consequences on the Manager's ability to comply with regulatory requirements or satisfy its obligations to clients.

The Filer applied for exemptive relief on behalf of the Plans from the requirement under National Instrument 41-101 to include financial statements and management reports of fund performance in their prospectus.

The Filer argued that including these documents made the prospectus overly long and complex for retail investors, and that scholarship plans should be treated similarly to other investment funds that are permitted to incorporate such documents by reference.

The Ontario Securities Commission granted the relief, subject to conditions including enhanced disclosure about the availability of the financial documents and a requirement to provide them upon request at no charge.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief on behalf of several exchange-traded funds from certain provisions of National Instrument 81-102 Mutual Funds.

The requested relief included exemptions related to the transmission of purchase and redemption orders, payment for the issuance of units, redemption pricing, record dates for distributions, and borrowing cash to fund distributions.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions, including limits on borrowing and disclosure requirements.

The Selling Funds and Covington Capital Corporation applied for exemptive relief under National Instrument 81-102 to permit the sale of assets of the Selling Funds to Covington Fund II Inc. and the change of manager of certain Selling Funds.

The reorganization did not meet all pre-approval criteria, as the new manager was not an affiliate of the former managers, and the transaction was not a qualifying exchange under the Income Tax Act.

The Ontario Securities Commission granted the requested exemptive relief, allowing the asset transfer and change of manager to proceed.

The Filer applied for exemptive relief on behalf of several mutual funds from various provisions of National Instrument 81-102.

The requested relief included permission to engage in short selling, to allow a top fund to invest in a middle fund that obtains exposure to a bottom fund via a forward agreement, and to allow a money market class to invest in a money market fund.

The Ontario Securities Commission granted the requested exemptions subject to specific conditions, including limits on short selling and disclosure requirements.

The Manager applied to the Ontario Securities Commission for approval to merge two terminating mutual funds into two continuing funds under National Instrument 81-102.

The mergers did not meet the criteria for pre-approved reorganizations because the fundamental investment objectives of the terminating and continuing funds were not substantially similar.

The Commission approved the proposed mergers, noting that securityholders of both the terminating and continuing funds would vote on the mergers and that the independent review committee had made a positive recommendation.

The Filers applied to the Ontario Securities Commission for exemptive relief from the proxy solicitation circular requirement under section 12.2(2)(b) of National Instrument 81-106.

The Filers sought to solicit proxies from shareholders of the VenGrowth Funds by public broadcast, speech, or publication to oppose a merger proposal, without sending a physical proxy circular.

The Commission granted the exemption, permitting the solicitation by broadcast provided the Filers comply with the enhanced broadcast exemption requirements of National Instrument 51-102.

Mackenzie Financial Corporation applied for exemptive relief on behalf of several mutual funds to permit them to continue investing in certain underlying funds after those underlying funds ceased to offer their securities under a simplified prospectus.

The underlying funds will remain reporting issuers and continue to be subject to the requirements of NI 81-102, NI 81-106, and NI 81-107.

The Ontario Securities Commission granted the requested relief, finding it would be advantageous to the funds and their securityholders, and revoked a previous decision on the matter.

The applicant, Fidelity Investments Canada ULC, applied on behalf of three mutual funds for exemptive relief from the requirements under National Instrument 81-106 to file and deliver annual management reports of fund performance and to deliver annual financial statements for the fiscal year ended March 31, 2011.

The funds were established on March 25, 2011, and as of March 31, 2011, the applicant was the sole unitholder and the funds held only cash.

The Ontario Securities Commission granted the requested relief, provided the applicant prepares and files an interim management report of fund performance for the period ending September 30, 2011.

The Funds applied to the Ontario Securities Commission for exemptive relief from section 2.1(2) of National Instrument 81-101, which prohibits filing a prospectus more than 90 days after the receipt for a preliminary prospectus.

The Director granted the exemption, permitting the Funds to file their prospectus no later than July 6, 2011.

The applicant sought approval under section 5.5(1)(b) of National Instrument 81-102 for the merger of two exchange-traded funds.

Approval was required because the funds did not have substantially similar fundamental investment objectives or fee structures, failing the pre-approval criteria in section 5.6.

The principal regulator found that the merger would provide unitholders with economies of scale, lower operating expenses, and increased portfolio diversification.

The application for exemptive relief was granted and the merger was approved.

Yorkville Asset Management Inc. applied for exemptive relief on behalf of its mutual funds to permit them to invest in gold and silver exchange-traded funds (ETFs) and silver directly.

The principal regulator granted the relief from various provisions of National Instrument 81-102, subject to conditions including that the funds' aggregate direct and indirect exposure to gold and silver not exceed 10% of their net assets.

The Filers applied for exemptive relief from the self-dealing prohibitions in section 13.5(2)(b)(iii) of National Instrument 31-103.

The relief was sought to permit the transfer of assets from terminating non-redeemable investment funds to continuing mutual funds in connection with proposed mergers, where both sets of funds are advised by the same portfolio manager.

The Principal Regulator granted the requested exemption, noting that the mergers were approved by securityholders and the independent review committee, and that the costs of the mergers would be borne by the manager.

The applicants, Legg Mason Canada Inc. and two pooled funds, sought exemptive relief from the mutual fund conflict of interest investment restrictions in the Securities Act and the self-dealing prohibition in National Instrument 31-103.

The relief was requested to permit the pooled funds to invest in underlying pooled funds under common management, and to revoke a prior decision to expand the list of underlying funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the pooled funds are distributed on a private placement basis and that no duplicative management or incentive fees are payable.

The filer applied to the Ontario Securities Commission for exemptive relief from prohibitions against mutual funds investing in related shareholders, related parties, and related issuers.

The relief was sought to permit the pooled funds to purchase non-exchange-traded debt securities of related persons in the secondary market.

The Commission granted the requested relief, subject to conditions including that the purchases be consistent with the funds' investment objectives, be approved by an independent review committee, and comply with pricing and reporting requirements.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief on behalf of several mutual funds to permit the inclusion of financial highlights and past performance data from periods before the funds became reporting issuers in their annual and interim management reports of fund performance.

The funds had previously distributed securities under prospectus exemptions and complied with relevant investment restrictions.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure that the funds were not reporting issuers during those periods and that expenses would have been higher had they been subject to reporting issuer requirements.

The Filer, RBC Global Asset Management Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds to permit the Funds to include past performance data in sales communications for periods before the Funds offered securities under a simplified prospectus.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure that the Funds were not reporting issuers during the prior period and that expenses would have been higher had they been subject to reporting issuer requirements.

The applicants sought exemptive relief from the mutual fund conflict of interest investment restrictions in the Securities Act and the self-dealing prohibition in National Instrument 31-103.

The relief was requested to permit the pooled funds to invest in underlying pooled funds under common management, and to revoke a prior decision to expand the list of underlying funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the securities of the pooled funds are distributed only on a private placement basis and that no duplicative management or incentive fees are payable.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 Mutual Funds to permit its mutual funds to invest in silver and up to 10% of net assets in leveraged, inverse, and commodity ETFs.

The principal regulator granted the relief, subject to conditions including a 10% total exposure limit to gold and silver and a 10% limit on aggregate investments in the specified ETFs.

The applicants, acting as investment fund managers for various scholarship plans, applied for exemptive relief from the requirement under subsection 4.1(2) of National Instrument 41-101 to include financial statements and management reports of fund performance in their prospectuses.

The applicants argued that including these documents added significant volume and complexity to the prospectuses, potentially overwhelming retail investors, and noted that other types of investment funds are permitted to incorporate such documents by reference.

The Ontario Securities Commission granted the requested relief, allowing the documents to be incorporated by reference, subject to conditions requiring enhanced plain-language disclosure about the documents and their availability upon request at no charge.