Darren McKall

The applicant sought exemptive relief from the investment prohibition in section 4.1(1) of National Instrument 81-102 to permit dealer-managed mutual funds to invest in debt securities of African Minerals Limited during the distribution period or the 60-day period following.

The relief was required because an affiliate of the applicant acted as an underwriter in the distribution and the debt securities did not have an approved rating.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval, pricing restrictions, and arm's length participation.

The Manager, Goodman & Company, Investment Counsel Ltd., applied to the Ontario Securities Commission for approval of an indirect change of control and an abridgement of the 60-day notice period required under National Instrument 81-102.

The change of control resulted from The Bank of Nova Scotia's acquisition of DundeeWealth Inc., the Manager's indirect parent company.

The Commission granted the requested relief, permitting a 35-day notice period to unitholders, on the condition that no changes be made to the management, administration, or portfolio management of the funds for at least 60 days following the notice date.

The Filers applied for exemptive relief from various provisions of National Instrument 81-102 to permit the Funds to enter into certain derivative transactions with terms greater than three years, use fixed income securities and floating rate notes as cash cover, use put options as cover for long positions, engage in short selling up to 20% of net assets, and invest more than 10% of net assets in certain sovereign and supranational debt.

The Ontario Securities Commission granted the requested relief subject to several conditions regarding credit ratings, term limits, cover requirements, and disclosure.

The Applicant, Mulvihill Pro-AMS RSP Split Share Corp., applied to the Ontario Securities Commission and other jurisdictions 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 its obligations as a reporting issuer.

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

The applicant, Invesco Trimark Ltd., applied on behalf of the Trimark ENERGY CLASS mutual fund for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the applicant sought exemptions from the prohibitions against providing a security interest over fund assets, selling securities short, and depositing fund assets with an entity other than the fund's custodian.

The Ontario Securities Commission granted the requested relief, permitting the fund to short sell up to 20% of its total net assets, subject to several conditions including maintaining adequate cash cover and implementing appropriate internal controls.

The applicant, MacNicol & Associates Asset Management Inc., applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to allow top funds managed by the applicant to invest in underlying pooled funds, including limited partnerships, also managed by the applicant.

The Ontario Securities Commission granted the requested relief, subject to several conditions including that securities of the top funds are distributed solely pursuant to prospectus exemptions, no duplicative fees are charged, and specific written disclosures are provided to investors.

CIBC Asset Management Inc. applied for exemptive relief from the multi-layering prohibition in paragraph 2.5(2)(b) of National Instrument 81-102 Mutual Funds.

The relief was sought to permit certain mutual funds to invest in a two-tier fund structure that invests more than 10% of its net assets in another specified underlying fund.

The Ontario Securities Commission granted the requested relief, allowing the portfolios to invest in the CAMI Currency Neutral Funds, provided all other provisions of section 2.5 are met.

The filer, SW8 Asset Management Inc., applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to permit a fund-of-fund structure where the top funds and underlying funds share the same investment fund manager and portfolio advisor.

The Ontario Securities Commission granted the requested relief subject to standard conditions for fund-of-fund structures, including disclosure requirements and restrictions on duplicative fees.

The Manager applied for exemptive relief under National Instrument 81-102 to permit a precious metals mutual fund to invest up to 100% of its net assets in gold and up to 20% in silver, platinum, or palladium.

The Manager also sought relief to permit the fund to invest in precious metals ETFs and to use specific sub-custodians (Brinks and Via Mat) to hold physical bullion outside of Canada.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding investment limits, ETF types, and sub-custodian oversight.

The Manager applied on behalf of two exchange-traded funds for exemptive relief from section 2.3(1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the receipt for a preliminary prospectus.

The Director of the Ontario Securities Commission granted the requested exemption, permitting the final prospectus to be filed no later than December 18, 2010.

The Filer applied for exemptive relief under National Instrument 81-102 to approve a change of control of Hartford Investments Canada Corp. and to abridge the required notice period to unitholders from 60 days to 47 days.

The Ontario Securities Commission granted the requested relief, conditional upon providing at least 47 days' notice, making no changes to portfolio advisers for 60 days, and obtaining prior unitholder approval for the subsequent amalgamation of the manager.

The applicant, AlphaPro Management Inc., applied for exemptive relief on behalf of existing and future exchange-traded funds from certain provisions of National Instrument 81-102.

Specifically, the applicant sought relief from the restriction on entering into swaps or forward contracts with a term to maturity greater than three years, and from the cash cover requirements to permit the use of certain fixed income, floating rate, and money market securities.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding credit ratings, interest rate resets, and prospectus disclosure, finding that the relief would enhance returns while maintaining adequate safeguards.

The applicant, Fidelity Investments Canada ULC, applied for exemptive relief on behalf of its mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to invest in exchange-traded funds (ETFs) that replicate the performance of gold and silver, as well as physical silver and permitted silver certificates.

The principal regulator granted the exemption, subject to conditions including a 10% limit on the funds' aggregate direct and indirect exposure to gold and silver.

The Manager and the Terminating Fund applied for exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to approve the merger of the Terminating Fund into the Continuing Fund.

Approval was required because the merger did not meet all criteria for pre-approved reorganizations under section 5.6, specifically because it would not be a 'qualifying exchange' or tax-deferred transaction under the Income Tax Act, as the Terminating Fund did not qualify as a mutual fund trust.

The Ontario Securities Commission granted the requested exemptive relief, noting that unitholders were provided with timely and adequate disclosure and the merger would result in benefits such as tax qualification and cost savings.

The Filer, TD Split Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 regarding investment restrictions, redemption price calculation and payment, compliance reports, and record dates for distributions.

The Ontario Securities Commission granted the requested exemptions, allowing the Filer to invest all its net assets in TD Bank Shares and modifying the requirements for calculating and paying retraction prices, filing compliance reports, and setting record dates.

The filer applied for exemptive relief on behalf of a commodity pool to permit it to invest in or gain exposure to commodity participation units, contrary to the fund of funds restrictions in National Instrument 81-102.

The Ontario Securities Commission granted the relief, revoking a previous decision and permitting the commodity pool to invest in commodity participation units listed on Canadian or US exchanges, subject to certain conditions regarding investment objectives, internal policies, and prospectus disclosure.

The Filer, Dividend Select 15 Corp., applied for exemptive relief from certain requirements of National Instrument 81-102 – Mutual Funds.

The requested exemptions related to organizational costs, calculation and payment of redemptions, preparation of compliance reports, and the record date for payment of distributions.

The principal regulator granted the requested exemptions, allowing the Filer to operate its exchange-traded fund with the specified deviations from standard mutual fund requirements.

The Filer applied for exemptive relief from the seed capital requirements for commodity pools under NI 81-104.

The principal regulator granted the relief, permitting the manager to redeem its $50,000 seed capital investment in each pool, provided that each pool has received at least $5.0 million in subscriptions from other investors and the manager maintains the required working capital under NI 31-103.

The applicant, TD Asset Management Inc., applied for exemptive relief from sections 2.5(2)(a) and (c) of National Instrument 81-102 Mutual Funds.

The relief sought would permit the applicant's mutual funds to invest up to 10% of their net assets in leveraged ETFs, inverse ETFs, gold ETFs, and leveraged gold ETFs traded on Canadian or US stock exchanges.

The Ontario Securities Commission granted the requested relief, subject to certain conditions including investment limits and prospectus disclosure requirements.

The applicant manager and several terminating mutual funds applied for exemptive relief under National Instrument 81-102 to approve current and future mutual fund mergers.

The proposed mergers did not meet all pre-approval criteria because they were not qualifying exchanges on a tax-deferred basis and the materials sent to securityholders would not include the simplified prospectus or financial statements of the continuing funds.

The principal regulator granted the requested relief, approving the mergers subject to conditions ensuring securityholders receive adequate alternative disclosure and have access to the continuing funds' financial statements upon request.