Darren McKall

The applicant applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its investment funds to invest in securities of exchange-traded funds listed on a stock exchange in the United States that are not index participation units.

The principal regulator granted the exemption, subject to conditions including that the investment is in accordance with the fund's investment objective, the fund does not hold more than 10% of its net asset value in such ETFs, and the ETFs are subject to the US Investment Company Act.

The applicant, an investment fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the applicant sought relief from the illiquid asset restrictions to permit the funds to purchase and hold 144A Securities, and relief to permit the funds to invest in U.S. exchange-traded funds that are not index participation units.

The principal regulator granted the requested exemptions, subject to conditions ensuring the 144A Securities are traded on a mature and liquid market and limiting the concentration of investments in U.S. ETFs.

The Filer applied for exemptive relief on behalf of proposed exchange-traded funds (ETFs) from the requirement to include an underwriter's certificate in the ETFs' prospectus, and to exempt purchasers of ETF securities in the normal course from take-over bid requirements.

The principal regulator granted the requested exemptions, noting that authorized dealers and designated brokers do not provide conventional underwriting services and that applying take-over bid requirements would adversely impact the liquidity of the ETF securities.

The Filer applied for exemptive relief on behalf of several existing and future exchange-traded funds (ETFs) to permit each ETF to invest up to 100% of its assets in the securities of a single Specified Public Issuer, contrary to the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The Filer also sought to revoke and replace an existing decision to remove a requirement that the Specified Public Issuer be listed in certain major indices.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the ETFs meet the definition of a fixed portfolio investment fund and provide specific prospectus disclosure regarding the risks of single-issuer concentration.

The Filer applied for exemptive relief on behalf of existing and future investment funds to permit them to invest in foreign Underlying Funds (SICAV and UCITS funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the Underlying Funds are subject to substantially similar regulatory oversight and investment restrictions as Canadian funds.

The applicant applied for exemptive relief from certain settlement requirements under National Instrument 81-102 for its mutual funds that invest in T+3 securities.

The relief sought to allow the funds to settle primary market trades in units in three business days after a trade, rather than the standard two business days, due to the underlying assets settling on a T+3 basis.

The principal regulator granted the exemption, provided the funds have a portion of their portfolio invested in T+3 securities and disclose the settlement cycle in their prospectus.

Ninepoint Partners LP applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs) from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit each ETF to invest its assets in a single Specified Canadian Public Issuer, subject to certain conditions.

The Ontario Securities Commission granted the requested exemption, noting that the ETFs' investment strategies would be passive, transparent, and fully disclosed, and that the underlying issuers are highly liquid large-cap Canadian companies.

The applicant applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs) from the concentration restrictions in subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit each ETF to invest its assets in the securities of a single Specified Canadian Public Issuer, subject to certain conditions.

The Ontario Securities Commission granted the requested exemption, noting that the ETFs will operate similarly to fixed portfolio investment funds and will provide full disclosure of their passive investment strategies.

Purpose Investments Inc. applied for exemptive relief from the concentration restriction in National Instrument 81-102 to permit several proposed exchange-traded funds (ETFs) to invest their assets in the equity securities of a single Canadian public issuer.

The ETFs' investment objective is to provide long-term capital appreciation and distributions by holding the securities of a specified issuer and writing covered call options.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the ETFs operate similarly to fixed portfolio investment funds and provide specific disclosure regarding insider trading and reporting obligations.

The Filer applied for exemptive relief to extend the lapse date of the simplified prospectus for its mutual funds.

The Filer inadvertently failed to file a pro forma prospectus 30 days prior to the current lapse date and wished to make changes to add new series of units.

The principal regulator granted the extension, finding that it would not prejudice investors and that the current prospectus remained accurate.

The Filer applied for exemptive relief on behalf of several mutual funds to permit them to file a simplified prospectus for ETF securities, omit an underwriter's certificate, exempt purchasers from take-over bid requirements, borrow cash to fund distributions, and treat ETF and mutual fund securities as separate funds for certain compliance purposes.

The Ontario Securities Commission granted the requested relief, subject to conditions.

The Filer applied on behalf of the Current Fund and Future Funds for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief sought would permit the Funds to invest up to 20% or 35% of their net asset value in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, provided they meet specific credit rating requirements.

The Principal Regulator granted the requested relief, subject to conditions including that the securities are traded on a mature and liquid market and that the Funds' simplified prospectuses disclose the additional risks associated with concentration.

The Filer applied on behalf of the Fund for exemptive relief from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The Fund invests primarily in an underlying fund that has obtained similar relief, making it impossible for the Fund to meet the standard deadlines.

The Ontario Securities Commission granted the requested relief, permitting the Fund to deliver its annual financial statements within 180 days of its financial year-end and its interim financial statements within 120 days of its interim period-end, subject to certain conditions.

The Filer applied for exemptive relief on behalf of itself and certain investment funds (Top Funds) to permit the Top Funds to invest in underlying investment vehicles managed by the Filer or its affiliates.

The relief sought an exemption from conflict of interest investment restrictions and reporting requirements under securities legislation.

The principal regulator granted the exemption, subject to conditions including that the investments are compatible with the Top Funds' objectives, no duplicative fees are charged, and specific valuation models are used for private debt securities.

The applicant, 1832 Asset Management L.P., applied for exemptive relief to extend the lapse dates for the renewal of various funds' prospectuses.

The extension was sought to align the renewal dates of certain funds to reduce costs and to allow sufficient time for the completion of annual financial statement audits.

The Ontario Securities Commission granted the requested relief, finding that the extension would not be prejudicial to the public interest.

The applicant, CIBC Asset Management Inc., applied on behalf of the CIBC Canadian Banks Covered Call ETF for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The relief was sought to permit the Fund to invest more than 10% of its net asset value in the equity securities of Canadian banks in order to achieve its investment objective of an equal-weighted portfolio of such securities.

The Ontario Securities Commission granted the requested exemption, subject to conditions including a 20% maximum investment per issuer and specific prospectus disclosure.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its existing and future investment funds to invest in securities of exchange-traded funds listed in the United States that are not index participation units.

The requested relief included exemptions from the control restriction and the requirements that underlying funds be subject to NI 81-102 and be reporting issuers in Canada.

The principal regulator granted the requested relief, subject to conditions including that the investments align with the funds' objectives and that aggregate investments in such underlying ETFs do not exceed 10% of a fund's net asset value.

The applicant sought exemptive relief from s. 6.1(1) of National Instrument 81-102 to permit several mutual funds to appoint two custodians on a temporary basis.

Following a series of fund mergers, the continuing funds acquired sanctioned Russian and Belarusian securities that the previous custodian could not transfer without regulatory permits.

The Commission granted the relief, allowing the sanctioned securities to remain with the previous custodian while the remaining assets are held by the current custodian, subject to conditions regarding reconciliation and valuation.

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of Dynamic Retirement Income Fund to permit its new ETF Series to use the past performance data, financial information, and start date of the terminating Dynamic Active Retirement Income ETF following a merger.

The Ontario Securities Commission granted the requested relief, finding that treating the ETF Series as fungible with the terminating ETF for performance and financial disclosure purposes would be beneficial to investors and prevent unnecessary confusion.

TD Asset Management Inc. applied for exemptive relief on behalf of its existing and future mutual funds offering ETF securities.

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the funds' prospectuses and from the take-over bid requirements for purchasers of ETF securities in the normal course on a marketplace.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptions.