Darren McKall

The applicants, Fidelity Investments Canada ULC and Pyramis Global Advisors, LLC, 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 the investment portfolio of an associate of a responsible person.

The Ontario Securities Commission granted the exemption to permit in-specie subscriptions and redemptions by separately managed accounts and pooled funds in mutual funds and pooled funds where the portfolio manager of the managed accounts is also the portfolio manager of the mutual funds and the pooled funds, subject to certain conditions.

The Manager applied on behalf of Man Canada AHL DP Investment Fund for exemptive relief from paragraphs 2.5(2)(a) and (c) of National Instrument 81-102.

The relief was sought to permit the commodity pool to invest indirectly in securities of another commodity pool, AHL SPC Class D, which is not subject to NI 81-101 and whose securities are not qualified for distribution in the local jurisdiction.

The Ontario Securities Commission granted the requested relief, subject to conditions including that both pools remain subject to NI 81-102 and NI 81-104, and that the underlying pool becomes a reporting issuer.

The applicant, Goodman & Company, Investment Counsel Ltd., applied for exemptive relief from the investment prohibition in subsection 4.1(1) of National Instrument 81-102.

The relief was sought to permit two mutual funds to invest in special warrants of a non-reporting issuer under a private placement, despite an affiliate of the applicant acting as an underwriter.

The Ontario Securities Commission granted the exemption, conditional upon the funds' independent review committee approving the investment in accordance with NI 81-107 and compliance with subsection 4.1(4)(d) of NI 81-102.

The Filer, a segregated portfolio of a Cayman Islands company, applied for exemptive relief to prepare its financial statements using International Financial Reporting Standards (IFRS) and to have them audited using International Standards on Auditing (ISA), rather than Canadian GAAP and GAAS.

The Filer also sought relief from the seed capital requirements under National Instrument 81-104.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Investment Manager maintain its initial $50,000 investment until the Filer receives $5.0 million from other investors, and that the Investment Manager maintain a minimum of $100,000 in excess working capital.

The applicant, a commodity pool, applied for exemptive relief from the daily net asset value (NAV) calculation requirement under NI 81-106 and the seed capital requirement under NI 81-104.

The applicant sought to calculate its NAV weekly, as its returns are tied to an underlying portfolio that publishes its NAV weekly.

The principal regulator granted the requested relief, subject to conditions including maintaining minimum working capital and calculating NAV more frequently if the underlying portfolio does so.

Blumont Capital Corporation applied for exemptive relief under National Instrument 81-102 to permit the merger of the Blumont North American Fund into the Blumont Canadian Fund.

The merger required approval because the funds' investment objectives were not substantially similar, it was not a qualifying exchange under the Income Tax Act, and certain continuous disclosure requirements were inadvertently missed.

The Ontario Securities Commission granted the requested relief, noting that unitholders had approved the merger and the sole investor who purchased units without knowledge of the merger was given the opportunity to redeem at no cost.

The applicants sought exemptive relief from certain provisions of National Instrument 81-102 to permit a mutual fund to invest up to 100% of its net assets in gold bullion, and to vary a previous MRRS decision.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding prospectus disclosure, physical counts of bullion, insurance, and website disclosure of holdings.

The Filer, Scotia Securities Inc., applied for exemptive relief to extend the lapse date of the simplified prospectuses and annual information forms for various mutual funds to December 14, 2009.

The extension was requested to facilitate a single renewal date for all mutual funds under common management following an internal reorganization of the Scotia Group's asset management businesses.

The principal regulator, the Ontario Securities Commission, granted the requested relief, finding it would reduce costs and create operational efficiencies without prejudicing the public interest.

The applicant, CIBC Asset Management Inc., applied for exemptive relief to extend the lapse date of the simplified prospectus for the Renaissance Investments family of funds by 20 days.

The extension was requested to allow the applicant to file a single renewal prospectus that would include two new funds, thereby reducing administrative costs.

The Ontario Securities Commission granted the requested relief, finding that the extension would not affect the accuracy of the current prospectus and would not be prejudicial to the public interest.

The applicant, CI Investments Inc., applied for exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to merge several terminating mutual funds into continuing funds.

The mergers did not meet all criteria for pre-approved reorganizations because certain continuing funds had different investment objectives and fee structures, and some mergers were not qualifying exchanges or tax-deferred transactions.

The Ontario Securities Commission granted the requested approval, noting that investors were provided with adequate disclosure and the independent review committee had approved the mergers.

The Manager of the Precious Metals Bullion Trust applied for exemptive relief from various provisions of National Instrument 81-102 Mutual Funds.

The relief sought included exemptions from limits on purchasing gold, prohibitions on purchasing silver and platinum, and restrictions on appointing certain entities as sub-custodians for physical bullion.

The Ontario Securities Commission granted the requested exemptions, subject to specific conditions regarding the certification, storage, and insurance of the precious metals, as well as the oversight of the sub-custodians.

The applicant, Return On Innovation Management Ltd., applied on behalf of the ROI Canadian Top 20 Picks Fund for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The requested relief would permit the fund to engage in short selling up to 20% of its net assets, provide a security interest over its assets, and deposit assets with a borrowing agent other than its custodian.

The Ontario Securities Commission granted the requested relief, subject to several conditions including limits on the aggregate market value of short sales, cash cover requirements, and internal control mandates.

The Filer, Gold Participation and Income Fund, applied to the Ontario Securities Commission for exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value daily.

The Filer sought to calculate its net asset value on a weekly basis instead.

The Commission granted the requested relief, provided that the net asset value calculation is available to the public upon request, the public has access to a website for this purpose, the units remain listed on the TSX, and the Filer calculates its net asset value at least weekly.

Invesco Trimark Ltd. applied for exemptive relief under National Instrument 81-102 to merge several mutual funds.

The proposed mergers did not meet the pre-approval criteria because of differences in investment objectives, fee structures, and tax implications.

The Ontario Securities Commission granted the requested relief, approving the mergers on the condition that securityholders receive adequate disclosure and approve the transactions at special meetings.

The applicant, a commodity pool, applied for exemptive relief from the concentration and illiquid asset restrictions in sections 2.1(1) and 2.4 of National Instrument 81-102.

The relief was sought to permit the fund to invest substantially all of its assets in short-term notes linked to the performance of a diversified commodity index.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the note issuer maintain an approved credit rating and that the notes be redeemable on a daily basis.

The Filer applied for exemptive relief on behalf of several mutual funds from certain restrictions in National Instrument 81-102 regarding securities lending transactions.

The funds sought to lend up to 100% of their Canadian equity securities, which were pledged to counterparties under forward contracts.

The Ontario Securities Commission granted the requested relief, permitting the funds to exceed the 50% lending limit, use an agent other than their custodian, and not hold the collateral directly, subject to specific conditions including granting the counterparties a security interest in the collateral.

The Filers applied for exemptive relief from various provisions of National Instrument 81-102 Mutual Funds.

The closed-end fund technically converted to a mutual fund due to circumstances beyond its control when Standard & Poor's withdrew its stability rating.

The principal regulator granted the requested relief, permitting the fund to borrow up to 15% of its net assets and exempting it from certain requirements concerning purchase and redemption orders, compliance reports, and distribution record dates, subject to conditions.

The applicants, Marret Asset Management Inc. and Marret HYS Trust, applied for exemptive relief from the requirement in section 14.2(3)(b) of National Instrument 81-106 that an investment fund using specified derivatives must calculate its net asset value daily.

The Ontario Securities Commission granted the exemption, permitting the fund to calculate its net asset value on a weekly basis, subject to certain conditions including that the units are not offered to the public.

The applicant, United Financial Corporation, applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into corresponding continuing value and growth funds.

The mergers did not meet all criteria for pre-approved reorganizations because the investment objectives were not substantially similar and the mergers would not be implemented as tax-deferred rollovers.

The principal regulator granted the requested exemption, allowing the mergers to proceed.

The applicants sought exemptive relief from various provisions of National Instrument 81-101 and National Instrument 81-102.

The relief was requested to permit the top fund to qualify its units for distribution by long form prospectus, to permit its investment in a bottom fund through a forward contract, to permit it to initially bear the expenses of the offering, to process redemptions at a weekly net asset value, and to relieve it from certain compliance reporting.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top fund files a long form prospectus and that the expenses of the offering borne by the top fund do not exceed 1.5%.