Darren McKall

The applicant, Fidelity Investments Canada ULC, applied to the Ontario Securities Commission for exemptive relief from the inter-fund trading prohibitions in National Instrument 81-102 and National Instrument 31-103.

The applicant sought permission for its Canadian investment funds and client accounts to engage in inter-fund trades of debt securities with international funds managed by its affiliates.

The Commission granted the requested relief, subject to conditions including independent review committee approval, compliance with foreign regulatory requirements, and periodic reporting of trading activities.

The Filer, RP Investment Advisors LP, applied on behalf of existing and future alternative mutual funds for exemptive relief from the short selling and cash borrowing limits in National Instrument 81-102.

The Filer sought to permit the funds to borrow cash and sell securities short up to an aggregate limit of 100% of the funds' net asset value, arguing this would provide cost savings and flexibility compared to using specified derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the funds' aggregate exposure to short selling, cash borrowing, and specified derivatives does not exceed the 300% leverage limit.

The Filers applied to the Ontario Securities Commission for exemptive relief on behalf of two mutual funds transitioning from private to public offerings.

The requested relief sought to permit the Funds to include past performance data and financial highlights from the period before they became reporting issuers in their sales communications, simplified prospectuses, fund facts documents, and management reports of fund performance.

The Commission granted the requested relief, subject to conditions requiring specific disclosures about the Funds' prior non-reporting status and the availability of historical financial statements.

The Filer applied for exemptive relief to extend the suspension of redemptions and weekly net asset value calculations for the Goodwood Capital Fund until December 31, 2025, and to permit the Fund to hold illiquid assets exceeding 15% of its net asset value.

The Fund is in the process of being terminated and liquidated, but currently holds illiquid positions that cannot be immediately monetized.

The principal regulator granted the requested relief, subject to conditions including the distribution of proceeds from liquid assets by April 30, 2025, and the waiver of management fees during the suspension period.

Vanguard Investments Canada Inc. applied for exemptive relief on behalf of its current and future investment funds to allow them to purchase 144A Securities without those securities being classified as 'illiquid assets' under National Instrument 81-102.

The Filer argued that 144A Securities trade in a deep, liquid institutional market and that the restriction would prevent the funds from pursuing attractive investment opportunities.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the purchasing fund must be a Qualified Institutional Buyer and the securities must be traded on a mature and liquid market.

The Filer applied for exemptive relief on behalf of the Fund to permit it to invest in securities of US-listed exchange-traded products (ETPs), specifically the iShares Bitcoin Trust, that are not index participation units and are not reporting issuers in Canada.

The Ontario Securities Commission granted the exemption from paragraphs 2.5(2)(a), (a.1), and (c) of NI 81-102, subject to conditions including a 10% net asset value limit on such investments.

The Filer, Hamilton Capital Partners Inc., applied for exemptive relief to extend the lapse date of the long form prospectus for several of its exchange-traded funds from June 5, 2025, to August 16, 2025.

The extension was sought to align the renewal timeframe with other funds managed by the Filer, thereby reducing costs and streamlining operations.

The principal regulator granted the requested exemption, finding it would not be prejudicial to the public interest.

Mackenzie Financial Corporation applied for exemptive relief from the conflict of interest investment restrictions in paragraph 13.5(2)(a) of National Instrument 31-103.

The Filer sought permission for its investment funds (Top Funds) to invest in collective investment vehicles (Underlying Investments) managed by its affiliates, Northleaf Capital Group Ltd. and Sagard Holdings Inc. The Ontario Securities Commission granted the exemption, subject to several conditions, including that the investments be compatible with the Top Funds' objectives, comply with illiquid asset restrictions, and receive prior approval from the independent review committee.

The Filer applied for exemptive relief to extend the lapse date of the long form prospectus for several exchange-traded mutual funds from April 24, 2025, to August 9, 2025.

The extension was sought to align the lapse date with that of other funds managed by the Filer, thereby reducing renewal and printing costs and allowing investors to compare fund features more easily.

The Ontario Securities Commission granted the requested relief, noting that there had been no material changes in the affairs of the funds and that the extension would not be prejudicial to the public interest.

The Filer applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectus for its alternative mutual funds with the simplified prospectus for its conventional mutual funds.

The principal regulator granted the requested relief, noting that consolidating the prospectuses would reduce costs, facilitate comparison for investors, and align the treatment of mutual funds under NI 81-101 with exchange-traded funds under NI 41-101.

The applicant, Franklin Templeton Investments Corp., applied on behalf of the Franklin Lexington PE Secondaries Fund for exemptive relief from the annual and interim financial statement filing and delivery requirements under National Instrument 81-106.

The top fund invests substantially all its assets in an underlying Luxembourg fund, which has longer financial reporting deadlines.

The Ontario Securities Commission granted the requested relief, extending the top fund's annual and interim filing and delivery deadlines to 183 days and 92 days, respectively, subject to conditions.

The Filer applied for exemptive relief from the performance rating and ranking requirements in paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, LSEG Lipper Awards, and LSEG Lipper Leader Ratings in their sales communications.

The Ontario Securities Commission granted the exemption, subject to conditions requiring specific disclosure in the sales communications and limiting the use of awards to those granted within the preceding 365 days.

The Filer, acting as the investment fund manager for the Northfront Alternative Asset Fund, applied for exemptive relief from the annual financial statement filing and delivery deadlines under National Instrument 81-106.

The Top Fund invests predominantly in underlying funds and cannot obtain their audited financial statements in time to meet the standard 90-day deadline.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadlines to 180 days after the Top Fund's financial year end, subject to certain conditions.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus of CMP Next Edge Resource Corp. from April 26, 2025, to October 21, 2025.

The extension was sought to align the Fund's lapse date with that of other funds managed by the Filer, thereby reducing renewal and printing costs.

The Principal Regulator granted the requested exemption, finding it would not prejudice the public interest as there were no material changes to the Fund's affairs.

The applicant, Harvest Portfolios Group Inc., applied on behalf of Harvest Bitcoin Enhanced Income ETF for exemptive relief from paragraphs 2.5(2)(a.1) and 2.5(2)(c) of National Instrument 81-102.

The relief sought to permit the fund to invest up to 100% of its net asset value in shares of iShares Bitcoin Trust ETF (IBIT), which is not subject to NI 81-102 and is not a reporting issuer in Canada.

The Ontario Securities Commission granted the exemption, subject to conditions including that IBIT remains a reporting issuer in the United States and the fund's investment remains consistent with its objectives and NI 81-102 restrictions.

The applicant, Guardian Capital LP, applied to the Ontario Securities Commission for exemptive relief from the borrowing limit in National Instrument 81-102 Investment Funds.

The relief sought to allow its mutual funds to borrow cash up to 10% of their net asset value on a temporary basis to manage liquidity constraints arising from mismatches in settlement cycles (T+1 vs T+2) for portfolio securities and fund securities.

The Commission granted the requested relief, subject to conditions including written policies and procedures, borrowing limits, and prospectus disclosure.

The Filer applied for exemptive relief from the margin deposit restrictions in subsections 6.8(1) and 6.8(2)(c) of National Instrument 81-102.

The relief sought to permit the Funds to deposit up to 35% of their net asset value as margin with a single dealer, and up to 70% in aggregate across all dealers, for transactions involving exchange traded specified derivatives.

The principal regulator granted the requested relief, finding it would not be prejudicial to the public interest and would allow the Funds to pursue their investment strategies more efficiently.

The Filer applied for exemptive relief from the matching and timing requirements for performance ratings in sales communications under paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Filer's mutual funds to reference FundGrade A+ Awards, FundGrade Ratings, Lipper Awards, and Lipper Leader Ratings in their sales communications.

The Ontario Securities Commission granted the exemption, subject to specific disclosure conditions and time limits on the use of the awards.

The Filer applied for exemptive relief on behalf of its investment funds to permit them to invest in certain exchange-traded funds listed in the United States and certain UCITS and SICAV funds regulated in Europe, which are not subject to National Instrument 81-102.

The principal regulator granted the requested relief, subject to conditions including concentration limits and disclosure requirements, finding that the underlying funds are subject to substantially similar regulatory oversight and the investments would provide efficient diversification.

The Filer, Connor, Clark & Lunn Funds Inc., applied for exemptive relief from subsection 5.1(4) of National Instrument 81-101 to permit the consolidation of the simplified prospectuses of its alternative mutual funds with those of its conventional mutual funds.

The Filer argued that consolidation would reduce costs, facilitate distribution, and allow investors to more easily compare the features of the funds, noting that a similar prohibition does not exist for exchange-traded funds under National Instrument 41-101.

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