Darren McKall

Mackenzie Financial Corporation applied for exemptive relief to extend the lapse dates of the prospectuses for certain mutual funds and exchange-traded funds.

The extension was sought to align the renewal dates of these funds with those of affiliated funds, thereby reducing renewal, printing, and related costs, and streamlining disclosure.

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 the requirement under subsection 3.1(2) of National Instrument 41-101 to prepare and file a long form prospectus for ETF Securities.

The principal regulator granted the relief, permitting the Filer to file a simplified prospectus in accordance with National Instrument 81-101, provided certain conditions regarding disclosure and ETF Facts are met.

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

The fund operates as a fund-of-funds and requires the audited financial statements of underlying third-party funds to complete its own audit, which causes unavoidable delays.

The Ontario Securities Commission granted the requested relief, extending the annual deadline to 120 days and the interim deadline to 90 days, subject to conditions including notice to securityholders and redemption rights.

The applicant, a registered portfolio manager, applied for exemptive relief under the passport system to permit the merger of a terminating fund into a continuing fund.

The exemption was required from the prohibition in NI 31-103 against a registered adviser causing an investment portfolio to purchase or sell securities from or to another investment portfolio managed by a responsible person.

The principal regulator granted the exemption, finding that the merger was in the best interests of the funds and unitholders, and that potential conflicts of interest were adequately addressed.

The applicant applied on behalf of an exchange-traded fund for exemptive relief to extend the lapse date of its current long form prospectus from March 18, 2025, to April 26, 2025.

The extension was sought to align the fund's prospectus renewal with 13 other funds managed by the applicant, thereby reducing renewal costs and streamlining disclosure.

The Ontario Securities Commission granted the requested exemption, noting no material changes in the fund's affairs and that the extension would not be prejudicial to the public interest.

The filer applied for exemptive relief to extend the lapse date of the simplified prospectus for its alternative mutual funds and to permit the consolidation of the simplified prospectus for its alternative mutual funds with the simplified prospectus for its conventional mutual funds.

The Ontario Securities Commission granted the requested relief, noting that it would reduce costs and facilitate consistent disclosure across the filer's fund platform without prejudicing the public interest.

The applicant, Mulvihill Capital Management Inc., applied on behalf of several exchange-traded funds (the Top Funds) for an exemption from the multi-tiering restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The exemption would permit the Top Funds to invest up to 20% of their total asset value in the Mulvihill Enhanced Split Preferred Share ETF (the Underlying Fund), which itself holds more than 10% of its net asset value in other investment funds.

The Ontario Securities Commission granted the exemption, subject to conditions including that there be no duplication of management or incentive fees.

The Filer, an investment fund manager, applied for exemptive relief from the conflict of interest investment restrictions in paragraph 13.5(2)(a) of National Instrument 31-103.

The relief was sought to permit a top fund managed by the Filer to invest in underlying funds or entities where a responsible person of the Filer is a partner, officer, or director, without obtaining prior written consent from each investor.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investments are compatible with the top fund's objectives, no duplicative fees are charged, and independent third-party valuations are used for the underlying assets.

AGF Investments Inc. applied for exemptive relief on behalf of its managed investment funds (Top Funds) to permit them to invest in the Kensington Private Equity Fund, a related issuer.

The Ontario Securities Commission granted the requested relief from the related issuer, consent, and reporting requirements, subject to conditions including compliance with illiquid asset restrictions, independent valuation reviews, and disclosure to investors.

CIBC Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief under the Securities Act to extend the lapse date of a simplified prospectus for several mutual funds.

The extension was sought to align the lapse date with that of other funds managed by the applicant, allowing for the consolidation of their prospectuses to reduce renewal and printing costs.

The Commission found that the extension would not prejudice the public interest and granted the requested relief, extending the lapse date by 57 days.

The applicant investment fund manager applied for exemptive relief on behalf of its mutual funds from certain short selling, cash cover, and custodial requirements under National Instrument 81-102.

The relief was sought to facilitate an interest rate risk hedging strategy involving the short selling of government securities, including those of the United Kingdom and Germany.

The principal regulator granted the requested exemptions, revoking and replacing previous decisions to expand the definition of government securities and maintain custodial relief, subject to specified conditions including aggregate exposure limits and internal controls.

Fidelity Investments Canada ULC applied for exemptive relief on behalf of two top funds from the annual and interim financial statement filing and delivery deadlines under National Instrument 81-106.

The top funds invest in underlying funds with varying financial reporting deadlines, making it impossible to meet the standard deadlines.

The Ontario Securities Commission granted the requested relief, extending the annual deadline to 120 days and the interim deadline to 90 days, subject to certain conditions.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse dates of the simplified prospectuses and fund facts for several mutual funds (the Winter Funds) to May 31, 2025.

The extension was sought to align the renewal of the Winter Funds' prospectuses with those of 115 other mutual funds managed by the Filer, thereby reducing renewal, printing, and related costs.

The Commission granted the requested relief, finding it would not be prejudicial to the public interest.

The Filer applied to the Ontario Securities Commission for exemptive relief from the prohibitions in sections 13.5(2)(b)(ii) and 13.5(2)(b)(iii) of National Instrument 31-103.

The relief sought was to permit in specie subscriptions and redemptions by a managed account in relation to a fund, and by a fund in relation to another fund.

The Commission granted the exemption, subject to several conditions including prior written consent, valuation requirements, and record-keeping obligations.

The filer applied on behalf of a newly established alternative mutual fund for exemptive relief from certain requirements under National Instrument 81-102 and related rules.

The fund was established to succeed the operations of an existing limited partnership.

The principal regulator granted relief from seed capital requirements, aggregate exposure limits (permitting a value-at-risk approach instead), and restrictions on using the predecessor limited partnership's past performance data in sales communications and continuous disclosure documents.

The Filer applied for exemptive relief to extend the lapse date of the current prospectus for two ETFs from January 8, 2025, to January 24, 2025.

The extension was requested to align the renewal timeline with 36 other ETFs managed by the Filer, reducing costs and streamlining operations.

The Ontario Securities Commission granted the requested relief, noting no material changes in the ETFs' affairs and no prejudice to the public interest.

The applicant, Invesco Canada Ltd., applied on behalf of the Invesco Balanced-Risk Allocation Pool for exemptive relief from certain margin, leverage, and concentration restrictions under National Instrument 81-102.

The relief was sought to permit the fund to deposit up to 35% of its NAV as margin with a single dealer, use a value-at-risk (VaR) approach for leverage limits, and invest up to 35% of its NAV in highly rated foreign government securities.

The principal regulator granted the requested exemptions, subject to specific conditions including the implementation of a derivatives risk management program and compliance with an absolute VaR test.

The applicant applied for exemptive relief to extend the lapse date of the simplified prospectus for two mutual funds from February 16, 2025, to May 21, 2025.

The extension was sought to consolidate the renewal of the funds' prospectus with the simplified prospectus of other funds managed by the applicant, thereby reducing costs and streamlining disclosure.

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

S Split Corp. applied to the Ontario Securities Commission for an order declaring that it has ceased to be a reporting issuer in all Canadian jurisdictions where it is a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The principal regulator was satisfied that the statutory test was met and granted the order.

The filer, Arrow Capital Management Inc., applied for exemptive relief under the Securities Act to extend the lapse date of the simplified prospectus for the Arrow EC Equity Advantage Alternative Fund from December 31, 2024, to June 7, 2025.

The extension was requested to align the fund's prospectus renewal with other mutual funds managed by the filer, thereby reducing costs and allowing investors to compare fund features more easily.

The Ontario Securities Commission granted the requested relief, finding it would not prejudice the public interest or unitholders.