J.A. Leiper

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

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

The Commission granted both exemptions, noting that authorized dealers and designated brokers do not perform conventional underwriting services and that the application of take-over bid requirements could adversely impact the liquidity of the ETF securities.

The Filer applied for exemptive relief from the conflict of interest restrictions in the Securities Act (Ontario) to permit its pooled funds to invest in other pooled funds or public funds under common management.

The Ontario Securities Commission granted the relief subject to conditions, including that the investments are consistent with the top funds' objectives, effected at an objective price, and accompanied by appropriate disclosure to investors.

The applicant applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The requested relief included exemptions from the requirement to include an underwriter's certificate in the prospectus, the requirement to include a prescribed statement respecting purchasers' statutory rights, and the take-over bid requirements for purchasers of ETF securities.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document (or ETF Facts document) and specific disclosure in the prospectus.