The Filer, 1832 Asset Management L.P., applied on behalf of several proposed exchange-traded funds (ETFs) for exemptive relief from the underwriter's certificate requirement and the take-over bid requirements.
The Ontario Securities Commission granted the requested relief, subject to conditions including the delivery of ETF Facts documents to purchasers.
The Commission found that the exemptions were appropriate given the structure and operation of the ETFs, and that applying the take-over bid requirements could adversely impact the liquidity of the ETF securities.
