Neeti Varma

The filer, a registered portfolio manager and investment fund manager, applied for exemptive relief from the prohibition in section 13.5(2)(b) of National Instrument 31-103 to permit specified in-specie transfers between managed accounts and pooled funds.

The purpose of the transfers is to reduce transaction costs and market impact costs for managed account clients.

The Ontario Securities Commission granted the requested exemption, subject to conditions including client consent, valuation requirements, and record-keeping obligations.

Mackenzie Financial Corporation applied to the Ontario Securities Commission for approval to merge the Mackenzie Cundill US Class into the Mackenzie US Growth Class.

The merger required regulatory approval because it did not satisfy all pre-approval criteria under NI 81-102, specifically regarding tax-deferred status, substantially similar investment objectives, and the provision of current fund facts documents for certain series.

The Commission granted the requested relief, subject to the condition that the filer obtains prior approval from the securityholders of the terminating fund at a special meeting.

The applicant, Caldwell Investment Management Ltd., applied on behalf of two mutual funds for approval to merge the Terminating Fund into the Continuing Fund.

Regulatory approval was required because the merger did not satisfy all criteria for pre-approved reorganizations under NI 81-102, specifically regarding the similarity of investment objectives and inadvertent omissions in the meeting materials.

The Ontario Securities Commission granted the requested exemptive relief, finding that the merger was in the best interests of the funds and their unitholders.

The applicant, CI Investments Inc., applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing mutual funds.

The mergers did not meet all criteria for pre-approved reorganizations under section 5.6 of NI 81-102 because some funds did not have substantially similar fundamental investment objectives, some mergers were not qualifying exchanges under the Income Tax Act, and one fund required significant portfolio realignment.

The Commission granted the requested relief, subject to the applicant obtaining prior approval from the securityholders of the terminating funds and continuing corporate funds at special meetings.

The applicant, a registered investment fund manager and portfolio manager, applied for exemptive relief from the prohibitions in National Instrument 31-103 to permit in-specie subscriptions and redemptions by managed accounts in pooled funds.

The principal regulator granted the requested exemption, subject to conditions including obtaining prior written consent from clients, ensuring the securities are consistent with investment objectives, and valuing the securities appropriately.

The applicant, Algonquin Capital Corporation, applied to the Ontario Securities Commission for exemptive relief on behalf of its investment funds.

The applicant sought relief from restrictions prohibiting an investment fund from investing in a related issuer or an issuer in which it is a substantial securityholder, and from restrictions on a registered adviser causing an investment portfolio to purchase securities of an issuer in which a responsible person is a partner, officer, or director.

The relief was requested to permit the applicant's top funds to invest in underlying funds managed by the applicant.

The Commission granted the requested relief, subject to conditions including that no duplicate management or sales fees are payable and that appropriate disclosure is provided to investors.

Cortland Credit Group Inc. applied on behalf of the Clearpoint Short Term Income Fund for approval to change the manager of the Fund from Caldwell Investment Management Ltd. to Cortland.

The Ontario Securities Commission, acting as principal regulator, granted the approval sought under section 5.5(1)(a) of National Instrument 81-102, provided that Caldwell obtains prior approval from the Fund's unitholders at a special meeting.

The Filer, Vision Capital Corporation, applied to the Ontario Securities Commission for exemptive relief from the trading prohibition in paragraph 13.5(2)(b) of National Instrument 31-103.

The requested relief would permit inter-fund trades of portfolio securities between various investment funds and managed accounts at the last sale price, and allow in specie transactions for the purchase and redemption of fund securities.

The Commission granted the requested exemption, subject to conditions including independent review committee approval, client consent for managed accounts, and specific valuation and record-keeping requirements.

Newgrowth Corp. applied to the Ontario Securities Commission for an order to cease being a reporting issuer in all applicable Canadian jurisdictions.

The Filer represented that it has fewer than 15 securityholders in each Canadian jurisdiction, fewer than 51 worldwide, and its securities are not traded on any marketplace.

The principal regulator found the statutory tests were met and granted the requested order.

The manager of Soundvest Split Trust applied for an order that the Fund cease to be a reporting issuer in all applicable Canadian jurisdictions.

The principal regulator, the Ontario Securities Commission, found that the Fund met the necessary criteria, including having fewer than 51 securityholders worldwide and no securities traded on a public marketplace.

The order was granted.

The Filer applied for an exemption from the requirement under section 3.2.01(1) of National Instrument 81-101 to deliver the most recently filed Fund Facts document for purchases of mutual fund securities made pursuant to Automatic Rebalancing Trades and Additional Investments within its target asset allocation program.

The Ontario Securities Commission granted the exemption, subject to conditions including providing investors with notice of the exemption, instructions on how to request the Fund Facts, and annual reminders.

The applicant, Caldwell Investment Management Ltd., applied for exemptive relief from the self-dealing restrictions in section 13.5(2)(b)(ii) of National Instrument 31-103.

The relief was sought to permit an investment fund managed by the applicant to sell certain illiquid portfolio holdings to a related corporation in order to raise cash for the fund's wind-up.

The Ontario Securities Commission granted the exemption, subject to conditions including that the sale be at fair value supported by an independent valuation report and that no remuneration be received by the applicant for the sale.

The Filer, Portland Investment Counsel Inc., applied to the Ontario Securities Commission for exemptive relief from the trading prohibition in paragraph 13.5(2)(b) of NI 31-103.

The relief sought would permit inter-fund trades and in specie transactions between pooled funds and managed accounts managed by the Filer.

The Commission granted the exemption, subject to conditions including independent review committee approval, client consent for managed accounts, and specific valuation and record-keeping requirements.

The Filer, Samara Capital Inc., applied to the Ontario Securities Commission for exemptive relief from the related issuer and in-specie transaction prohibitions under National Instrument 31-103.

The relief was sought to permit the Cayman Fund to transition into a fund-on-fund structure by making an initial investment in the Master Fund, and to pay for this investment by transferring portfolio securities in-specie.

The Commission granted the requested relief, subject to conditions ensuring the transactions are in the best interests of the funds and do not result in duplicative fees.

TD Asset Management Inc. applied for exemptive relief on behalf of certain mutual funds (the Top Funds) to permit them to invest in related underlying funds (the Mortgage Fund, Real Estate Fund, and Infrastructure Fund).

The relief sought exemptions from the related issuer restriction and the consent requirement under securities legislation.

The Ontario Securities Commission granted the requested relief, subject to several conditions regarding liquidity, valuation, fee duplication, and disclosure.

The Filer applied for exemptive relief on behalf of several investment funds to permit them to invest in 'Blocker' entities.

The relief sought exemptions from the substantial security holder restrictions under the Securities Act and the consent requirements under NI 31-103.

The Blockers are used to minimize foreign tax filing obligations and ownership restrictions.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the transactions are at fair market value, uninfluenced by related entities, and compatible with the funds' investment objectives.

The Filer applied for exemptive relief from the related issuer and in-specie transaction prohibitions under National Instrument 31-103.

The relief was sought to permit the Ontario Fund to make its initial investment in the Master Fund and to pay for it by transferring portfolio securities in-specie.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the transactions are in the best interests of the funds and do not result in duplicative fees.

The filer, a registered adviser and investment fund manager, applied for exemptive relief from the prohibition in s. 13.5(2)(b)(iii) of National Instrument 31-103 to permit in-specie transfers of portfolio securities between investment funds it manages.

The transfers were proposed to effect a reorganization and wind-down of certain funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the transfers be executed at net asset value and that the filer's board of directors determine the transfers are in the best interests of the funds.

The applicant, Algonquin Capital Corporation, applied for exemptive relief on behalf of itself and certain investment funds to permit a fund-on-fund structure.

The relief sought exemptions from restrictions prohibiting an investment fund from knowingly making an investment in a person or company in which it is a substantial securityholder, and from restrictions on registered advisers causing an investment portfolio to purchase securities of an issuer in which a responsible person is a partner, officer, or director.

The Ontario Securities Commission granted the requested relief, subject to conditions including that securities of the top funds are distributed solely pursuant to prospectus exemptions and that investments are effected at an objective price.

The applicant sought exemptive relief on behalf of several investment funds to facilitate a reorganization into a multi-fund structure.

The reorganization involved transferring the investment portfolio of a Canadian limited partnership to a Cayman Islands master fund through an intermediary Cayman limited partnership.

The Ontario Securities Commission granted relief from the related issuer investment restrictions under the Securities Act, as well as the consent and in specie trade restrictions under National Instrument 31-103, subject to various conditions including disclosure requirements and pricing controls.