Raymond Chan

The applicant, Mackenzie Financial Corporation, applied for exemptive relief from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 Mutual Funds on behalf of three mutual funds.

The relief sought to permit the funds to invest more than 10% of their net assets in debt securities issued by foreign governments or supranational agencies, subject to certain credit rating and market liquidity conditions.

The principal regulator granted the requested relief, finding it would better enable the funds to meet their fundamental investment objectives.

Sprott Asset Management LP applied for exemptive relief under National Instrument 81-102 to approve the merger of the Sprott Growth Fund into the Sprott Small Cap Equity Fund.

Approval was required because the funds had different investment objectives and the merger was not a tax-deferred transaction.

The Principal Regulator granted the requested exemption, finding that the merger would achieve a fair and reasonable result for the funds and that unitholders were provided with adequate disclosure.

The Manager applied for exemptive relief on behalf of various mutual funds from certain provisions of National Instrument 81-102.

The requested relief included exemptions to permit interest rate and credit derivative swaps with terms greater than three years, to allow the use of certain fixed income securities and money market funds as cash cover, to permit the use of put options to cover long positions in futures, forwards, and swaps, and to allow global bond funds to invest more than 10% of their net assets in foreign government or supranational agency debt.

The Ontario Securities Commission granted the requested relief subject to specific conditions.

Canadian Imperial Bank of Commerce applied for exemptive relief under Part 6 of National Instrument 81-101.

The applicant sought an exemption from General Instruction 8 to Form 81-101F3, which prohibits including information not specifically prescribed by the Form, in order to include fund codes in the Fund Facts document.

The Ontario Securities Commission granted the requested exemption, subject to the condition that the prospectus be filed by a specified date.

CI Investments Inc. applied on behalf of United Funds for exemptive relief under Part 6 of National Instrument 81-101.

The applicant sought an exemption from General Instruction 8 to Form 81-101F3, which prohibits including unprescribed information, to allow the inclusion of fund codes in the Fund Facts document.

The Ontario Securities Commission granted the requested exemption, to be evidenced by the issuance of a receipt for the Fund's prospectus.

The Funds applied to the Director of the Ontario Securities Commission for exemptive relief under Part 6 of National Instrument 81-101 from General Instruction 8 to Form 81-101F3.

The relief sought was to permit the inclusion of fund codes in the Fund Facts document, which is otherwise prohibited as non-prescribed information.

The Director granted the requested exemption, to be evidenced by the issuance of a receipt for the Funds' prospectus, provided it is filed by July 30, 2011.

CI Investments Inc. applied on behalf of Castlerock Mutual Funds for exemptive relief under Part 6 of National Instrument 81-101.

The applicant sought an exemption from General Instruction 8 to Form 81-101F3, which prohibits including unprescribed information, to allow the inclusion of fund codes in the Fund Facts document.

The Manager of the Investment Funds Branch granted the requested exemption, subject to the condition that the prospectus be filed by July 30, 2011.

The applicant, Manulife Asset Management Limited, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, silver certificates, silver derivatives, and various exchange-traded funds (ETFs) including leveraged and inverse ETFs.

The Ontario Securities Commission granted the requested relief, subject to conditions limiting the funds' exposure to these investments, including a 10% cap on net assets invested in gold and silver products.

The Manager applied for exemptive relief on behalf of the CIBC Canadian Resources Fund to permit the Fund to invest indirectly in silver, platinum, and palladium through exchange-traded funds (ETFs) and specified derivatives.

The Fund already had relief to invest up to 10% of its net assets directly in physical commodities, including these precious metals.

The Ontario Securities Commission granted the exemption, allowing the Fund to gain up to 10% exposure to these metals indirectly, provided the investments align with the Fund's objectives and do not involve leveraged or inverse ETFs.

The Manager applied for exemptive relief on behalf of the CIBC Precious Metals Fund to permit the Fund to invest indirectly in gold, silver, platinum, and palladium through exchange-traded funds (ETFs) and specified derivatives.

The Ontario Securities Commission granted the exemption, subject to conditions including limits on the percentage of net assets invested in these commodities and a prohibition on investing in leveraged or inverse ETFs.