Raymond Chan

The Filer applied for exemptive relief from the requirement to obtain prior securityholder approval before changing the fundamental investment objectives of the Moneda Latam Corporate Bond Fund under subsection 5.1(1)(c) of National Instrument 81-102.

The change was necessitated by amendments to the Income Tax Act regarding character conversion transactions, which eliminated the tax efficiency of the Fund's forward agreement.

The Ontario Securities Commission granted the requested relief, provided the Filer sends written notice to securityholders at least 30 days before the change takes effect.

The applicant, First Asset Investment Management Inc., applied on behalf of the Terminating Fund for exemptive relief from the requirement under subsection 5.1(1)(f) of National Instrument 81-102 to obtain prior unitholder approval before merging with the Continuing Fund.

The applicant submitted that the merger would be beneficial due to lower management fees and a larger portfolio size, and that it satisfied all other pre-approved merger criteria.

The Ontario Securities Commission granted the requested relief, allowing the merger to proceed without a unitholder vote.

The Manager, Northwest & Ethical Investments L.P., applied to the Ontario Securities Commission for approval to merge the NEI Northwest Enhanced Yield Equity Corporate Class into the NEI Northwest Canadian Dividend Corporate Class.

Regulatory approval was required under paragraph 5.5(1)(b) of National Instrument 81-102 because the fundamental investment objectives of the continuing fund were not substantially similar to those of the terminating fund.

The Commission found that the proposed merger met the test set out in the legislation and granted the requested approval.

The applicant manager applied on behalf of two mutual funds for exemptive relief to extend the time limits for renewing their simplified prospectuses and annual information forms.

The extension was sought to align the funds' lapse dates with those of 95 other mutual funds managed by the applicant, allowing them to be combined into a single multi-fund prospectus to reduce costs.

The principal regulator granted the exemption, noting it would not prejudice the public interest.

The Filer applied to the Ontario Securities Commission for approval of the merger of several terminating mutual funds into continuing funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The mergers required regulatory approval because the terminating and continuing funds did not have substantially similar investment objectives and the mergers could not be carried out on a tax-deferred basis.

The Commission granted the requested approval, subject to the Filer obtaining prior securityholder approval at special meetings.

The applicants applied on behalf of an investment fund for exemptive relief from certain provisions of National Instrument 81-102.

The relief sought to permit the fund to invest in a sub-fund, which would in turn invest in a bottom fund to gain exposure to underlying assets in a three-tier structure.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the sub-fund and bottom fund comply with applicable investment restrictions and continuous disclosure requirements.

The Filer applied on behalf of two investment funds for exemptive relief from the requirement under s. 5.1(1)(c) of NI 81-102 to obtain prior securityholder approval before changing their fundamental investment objectives.

The changes were necessitated by amendments to the Income Tax Act (Canada) that eliminated the favourable tax treatment of character conversion transactions, rendering the funds' forward agreements ineffective for providing tax-advantaged distributions.

The principal regulator granted the requested relief, provided the Filer sends written notice to securityholders at least 30 days before the effective date of the changes.

The applicant applied for exemptive relief under National Instrument 81-102 to permit its mutual funds to enter into cleared swaps and to deposit cash and other portfolio assets as margin directly with a Futures Commission Merchant and indirectly with a Clearing Corporation.

The principal regulator granted the requested relief, subject to certain conditions regarding the regulatory status and financial position of the Futures Commission Merchant and limits on the amount of margin deposited.

The applicant applied to the Ontario Securities Commission for exemptive relief on behalf of a terminating mutual fund.

The applicant sought an exemption from the requirement to obtain unitholder approval prior to merging the terminating fund into a continuing fund, and approval for the merger itself.

The Commission granted the requested relief, noting that the merger would be effected on a tax-deferred basis, eliminate administrative costs, and that unitholders relied entirely on the applicant's discretionary investment management.

The applicant, an investment fund manager, applied to the principal regulator for approval of a change of control under subsection 5.5(1)(a.1) of National Instrument 81-102.

The change of control arose from a stock and asset purchase agreement where a newly formed special purpose entity acquired the applicant's parent company's global asset management business.

The regulator granted the approval, noting that the transaction would not result in material changes to the business, operations, or affairs of the investment funds, their securityholders, or the manager.

The applicant, an investment fund manager, applied for exemptive relief from the prohibition in NI 31-103 against selling portfolio securities to an associate of a responsible person.

The applicant sought to sell illiquid securities held by two liquidating funds to an affiliate in order to maximize the capital distributed to securityholders.

The Ontario Securities Commission granted the exemption, subject to conditions including independent valuation and independent review committee oversight.

The Filer, a mutual fund corporation, applied for exemptive relief from sections 2.6(a) and 10.4(3) of National Instrument 81-102.

The relief sought to permit the Filer to borrow money for working capital purposes up to 5% of its net assets and to pay the retraction price for its Preferred Shares in the form of unsecured debentures if a purchaser cannot be found.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including prominent prospectus disclosure regarding the potential receipt of debentures upon retraction.

The applicant, Excel Funds Management Inc., applied for exemptive relief on behalf of two mutual funds to permit them to invest in underlying funds managed by the applicant.

The applicant also sought relief to permit the underlying funds to file a long-form non-offering prospectus instead of a simplified prospectus, annual information form, and fund facts.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions ensuring the underlying funds comply with applicable investment restrictions and continuous disclosure requirements.

The applicant, Aegon Fund Management Inc., applied to the Ontario Securities Commission for approval of an indirect change of control of the manager of the imaxx Funds under section 5.5(1)(a.1) of National Instrument 81-102.

The change of control resulted from the acquisition of the manager's parent company by Foresters Life Insurance Company.

The Commission granted the requested approval, noting that no substantive changes were expected in the operations or management of the funds.

The applicant, an investment fund manager, sought exemptive relief from self-dealing restrictions under NI 81-102 and NI 31-103.

The relief was requested to permit mutual funds, private funds, and managed accounts to purchase or sell debt securities from or to a related person acting as a principal dealer in the Canadian or international debt securities markets.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including independent review committee approval, market integrity requirements, and ensuring transactions are consistent with the funds' investment objectives.

TD Asset Management Inc. applied for exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to approve the proposed mergers of several mutual funds.

The mergers did not meet all pre-approval criteria because the investment objectives were not substantially similar, some portfolio holdings were unacceptable to the continuing funds, and one merging fund had an administration fee not present in the continuing fund.

The Ontario Securities Commission granted the requested relief, subject to securityholder approval.

The applicant, an investment fund manager and portfolio manager, applied to the Ontario Securities Commission for exemptive relief from the inter-fund trading prohibitions in National Instrument 81-102 and National Instrument 31-103.

The requested relief would permit mutual funds, pooled funds, and managed accounts managed by the applicant to engage in inter-fund trades of debt and exchange-traded securities, and to execute trades of exchange-traded securities at the last sale price rather than the closing sale price.

The Commission granted the requested exemptions, subject to conditions including independent review committee approval and compliance with specific pricing and execution requirements under National Instrument 81-107.

The applicant, an investment fund manager, applied for exemptive relief on behalf of a fund of hedge funds from the 90-day annual financial statement filing and delivery deadlines under National Instrument 81-106.

The applicant argued that because the fund invests in underlying entities that have up to 120 days to provide their financial statements, the fund's auditors cannot complete their audit within 90 days.

The Ontario Securities Commission granted the exemption, extending the filing and delivery deadline to 180 days after the financial year-end, subject to conditions including disclosure to investors.

The Filer applied for exemptive relief from the requirements of paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit the use of FundGrade A+ Awards and FundGrade Ratings in sales communications for its mutual funds.

The Ontario Securities Commission granted the exemption, subject to conditions including specific disclosure requirements and a limitation that the referenced award must not have been awarded more than 365 days before the date of the sales communication.

Invesco Canada Ltd. applied on behalf of several PowerShares ETFs for exemptive relief under Part 19 of National Instrument 41-101.

The applicant sought an exemption from the requirement to include audited financial statements and an auditor's report in the ETFs' prospectus.

The Director of the Ontario Securities Commission granted the requested relief, to be evidenced by the issuance of a receipt for the ETFs' prospectus.