Raymond Chan

The applicant applied to the Director of the Ontario Securities Commission for an exemption from the requirement to include audited financial statements and an auditor's report in the prospectus of certain exchange-traded funds.

The Director granted the requested relief based on the information and representations made in the application.

The applicant, Aston Hill Capital Markets Inc., applied on behalf of several terminating closed-end investment funds for approval to merge into the North American Financials Capital Securities Trust under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger required approval because the continuing fund did not have substantially similar fundamental investment objectives or fee structures as the terminating funds.

The Ontario Securities Commission granted the requested exemptive relief, finding that the merger would achieve a fair and reasonable result for the funds and their unitholders.

The applicant applied for exemptive relief under National Instrument 81-102 to permit the conversion of a mutual fund corporation into a mutual fund trust for tax efficiency reasons, and to allow the continuing fund to use the past performance data of the converting fund.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the reimbursement of conversion costs and the preparation of management reports.

The Filer applied on behalf of the Converting Fund for exemptive relief from certain provisions of National Instrument 81-106.

The relief was sought in connection with the conversion of the Converting Fund from a mutual fund corporation to a mutual fund trust, to allow the Continuing Fund to include the historical financial data of the Converting Fund in its management reports of fund performance.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the preparation of interim financial statements and disclosure of the conversion.

The Filer, Purpose Investments Inc., applied to the Ontario Securities Commission for exemptive relief from subsection 9.1.1(b) of National Instrument 81-102.

The relief sought to permit the Filer's non-redeemable investment funds to enter into a specified derivative with a market maker to hedge exposure to changes in the funds' net asset value per unit.

The principal regulator granted the requested relief, subject to conditions including valuation requirements, limits on notional units, and termination rights.

The applicant applied for exemptive relief on behalf of two mutual funds to permit the inclusion of past performance data in sales communications and fund facts documents, despite the data relating to a period before the funds became reporting issuers.

The principal regulator granted the requested relief, subject to conditions requiring disclosure that the funds were not reporting issuers during the relevant period and that expenses would have been higher had they been subject to reporting issuer requirements.

The applicant investment fund manager applied on behalf of two mutual funds for exemptive relief from certain continuous disclosure requirements under National Instrument 81-106 and National Instrument 81-102.

The relief sought to permit the funds to include past performance data in their management reports of fund performance for periods before they became reporting issuers.

The principal regulator granted the requested relief, subject to conditions including disclosure that the funds were not reporting issuers during those periods and that their financial statements are available online.

The filer applied for exemptive relief to extend the lapse date of the simplified prospectus for several mutual funds from February 26, 2016, to May 15, 2016.

The extension was sought to consolidate the renewal of the funds' prospectus with that of other mutual funds managed by the filer, thereby reducing costs and administrative burden.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest.

The Filer applied for exemptive relief on behalf of its Class Portfolios to permit them to invest in corresponding Trust Portfolios, which in turn invest in Underlying Trust Funds.

This three-tier fund structure is normally prohibited under paragraph 2.5(2)(b) of National Instrument 81-102.

The Ontario Securities Commission granted the exemption, finding that the structure would reduce tracking error and implementation costs, provided the Class Portfolios disclose their investment objectives and comply with other requirements of section 2.5.

The Filer applied for exemptive relief from the inter-fund trading prohibitions in NI 31-103 to permit inter-fund trades between its mutual funds, pooled funds, and managed accounts at the last sale price for exchange-traded securities.

The Filer also sought relief to permit in specie subscriptions and redemptions by managed accounts and pooled funds in the mutual funds and pooled funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and compliance with the pricing and valuation requirements of NI 81-107 and NI 81-102.

The Filer applied for exemptive relief on behalf of existing and future mutual funds from certain provisions of National Instrument 81-102.

The relief sought to permit the funds to enter into cleared Swaps and deposit cash and portfolio assets as margin with Futures Commission Merchants and Clearing Corporations.

The principal regulator granted the requested relief, subject to conditions regarding the regulatory status and financial position of the Futures Commission Merchants.

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

The mergers did not meet all criteria for pre-approved reorganizations because the investment objectives were not substantially similar and some mergers were taxable.

The Commission found that the mergers would not result in a material change for the continuing funds, were approved by the independent review committee, and would benefit securityholders through economies of scale.

The application for exemptive relief was granted and the mergers were approved.

The Filer applied to the Ontario Securities Commission for exemptive relief from the requirement in NI 81-102 to obtain prior security holder approval before changing the fundamental investment objectives of the Global Advantaged Telecom & Utilities Income Fund.

The change was necessitated by amendments to the Income Tax Act eliminating the favourable tax treatment of character conversion transactions.

The Commission granted the requested relief, provided the Filer sends written notice to security holders at least 30 days before the effective date of the change.

Counsel Portfolio Services Inc. applied to the Ontario Securities Commission for exemptive relief from the trading prohibition in subsection 13.5(2)(b) of NI 31-103.

The applicant sought permission for its managed mutual funds to execute inter-fund trades of exchange-traded securities at the Last Sale Price rather than the Closing Sale Price required by NI 81-107.

The Commission granted the requested relief, subject to conditions including independent review committee approval and compliance with other requirements of NI 81-107.

The applicant, Bloom Investment Counsel, Inc., applied to the Ontario Securities Commission for approval of the merger of Bloom Income & Growth Canadian Fund into Bloom Select Income Fund pursuant to paragraph 5.5(1)(b) of National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because it was not a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The Commission granted the requested exemptive relief, finding that the merger would achieve a fair and reasonable result for the funds and that securityholders were provided with adequate disclosure.

Mackenzie Financial Corporation applied for exemptive relief on behalf of its mutual funds to permit investments in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs) that provide exposure to physical commodities.

The Ontario Securities Commission granted the requested relief, revoking and replacing a previous decision, subject to conditions including limits on the percentage of net asset value that can be invested in such assets and specific disclosure requirements in the funds' prospectuses.

The applicant, an investment fund manager, applied for an exemption from paragraphs 2.5(2)(a) and 2.5(2)(c) of National Instrument 81-102 to permit its mutual funds to invest in certain leveraged and inverse exchange-traded funds (ETFs).

The principal regulator granted the requested relief, subject to conditions including limits on the percentage of net asset value invested in such ETFs and disclosure requirements in the funds' prospectuses.

The applicant, a registered investment fund manager and portfolio manager, applied for exemptive relief from certain provisions of NI 81-102 and NI 31-103.

The requested relief would permit mutual funds and closed-end funds to engage in inter-fund trades of debt securities with pooled funds, permit inter-fund trades between funds and managed accounts, and allow in specie subscriptions and redemptions by managed accounts and pooled funds.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including independent review committee approval and compliance with specific pricing and record-keeping requirements.

The Filer applied for exemptive relief on behalf of the First National Mortgage Investment Fund from certain provisions of National Instrument 81-102 relating to securities lending.

The Fund sought to maintain its current securities lending arrangement, which involved lending up to 100% of its securities and using an agent that was not its custodian, to offset the costs of a forward contract.

The Ontario Securities Commission granted the requested relief, subject to specific conditions, until the termination of the forward contract.

The Filer applied for exemptive relief on behalf of two non-redeemable investment funds to permit them to maintain their current securities lending arrangements, which do not fully comply with National Instrument 81-102.

The funds use forward contracts to obtain economic exposure to a managed portfolio and pledge their equity portfolios as collateral.

The principal regulator granted the requested relief, subject to conditions, allowing the funds to continue lending up to 100% of their securities through an agent that is not their custodian, and to deliver received collateral to their forward counterparties, until the termination dates of their respective forward contracts.