Raymond Chan

The Filer applied for exemptive relief on behalf of several mutual funds (the Top Funds) from certain provisions of National Instrument 81-102.

The relief sought would permit the Top Funds to invest up to 10 percent of their net assets in sub-funds of an Irish UCITS (the Underlying Funds) to gain exposure to the Indian market.

The Ontario Securities Commission granted the exemption, subject to conditions ensuring the Underlying Funds remain subject to substantially similar investment restrictions as the Top Funds.

The Filer, First Asset Investment Management Inc., applied to the Ontario Securities Commission for exemptive relief on behalf of two closed-end investment funds, Canadian Advantaged Convertibles Fund and North American Advantaged Convertibles Fund.

The requested relief sought exemptions from various provisions of National Instrument 81-102 regarding securities lending arrangements, including the requirement to use a custodian as an agent and limits on the value of loaned securities.

The Commission granted the requested exemptions, subject to specific conditions, allowing the funds to maintain their current securities lending arrangements until the termination dates of their respective forward contracts.

The Filer applied to the Ontario Securities Commission for approval under subsection 5.5(1)(b) of National Instrument 81-102 to merge two terminating funds into a continuing fund.

The merger did not satisfy all criteria for pre-approved reorganizations because the fundamental investment objectives and fee structures were not substantially similar, and unitholders were not provided a right to redeem prior to the merger date.

The Commission granted the requested exemptive relief.

Sun Life Global Investments (Canada) Inc. applied for exemptive relief from the prohibitions in National Instrument 81-102 and National Instrument 31-103 to permit its managed investment funds and managed accounts to engage in inter-fund trades of debt and exchange-traded securities, and to permit in-specie subscriptions and redemptions.

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

CI Investments Inc. applied for exemptive relief on behalf of its investment funds to permit them to invest in U.S. Blocker Corporations.

The relief was sought to avoid double-taxation on capital gains and income from investments in U.S. pass-through issuers.

The Ontario Securities Commission granted the requested relief from various provisions of National Instrument 81-102, National Instrument 31-103, and the Securities Act, subject to certain conditions regarding the structure and voting control of the U.S. pass-through issuers.

The Filer applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to merge the Excel Emerging Europe Fund into the Excel Emerging Markets Fund.

The merger did not meet all criteria for pre-approved reorganizations because the fundamental investment objectives and fee structures were not substantially similar, and it was not a tax-deferred transaction.

The Commission granted the requested approval, finding it achieved a fair and reasonable result for the funds.

The applicant applied for exemptive relief from paragraph 2.3(1)(h) of National Instrument 81-102 to permit a mutual fund to invest in standardized futures with underlying interests in sweet crude oil or natural gas for hedging and non-hedging purposes.

The principal regulator granted the exemption, subject to conditions including limits on the fund's aggregate underlying market exposure to physical commodities and requirements for prospectus disclosure.

CI Investments Inc. applied for exemptive relief from certain provisions of National Instrument 81-102 Investment Funds on behalf of its mutual funds.

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 Ontario Securities Commission granted the requested relief, subject to specific conditions regarding the clearing of OTC derivatives and the deposit of margin.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit a proposed exchange-traded fund to invest in a foreign underlying ETF listed on the Stock Exchange of Hong Kong.

The principal regulator granted the relief, finding that the regulatory regime and oversight of the foreign ETF and exchange were sufficiently equivalent to Canadian and US standards, subject to conditions including that the underlying ETF not use a synthetic replication strategy.

The applicant investment fund manager applied for exemptive relief from the 60-day notice requirement under section 5.8(2) of National Instrument 81-102 for the termination of several exchange-traded funds.

The applicant sought to abridge the notice period to 34 days to avoid unnecessary operational expenses and confusion, as a press release and material change report had already announced the termination date.

The Ontario Securities Commission granted the requested relief, permitting the abridged notice period.

Bridgeport Asset Management Inc. applied for exemptive relief on behalf of several investment funds to permit a fund-on-fund structure.

The applicant sought relief from restrictions prohibiting an investment fund from knowingly making an investment in a person or company in which the fund is a substantial securityholder, and from restrictions prohibiting a registered adviser from 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 the top funds are distributed solely pursuant to prospectus exemptions and that no duplicative fees are payable.

Purpose Investments Inc. applied for exemptive relief on behalf of existing and future commodity pools to permit them to invest in other exchange-traded commodity pools under common management.

The relief sought exemptions from the concentration, control, and fund-of-funds restrictions in National Instrument 81-102, as well as the prohibition on paying brokerage commissions for such investments.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the top funds cannot indirectly bypass investment restrictions.

The applicant applied for exemptive relief from the borrowing restrictions in National Instrument 81-102 to permit an exchange-traded fund to borrow cash up to 10% of its net asset value.

The borrowing is intended as a temporary measure to accommodate redemption requests, given the longer settlement periods for senior secured loans.

The Ontario Securities Commission granted the exemption, subject to conditions including a maximum borrowing limit and specific circumstances under which borrowing in excess of 5% is permitted.

The applicant investment fund manager applied for approval to merge a terminating mutual fund into a continuing mutual fund pursuant to subsection 5.5(1)(b) of National Instrument 81-102.

The principal regulator determined that the proposed merger met the legislative test and granted the requested approval.

The Filer applied for exemptive relief on behalf of the Fund to permit the filing of a short form prospectus despite not having current annual financial statements, as the Fund had not yet reached its first year-end.

The principal regulator granted the exemption, provided the Fund files an annual information form, audited interim financial statements, and an interim management report of fund performance for the period ended March 31, 2015, prior to filing the preliminary short form prospectus.

The filer, Toron Capital Markets Inc., applied for exemptive relief from the prohibition in Section 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit in specie transactions between fully managed accounts and pooled funds managed by the filer or its affiliates.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written consent from clients, valuation requirements, and record-keeping obligations.

The Applicant applied to the Ontario Securities Commission and the Nova Scotia Securities Commission for a decision that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Decision Maker found the statutory test was met and ordered that the Applicant is not a reporting issuer.

The Filer applied for exemptive relief on behalf of several investment funds to permit a master-feeder fund-on-fund structure.

The relief sought included exemptions from restrictions on investing in related issuers and from consent requirements for purchasing securities of an issuer in which a responsible person is a partner, officer, or director.

The Filer also sought relief to permit an in specie transfer of portfolio securities to effect a reorganization.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure requirements and compliance with investment restrictions.

The applicant applied on behalf of several proposed exchange-traded funds for exemptive relief from the underwriter's certificate requirement, take-over bid requirements, and prospectus form requirement.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document for each class or series of ETF Securities, and an undertaking from purchasers not to exercise voting rights representing more than 20% of the outstanding ETF Securities.

The Filer applied to the Ontario Securities Commission for exemptive relief from the conflict of interest restrictions in the Securities Act and the self-dealing prohibitions in National Instrument 31-103.

The relief was sought to permit certain top funds to invest in underlying funds under common management, and to permit in-specie transactions between the funds in connection with a reorganization.

The Commission granted the requested relief, subject to various conditions including disclosure requirements and pricing controls for the in-specie transactions.