Raymond Chan

The Filer, an investment fund manager, applied to the Ontario Securities Commission for approval of a change of control resulting from the acquisition of its parent company by Natixis Global Asset Management.

The Filer also sought an abridgement of the 60-day notice period required for securityholders to no less than 33 days.

The Commission granted both the approval for the change of control and the abridgement relief, provided that no material changes are made to the management or operations of the funds for at least 60 days following the delivery of the notice.

The applicant applied for exemptive relief on behalf of itself and certain mutual funds to permit a fund-on-fund structure.

The relief sought exemptions from restrictions on investing in related issuers and the consent requirement for investing in issuers where a responsible person has a significant interest.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely on a private placement basis and that no duplicative management or incentive fees are charged.

CI Investments Inc. applied for exemptive relief from sections 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102 to permit its mutual funds to reference Lipper Awards and Lipper Leader ratings in sales communications.

The Ontario Securities Commission granted the exemption, noting that the Lipper ratings provide an objective and transparent measure of performance.

The relief was granted subject to several conditions regarding disclosure and the timeliness of the awards referenced.

The applicant sought approval under paragraph 5.5(1)(b) of National Instrument 81-102 to merge several terminating mutual funds into continuing funds.

The mergers did not qualify for pre-approval under section 5.6 because they would not be implemented as tax-deferred qualifying exchanges under the Income Tax Act.

The principal regulator granted the requested exemptive relief, subject to the applicant obtaining prior securityholder approval for the mergers.

Invesco Canada Ltd. applied for exemptive relief on behalf of two mutual funds from the 10% mark-to-market exposure limit under section 2.7(4) of National Instrument 81-102.

The relief was sought to permit the funds to maintain forward contracts where exposure exceeds 10% but is no more than 20% of net asset value, due to changes in the Income Tax Act that prevent the funds from upsizing or entering new forward contracts without adverse tax consequences.

The Ontario Securities Commission granted the exemption, subject to conditions, until September 17, 2015.

Manulife Asset Management Limited applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into corresponding continuing funds under subsection 5.5(1)(b) of National Instrument 81-102.

The mergers were proposed primarily in response to changes in the Income Tax Act regarding forward transactions.

The Commission granted the requested exemptive relief, permitting the mergers to proceed on a taxable basis, subject to obtaining prior securityholder approval.

The Filer applied for exemptive relief from the conflict of interest provisions of National Instrument 31-103 to permit the merger of the Terminating Fund into the Continuing Fund.

The Filer acts as the manager and portfolio manager for both funds.

The principal regulator granted the exemption, provided that the board of directors of the manager determines the merger is in the best interests of the funds and approves it prior to completion.

The applicants, on behalf of various mutual funds and pooled funds, applied for exemptive relief from the Related Securityholder Requirements and Related Issuer Requirements.

The relief sought to permit the funds to invest in non-exchange-traded debt securities of related issuers in primary offerings and the secondary market, provided the securities have a designated rating.

The Ontario Securities Commission granted the requested relief, subject to conditions including independent review committee approval and pricing requirements.

The Filers applied for exemptive relief from the Related Issuer Requirements of NI 81-102 to allow their dealer-managed investment funds to invest in non-exchange-traded debt securities of Related Issuers in a Primary Offering and in the secondary market.

The Ontario Securities Commission granted the exemption, subject to conditions including that the securities have a designated rating, the independent review committee approves the transactions, and specific pricing and sizing limits are met.

The Filer applied to the Ontario Securities Commission for exemptive relief from the requirement to deliver a Fund Facts document for purchases of mutual fund securities made pursuant to a pre-authorized investment plan.

The Commission granted the exemption, provided that investors receive the initial Fund Facts and a one-time notice explaining their rights, including the right to request subsequent Fund Facts and their misrepresentation rights.

Marquest Asset Management Inc. applied to the Ontario Securities Commission for approval to merge several mutual funds under its management pursuant to subsection 5.5(1)(b) of National Instrument 81-102.

The applicant could not rely on the pre-approval criteria in section 5.6(1) because the investment objectives of the merging and continuing funds were not substantially similar, among other reasons.

The Principal Regulator found that the proposed mergers would reduce duplication, increase operational efficiencies, and achieve a fair and reasonable result for securityholders.

The application for merger approval was granted.

The Filer applied on behalf of the Fund for exemptive relief from the borrowing restrictions in subsection 2.6(a) of National Instrument 81-102.

The Fund sought permission to borrow up to 35% of its net asset value to implement a leveraged investment strategy and hedge market risk.

The principal regulator granted the requested relief, subject to conditions including compliance with National Instrument 81-104 and specific limits on the use of borrowed funds for portfolio investments and margin.

The applicant, RBC Global Asset Management Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds (Top Funds) to invest in exchange-traded mutual funds (Underlying ETFs) managed by the applicant or its affiliates.

The relief sought exemptions from concentration restrictions, control restrictions, and prohibitions on paying brokerage commissions for trades in affiliated ETFs.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the Top Funds do not short sell the Underlying ETFs and that neither use leverage.

The applicant applied on behalf of two mutual funds for exemptive relief from certain investment restrictions in National Instrument 81-102.

The relief was sought to permit the funds to purchase and hold securities of a bottom fund and to gain exposure to a specific trading program.

The principal regulator granted the requested relief, subject to several conditions ensuring compliance with fundamental investment objectives and continuous disclosure requirements.

The Filer applied to the Ontario Securities Commission for exemptive relief on behalf of itself and certain investment funds it manages.

The requested relief sought exemptions from the related issuer investment restrictions under the Securities Act and the consent requirements under National Instrument 31-103 to permit a fund-on-fund structure.

The Commission granted the requested relief, subject to conditions including prospectus exemption compliance, fee duplication avoidance, and specific disclosure requirements.

The applicant applied on behalf of a mutual fund trust for exemptive relief under the Securities Act to extend the lapse date of its simplified prospectus.

The applicant inadvertently failed to file a pro forma prospectus 30 days prior to the lapse date as required by section 62(2) of the Act.

The principal regulator granted the requested exemption, extending the time limits as if the lapse date had been May 2, 2014, allowing the fund to continue distributing its units.

The applicant, AGF Investments Inc., applied for exemptive relief to permit the merger of several mutual funds where the mergers did not meet all pre-approval criteria under National Instrument 81-102.

The Ontario Securities Commission granted the requested Merger Approval, finding that the mergers would reduce duplication, create operational efficiencies, and provide increased portfolio diversification opportunities for the continuing funds.

The Filer, a registered portfolio manager, applied for exemptive relief from the conflict of interest provisions in section 13.5(2)(b) of NI 31-103.

The relief was sought to permit two new investment funds managed by the Filer to purchase and sell mortgages and private fixed income securities from and to the investment portfolio of an affiliated insurance company, which is a 'responsible person'.

The Ontario Securities Commission granted the exemption, subject to conditions including that the funds are only sold to permitted clients, transactions are approved by the funds' independent review committee, and the securities are valued using an independent valuation methodology.

The applicant, MD Physician Services Inc., applied for exemptive relief under section 19.1 of National Instrument 81-102 to permit its mutual funds to invest indirectly in physical commodities through exchange-traded funds (ETFs).

The applicant sought exemptions from clauses 2.3(f) and (h), and 2.5(2)(a) and (c) of NI 81-102.

The Ontario Securities Commission granted the requested relief, permitting the funds to invest up to 10 percent of their net assets in aggregate in gold and other physical commodities through ETFs traded on a Canadian or U.S. stock exchange, subject to certain conditions including a 2.5 percent limit on any one commodity sector other than gold and silver.

The Filer, Timbercreek Asset Management Ltd., applied for exemptive relief from the self-dealing prohibition in section 13.5(2)(a) of National Instrument 31-103.

The relief allows non-redeemable investment funds managed by the Filer to invest in securities of underlying sub-funds under common management, domiciled in Luxembourg.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investment is compatible with the top funds' objectives, avoids duplication of management fees, and is subject to specific disclosure requirements.