Raymond Chan

The applicant sought exemptive relief from various provisions of National Instrument 81-102 to permit its mutual funds to invest without restriction in an underlying exchange-traded fund (ETF) under common management, and to pay brokerage commissions for the purchase and sale of the ETF's securities.

The relief was required because the underlying ETF is a mutual fund that does not file a simplified prospectus and does not issue index participation units.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the underlying ETF continues to qualify as a money-market fund.

The Filers applied to the Ontario Securities Commission for approval of a change of manager for several mutual funds and commodity pools.

Arrow Capital Management Inc. proposed to acquire BluMont Capital Corporation and subsequently amalgamate with it.

The Commission found that the change of manager would not be detrimental to investors or the public and granted the requested exemptive relief under section 5.5(1)(a) of National Instrument 81-102.

The applicant investment fund manager applied for exemptive relief on behalf of a trust and a limited partnership under common management.

The relief sought exemptions from mutual fund self-dealing restrictions, reporting requirements, and conflict of interest provisions under the Securities Act (Ontario) and National Instrument 31-103.

The relief was required to allow the trust to invest all or substantially all of its net assets in the partnership.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the trust's securities are distributed solely pursuant to prospectus exemptions and that no duplicative management or sales fees are payable.

The applicants, Goodman & Company, Investment Counsel Inc. and CMP 2013 Resource Limited Partnership, applied for an exemption from the requirement to prepare and file an annual information form under section 9.2 of National Instrument 81-106.

The principal regulator granted the requested relief, noting that the partnership has a short lifespan, is not an operating business, and its units are not listed or quoted for trading.

The preparation of an annual information form would not benefit the limited partners and would impose a material financial burden.

The applicant, 1832 Asset Management L.P., sought exemptive relief from the inter-fund trading prohibition in section 4.2(1) of National Instrument 81-102.

The relief was requested to permit mutual funds, pooled funds, and closed-end funds managed by the applicant to engage in inter-fund trades in debt securities.

The principal regulator granted the relief, subject to conditions including approval by the Independent Review Committee and compliance with pricing requirements under National Instrument 81-107.

The decision also revoked and replaced previous relief granted to an affiliated entity prior to an internal reorganization.

The Filer applied for exemptive relief from sections 2.3(f) and 2.3(h) of National Instrument 81-102 to permit its mutual funds to invest up to 10% of their net assets in silver, Permitted Silver Certificates, and specified derivatives.

The application was made in connection with an internal reorganization of the asset management business.

The Principal Regulator granted the relief, subject to the condition that the funds' aggregate direct and indirect exposure to gold and silver does not exceed 10% of their net assets.

TD Asset Management Inc. applied for exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 to permit its mutual funds to enter into swap transactions cleared through a clearing corporation.

The relief was sought to comply with new U.S. Commodity Futures Trading Commission requirements under the Dodd-Frank Act mandating the clearing of certain over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The Filer applied for exemptive relief under National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing mutual funds.

The mergers did not meet the criteria for pre-approval because the funds had differing investment objectives and the registered mergers would be conducted on a taxable basis.

The Ontario Securities Commission granted the requested relief, noting that securityholders were provided with timely and adequate disclosure and the independent review committee determined the mergers would achieve a fair and reasonable result.

The filer, Purpose Investments Inc., applied for exemptive relief from the requirement under National Instrument 41-101 to prepare and file a long form prospectus for the exchange-traded series of its funds.

The filer sought to instead file a simplified prospectus and annual information form in accordance with National Instrument 81-101, allowing both the exchange-traded series and conventional mutual fund series to be disclosed in the same prospectus.

The Ontario Securities Commission granted the requested relief, provided the filer includes the necessary disclosure required by Form 41-101F2 that is not contemplated by NI 81-101.

The applicant sought exemptive relief from sections 3.1 and 3.3 of National Instrument 81-102 Mutual Funds to permit an existing non-redeemable investment fund converting into a mutual fund to rely on its existing net assets as seed capital and to bear the costs of preparing and filing its first simplified prospectus.

The Ontario Securities Commission granted the relief, noting the fund had been operating since 2007 and had sufficient assets (approximately $34 million) to continue operations and pay the filing costs without prejudicing investors.

Aurion Capital Management Inc. applied for exemptive relief on behalf of its pooled funds to permit them to purchase securities of related entities over a stock exchange and non-exchange traded debt securities of related entities in primary offerings and the secondary market.

Relief was also sought to allow the funds to engage in principal trading of debt securities of third parties with a related dealer in the secondary market.

The Ontario Securities Commission granted the requested relief, subject to conditions including approval by the funds' independent review committee, compliance with specific pricing requirements, and limits on the amount of a primary offering of a related entity that a fund may purchase.

The applicant, R.N. Croft Financial Group Inc., applied on behalf of several mutual funds for an extension of the lapse date of their simplified prospectus and annual information form to March 30, 2013.

The extension was requested because the applicant had entered into an agreement to assign management of the funds to another entity, and regulatory approval for the change of manager was still pending.

The Ontario Securities Commission granted the requested relief, finding that the extension would not materially affect the currency or accuracy of the information contained in the current prospectus and would not be prejudicial to the public interest.

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

The relief sought to permit the fund to borrow money for working capital and to pay the retraction price for its Preferred Shares using unsecured debentures rather than cash.

The Ontario Securities Commission granted the requested relief, noting that the fund's shares would trade on the TSX and that the prospectus would provide full disclosure of the retraction payment mechanism.

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 up to 10 percent of their net assets in exchange-traded funds that have exposure to gold, silver, and other physical commodities.

The Ontario Securities Commission granted the relief, subject to conditions including a 10 percent aggregate limit on physical commodity exposure and a 2.5 percent limit on any single commodity sector other than gold and silver.

The applicants sought exemptive relief under National Instrument 81-102 to permit the merger of two terminating mutual funds into a continuing fund, and to approve a change of manager.

The merger did not meet all pre-approval criteria because the managers were not affiliated, the investment objectives were not substantially similar, and the merger would not be a tax-deferred qualifying exchange.

The Ontario Securities Commission granted the requested approvals, finding that the merger would be beneficial to securityholders through reduced fees, lower management expense ratios, and increased economies of scale.

The applicant sought approval under subsection 5.5(1)(b) of National Instrument 81-102 for the merger of two terminating mutual funds into a continuing fund.

Approval was required because the merger did not meet all pre-approval criteria, specifically as one terminating fund had different investment objectives than the continuing fund, and the merger was not a qualifying exchange under the Income Tax Act.

The Ontario Securities Commission granted the requested approval, noting that securityholders were provided with timely and adequate disclosure and had approved the merger.

The applicants, First Asset Management Inc. and First Asset DEX Provincial Bond ETF, applied to the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

They sought an extension of the 90-day time limit prescribed under section 2.3(1) for filing a final prospectus after the receipt of a preliminary prospectus.

The Commission granted the requested relief, permitting an extension of the time for filing the final prospectus to January 31, 2013.

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

Approval was required because the merger did not meet all criteria for pre-approved reorganizations, specifically as the funds had different investment objectives and the merger was not a tax-deferred transaction.

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

The applicants applied to the Ontario Securities Commission for approval of a change of manager of several mutual funds from Creststreet Asset Management Limited to Brompton Funds Limited under section 5.5(1)(a) of National Instrument 81-102.

The Commission found that the change of manager was not detrimental to investors or the public interest, and that investors had received timely and adequate disclosure.

The application for exemptive relief was granted.

The Filer applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act (Ontario) and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to allow pooled funds managed by the Filer to invest in securities of underlying funds under common management.

The Ontario Securities Commission granted the requested relief, subject to certain conditions including disclosure requirements and prohibitions on duplicative fees.