Raymond Chan

The filer applied to vary a prior decision that granted exemptive relief from the self-dealing prohibition in section 4.2 of National Instrument 81-102.

The prior decision permitted a fund to engage in forward contracts with a related counterparty, subject to a condition requiring the fund's independent review committee to review the policy quarterly.

The principal regulator granted the requested variation, amending the condition to require an annual review instead, finding no unique characteristics necessitating a different review standard than typically required for other conflict of interest policies.

The applicant sought approval for an indirect change of control of the mutual fund manager following the sale of ING Bank of Canada to Scotiabank.

The applicant also sought an abridgement of the 60-day notice period to securityholders to 57 days, and the revocation of a prior decision due to a changed closing date.

The Ontario Securities Commission granted the requested relief, conditional on at least 57 days' notice being provided and no material changes being made to the funds' management for at least 60 days.

The Filers applied for exemptive relief from the prohibition in s. 13.5(2)(a) of National Instrument 31-103 against a registered adviser knowingly causing an investment portfolio to purchase securities of a related issuer.

The relief was sought to allow Faircourt Gold Income Corp. to acquire securities of Metals Plus Income Corp., another fund managed by the same manager, pursuant to an exchange offering.

The Ontario Securities Commission granted the relief, subject to conditions including approval by the fund's independent review committee and pricing based on the weighted average trading price.

The Filer applied for exemptive relief under National Instrument 81-102 to permit the merger of two terminating mutual funds into two continuing mutual funds.

The relief was required because the investment objectives of the terminating funds were not substantially similar to those of the continuing funds, thus failing the criteria for pre-approved reorganizations.

The Principal Regulator granted the requested exemption, provided that the information circular sent to securityholders contained sufficient information to permit an informed decision.

The applicant, ING Direct Asset Management Limited, applied for approval of an indirect change of control under Section 5.5(2) of National Instrument 81-102 Mutual Funds.

The change of control resulted from the sale of ING Bank of Canada to The Bank of Nova Scotia.

The principal regulator granted the approval, noting that there were no plans to change the manager of the funds or to amalgamate the current manager with any other entity in the foreseeable future.

The Filer applied to the Ontario Securities Commission for exemptive relief from certain custody requirements under National Instrument 81-102.

The relief sought to permit the Funds to hold physical bullion outside Canada and to appoint Brinks or Via Mat as sub-custodians for the bullion.

The Commission granted the exemption, subject to conditions including prospectus disclosure of the unique risks and limitations on the locations where the bullion may be held.

The applicant, Man Investments Canada Corp., applied on behalf of the GLG Income Opportunities Fund for exemptive relief from section 10.3 of National Instrument 81-102.

The relief sought to permit the commodity pool to process redemptions of its units at their net asset value per unit determined on a weekly redemption date, despite the fund calculating net asset value on each business day.

The Ontario Securities Commission granted the requested relief, provided that units may be redeemed on a weekly basis on each redemption date.

The Filer applied on behalf of the GLG Income Opportunities Fund for exemptive relief from certain provisions of National Instrument 81-102.

The requested relief would permit the Fund to invest indirectly in GLG Prospect Mountain Ltd., a commodity pool that engages in short selling, and to pay for its own organizational costs.

The Ontario Securities Commission granted the relief, subject to conditions including that the underlying fund comply with NI 81-102 investment restrictions (except as permitted by NI 81-104) and adhere to specific controls regarding short selling.

The manager of a commodity pool applied for exemptive relief from the seed capital requirements under paragraph 3.2(2)(a) of National Instrument 81-104.

The manager sought permission to redeem its seed investment in the pool.

The Ontario Securities Commission granted the relief, subject to conditions including that the pool must have received at least $5 million in subscriptions from other investors and the manager must maintain the required working capital.

The applicant filed for exemptive relief to extend the lapse date of its prospectus by 20 days.

The extension was requested because a third-party filing agent inadvertently filed the pro forma prospectus under an incorrect SEDAR file number, delaying the principal regulator's review.

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

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of certain commodity pools from the seed capital redemption restrictions in National Instrument 81-104.

The applicant sought to permit the initial investor to redeem its $50,000 seed capital investment once the pools received at least $5 million in subscriptions from other investors.

The Ontario Securities Commission granted the requested relief, subject to conditions including a requirement to reinvest the seed capital if third-party subscriptions drop below $5 million.

The applicant, Invesco Canada Ltd., applied for exemptive relief on behalf of certain proposed commodity pools from various provisions of National Instrument 81-102 and National Instrument 81-104.

The relief sought to permit the commodity pools to invest in US commodity ETFs tracking physical commodities, to pay brokerage commissions for trading these ETFs, and to allow the manager to redeem its seed investment once the pools received $5 million in subscriptions.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding investment objectives, prospectus disclosure, and liquidity policies.

CI Investments Inc. applied for exemptive relief on behalf of existing and future mutual funds and pooled funds it manages.

The relief sought to permit the funds to purchase and hold non-exchange traded debt securities of related parties issued pursuant to a primary offering.

The Ontario Securities Commission granted the relief, subject to several conditions including independent review committee approval, pricing requirements, and limits on the amount of the primary offering the funds can purchase.

The applicant, CI Investments Inc., applied for exemptive relief under National Instrument 81-102 to permit the merger of several terminating mutual funds into continuing funds.

The mergers required approval because they did not meet all pre-approval criteria, specifically due to differences in investment objectives, fee structures, and not qualifying as tax-deferred transactions.

The principal regulator granted the requested exemption, allowing the mergers to proceed.

The Manager of APMEX Physical – 1 oz.

Gold Redeemable Trust applied to the Ontario Securities Commission for exemptive relief from the requirement to prepare its financial statements in accordance with Canadian GAAP.

The Trust sought permission to prepare its financial statements using International Financial Reporting Standards (IFRS-IASB) for its prospectus and continuous disclosure filings.

The Trust is a foreign private issuer with the SEC and is permitted to file IFRS-IASB financial statements in the United States.

The Commission granted the requested relief, provided the financial statements include an unreserved statement of compliance with IFRS-IASB.

The Manager applied for approval under subsection 5.5(1)(b) of National Instrument 81-102 to merge two terminating mutual funds into two continuing funds.

Pre-approval was not available because the fundamental investment objectives of one pair were not substantially similar, and the other merger would not be implemented on a tax-deferred basis.

The principal regulator approved the proposed mergers, noting that securityholders would receive timely and adequate disclosure and that the independent review committee had made a positive recommendation.

The Filer, a non-redeemable investment fund investing in a portfolio of mortgage loans, applied for exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value (NAV) daily.

The Filer argued that daily calculation is impractical and costly because its mortgage assets do not trade in actively quoted markets and require individual assessment.

The Ontario Securities Commission granted the exemption, permitting the Filer to calculate its NAV twice a month, provided the NAV is made available to the public upon request and posted on its website.

The filer applied for exemptive relief on behalf of a commodity pool from the seed capital requirements under National Instrument 81-104.

The principal regulator granted the relief, permitting the manager to redeem its seed investment provided the pool has received at least $5 million in subscriptions from other investors and the manager maintains the required working capital.

The applicant, Man Investments Canada Corp., applied on behalf of GLG EM Income Fund for exemptive relief from certain provisions of National Instrument 81-102 and National Instrument 81-104.

The requested relief sought to permit the fund to gain exposure to a bottom fund that engages in short selling, and to allow the fund to calculate its purchase price based on a weekly valuation date.

The Ontario Securities Commission granted the requested relief, subject to conditions including strict controls on short selling and specific disclosure requirements.

The Filer applied for exemptive relief to approve the reorganization of the Terminating Fund into the Continuing Fund and to be exempted from the requirement to deliver a full simplified prospectus to securityholders.

The reorganization did not meet all pre-approval criteria because the fundamental investment objectives were not substantially similar and the Filer proposed sending a tailored prospectus.

The Ontario Securities Commission granted the requested relief, permitting the merger and the delivery of a tailored prospectus, provided certain conditions regarding disclosure and financial statement availability were met.