Rhonda Goldberg

The applicant sought approval to merge several mutual funds and exemptive relief from the prospectus and financial statements delivery requirements under National Instrument 81-102.

The Ontario Securities Commission granted the requested approval and exemptive relief, subject to conditions including the delivery of a tailored simplified prospectus and clear disclosure in the management information circular on how to access financial statements.

The Filers applied for approval of a change of control of Claymore Investments, Inc., a mutual fund manager, and an abridgement of the 60-day notice requirement to 45 days under National Instrument 81-102.

The change of control resulted from a merger involving Guggenheim Partners, LLC.

The Ontario Securities Commission granted the requested relief, subject to the condition that no changes be made to the management, administration, or portfolio management of the funds for at least 60 days following the notice date.

BMO Investments Inc. applied for exemptive relief to approve the merger of BMO International Equity Fund into BMO International Value Class.

Regulatory approval was required because the merger did not meet all pre-approval criteria under National Instrument 81-102, specifically because it was not structured as a qualifying exchange or tax-deferred transaction under the Income Tax Act.

The Ontario Securities Commission granted the requested relief, noting that securityholders were provided with timely and adequate disclosure and the Independent Review Committee recommended the merger.

The applicant investment fund applied for exemptive relief from the requirement under National Instrument 81-106 to calculate its net asset value on a daily basis due to its use of specified derivatives.

The fund proposed to calculate its net asset value on a weekly basis and at month-end.

The principal regulator granted the exemption, provided the fund's units are listed on the TSX and the net asset value is calculated at least weekly.

The applicants, Scotia Securities Inc. and Scotia Mortgage Income Fund, applied for exemptive relief from certain provisions of National Instrument 81-102 and National Policy Statement 29.

Specifically, they sought relief from the 75% loan-to-value requirement and the prohibition on investing in related party mortgages.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with the independent review committee requirements and the termination of the relief if the relevant Bank Act provisions are amended.

The applicant sought an exemption from sections 2.3(e), (f), and (h) of National Instrument 81-102 to permit the Dynamic Strategic Gold Class fund to invest up to 100% of its net assets in gold and up to 5% of its net assets in each of silver, platinum, and palladium.

The Ontario Securities Commission granted the requested relief, subject to conditions requiring specific prospectus disclosure regarding the unique risks associated with investments in precious metals, including transaction costs, price volatility, and the impact of international monetary and political factors.

The applicant investment fund sought exemptive relief from the requirement under section 14.2(3)(b) of National Instrument 81-106 to calculate its net asset value daily, given its use of specified derivatives.

The Ontario Securities Commission granted the exemption, permitting the fund to calculate its net asset value on a weekly basis, provided the fund discloses the weekly calculation and its availability to the public in its prospectus.

The applicant, K.J. Harrison & Partners Inc., applied on behalf of existing and future mutual funds for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the applicant sought exemptions from the prohibitions against providing a security interest over a mutual fund's assets, selling securities short, and depositing assets with an entity other than the fund's custodian.

The principal regulator granted the requested relief, permitting the funds to engage in short-selling up to 20% of their net assets, subject to strict conditions regarding cash cover, internal controls, and disclosure to securityholders.

The applicant sought approval for the merger of Sentry Select 40 Split Income Trust into Sentry Select Canadian Income Fund, and relief from certain prospectus and financial statement delivery requirements under National Instrument 81-102.

The merger did not meet all criteria for pre-approved reorganizations because the funds had different investment objectives and fee structures, and the merger was to be completed on a taxable basis.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the delivery of a tailored simplified prospectus and clear disclosure on how to access financial statements.

The applicant, Mavrix Explore 2009 – I FT Limited Partnership, applied for exemptive relief from section 2.3(1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director of the Ontario Securities Commission granted the requested exemption, provided the final prospectus is filed no later than June 12, 2009.

The applicant sought exemptive relief on behalf of a closed-end fund from certain provisions of National Instrument 81-102.

The relief was requested to permit the fund, which invests primarily in physical gold bullion and is convertible into an exchange-traded fund, to deviate from restrictions on gold purchases, transmission of purchase and redemption orders, issuing units for cash or securities, calculation of redemptions, and setting record dates for distributions.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding prospectus disclosure, acceptance of physical gold bullion, and compliance with TSX requirements for distribution record dates.

The applicant, Mackenzie Financial Corporation, applied for exemptive relief to extend the lapse date for the renewal of the simplified prospectus of several mutual funds.

The extension was requested to accommodate operational changes resulting from a recent manager change and proposed fund mergers, avoiding the need for multiple prospectus filings and amendments.

The Ontario Securities Commission granted the requested exemption, extending the lapse date to May 29, 2009.

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

The mergers did not meet the criteria for pre-approved reorganizations because some continuing funds had different investment objectives than the terminating funds, and certain mergers were not tax-deferred transactions.

The Ontario Securities Commission granted the requested relief, noting that securityholders were provided with timely and adequate disclosure and had voted in favour of the mergers.

The applicant sought approval for the merger of the Northern Rivers Evolution Fund into the Northern Rivers Conservative Growth Fund, and relief from the requirement to deliver the continuing fund's financial statements to unitholders of the terminating fund.

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

The Ontario Securities Commission granted the requested approval and exemptive relief, provided the information circular clearly disclosed how unitholders could access the financial statements.

The applicants, Manulife Brompton Advantaged Bond Fund and MBB Trust, applied to the Ontario Securities Commission for exemptive relief from the requirement in section 14.2(3)(b) of National Instrument 81-106 to calculate their net asset value daily, as they use specified derivatives.

The Commission granted the requested relief, permitting the funds to calculate their net asset value on a weekly basis, subject to conditions regarding prospectus disclosure and public availability of the weekly calculations.

The Filers applied for exemptive relief on behalf of a flow-through limited partnership from certain continuous disclosure requirements under National Instrument 81-106, specifically the requirements to file an annual information form and to maintain and make available a proxy voting record.

The Ontario Securities Commission granted the exemption, noting the short lifespan of the partnership, the lack of a secondary market for its units, and that the preparation of these documents would not benefit the limited partners and would impose a material financial burden.

The Manager applied on behalf of the Fund for an exemption from National Instrument 81-102 upon the Fund's conversion from a closed-end to an open-end structure.

The Fund proposed to delist its units from the TSX and offer monthly redemptions at net asset value, while continuing to invest in securities and use strategies not permitted by NI 81-102.

The Ontario Securities Commission granted the exemption, noting that the Fund would not be marketed to the public under a prospectus, the securities held are not illiquid, and the Manager would bear all conversion costs.

The Applicant applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Decision Makers were satisfied that the Applicant met the test, as its outstanding securities were beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada, and no securities were traded on a marketplace.

The order was granted.

The applicant, Sprott Asset Management Inc., applied for an exemption from clause 2.3(e) of National Instrument 81-102 to permit the Sprott Gold Bullion Fund to invest up to 100% of its net assets in gold and/or permitted gold certificates.

The principal regulator granted the exemption, subject to conditions regarding prospectus disclosure of unique risks and a requirement that the fund's prospectus not be combined with those of other mutual funds managed by the applicant.

The applicants, two mutual fund managers, applied for a variation of a prior decision that granted exemptive relief from the commingling prohibition in section 11.1(1)(b) of National Instrument 81-102.

The variation sought to include additional facts specifying that investments may be held by investors in either client name or nominee name.

The principal regulator granted the requested exemptive relief, allowing the temporary commingling of mutual fund trust monies with non-mutual fund client trust monies to facilitate administrative economies.