The Filer, Kingwest & Company, applied on behalf of itself and certain mutual funds for exemptive relief from the conflict of interest restrictions in the Securities Act (Ontario).
The requested relief would permit the top funds to invest in more than 20% of the outstanding voting securities of underlying funds managed by the Filer, creating a fund-on-fund structure.
The Ontario Securities Commission granted the requested relief, subject to conditions including that the top funds are distributed solely pursuant to prospectus exemptions, no duplicative fees are charged, and the Filer will not vote the securities of the underlying funds held by the top funds.
