Stephen Paglia

The Filer applied on behalf of the Fund for exemptive relief from the requirement to obtain prior securityholder approval before changing the fundamental investment objectives of the Fund under subsection 5.1(1)(c) of National Instrument 81-102.

The change was necessitated by amendments to the Income Tax Act that eliminated the favourable tax treatment of character conversion transactions.

The principal regulator granted the requested relief, provided that the Filer sends a written notice to each securityholder at least 30 days before the effective date of the change.

The Filer applied to the Ontario Securities Commission for exemptive relief under National Instrument 81-102 to permit the merger of the Excel BRIC Fund into the Excel Emerging Markets Fund.

The merger did not meet all criteria for pre-approved reorganizations because the investment objectives and fee structures were not substantially similar, and the merger would not be a tax-deferred transaction.

The Commission granted the requested exemption, allowing the merger to proceed subject to unitholder approval.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief on behalf of its existing and future exchange-traded funds (ETFs).

The applicant sought exemptions from the requirement to include an underwriter's certificate in the ETFs' prospectuses, the requirement to include a prescribed statement respecting purchasers' statutory rights of withdrawal and remedies, and the take-over bid requirements.

The Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers, and specific disclosure in the prospectus regarding the exemptions and purchasers' rights.

The Applicant, Canadian Scholarship Trust Plan II, applied for a decision that it is not a reporting issuer in various Canadian jurisdictions.

The decision maker found that the Applicant met the statutory test, as its outstanding securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and its securities are not traded on any marketplace.

The application was granted, and the Applicant was ordered not to be a reporting issuer.

The Filer applied to the Ontario Securities Commission for exemptive relief under subsection 5.5(1)(b) of National Instrument 81-102 to permit the merger of the Terminating Fund into the Continuing Fund.

The merger did not meet all criteria for preapproved reorganizations because the fundamental investment objectives and fee structures were not substantially similar.

The Commission granted the requested relief, noting the merger would provide a tax-deferred transaction, lower management fees, and daily redemption rights for shareholders.

The applicant, a mutual fund manager, applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its existing and future mutual funds to invest indirectly in physical commodities through Commodity ETFs, and to invest in certain leveraged, inverse, and commodity ETFs that do not qualify as index participation units.

The principal regulator granted the requested relief, subject to specific concentration limits and disclosure requirements in the funds' simplified prospectuses.

The applicant applied for exemptive relief to merge the Terminating Fund into the Continuing Fund.

The merger required regulatory approval under paragraph 5.5(1)(b) of National Instrument 81-102 because the funds did not have substantially similar investment objectives.

The Ontario Securities Commission granted the requested relief, provided that prior unitholder approval is obtained.

The applicant, NGAM Canada LP, applied for exemptive relief from certain provisions of National Instrument 81-102 Investment Funds on behalf of its mutual funds.

The relief sought to permit the funds to enter into cleared swaps, deposit cash and portfolio assets as margin with a Futures Commission Merchant, and exceed certain counterparty exposure limits.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the clearing corporation and margin deposits, noting that central clearing mitigates risks and aligns with global commitments to improve transparency in derivatives markets.

The applicant filed for exemptive relief on behalf of several mutual funds to permit them to invest in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs) that would otherwise be prohibited under National Instrument 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including limits on the percentage of net asset value invested in such assets and specific prospectus disclosure requirements.

The applicant, Manulife Asset Management Limited, applied to the Ontario Securities Commission for approval to change the custodian of the Standard Life Mutual Funds from Standard Life Trust Company to RBC Investor Services Trust.

The change was sought in connection with Manulife's acquisition of Standard Life Mutual Funds Ltd. The Commission found that the change of custodian would not adversely impact compliance with Part 6 of National Instrument 81-102 and would benefit securityholders through reduced custody fees and administrative efficiencies.

The application for exemptive relief was granted.

The Filer applied for an exemption from the prescribed risk classification disclosure requirements in Form 81-101F3 for its precious metals mutual funds.

The Filer argued that the prescribed volatility-based methodology does not accurately reflect the risks of bullion-based products and proposed using a qualitative risk classification methodology instead.

The Ontario Securities Commission granted the exemption, allowing the Filer to use its proposed alternative disclosure until the Canadian Securities Administrators implement a standardized risk classification methodology.

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

The fund sought to maintain an existing forward contract up to a 20% exposure limit due to market volatility and adverse tax consequences of settling or replacing the contract under new Income Tax Act rules.

The Ontario Securities Commission granted the exemption, permitting up to 20% exposure until the contract's maturity date in 2017, provided the fund is no longer sold to new investors.

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

The Ontario Securities Commission, acting as principal regulator, granted the relief.

The exemption is subject to conditions, including the provision of a one-time notice to participants advising them of their rights, how to request the Fund Facts document, and their ongoing misrepresentation rights.