Vera Nunes

The applicant, Counsel Portfolio Services Inc., applied for exemptive relief under section 19.1 of National Instrument 81-102 Mutual Funds on behalf of its mutual funds.

The relief sought to exempt the funds from certain derivatives and custodial requirements to permit them to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with a Futures Commission Merchant.

The Filer applied for exemptive relief from the prohibitions in subsection 15.6(d) of National Instrument 81-102 to allow the Harvest Canadian Income & Growth Fund to show performance data for the period prior to its conversion from a closed-end fund to a mutual fund.

The principal regulator granted the requested relief, noting that the fund is managed in substantially the same manner post-conversion and any material differences will be disclosed.

The Filer, BMO Nesbitt Burns Inc., applied to the Ontario Securities Commission for exemptive relief to extend the prospectus lapse date for several mutual funds from October 23, 2013, to December 17, 2013.

The extension was requested to allow the funds to continue operations and accept pre-authorized purchases until their scheduled mergers into affiliated funds on December 13, 2013.

The Commission granted the requested relief, noting that the extension would not impact the currency of disclosure.

The manager of the Scotia Income Advantage Fund applied for exemptive relief under section 6.1 of National Instrument 81-101.

The applicant sought an exemption from subsection 2.1(2), which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, extending the filing deadline to November 22, 2013.

The Filer applied for exemptive relief on behalf of several mutual funds to permit them to include financial highlights and past performance data from periods before they became reporting issuers in their annual and interim management reports of fund performance.

The funds had previously distributed securities under prospectus exemptions and had complied with NI 81-102 investment restrictions since inception.

The Ontario Securities Commission granted the relief, subject to conditions including disclosure that the funds were not reporting issuers during those periods and that their expenses would have been higher had they been subject to reporting issuer requirements.

The applicant, Guardian Capital LP, applied for exemptive relief on behalf of several mutual funds to permit the inclusion of past performance data in sales communications and fund facts documents for periods before the funds became reporting issuers.

The funds had previously distributed securities under prospectus exemptions and complied with NI 81-102 investment restrictions since inception.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure that the funds were not reporting issuers during the relevant periods and that expenses would have been higher had they been subject to reporting issuer requirements.

SL Split Corp. applied to the Ontario Securities Commission and other provincial regulators for an order declaring that it is no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission was satisfied that the statutory test was met and ordered that the Applicant is not a reporting issuer.

Mackenzie Financial Corporation applied for exemptive relief on behalf of its mutual funds from the cover requirements in sections 2.8(1)(d) and 2.8(1)(f)(i) of National Instrument 81-102.

The requested exemption would permit the funds to use a right or obligation to sell an equivalent quantity of the underlying interest of a standardized future, forward, or swap as cover when opening or maintaining long positions in such derivatives.

The principal regulator granted the exemption, subject to specific conditions regarding cash cover and margin requirements, finding that the relief provides the funds with flexibility to manage derivative exposures effectively without imposing the cost of overcollateralization.

The Filer applied for exemptive relief from the mutual fund conflict of interest restrictions, reporting requirements, and self-dealing prohibitions under the Securities Act and National Instrument 31-103.

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

The Ontario Securities Commission granted the requested exemptions, subject to certain conditions regarding fees, voting, and disclosure.

The Filers applied to the Ontario Securities Commission for approval of a proposed change of manager for several mutual funds, following the acquisition of Jovian Capital Corporation by Industrial Alliance Insurance and Financial Services Inc. The Commission granted the exemptive relief under National Instrument 81-102, permitting the change of manager on the condition that prior approval is obtained from the funds' unitholders at a special meeting and that an information circular is provided.

Mackenzie Financial Corporation applied for exemptive relief under National Instrument 81-102 to permit its mutual funds to enter into cleared swap transactions.

The relief was required due to new U.S. requirements under the Dodd-Frank Act mandating the clearing of certain over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, exempting the funds from specific counterparty rating, exposure limit, and custodianship requirements, subject to conditions regarding the deposit of margin with Futures Commission Merchants.

The Filers, Jovian Capital Corporation and T.E. Investment Counsel Inc., applied to the Ontario Securities Commission for approval of an indirect change of control of the mutual fund manager under section 5.5(2) of National Instrument 81-102.

The change of control resulted from the acquisition of Jovian by Industrial Alliance Insurance and Financial Services Inc. The Commission granted the requested exemptive relief, noting that there were no current plans to change the manager of the funds or merge the manager with another entity.

The Manager applied for exemptive relief under National Instrument 81-102 to permit the merger of the Terminating Fund into the Continuing Fund.

Approval was required because the merger did not meet all pre-approval criteria, specifically because the Continuing Fund did not have a current prospectus and the merger would be completed on a taxable basis.

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

The applicant, an investment fund transitioning to a non-investment fund reporting issuer, applied for exemptive relief from the requirement to file interim financial statements and a management report of fund performance under NI 81-106.

The applicant had already prepared and filed financial disclosure in accordance with NI 51-102 in its management information circular.

The Ontario Securities Commission granted the relief, conditional on the applicant filing the NI 51-102 compliant interim financial report and MD&A on SEDAR, and requiring compliance with NI 81-106 if the transition is not approved.

The Manager applied on behalf of several terminating mutual funds for approval to merge them into continuing funds.

Regulatory approval was required because the mergers did not meet all pre-approval criteria under NI 81-102, specifically regarding substantially similar investment objectives and tax-deferred qualifying exchange status.

The Principal Regulator granted the requested approval, finding that the mergers achieved a fair and reasonable result for the funds and that securityholders were provided with timely and adequate disclosure.

The Manager applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing mutual funds under section 5.5(1)(b) of National Instrument 81-102.

Approval was required because the mergers did not meet all criteria for pre-approved reorganizations under section 5.6, specifically because the fundamental investment objectives were not substantially similar and certain mergers did not qualify as tax-deferred transactions.

The Commission granted the exemptive relief, allowing the mergers to proceed, noting that investors would receive timely and adequate disclosure and that the mergers would provide a streamlined product range and lower management fees.

The applicant, Sun Life Global Investments (Canada) Inc., applied for exemptive relief from section 2.5(2)(b) of National Instrument 81-102 to permit its Corporate Class funds to invest in Trust Funds that hold more than 10% of their net asset value in Underlying Funds.

The Ontario Securities Commission granted the relief, provided that the investments otherwise comply with section 2.5 of NI 81-102 and the investment objectives of each Corporate Class state the name of the Trust Fund in which it invests.

The applicants sought approval for a change of manager of the Redwood Global High Dividend Fund from Redwood Asset Management Ltd. to Caldwell Investment Management Ltd. under section 5.5(1)(a) of National Instrument 81-102.

The Ontario Securities Commission granted the approval, finding that unitholders received timely and adequate disclosure and that the change was not detrimental to unitholders or the public interest.

The applicant applied on behalf of a commodity pool for exemptive relief from certain provisions of National Instrument 81-102.

The relief sought to permit the top fund to invest in a bottom fund that engages in short selling, and to permit the issue price of units to be based on the net asset value determined on the next weekly valuation date after receipt of a purchase order.

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

The Filer, Manulife Asset Management Limited, applied for exemptive relief from the conflict of interest trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief permits inter-fund trading between mutual funds, pooled funds, closed-end funds, and managed accounts managed by the Filer or its affiliates, subject to conditions including Independent Review Committee approval and pricing requirements.

The relief also permits in-specie subscriptions and redemptions by separately managed accounts, closed-end funds, and pooled funds.

The Ontario Securities Commission granted the requested relief.