Vera Nunes

The applicant sought exemptive relief from the seed capital requirements and the prohibition against a fund bearing the costs of its first simplified prospectus under National Instrument 81-102.

The relief was sought in connection with the conversion of a closed-end investment fund to an open-ended mutual fund.

The Ontario Securities Commission granted the requested relief, noting that the fund had an operating history, sufficient assets exceeding $500,000, and that the conversion would not prejudice investors.

The applicant, BlackRock Asset Management Canada Limited, applied for exemptive relief under National Instrument 81-102 to permit several closed-end funds that had converted into exchange-traded mutual funds to show pre-conversion past performance data in their sales communications.

The principal regulator granted the requested relief, noting that the funds had complied with the investment restrictions of NI 81-102 prior to conversion, subject to certain exemptions.

The Applicant, Salida Wealth Preservation Fund S.à.r.l., applied for an order under the securities legislation of Ontario and Quebec to be deemed no longer a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each jurisdiction of Canada and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of any obligations as a reporting issuer.

The Ontario Securities Commission granted the application, ordering that the Applicant is not a reporting issuer.

The applicant sought exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest up to 100% of their net asset value in related underlying exchange-traded funds (ETFs) and to pay brokerage commissions for the purchase and sale of these ETF securities.

The underlying ETFs are mutual funds that do not file a simplified prospectus and are not index participation units.

The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the top funds cannot indirectly bypass the investment restrictions of NI 81-102.

The applicant, GCIC Ltd., applied for exemptive relief from the self-dealing prohibition in s. 13.5(2)(b) of National Instrument 31-103 to permit the merger of the Dynamic Power Emerging Markets Fund into the Dynamic Power Hedge Fund.

The Ontario Securities Commission granted the requested relief, finding that the merger would not adversely affect unitholders and would be in their best interests by offering improved portfolio diversification and economies of scale.

The applicant, an investment fund manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the prospectus for a commodity pool fund.

The extension was requested to provide additional time to respond to the Commission's comments on the pro forma prospectus and to address the impact of the 2013 federal budget without interrupting the distribution of units.

The Commission granted the requested relief, extending the lapse date to June 28, 2013.

The applicant sought an exemption from section 2.3(h) of National Instrument 81-102 to permit the Equity Income Fund to invest in standardized futures with underlying interests in sweet crude oil or natural gas for hedging purposes.

The principal regulator granted the exemption, subject to conditions including that the purchases are made in accordance with hedging provisions, traded only for cash or offsetting contracts, effected through ICE Europe or NYMEX, and do not exceed 20% of the fund's net asset value.

The applicant, manager of a mutual fund, applied for exemptive relief under the Securities Act to extend the lapse date of the fund's simplified prospectus and annual information form.

The extension was requested to allow additional time to respond to comments from the Ontario Securities Commission on the pro forma prospectus without interrupting the distribution of the fund's units.

The principal regulator granted the requested relief, extending the lapse date by 40 days.

The filers applied for exemptive relief under section 5.5(2) of National Instrument 81-102 to approve a change of control of the mutual fund manager.

The change of control resulted from U.S. Global Investors Inc. acquiring 50% of the issued and outstanding shares of the manager.

The principal regulator granted the requested approval, noting that there were no current plans to change the manager of the funds or amalgamate the manager with another entity.

The applicant sought exemptive relief from National Instrument 81-102 to permit its mutual funds to invest in silver, leveraged ETFs, inverse ETFs, and commodity ETFs, and to appoint the Royal Canadian Mint as custodian for its bullion.

The Ontario Securities Commission granted the requested relief, subject to conditions including a 10% limit on net assets invested in the specified ETFs and a 10% limit on total exposure to gold and silver.

The Filers applied to the Ontario Securities Commission for exemptive relief from the conflict of interest provisions in subsection 4.1(1) of National Instrument 81-102.

The relief was sought to allow mutual funds managed by the Filers to purchase equity securities during, or within 60 days after, a distribution in the United States where an affiliate or associate of the Filers acts as an underwriter.

The Commission granted the requested exemption, subject to conditions including that the securities be listed on a recognized exchange, the investment complies with the funds' objectives, and the independent review committee approves the investment.

Fidelity Investments Canada ULC applied on behalf of the Fidelity U.S. Dividend Registered Fund for exemptive relief under Part 6 of National Instrument 81-101.

The applicant sought an exemption from General Instruction 8 to Form 81-101F3, which prohibits including non-prescribed information, to allow a textbox in the Fund Facts document providing disclosure on the fund's suitability for investors.

The Director of the Ontario Securities Commission granted the requested exemption, to be evidenced by the issuance of a receipt for the fund's prospectus.

The applicant, Sun Life Global Investments (Canada) Inc., applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, silver certificates, and specified derivatives underlying silver.

The applicant also sought relief to invest up to 10% of net asset value in leveraged, inverse, gold, and silver exchange-traded funds (ETFs).

The Ontario Securities Commission granted the requested exemptions, subject to conditions including concentration limits and prospectus disclosure requirements.

The applicant applied for exemptive relief on behalf of three mutual funds to permit them to include past performance data and financial highlights from the period before they became reporting issuers in their sales communications, fund facts, and management reports of fund performance.

The Ontario Securities Commission granted the relief, noting that the funds had complied with the investment restrictions in NI 81-102 since inception, were managed substantially similarly before and after becoming reporting issuers, and that the historical performance data was relevant and useful information for investors.

The applicant, Beutel Goodman Managed Funds Inc., applied for exemptive relief on behalf of three mutual funds to permit the inclusion of past performance data from the period before the funds became reporting issuers in their sales communications, fund facts, and management reports of fund performance.

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

The Ontario Securities Commission granted the requested relief, subject to conditions requiring 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.

The applicants sought approval under section 5.5(1)(a) of National Instrument 81-102 for a change of manager of the Lawrence Enterprise Fund Inc. from Aston Hill Asset Management Inc. to Cambridge Asset Management Inc. The Ontario Securities Commission granted the approval, finding that the change of manager was not detrimental to investors or the public interest, and that investors had received adequate disclosure regarding the change.

The applicant sought exemptive relief under National Instrument 81-102 to approve the merger of the Brigata Canadian Equity Fund into the Brigata Canadian Balanced Fund.

Approval was required because the fundamental investment objectives of the two funds were not substantially similar, meaning the merger did not meet the criteria for pre-approval.

The Principal Regulator granted the requested exemption, allowing the merger to proceed on a tax-deferred basis.

The Manager applied for exemptive relief to extend the prospectus lapse date for the Global Educational Trust Plan and the Capital Preservation Fund to January 15, 2013.

The extension was requested to allow Ontario Securities Commission staff sufficient time to review a revised consultant's report required pursuant to a temporary order against the Manager.

The principal regulator granted the requested exemption, noting that it would not affect the currency or accuracy of the information contained in the current prospectuses.

The applicant applied on behalf of several mutual funds for exemptive relief to extend the lapse date of their simplified prospectus and annual information form.

The extension was requested to provide additional time to respond to comments from the Ontario Securities Commission regarding the pro forma prospectus.

The Commission granted the relief, extending the lapse date by 47 days to January 4, 2013, finding that it would not materially affect the currency or accuracy of the information and would not be prejudicial to the public interest.

The applicants, a mutual fund and its manager, applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the fund's current prospectus.

The extension was requested to provide additional time to address comments from the principal regulator on the pro forma renewal prospectus.

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