Vera Nunes

The Filer, Invesco Canada Ltd., applied for exemptive relief from the prohibition in subsection 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit the Filer or its holding company to purchase illiquid Indian securities from a mutual fund it manages, due to the lapse of its foreign institutional investor registration in India and the resulting trade prohibition.

The Ontario Securities Commission granted the exemption, subject to conditions including that the purchase be at the closing price on the National Stock Exchange of India and that the Filer indemnify the fund against any loss resulting from the sale.

The Filer applied for exemptive relief from the related issuer restriction in the Securities Act and the restriction in NI 31-103 regarding investments in issuers where a responsible person is an officer or director.

The relief was sought to permit the Top Funds to invest in Underlying Funds managed by the Filer (a fund-on-fund structure).

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the Top Funds are distributed under prospectus exemptions, no duplication of fees occurs, and appropriate disclosure is provided in the offering memorandum.

The Filer, Blumont Capital Corporation, applied for exemptive relief under National Instrument 81-102 to approve the merger of the Exemplar Market Neutral Portfolio (the Terminating Fund) into the Exemplar Yield Fund (the Continuing Fund).

The merger did not meet the criteria for pre-approval because it was conducted on a taxable basis and the funds had differing investment objectives.

The principal regulator granted the requested approval, finding that the merger was beneficial to securityholders and that adequate disclosure had been provided.

The Filer applied for exemptive relief from the multi-layering prohibition in paragraph 2.5(2)(b) of National Instrument 81-102 Mutual Funds.

The relief was sought to permit certain top funds to obtain exposure to reference funds through specified derivatives, where the reference funds hold more than 10% of their net asset value in securities of third-tier funds.

The Ontario Securities Commission granted the exemption, finding that the proposed three-tier fund structure is analogous to the current multi-layering exception and provides transparent investment portfolios and accountability for portfolio management.

Mackenzie Funds applied to the Director of the Ontario Securities Commission 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 information not specifically prescribed, in order to include fund codes in the Fund Facts document.

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

Counsel Portfolio Services Inc. applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The relief sought to permit existing and future mutual funds managed by the applicant to invest in silver, silver certificates, and silver derivatives.

Additionally, the applicant sought permission to invest up to 10% of net assets in leveraged, inverse, gold, and silver exchange-traded funds (ETFs).

The Ontario Securities Commission granted the requested exemptions, subject to conditions including a 10% total exposure limit to gold and silver products.

The Canadian Energy Convertible Debenture Fund applied to the Director of the Ontario Securities Commission for exemptive relief from section 2.1(2) of National Instrument 81-101, which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, subject to the condition that the prospectus be filed no later than September 9, 2011.

Fidelity Investments Canada ULC applied for exemptive relief from the multi-layering prohibition in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief was sought to permit Fidelity managed mutual funds to invest in Fidelity managed underlying mutual funds, which in turn obtain exposure to Fidelity managed reference funds through a forward agreement.

The Ontario Securities Commission granted the requested exemption, finding that the three-tier structure is transparent and intended to provide top mutual funds with exposure to fixed income on a tax-efficient basis without duplication of fees.

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 prospectus.

The fund was undergoing a reorganization requiring a separate portfolio manager registration, fund-on-fund relief, and a short selling exemption.

The Commission granted the requested relief, extending the lapse date by 56 days to allow the applicants to finalize the required registrations and exemptions before filing the final prospectus.

The Filer applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs), including leveraged and inverse ETFs.

The principal regulator granted the requested relief, subject to conditions including limits on the percentage of net assets invested in such products and requirements that the investments align with the funds' fundamental investment objectives.

The applicants sought exemptive relief under various National Instruments to permit existing mutual funds to preserve their start dates and use their historical performance data and financial highlights after continuing as new classes of a mutual fund corporation following an amalgamation.

The principal regulator granted the requested exemptions, noting that the continuing funds would have the same investment objectives, strategies, management fees, and portfolio assets as the existing funds, and that the historical financial data would assist investors in making informed decisions.

The Filers applied for exemptive relief under National Instrument 81-106 to permit the continuing funds, formed following an amalgamation, to include the financial highlights and past performance data of the existing funds in their annual and interim management reports of fund performance.

The continuing funds will have the same investment objectives, strategies, management fees, and portfolio assets as the existing funds.

The principal regulator granted the requested exemption, finding that the financial data of the existing funds is significant information that can assist investors in making decisions regarding the continuing funds.

Manulife Asset Management Limited applied for exemptive relief on behalf of several mutual funds to permit them to continue investing in certain underlying funds after those underlying funds cease offering their securities under a simplified prospectus.

The underlying funds will remain reporting issuers and will only be available to accredited investors.

The Ontario Securities Commission granted the requested relief, provided the underlying funds remain reporting issuers subject to the Mutual Fund Instruments in all jurisdictions where the top funds are reporting issuers.

The applicants sought approval for the merger of the Educators Global Fund into the Educators Balanced Fund pursuant to section 5.5(1)(b) of National Instrument 81-102.

The merger required regulatory approval because the continuing fund did not have substantially similar fundamental investment objectives and fees compared to the terminating fund.

The Ontario Securities Commission granted the approval, finding that the merger would achieve a fair and reasonable result for unitholders, who were provided with timely and adequate disclosure.

The filers applied for exemptive relief from the investment prohibition in section 4.1(1) of National Instrument 81-102 to permit their dealer-managed mutual funds to invest in non-government debt securities during the distribution period or the 60-day period following a distribution, even if a related dealer acted as an underwriter and the securities lacked an approved rating.

The Ontario Securities Commission granted the relief, subject to conditions including that the purchase must be consistent with the funds' investment objectives, approved by the independent review committee, and priced no higher than the lowest price paid by arm's length purchasers.

The filer, a registered portfolio manager and investment fund manager, applied for exemptive relief from the prohibition against purchasing or selling securities from or to the investment portfolio of a related person.

The relief was sought to allow the funds managed by the filer to engage in principal trading of debt securities with a related principal dealer in the secondary market.

The Ontario Securities Commission granted the exemption, subject to conditions including approval by the Independent Review Committee and compliance with specific pricing and market integrity requirements.

The applicant, frontierAlt Funds Management Limited, applied for approval of a proposed change of manager of two mutual funds to BlackBridge Capital Management Corp. The Ontario Securities Commission granted the approval, finding that unitholders received timely and adequate disclosure and the change was not detrimental to unitholders or the public interest.

The Applicant applied for a decision under the securities legislation of multiple jurisdictions that it is no longer a reporting issuer.

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

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

The applicant, First Asset Investment Management Inc., applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The relief sought to permit the applicant's exchange-traded funds to process purchases and redemptions on the TSX, accept a combination of cash and securities for subscriptions, redeem units at a discount to market price, and establish record dates for distributions in accordance with TSX rules.

The Commission granted the requested exemptions, subject to the condition that the relief terminates upon the coming into force of any new legislation or rule dealing with these matters.

The applicant, PIMCO Canada Corp., applied for exemptive relief from certain provisions of National Instrument 81-102 to permit its mutual funds to invest in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs), including leveraged and inverse ETFs.

The Ontario Securities Commission granted the requested relief, subject to conditions limiting the funds' exposure to these investments and requiring the ETFs to be traded on Canadian or US stock exchanges.