Vera Nunes

The filer applied for exemptive relief to approve the bifurcation of several terminating mutual funds into continuing funds and for an exemption from the multi-layering prohibition in NI 81-102.

The relief was required because the mergers did not meet the criteria for pre-approved reorganizations and involved temporary multi-layering of funds.

The Ontario Securities Commission granted the requested relief, finding it would not be prejudicial to the public interest.

The applicant, NexGen Financial Limited Partnership, applied to the Ontario Securities Commission for exemptive relief under National Instrument 81-102 to permit the merger of three terminating mutual funds into a continuing fund.

Relief was required because the continuing fund did not have substantially similar fundamental investment objectives to the terminating funds.

The Commission granted the requested exemption, noting that unitholders had approved the merger and would benefit from improved economies of scale and a more viable continuing fund.

The applicant sought exemptive relief under National Instrument 81-102 to approve the merger of three terminating mutual funds into a continuing fund.

Approval was required because the continuing fund did not have substantially similar fundamental investment objectives to the terminating funds.

The Ontario Securities Commission granted the requested relief, noting that unitholders were provided with adequate disclosure and the merger would result in improved economies of scale and lower operating expenses.

The Filer, a non-redeemable investment fund, applied for exemptive relief from the requirement under National Instrument 81-106 to calculate its net asset value (NAV) at least weekly.

The Filer invests in underlying private investment funds, one of which only reports its NAV on a monthly basis.

The Ontario Securities Commission granted the exemption, permitting the Filer to calculate its NAV monthly, provided the calculation is available to the public upon request and via a website, and the Filer's shares remain listed on the TSX.

The relief terminates if the underlying fund begins reporting its NAV more frequently than once monthly.

The applicant, Goodman & Company, Investment Counsel Ltd., applied on behalf of various mutual and pooled funds for exemptive relief from the prohibitions in the Securities Act and National Instrument 31-103 against investing in related parties.

The Ontario Securities Commission granted the relief, permitting the funds to purchase and hold non-exchange-traded debt securities and exchange-traded securities of related parties in the primary and secondary markets, subject to conditions including independent review committee approval and pricing requirements.

The Filers applied for approval of a change of control of Acuity Funds Ltd., a mutual fund manager, to AGF Management Limited under section 5.5(2) of National Instrument 81-102.

The Ontario Securities Commission granted the exemptive relief, noting that there are no current plans to change the manager of the funds or amalgamate the current manager for the foreseeable future.

The filer applied for exemptive relief from the related issuer requirements and conflict of interest prohibitions under the Securities Act and National Instrument 31-103.

The relief was sought to permit mutual funds and pooled funds to invest in debt and equity securities of related issuers in the secondary market and primary offerings, and to permit pooled funds to invest in underlying funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including approval by the funds' independent review committees, compliance with independent pricing and transparency requirements, and investment restrictions for primary offerings.

The applicant sought approval for the merger of two mutual funds into a continuing fund under National Instrument 81-102.

Approval was required because the continuing fund was new, meaning no simplified prospectus or financial statements were available to send to unitholders, and the fundamental investment objectives and fee structures were not substantially similar.

The Ontario Securities Commission granted the exemptive relief, noting that unitholders were provided with timely and adequate disclosure regarding the merger and prospectus-level disclosure regarding the continuing fund.

The applicant applied for exemptive relief from the trading prohibition in section 13.5(2)(b) of NI 31-103 to permit inter-fund trading between mutual funds, pooled funds, and closed-end funds managed by the same manager or its affiliate.

The Ontario Securities Commission granted the relief, subject to conditions including Independent Review Committee approval and specific pricing requirements, allowing certain trades involving exchange-traded securities to occur at the last sale price.

The applicant sought approval for the merger of a terminating mutual fund into a continuing fund, and relief from the requirement to deliver the continuing fund's financial statements to unitholders of the terminating fund.

The Ontario Securities Commission granted the requested relief, provided that the management information circular prominently discloses how unitholders can access the financial statements and that the funds meet other specified conditions.

The applicant, Canso Investment Counsel Ltd., applied for exemptive relief from the conflict of interest trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief sought to permit inter-fund trades between closed-end funds, pooled funds, and managed accounts, as well as in specie subscriptions and redemptions by separately managed accounts and pooled funds.

The Ontario Securities Commission granted the requested exemption, subject to conditions including independent review committee approval, client consent, and specific pricing and transparency requirements.

AGF Investments Inc. applied for exemptive relief on behalf of its mutual funds to permit investments in silver, silver certificates, silver derivatives, and certain exchange-traded funds (ETFs), including leveraged and inverse ETFs.

The principal regulator granted the requested exemptions from National Instrument 81-102, subject to conditions limiting the funds' exposure to these investments and ensuring they align with the funds' fundamental investment objectives.

The Manager applied for exemptive relief from various provisions of National Instrument 81-102 Mutual Funds on behalf of the Sprott Physical Silver Trust.

The relief sought included permission to invest up to 100% of net assets in physical silver bullion, to appoint the Royal Canadian Mint as custodian, and to allow specific redemption and distribution procedures.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding prospectus disclosure, sub-custodian capitalization, and compliance reporting.

The applicant, manager of a closed-end mutual fund trust, applied for exemptive relief from the requirements under NI 41-101 and NI 81-106 to prepare financial statements in accordance with Canadian GAAP.

The applicant sought to use IFRS-IASB instead, as the trust intended to list its units on the TSX and NYSE Arca and file as a foreign private issuer with the SEC.

The Ontario Securities Commission granted the requested relief, provided the financial statements include an unreserved statement of compliance with IFRS-IASB.

The applicant, Seven Seas Capital Management Inc., applied for exemptive relief from the mutual fund conflict of interest investment restrictions of the Securities Act and the self-dealing prohibition of National Instrument 31-103.

The relief was sought to permit pooled funds to invest with a fund-on-fund structure in other pooled funds, including limited partnerships.

The Ontario Securities Commission granted the requested relief, subject to conditions including that securities are distributed solely pursuant to prospectus exemptions and that no duplicative management or sales fees are payable.

The Sprott Physical Silver Trust applied to the Ontario Securities Commission for exemptive relief under National Instrument 41-101.

The Trust sought relief from the prescribed headings and order of headings in Form 41-101F2, as well as an extension of the 90-day deadline to file a final prospectus after the receipt of a preliminary prospectus.

The Director granted both requests, permitting the prospectus format variations and extending the filing deadline to December 31, 2010.

The filers applied for exemptive relief from certain provisions of National Instrument 81-102 to permit their mutual funds to invest in silver, silver certificates, and specified derivatives underlying silver.

They also sought relief to invest up to 10% of net assets in leveraged, inverse, and commodity-based exchange-traded funds.

The principal regulator granted the requested exemptions, subject to conditions limiting the funds' total exposure to gold and silver products and underlying ETFs.

The Manager applied on behalf of the ETF for relief from subsection 2.3(1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, extending the filing deadline to December 20, 2010.

The applicant, on behalf of a mutual fund, applied for exemptive relief from the 10 percent issuer concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The mutual fund held shares in two companies that agreed to merge through a plan of arrangement.

Following the arrangement, the mutual fund's holdings in the merged entity would exceed the 10 percent threshold.

The principal regulator granted the relief, permitting the mutual fund to hold the securities, provided it makes no further purchases of the merged entity's securities and immediately disposes of an equivalent number of shares upon exercising any acquired warrants.

The applicant, a closed-end fund investing in gold bullion, applied for exemptive relief from the form requirements of Form 41-101F2 under National Instrument 41-101.

The applicant sought to file a base prep prospectus that did not strictly comply with prescribed headings and order, as the offering was primarily intended for U.S. investors.

The Ontario Securities Commission granted the requested relief, noting the prospectus would still comply with substantive disclosure requirements.