Vera Nunes

The applicant, Invesco Trimark Ltd., applied for exemptive relief from the trading prohibition in section 13.5(2)(b) of National Instrument 31-103.

The relief sought would permit inter-fund trades between public mutual funds, pooled funds, and managed accounts managed by the applicant.

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

The applicant, Invesco Trimark Ltd., applied for exemptive relief from the self-dealing provisions in subsection 4.2(1) of National Instrument 81-102.

The relief sought was to permit inter-fund trades of debt securities between mutual funds and pooled funds managed by the applicant.

The Ontario Securities Commission granted the exemption, provided that the independent review committee of each fund approves the trade and the trade complies with the conditions in subsection 6.1(2) of National Instrument 81-107.

Burgundy Asset Management Ltd. applied to the Ontario Securities Commission for exemptive relief from the prohibition against a registered adviser knowingly causing an investment portfolio managed by it to purchase or sell a security from or to the investment portfolio of a responsible person or an associate.

The applicant sought permission to engage in inter-fund trades and in specie transactions between its pooled funds and managed accounts.

The Commission granted the requested relief, subject to conditions including that the transactions be consistent with the investment objectives of the funds and accounts, be approved by the independent review committee where applicable, and be executed at the last sale price or closing sale price.

The filer, a registered portfolio manager, applied for exemptive relief from the conflict of interest trading prohibition in paragraph 13.5(2)(b) of National Instrument 31-103.

The relief was sought to permit in-specie transactions between pooled funds and managed accounts, and between different pooled funds managed by the filer.

The Ontario Securities Commission granted the exemption, subject to conditions including prior written consent from clients, valuation requirements, and record-keeping obligations.

Claymore Investments, Inc. applied for exemptive relief on behalf of several commodity pools from certain provisions of National Instrument 81-102 and National Instrument 81-104.

The requested relief sought to allow the funds to deposit up to 30% of their net assets as margin with dealers inside and outside Canada, and to permit the manager to redeem its initial $50,000 seed capital investment once the funds received $5.0 million from other investors.

The Ontario Securities Commission granted the requested relief, subject to conditions including maintaining segregated margin accounts and reinvesting seed capital if the funds' net assets drop below $5.0 million.

The filer, Claymore Investments, Inc., applied for exemptive relief on behalf of several commodity pools from certain provisions of National Instrument 81-102 and National Instrument 81-104.

Specifically, the filer sought relief from margin deposit limits for portfolio assets deposited with dealers inside and outside Canada, and from the permanent seed capital requirement of $50,000.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including a 30% cap on margin deposits, segregation of margin accounts, and requirements for the filer to maintain excess working capital and reinvest seed capital if the funds' net assets drop below $5.0 million.

The applicant, MDPIM Canadian Long Term Bond Pool, applied to the Director of the Ontario Securities Commission for exemptive relief from section 2.1(e) of National Instrument 81-101.

The provision prohibits an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

Based on the representations made in the application, the Director granted the requested exemption, subject to the condition that the prospectus be filed no later than April 15, 2010.

The applicant, GrowthWorks Commercialization Fund Ltd., applied for exemptive relief from the securityholder and regulatory approval requirements of National Instrument 81-102.

The relief was sought to permit the pooling of assets among different series of Class A shares and subsequent conversion of series into the originally offered series, in accordance with revised asset allocation rules.

The Ontario Securities Commission granted the requested exemption, subject to conditions regarding prospectus disclosure and investment objectives, and revoked the prior relief granted in 2006.

The applicant sought exemptive relief on behalf of mutual funds from the investment prohibition in subsection 4.1(1) of National Instrument 81-102.

The relief would permit the funds to purchase equity securities of a reporting issuer during a private placement distribution, even if a related underwriter is involved.

The Ontario Securities Commission granted the exemption, subject to conditions including approval by the funds' independent review committee and compliance with other provisions of NI 81-102.

The ScotiaMocatta Physical Copper Fund applied to the Director of the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

The applicant sought relief from subsection 2.3(1), which prohibits filing a prospectus more than 90 days after the receipt for the preliminary prospectus.

The Director granted the requested exemption, permitting the final prospectus to be filed no later than April 30, 2010.

The Filer, an investment fund, applied for exemptive relief from the requirement under National Instrument 81-106 to calculate its net asset value on a daily basis due to its use of specified derivatives.

The principal regulator granted the exemption, permitting the fund to calculate its NAV on a weekly basis, provided its Class A Units are listed on the TSX.

The applicant applied for exemptive relief to merge a closed-end fund, which was converting to an open-end fund, into an existing open-end mutual fund.

Regulatory approval was required because the merger did not meet all pre-approved reorganization criteria under NI 81-102, specifically regarding differing investment objectives, fee structures, and the taxable nature of the transaction.

The Ontario Securities Commission granted the requested relief, allowing the merger to proceed.

The applicant sought approval under National Instrument 81-102 for the merger of the Criterion International Equity Fund into the Criterion Global Dividend Fund.

The merger required regulatory approval because the funds had different fundamental investment objectives and the transaction was to be effected on a taxable basis rather than as a tax-deferred rollover.

The Ontario Securities Commission granted the requested relief, finding that the merger would be beneficial to unitholders through increased economies of scale, lower management fees, and the preservation of realized capital losses.

The Filers applied for exemptive relief under the Securities Act and NI 31-103 to permit registered portfolio managers to engage the pooled funds they advise in fund-of-fund investments and in-specie transactions.

The Filers also sought relief from the monthly reporting requirements under the Act.

The Ontario Securities Commission granted the requested relief, subject to certain conditions, including that the transactions are consistent with the investment objectives of the funds and that no duplicative fees are charged.

The applicant, a passive investment company, applied to the Ontario Securities Commission for exemptive relief from sections 10.3 and 10.4(1) of National Instrument 81-102 regarding its Class C preferred shares.

The applicant sought to calculate the retraction price based on the Unit Value in effect on the Valuation Date and to pay the retraction price on the Retraction Payment Date, which differ from the standard mutual fund requirements.

The Commission granted the requested relief, permitting the applicant to calculate and pay the retraction price as described in its prospectus.

The Manager applied on behalf of the ETFs for exemptive relief under section 19.1 of National Instrument 41-101 from the requirement in subsection 2.3(1) prohibiting an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

The Director granted the requested exemption, provided the final prospectus is filed no later than March 11, 2010.

Scotia Asset Management L.P. applied for exemptive relief on behalf of its mutual funds from Section 4.2 of National Instrument 81-102, which prohibits mutual funds from purchasing or selling securities from or to related persons acting as principal.

The Ontario Securities Commission granted the relief, permitting the funds to trade debt securities with related principal dealers in the secondary market, subject to conditions including approval by the Independent Review Committee and compliance with market integrity requirements.

The applicant applied for exemptive relief on behalf of its mutual funds to permit them to purchase or sell government and non-government debt securities from or to a related person in the secondary market.

The Ontario Securities Commission granted the relief, subject to conditions including that the transactions be consistent with the funds' investment objectives, approved by the Independent Review Committee, and executed at prices not worse than available bid/ask prices.

The applicant filed an application for exemptive relief from the commingling prohibitions in sections 11.1(1)(b) and 11.2(1)(b) of National Instrument 81-102.

The applicant sought to commingle cash received for the purchase or redemption of mutual fund securities with cash received for other securities or instruments in its client trust accounts.

The Ontario Securities Commission granted the requested relief, subject to the condition that the relief terminates if changes to the MFDA IPC rules reduce coverage for the commingled trust accounts.

Scotia Asset Management L.P. applied for exemptive relief on behalf of its mutual funds from section 4.1(2) of National Instrument 81-102.

The relief sought to permit the funds to purchase debt securities of related persons in the secondary market.

The Ontario Securities Commission granted the relief, subject to conditions including approval by the funds' independent review committee and specific pricing requirements for non-exchange-traded securities.