Vera Nunes

The filer applied for exemptive relief on behalf of existing and future mutual funds to enter into prepaid forward contracts with a Canadian chartered bank to gain exposure to an underlying mutual fund.

The relief sought exemptions from concentration restrictions, illiquid investment restrictions, and limits on mark-to-market exposure to a counterparty for periods longer than 30 days under National Instrument 81-102.

The Ontario Securities Commission granted the relief, conditional on weekly mark-to-market valuation of the forward contract and weekly adjustment of collateral to ensure the market value of the collateral equals the mark-to-market value of the forward contract, with the collateral remaining free and clear of all liens.

The Manager applied on behalf of several PowerShares ETFs for exemptive relief under section 19.1 of National Instrument 41-101.

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

The Director of the Ontario Securities Commission granted the requested exemption, provided the final prospectus is filed no later than February 16, 2009.

The applicant, a manager of several exchange-traded funds that are commodity pools, applied for exemptive relief from the seed capital requirements in paragraph 3.2(2)(a) of National Instrument 81-104.

The applicant sought permission to redeem its $50,000 seed capital investment in each fund.

The Ontario Securities Commission granted the relief, permitting the redemption provided that each fund has received at least $5.0 million in subscriptions from third-party investors, and that the manager maintains at least $100,000 in excess working capital.

The applicants sought approval from the Ontario Securities Commission for the proposed mergers of several terminating mutual funds into continuing mutual funds under National Instrument 81-102.

Approval was required because the mergers did not meet all pre-approval criteria, specifically due to differing fee structures and the fact that the amalgamation might not technically constitute a wind-up of the terminating funds.

The Commission granted the requested exemptive relief, permitting the mergers to proceed.

The applicant, Goodman & Company, Investment Counsel Ltd., applied for exemptive relief from the inter-fund trading prohibition in section 4.2(1) of National Instrument 81-102.

The relief was sought to permit the sale of a portion of Athabasca Oil Sands Corp. securities from a non-public hedge fund to public mutual funds managed by the applicant.

The Ontario Securities Commission granted the exemption, subject to conditions including that the trades are consistent with the investment objectives of the recipient funds and are approved by the Independent Review Committees of the funds.

The Filer applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing funds under National Instrument 81-102.

Approval was required because the mergers did not meet all criteria for pre-approved reorganizations, specifically regarding differing investment objectives, fee structures, and tax-deferred transaction status.

The Commission granted the exemptive relief, noting that securityholders were provided with adequate disclosure and the independent review committee had recommended the mergers.

The Filer applied for exemptive relief from section 14.2(2) of National Instrument 81-106 to permit it to record and amortize deferred sales commissions and share issuance costs incurred by ENSIS prior to their merger.

The Ontario Securities Commission granted the relief, noting that the amortization of these deferred charges would only affect former ENSIS shareholders and imposing conditions on the continued amortization.

The applicant, VenGrowth II Capital Management Inc., applied on behalf of VenGrowth II Investment Fund Inc. for an exemption from certain prospectus disclosure requirements under National Instrument 81-102 Mutual Funds.

The fund, which is no longer in public distribution, sought relief from requirements to disclose in a simplified prospectus that securityholders will be sent written notice before a reorganization or a change of auditor.

The principal regulator granted the exemption on the condition that the fund includes the required disclosure in its Annual Information Form instead.

The Filers, three mutual fund corporations, applied to the Ontario Securities Commission for exemptive relief from certain investment restrictions in National Instrument 81-102.

The relief was sought to permit the Filers to enter into forward agreements with a term to maturity greater than five years, pledge portfolio assets as security, and exceed the 10% mark-to-market exposure limit to a single counterparty.

The Commission granted the requested exemptions, provided that the mark-to-market value of a Filer's exposure to any single counterparty under a forward agreement does not exceed 30% of its net assets for a period of 60 days.

Mackenzie Financial Corporation applied for exemptive relief under clause 5.5(1)(b) of National Instrument 81-102 to approve the merger of Mackenzie Focus America Class into Mackenzie Universal U.S. Blue Chip Class.

The merger required approval because the fundamental investment objectives of the funds were not substantially similar.

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

The applicant, IGM Financial Inc., applied for exemptive relief under National Instrument 81-102 to approve two consecutive indirect changes of control of Saxon Fund Management Inc., the manager of the Saxon Funds.

The changes of control resulted from a public take-over bid by the applicant for the outstanding common shares of Saxon Financial Inc., followed by a transfer of those shares to Mackenzie Financial Corporation.

The Ontario Securities Commission granted the requested approval, finding that the changes of control would not have any adverse effect on the management and administration of the Saxon Funds.

The applicant, Return on Innovation Management Ltd., applied on behalf of the ROI Global Supercycle Fund for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The requested relief would permit the Fund to engage in short selling of securities up to 20% of its net assets and to deposit a portion of its assets with an entity other than its custodian as security for short sales.

The Ontario Securities Commission granted the exemption, subject to several conditions including limits on the aggregate market value of securities sold short, cash cover requirements, and disclosure obligations.

The Filer, a mutual fund, applied for an exemption from section 2.4(2) of National Instrument 81-102 to allow an additional 90 days to reduce the percentage of its net assets made up of illiquid assets to 15% or less.

The illiquid assets exceeded the limit due to an increase in the mark-to-market valuation of a private oil and gas company.

The Ontario Securities Commission granted the exemption, permitting the Filer until November 18, 2008, to comply with the restriction.

The applicant, Mulvihill Fund Services Inc., applied for approval of a change of manager of several mutual funds to Ridgewood Capital Asset Management Inc. under section 5.5(1)(a) of National Instrument 81-102.

The Ontario Securities Commission granted the exemptive relief, finding that the change of manager would not result in material changes to the management and administration of the funds, unitholders received adequate disclosure, and the change was not detrimental to unitholders or the public interest.

The applicant, a mutual fund manager, sought exemptive relief to abridge the 60-day notice period required under National Instrument 81-102 for an indirect change of control.

The change of control resulted from a takeover bid for the applicant's parent company.

The Ontario Securities Commission granted the relief, allowing a 40-day notice period, on the condition that no changes be made to the management, administration, or portfolio management of the mutual funds for at least 60 days following the notice date.

The applicant sought exemptive relief from the multi-layering restriction in paragraph 2.5(2)(b) of National Instrument 81-102.

The relief would permit the Symmetry Top Funds to invest in the Symmetry Managed Return Pool, which in turn enters into forward contracts linked to the performance of another fund.

The principal regulator granted the exemption, finding that the resulting three-tier fund structure was not overly complex and that adequate transparency and accountability for portfolio management would be maintained.

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

The requested relief sought to permit the fund to engage in short selling of securities up to 40% of its net assets, provide a security interest over its assets, and deposit assets with borrowing agents.

The Ontario Securities Commission granted the requested relief, revoking a prior decision that capped short selling at 20%, subject to specific conditions including cash cover requirements and internal controls.

The Filer, a non-redeemable investment fund, applied for an exemption from the requirement under section 14.2(3)(a) of National Instrument 81-106 to calculate its net asset value at least once a week.

The Filer proposed to calculate its net asset value twice a month.

The Ontario Securities Commission granted the exemption, subject to the conditions that the Filer's Class A Shares remain listed on the TSX and that the net asset value is calculated at least twice per calendar month.

The applicants sought exemptive relief under section 5.5(1)(b) of National Instrument 81-102 to approve the mergers of several terminating mutual funds into continuing funds.

The mergers required approval because they did not meet all pre-approval criteria under section 5.6, specifically due to differences in fundamental investment objectives and one merger not qualifying as a tax-deferred transaction.

The Ontario Securities Commission granted the requested relief, noting the benefits of economies of scale, lower operating expenses, and increased portfolio diversification for securityholders.

The applicants, Mavrix Québec 2007-II Flow Through LP and Mavrix Fund Management Inc., applied for exemptive relief from certain continuous disclosure requirements under National Instrument 81-106.

Specifically, they sought exemptions from filing an annual information form and maintaining a proxy voting record.

The Ontario Securities Commission granted the requested exemptions, noting that the limited partnerships are short-term investment vehicles and the required disclosures would not benefit investors while imposing a material financial burden.