Vera Nunes

The applicant applied for exemptive relief from the requirement under NI 81-102 to obtain prior securityholder approval for a proposed reorganization of certain mutual funds.

The reorganization was prompted by changes to the Income Tax Act that eliminated the favourable tax treatment of forward contracts used by the Capital Yield Class.

The Ontario Securities Commission granted the requested relief and approved the transaction, subject to conditions including independent review committee approval and the provision of detailed notice to securityholders at least 60 days prior to the transaction date.

AGF Investments Inc. applied for exemptive relief on behalf of several proposed exchange-traded funds (ETFs).

The applicant sought exemptions from the underwriter's certificate requirement, the prospectus form requirement, and the take-over bid requirements.

The Ontario Securities Commission granted the requested relief, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers.

The applicant, acting as manager and trustee of a new mutual fund, applied to the Ontario Securities Commission for exemptive relief.

The applicant sought relief from National Instrument 81-102 to permit the fund to invest substantially all of its assets in silver bullion.

The applicant also sought relief from the form requirements of Form 81-101F3 to allow a custom disclosure of the fund's investment risk classification based on qualitative factors rather than volatility.

The principal regulator granted the requested exemptions, subject to specific disclosure conditions in the fund's prospectus and fund facts documents.

The applicants, Redwood Asset Management Inc. and Purpose Investments Inc., applied to the Ontario Securities Commission for approval of a change of control of the Manager under section 5.5(1)(a.1) of National Instrument 81-102.

Purpose Investments Inc. proposed to acquire all issued and outstanding shares of Redwood Asset Management Inc. The Commission was satisfied that the test set out in the legislation was met and granted the requested approval.

The Filer, Fidelity Investments Canada ULC, applied on behalf of the Funds for exemptive relief to extend the time limits for the renewal of their simplified prospectus, fund facts, and annual information form.

The extension was requested to align the lapse date of the Funds' prospectus with that of approximately 98 affiliated mutual funds managed by the Filer, allowing them to be combined in the same simplified prospectus.

The principal regulator granted the requested relief, finding that it would not affect the accuracy of the information contained in the prospectus and would not be prejudicial to the public interest.

The applicant applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus, fund facts, and annual information form for two mutual funds.

The extension was requested to align the renewal date with that of 98 affiliated mutual funds managed by the applicant, allowing for consolidated disclosure and administrative efficiency.

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

The Filer applied for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 to approve the merger of the Coxe Commodity Strategy Fund into the Global Water Solutions Fund.

The merger did not meet all pre-approval criteria because the funds had different investment objectives and fee structures, and the merger would be completed on a taxable basis to preserve unused capital losses.

The Principal Regulator granted the requested relief, finding it beneficial to unitholders and not prejudicial to the public interest.

CI Investments Inc. applied for exemptive relief under National Instrument 81-102 to permit certain mutual funds (the Top Funds) to invest up to 10% of their net assets in specific pooled funds (the Underlying Pools) that are not subject to NI 81-102 and whose securities are not qualified for distribution in the local jurisdiction.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Underlying Pools comply with Parts 2, 4, and 6 of NI 81-102 and Part 14 of NI 81-106, and that the Top Funds disclose the potential investments in their prospectuses.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds.

The requested relief included exemptions from the underwriter's certificate requirement, the take-over bid requirements, and the prospectus form requirement.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers.

The applicant applied for an exemption from subparagraph 2.6(a)(i) of National Instrument 81-102 to permit a mutual fund to borrow cash up to 10% of its net asset value as a temporary measure to accommodate redemption requests.

The principal regulator granted the exemption, subject to conditions including disclosure requirements and restrictions on borrowing in excess of 5% of net asset value.

The exemption expires 18 months after the decision date.

The Filer, Sprott Asset Management LP, applied on behalf of the Sprott Silver Bullion Fund for exemptive relief under Part 6 of National Instrument 81-101.

The application sought to vary the prescribed disclosure under the heading 'How risky is it?' and the sub-heading 'Risk rating' in the fund facts document, as required by Item 4 of Form 81-101F3.

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

Fidelity Investments Canada ULC applied for an exemption from the Pre-Sale Fund Facts Delivery Requirement for purchases of mutual fund securities made pursuant to its Automatic Switching Programs.

The programs automatically switch investors into series with lower management and administration fees based on account size.

The Ontario Securities Commission granted the exemption, subject to conditions including specific prospectus and Fund Facts disclosure, and the provision of annual reminder notices to eligible investors.

The Filer applied to the Ontario Securities Commission for an exemption from the requirement to deliver the most recently filed fund facts document for purchases of mutual fund securities made in connection with Asset Class Changes, Permitted Range Changes, and Rebalancing Trades within a Model Portfolio.

The Commission granted the exemption, subject to conditions including providing investors with a notice explaining that they will not receive the fund facts document for subsequent purchases unless requested, and advising them annually on how to request it.

The Filer applied for exemptive relief from the Fund Facts Delivery Requirement under National Instrument 81-101 for automatic switches of Series B and Series BT securities to Series A and Series T securities.

The Ontario Securities Commission granted the exemption, subject to conditions requiring specific disclosure in the Fund Facts and simplified prospectus, as well as the provision of an annual reminder notice to investors.

TD Asset Management Inc. applied for exemptive relief on behalf of its mutual funds from various provisions of National Instrument 81-102.

The relief sought to permit the funds to invest in securities of exchange-traded funds that are not index participation units, including U.S. exchange-traded funds and those structured as fund-of-funds.

The Ontario Securities Commission granted the requested relief, subject to several conditions regarding concentration limits, leverage, and disclosure.

The applicant applied on behalf of a mutual fund for an exemption from the concentration restriction in subsection 2.1(1) of National Instrument 81-102.

The exemption sought to permit the fund to invest up to 20% or 35% of its net asset value in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, depending on their credit rating.

The principal regulator granted the exemption, subject to conditions including that the securities are traded on a mature and liquid market and that the acquisition is consistent with the fund's fundamental investment objectives.

The applicant, Aston Hill Asset Management Inc., applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds to merge certain terminating funds and classes into continuing funds and classes.

The approval was required because the continuing funds did not have substantially similar fundamental investment objectives as the terminating funds.

The Commission granted the requested approval, noting that the mergers had been approved by the Independent Review Committee and the securityholders, and would result in lower or equal management fees and economies of scale.

Fidelity Investments Canada ULC applied for an extension of the 90-day period under subsection 2.1(2) of National Instrument 81-101 to file a mutual fund prospectus for three of its funds.

The Director of the Ontario Securities Commission granted the requested exemption, subject to the condition that the prospectus be filed no later than April 30, 2016.

Sentry Investments Inc. applied for exemptive relief on behalf of several mutual funds from the continuous disclosure requirements in section 4.4 of National Instrument 81-106.

The filer sought permission for the annual and interim management reports of fund performance for newly re-designated Series B and Series BT securities to show the historical financial highlights and past performance of the corresponding Series A and Series T securities for periods prior to the implementation date of the re-designation.

The Ontario Securities Commission granted the requested relief, provided that the management reports disclose the re-designation and include the historical data of the corresponding series.

Sentry Investments Inc. applied for exemptive relief on behalf of its mutual funds from certain requirements under National Instrument 81-101 and National Instrument 81-102.

The requested relief included an exemption from the Fund Facts delivery requirement for automatic switches of Series B and Series BT securities to Series A and Series T securities.

The applicant also sought relief to permit the newly re-designated Series B and Series BT securities to use the start dates, expense information, and performance data of their corresponding Series A and Series T securities for periods prior to the implementation date.

The Ontario Securities Commission granted the requested relief, subject to specific disclosure and notification conditions.