Vera Nunes

The Applicant, Artemis U.S. Capital Appreciation Fund, applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Decision Makers were satisfied that the Applicant met the test, as its outstanding securities were beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, its securities were not traded on a marketplace, and it was not in default of its obligations.

The application was granted, and the Applicant was ordered to no longer be a reporting issuer.

The applicant sought exemptive relief on behalf of itself and affiliated investment funds to permit a fund-on-fund structure where top funds invest in underlying funds managed by the same or affiliated entities.

The relief sought exemptions from restrictions on investing in substantial security holders or related issuers, and from the requirement to obtain written client consent before investing in an issuer where a responsible person is a partner, officer, or director.

The Ontario Securities Commission granted the requested relief, subject to conditions including that securities are distributed under prospectus exemptions, no duplicative fees are charged, and specific disclosure is provided to investors.

Mackenzie Financial Corporation applied on behalf of three mutual funds for exemptive relief from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The relief sought to permit the funds to invest up to 20% or 35% of their net asset value in certain highly-rated foreign government securities.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief subject to conditions, including that the securities be traded on a mature and liquid market and that the funds' simplified prospectuses disclose the additional risks associated with concentration.

The Filer applied to the Ontario Securities Commission for an exemption from the prohibitions in sections 13.5(2)(b)(ii) and (iii) of National Instrument 31-103.

The exemption was sought to permit in specie subscriptions and redemptions by managed accounts in pooled and mutual funds, and by pooled funds in pooled and mutual funds.

The Commission granted the requested relief, subject to several conditions including independent review committee approval and prior written consent from managed account clients.

The applicant investment fund applied to the Ontario Securities Commission and other provincial regulators for a decision that it is no longer a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 security holders in each Canadian jurisdiction and fewer than 51 worldwide, and that its securities are not traded on any marketplace.

The Commission granted the requested relief, ordering that the applicant is not a reporting issuer.

The manager of Smart Investments Ltd. and Smart Fund Family applied to the Director of the Ontario Securities Commission for an extension of the 90-day period under subsection 2.1(2) of National Instrument 81-101 to file a mutual fund prospectus.

The Director granted the requested exemption, subject to the condition that the simplified prospectus be filed no later than March 4, 2015.

The Filer, an open-ended investment trust, applied for exemptive relief from the requirement under National Instrument 44-101 to file a notice of intention at least 10 business days prior to filing a preliminary short form prospectus.

The Filer sought to expedite a public offering to capitalize on a favourable market window and to provide unitholders with information ahead of a special meeting regarding the extension of the trust's termination date.

The Ontario Securities Commission granted the requested exemption.

The applicants, Lincluden Investment Management Limited and Morguard Corporation, applied for exemptive relief under National Instrument 81-102.

They sought approval for a proposed change of control of the manager and an abridgement of the required notice period to unitholders from 60 days to not less than 30 days.

The Ontario Securities Commission granted the requested relief, noting that the change of control would not result in material changes to the management or operations of the fund, and that unitholders would not be prejudiced by the shortened notice period.

The applicant, Aegon Fund Management Inc., applied for approval of an indirect change of control of the manager of several mutual funds under section 5.5(1)(a.1) of National Instrument 81-102.

The change of control resulted from the sale of the majority of Aegon N.V.'s Canadian operations to Wilton Re.

The Ontario Securities Commission granted the requested approval, noting that no substantive changes were expected in the operation or management of the funds.

The Filer applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The approval was required because the terminating and continuing funds did not have substantially similar investment objectives, failing the pre-approval criteria in section 5.6(1).

The Commission granted the requested exemptive relief, subject to the Filer obtaining prior securityholder approval for the mergers.

The Filers applied to the Ontario Securities Commission for exemptive relief from certain provisions of National Instrument 81-102 to permit their mutual funds to enter into cleared swaps.

The relief sought exemptions from counterparty rating requirements, mark-to-market exposure limits, and custodianship requirements to allow depositing cash and portfolio assets as margin with a Futures Commission Merchant.

The Commission granted the requested relief, subject to specific conditions regarding the deposit of margin in and outside of Canada.

The applicant investment fund manager applied to the Ontario Securities Commission for exemptive relief under paragraph 5.5(1)(d) of National Instrument 81-102 to permit the fund to suspend unitholder redemptions prior to its termination.

The fund faced significant redemption requests that would disproportionately concentrate illiquid assets among remaining unitholders.

The Commission granted the requested approval, subject to conditions including the distribution of liquid assets and the cessation of management fees during the suspension period.

The Filer applied for exemptive relief on behalf of existing and future mutual funds to permit them to enter into cleared swaps.

The relief sought exemptions from the counterparty designated rating requirement, the mark-to-market exposure limit, and the single custodian requirement under National Instrument 81-102.

The principal regulator granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants.

The Filer applied for exemptive relief from the requirement to deliver the most recently filed Fund Facts document for purchases of mutual fund securities made pursuant to a pre-authorized investment plan.

The Ontario Securities Commission granted the exemption, subject to conditions requiring the Filer to provide a one-time notice to participants explaining their rights and how to request the Fund Facts document, and to provide annual reminders.

The filers, Pro-Financial Asset Management Inc. (PFAM) and Kingship Capital Corporation (KCC), applied to the Ontario Securities Commission for approval of a change of manager for several mutual funds from PFAM to KCC.

The change of manager was part of a transaction where PFAM agreed to sell all investment management agreements to KCC.

The Commission granted the approval, subject to conditions including that KCC retain a compliance consultant for at least two years and issue a news release summarizing the conditions.

The applicant, Mackenzie Financial Corporation, applied to the Ontario Securities Commission for approval to merge several terminating mutual funds into continuing funds under paragraph 5.5(1)(b) of National Instrument 81-102.

The approval was required because the reorganizations did not qualify as tax-deferred transactions under the Income Tax Act, thus failing to meet the pre-approval criteria in section 5.6 of NI 81-102.

The Commission granted the requested exemptive relief, subject to securityholder approval.

The Filer applied for exemptive relief from the requirement to obtain prior securityholder approval before changing the fundamental investment objectives of two investment funds.

The changes were necessitated by amendments to the Income Tax Act (Canada) that eliminated the favourable tax treatment of character conversion transactions, rendering the funds' forward agreements inefficient.

The Ontario Securities Commission granted the requested relief, provided the Filer sends written notice to securityholders at least 30 days before the effective date of the changes.

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

The relief sought to permit the fund to invest up to 20% or 35% of its net asset value in certain highly-rated foreign government securities.

The Ontario Securities Commission granted the requested relief, subject to conditions including disclosure of the associated risks in the fund's simplified prospectus.

The applicant, Excel Funds Management Inc., sought approval from the Ontario Securities Commission for the merger of Excel Capital Income Fund into Excel High Income Fund under paragraph 5.5(1)(b) of National Instrument 81-102.

The merger was proposed following the federal government's elimination of certain tax benefits for investment funds using forward agreements.

The Commission found that the merger would be beneficial to unitholders and granted the requested approval.

The Manager, Redwood Asset Management Inc., applied to the Ontario Securities Commission for approval of a change of control pursuant to subsection 5.5(1)(a.1) of National Instrument 81-102.

The proposed transaction involves the purchase of shares by Extra Medium Inc., resulting in Peter Shippen increasing his indirect ownership from 23.72% to 55.81%.

The Commission was satisfied that the transaction would not result in material changes to the business or operations of the Funds or the Manager.

The application for exemptive relief was granted.