Vera Nunes

The Filers applied to the Ontario Securities Commission for an extension of the time limits pertaining to filing a renewal prospectus.

The Filers inadvertently failed to file a pro forma prospectus 30 days before the lapse date as required by the Securities Act.

The Commission granted the exemptive relief, extending the lapse date as requested, finding it would not be prejudicial to the public interest.

The applicant applied on behalf of a newly established mutual fund for an exemption from the requirement to file an interim management report of fund performance under section 4.2 of National Instrument 81-106.

As the fund had not yet issued securities to the public and held only cash, the interim report would contain minimal information.

The Ontario Securities Commission granted the exemption, finding that the cost of preparing the report would outweigh any benefit.

The Filer applied for exemptive relief from the multi-layering prohibition in clause 2.5(2)(b) of National Instrument 81-102 to permit certain top funds to invest in reference funds that, in turn, invest more than 10% of their net asset value in third-tier funds.

The Ontario Securities Commission granted the relief, finding that the proposed three-tier structure is analogous to existing permitted structures, provides transparent portfolio management accountability, and avoids duplication of fees.

The exemption was granted subject to conditions regarding prospectus disclosure and compliance with other requirements of section 2.5.

The Filer applied on behalf of two mutual funds for an exemption from the concentration restriction in section 2.1(1) of National Instrument 81-102.

The exemption would permit the funds to invest up to 20% or 35% of their net assets in evidences of indebtedness issued or guaranteed by certain foreign governments or supranational agencies, depending on their credit rating.

The Ontario Securities Commission granted the requested relief, subject to conditions including prospectus disclosure and the securities being traded on a mature and liquid market.

The applicants, Blumont Capital Corporation and Sprott Asset Management LP, sought approval from the Ontario Securities Commission for a change of manager of several mutual funds.

The change of manager was necessitated by Sprott Asset Management LP acquiring the rights to manage the funds from Blumont Capital Corporation.

The Commission determined that the proposed transaction would not be detrimental to the protection of investors or prejudicial to the public interest.

The application for approval under section 5.5(1)(a) of National Instrument 81-102 was granted.

The Filers applied to the Ontario Securities Commission for approval of a change of manager of the Redwood Fund from Redwood to Aston Hill, and the subsequent merger of the Redwood Fund into the Aston Hill Growth & Income Fund.

The Commission granted the requested exemptive relief under National Instrument 81-102, finding that the change of manager and merger were not detrimental to unitholders or contrary to the public interest, provided that prior securityholder approval is obtained.

The filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of its mutual funds' simplified prospectus by five days.

The extension was required because the pro forma prospectus was filed two days late, preventing the filer from relying on the standard renewal timelines under the Securities Act.

The Commission granted the requested relief, finding it would not materially affect the currency or accuracy of the prospectus information and would not be prejudicial to the public interest.

The applicant applied to the Ontario Securities Commission for approval to change the custodian of a mutual fund from RBC Investor Services Trust to Canadian Imperial Bank of Commerce.

The change was sought to create administrative efficiencies, as the proposed custodian already acted as custodian for the applicant's other mutual funds.

The Commission granted the requested exemptive relief, finding it met the legislative test.

The applicant sought exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 to permit its mutual funds to enter into swap transactions cleared through a clearing corporation.

The relief was required due to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives, including swaps.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The Filers applied for exemptive relief from the prohibition in section 4.1(1) of National Instrument 81-102 to permit their dealer-managed mutual funds to invest in non-government debt securities during a distribution, or the 60-day period following, where a related dealer acts as an underwriter and the securities lack a designated rating.

The Ontario Securities Commission granted the relief, subject to conditions including independent review committee approval, independent underwriter participation, and pricing and volume restrictions.

The applicant, 1832 Asset Management L.P., applied for exemptive relief on behalf of existing and future mutual funds from certain derivatives and custodial requirements under National Instrument 81-102.

The relief was sought to permit the funds to enter into swap transactions cleared through a clearing corporation, in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of cash and portfolio assets as margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.

The Filers applied to the Ontario Securities Commission for approval of a change of manager for the Redwood Energy Growth Class mutual fund from Redwood Asset Management Inc. to Aston Hill Asset Management Inc. The Commission granted the exemptive relief, finding that the change of manager was not detrimental to unitholders or contrary to the public interest, provided that prior securityholder approval is obtained.

The Filers applied for exemptive relief on behalf of certain mutual funds to permit the continuing funds to use the historical performance data and financial highlights of the existing funds following a merger.

The Ontario Securities Commission granted the relief, finding that the continuing funds would be managed in a substantially similar manner and that treating them as fungible with the existing funds for financial data purposes would benefit investors and prevent confusion.

The applicant, manager of two mutual funds, applied to the Ontario Securities Commission for exemptive relief under section 6.1 of National Instrument 81-101.

The applicant sought an exemption from subsection 2.1(2) of NI 81-101, which prohibits filing a prospectus more than 90 days after the receipt of a preliminary prospectus.

The Director granted the requested exemption, subject to the condition that the prospectus be filed no later than December 16, 2013.

The applicants sought exemptive relief under various National Instruments to permit continuing mutual funds to use the start dates, past performance data, and financial highlights of existing funds following a merger, and to be exempt from seed capital requirements.

The principal regulator granted the requested relief, finding it would be beneficial to investors and would not be misleading, provided the continuing funds comply with specified disclosure conditions.

The Filer applied to the Ontario Securities Commission for exemptive relief from subsection 2.3(1.1) 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, permitting the final prospectus to be filed by January 31, 2014.

The filer, Hillsdale Investment Management Inc., applied for exemptive relief from the prohibitions in National Instrument 31-103 to permit in specie subscriptions and redemptions between managed accounts and pooled funds, and between different pooled funds.

The Ontario Securities Commission granted the relief subject to conditions, including obtaining client consent, ensuring the portfolio securities are acceptable and consistent with investment objectives, and maintaining written records of the transfers.

The applicant, Man Investments Canada Corp., applied on behalf of Man Canada AHL DP Investment Fund for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds.

The relief was sought to permit the Top Fund to purchase and hold securities of Man AHL DP Limited, a bottom fund that complies with NI 81-102 except as permitted by NI 81-104.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the Top Fund remains a commodity pool and the Bottom Fund complies with applicable investment restrictions.

The Filers applied to the Ontario Securities Commission for approval of the amalgamation of three mutual fund corporations under clause 5.5(1)(b) of National Instrument 81-102.

The amalgamation did not meet all criteria for pre-approval under section 5.6, as the continuing fund had different investment objectives and fee structures, and the amalgamation did not technically constitute a wind-up.

The Commission granted the requested exemptive relief, allowing the amalgamation to proceed.

The applicant, Manulife Asset Management Limited, applied for exemptive relief from certain derivatives and custodial requirements under National Instrument 81-102 to permit its mutual funds to enter into swap transactions cleared through a clearing corporation.

The relief was sought in response to new U.S. requirements under the Dodd-Frank Act to clear over-the-counter derivatives.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the deposit of margin with Futures Commission Merchants, treating cleared swaps similarly to other cleared derivatives.