The Filer applied for exemptive relief on behalf of certain top funds to permit them to invest in underlying funds managed by the Filer, even where the top funds would become substantial securityholders of the underlying funds or where officers, directors, or substantial securityholders of the Filer have a significant interest in the underlying funds.
The Ontario Securities Commission granted the requested relief, subject to various conditions including that the investments are compatible with the top funds' objectives, effected at an objective price, and accompanied by appropriate disclosure to investors.
