Purpose Investments Inc. applied for exemptive relief on behalf of existing and future investment funds to permit them to invest up to 10% of their net asset value in certain foreign underlying funds (UCITS and Guernsey funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.
The Ontario Securities Commission granted the requested relief, subject to conditions ensuring the underlying funds are subject to substantially similar regulatory oversight and investment restrictions as Canadian funds.
