OSC 2009

The applicants sought exemptive relief from paragraph 2.5(2)(a) of National Instrument 81-102 to permit their mutual funds to invest up to 10% of their net assets in exchange-traded commodity pools that correlate to a multiple or inverse multiple of an underlying index.

The Ontario Securities Commission granted the relief, subject to conditions including maximum exposure limits, short selling restrictions, and prospectus disclosure requirements.

The applicants sought exemptive relief from sections 14.1(3) and 14.2(1)(c)(i) of National Instrument 41-101 to allow BMO Nesbitt Burns Inc., the administrator of the investment fund, to act as prime broker and sub-custodian for the fund's assets.

The Ontario Securities Commission granted the relief, subject to conditions including that the administrator only act on trade instructions from an independent third-party investment manager and that it provide audited summary financial statements upon request.

The applicants, AIC Limited and several mutual funds, applied for exemptive relief to extend the lapse date of their simplified prospectus from March 3, 2009, to April 10, 2009.

The extension was requested to facilitate the consolidation of the funds' prospectus with the prospectus of other mutual funds under common management, following a series of fund mergers and re-brandings.

The Ontario Securities Commission, acting as principal regulator, granted the requested relief, finding that it would not be prejudicial to the public interest.

ALPHAPRO Management Inc. applied for exemptive relief from the dealer registration requirement, the requirement for an underwriter's certificate in the prospectus, and take-over bid requirements in connection with the distribution and trading of units of its exchange-traded funds.

The Ontario Securities Commission granted the requested relief, subject to conditions including compliance with Part 15 of National Instrument 81-102 for sales communications and an undertaking by unitholders not to exercise votes representing more than 20% of outstanding units in connection with take-over bids.

AlphaPro Management Inc. applied for exemptive relief from certain provisions of National Instrument 81-102 Mutual Funds for its exchange traded funds.

The requested relief included exemptions related to the transmission of purchase and redemption orders, accepting a combination of cash and securities for subscriptions, redeeming units at a discount to market price, and establishing record dates for distributions.

The Ontario Securities Commission granted the requested exemptions, allowing the exchange traded funds to operate in accordance with the rules of the Toronto Stock Exchange.

The applicant, Canadian Storage Partners, ULC, applied for exemptive relief from the requirements of Multilateral Instrument 61-101 to hold a meeting and send an information circular in connection with a second-step business combination following a take-over bid for InStorage Real Estate Investment Trust.

The applicant proposed to obtain minority approval via a written resolution executed by unitholders holding more than 66 2/3% of the outstanding units, as permitted by the target's declaration of trust.

The principal regulator granted the requested relief, provided that minority approval is obtained by the written resolution, and also waived the associated activity fees.