OSC 2009

FundEX Investments Inc. applied to the Ontario Securities Commission for exemptive relief from the prohibitions in sections 7.1(1)(b) and 7.1(3) of National Instrument 81-105.

The applicant sought to allow its representatives to pay commission rebates to clients when they switch into related mutual funds, specifically the IA Clarington Funds.

The Commission granted the requested exemption, subject to conditions ensuring that the rebates are not conditional on purchasing related funds and that clients receive proper disclosure and consent.

The Filer applied for exemptive relief from the requirement in section 3.1 of National Instrument 52-107 to prepare its financial statements in accordance with Canadian GAAP.

The Filer sought to early adopt International Financial Reporting Standards (IFRS-IASB) for financial periods beginning on or after April 1, 2010.

The Ontario Securities Commission granted the exemption, subject to conditions including restatement of any interim financial statements filed under Canadian GAAP in the adoption year and specific disclosure requirements regarding the transition.

The Filer, Centerra Gold Inc., applied for exemptive relief from the requirements of National Instrument 43-101 and National Instrument 44-101 to file a preliminary short form prospectus containing material scientific or technical information about its mineral projects that is not contained in a previously filed technical report.

The relief was sought to facilitate a secondary offering by its controlling shareholder, Cameco Corporation, before the new technical reports could be finalized.

The Ontario Securities Commission granted the relief, provided that the preliminary prospectus includes cautionary disclosure and the new technical reports are filed prior to the final prospectus.

The Manager applied on behalf of the ETFs for exemptive relief under section 19.1 of National Instrument 41-101 from the requirement in subsection 2.3(1) prohibiting an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

The Director granted the requested exemption, provided the final prospectus is filed no later than March 11, 2010.

The applicants, Sprott Asset Management LP and Sprott Physical Gold Trust, applied for exemptive relief from the prospectus requirement under section 53 of the Securities Act (Ontario).

The relief was sought to permit the posting of electronic roadshow materials on commercial websites without restriction during the waiting period of a cross-border initial public offering, in order to comply with U.S. securities laws.

The Ontario Securities Commission granted the requested relief, subject to the condition that purchasers in Canadian jurisdictions be provided with a contractual right of action for any misrepresentations in the roadshow materials.

The applicant sought approval under National Instrument 81-102 for the merger of the Criterion International Equity Fund into the Criterion Global Dividend Fund.

The merger required regulatory approval because the funds had different fundamental investment objectives and the transaction was to be effected on a taxable basis rather than as a tax-deferred rollover.

The Ontario Securities Commission granted the requested relief, finding that the merger would be beneficial to unitholders through increased economies of scale, lower management fees, and the preservation of realized capital losses.

The Applicant, Bluerock Acquisition Corp., applied to the Ontario Securities Commission for a decision that it is no longer a reporting issuer.

The Commission granted the requested relief, noting that the Applicant's outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction in Canada and fewer than 51 in total, and its securities are not traded on a marketplace.

The Filers applied for exemptive relief under the Securities Act and NI 31-103 to permit registered portfolio managers to engage the pooled funds they advise in fund-of-fund investments and in-specie transactions.

The Filers also sought relief from the monthly reporting requirements under the Act.

The Ontario Securities Commission granted the requested relief, subject to certain conditions, including that the transactions are consistent with the investment objectives of the funds and that no duplicative fees are charged.

The applicant, a passive investment company, applied to the Ontario Securities Commission for exemptive relief from sections 10.3 and 10.4(1) of National Instrument 81-102 regarding its Class C preferred shares.

The applicant sought to calculate the retraction price based on the Unit Value in effect on the Valuation Date and to pay the retraction price on the Retraction Payment Date, which differ from the standard mutual fund requirements.

The Commission granted the requested relief, permitting the applicant to calculate and pay the retraction price as described in its prospectus.

The applicant investment fund applied to the Director of the Ontario Securities Commission for exemptive relief under section 19.1 of National Instrument 41-101.

The applicant sought relief from subsection 2.3(1), which prohibits filing a 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 no later than January 30, 2010.

The applicant, an investment fund, applied for exemptive relief from the requirement under National Instrument 81-106 to calculate its net asset value daily, given its use of specified derivatives.

The applicant proposed to calculate its net asset value weekly.

The Ontario Securities Commission granted the exemption, provided the Class A Units are listed on the Toronto Stock Exchange and the net asset value is calculated at least weekly.

The applicants sought exemptive relief under National Instrument 81-106 to permit a newly amalgamated mutual fund (the Continuing Fund) to include the financial highlights and past performance data of the terminating fund in its management reports of fund performance.

The principal regulator granted the exemption, noting that the Continuing Fund is effectively a continuation of the terminating fund and its track record is significant information for investors.

The Filer, Canadian Capital Auto Receivables Asset Trust, applied for a decision that it is no longer a reporting issuer.

The Filer had no outstanding securities and no public holders of its securities.

The Filer was in default of certain continuous disclosure obligations regarding its Management Discussion and Analysis.

The Ontario Securities Commission granted the exemptive relief sought, ordering that the Filer is not a reporting issuer.

The applicants sought exemptive relief under National Instruments 81-101, 81-102, and 81-106 to permit a newly formed continuing mutual fund to use the performance data, financial highlights, and start date of a terminating mutual fund following an amalgamation.

The Ontario Securities Commission granted the requested relief, finding that the continuing fund was effectively a continuation of the terminating fund and that the terminating fund's track record was significant information that would assist investors.

The relief was conditional on the continuing fund appropriately disclosing the merger and preparing its communications and reports in accordance with the specified requirements.

The applicant, Genuity Fund Management Inc., applied for exemptive relief on behalf of itself and certain top and underlying funds to permit a fund-on-fund structure.

The proposed structure involves top funds, which are classes of a mutual fund corporation, investing all of their assets in separate underlying limited partnerships managed by the same manager.

The Ontario Securities Commission granted the requested relief from the related issuer and related party investment restrictions under the Securities Act, subject to standard conditions including that no duplicative management or incentive fees are payable.

The applicant sought exemptive relief from the related issuer and related party investment restrictions under National Instrument 31-103 to permit a fund-on-fund structure.

The top funds, which are classes of a mutual fund corporation, will invest all of their assets in underlying limited partnerships managed by the same portfolio adviser.

The Ontario Securities Commission granted the relief subject to standard conditions, including that no duplicative fees are charged and that the top funds' investors are provided with appropriate disclosure and voting rights.

The Manager applied on behalf of Man Canada AHL DP Investment Fund for exemptive relief from paragraphs 2.5(2)(a) and (c) of National Instrument 81-102.

The relief was sought to permit the commodity pool to invest indirectly in securities of another commodity pool, AHL SPC Class D, which is not subject to NI 81-101 and whose securities are not qualified for distribution in the local jurisdiction.

The Ontario Securities Commission granted the requested relief, subject to conditions including that both pools remain subject to NI 81-102 and NI 81-104, and that the underlying pool becomes a reporting issuer.

The applicant, Marquest Asset Management Inc., applied for an exemption from the self-dealing prohibitions in subclause 13.5(2)(b)(iii) of National Instrument 31-103.

The exemption was sought to permit the merger of the Marquest Bridge Fund into the Marquest Equity Growth Fund, both of which are managed by the applicant.

The principal regulator granted the requested relief, allowing the one-time trade of securities between the pooled funds to implement the merger, with the costs of the merger to be borne by the manager.

The Filers applied for exemptive relief to approve the merger by way of amalgamation of Front Street Special Opportunities Canadian Fund into New Front Street Special Opportunities Canadian Fund.

The approval was required because the merger did not meet all the pre-approval criteria in section 5.6 of NI 81-102, specifically because the current simplified prospectus and financial statements of the continuing fund were not delivered to shareholders, and the amalgamation might not technically constitute a wind-up.

The principal regulator granted the requested merger approval.

The Filers applied to the Ontario Securities Commission for exemptive relief from mutual fund conflict of interest investment restrictions, consent requirements, and management reporting requirements.

The relief was sought to permit certain pooled funds to invest in underlying funds using a fund-on-fund structure, varying a previous decision to expand the list of top and underlying funds.

The Commission granted the requested relief, subject to conditions including that the pooled funds are distributed on a private placement basis and that no duplicative management fees are payable.