OSC 2010

The applicant sought approval for a change of control of a mutual fund manager under National Instrument 81-102.

Due to an inadvertent oversight, the applicant failed to apply for prior regulatory approval and failed to send prior notice to securityholders.

The principal regulator granted the approval, noting that no changes would be made to the management, operations, or investment management of the mutual funds for 60 days after notice is provided to securityholders.

The filer, Goodman & Company, Investment Management Inc., applied for exemptive relief on behalf of several mutual funds to permit them to invest in units of the Dundee Real Estate Investment Trust (Dundee REIT).

The funds were prohibited from making such investments under the Securities Act because they were considered related mutual funds to the Dundee REIT.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the investments be approved by each fund's independent review committee and be consistent with the funds' investment objectives.

The Applicant applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

The Applicant represented that its outstanding securities are beneficially owned by fewer than 15 security holders in each jurisdiction and fewer than 51 in total in Canada, its securities are not traded on a marketplace, and it is not in default of any obligations under the legislation.

The Decision Maker was satisfied that the test was met and ordered that the Applicant is not a reporting issuer.

The filer applied for exemptive relief on behalf of a commodity pool to permit it to invest in or gain exposure to commodity participation units, contrary to the fund of funds restrictions in National Instrument 81-102.

The Ontario Securities Commission granted the relief, revoking a previous decision and permitting the commodity pool to invest in commodity participation units listed on Canadian or US exchanges, subject to certain conditions regarding investment objectives, internal policies, and prospectus disclosure.

The Manager applied for exemptive relief on behalf of the CIBC Canadian Resources Fund to permit the Fund to invest indirectly in silver, platinum, and palladium through exchange-traded funds (ETFs) and specified derivatives.

The Fund already had relief to invest up to 10% of its net assets directly in physical commodities, including these precious metals.

The Ontario Securities Commission granted the exemption, allowing the Fund to gain up to 10% exposure to these metals indirectly, provided the investments align with the Fund's objectives and do not involve leveraged or inverse ETFs.

The Manager applied for exemptive relief on behalf of the CIBC Precious Metals Fund to permit the Fund to invest indirectly in gold, silver, platinum, and palladium through exchange-traded funds (ETFs) and specified derivatives.

The Ontario Securities Commission granted the exemption, subject to conditions including limits on the percentage of net assets invested in these commodities and a prohibition on investing in leveraged or inverse ETFs.

The Filer, manager of the Pro Financial Mutual Funds, applied for exemptive relief from certain disclosure and consent requirements under National Instrument 81-105 Mutual Fund Sales Practices.

The relief was sought in connection with a private placement of non-voting shares to participating dealers and their sales representatives.

The Ontario Securities Commission granted the exemption, allowing the Filer to provide evergreen disclosure of aggregate holdings up to a stated maximum percentage, rather than continuously updating the disclosure for each trade.

The relief was granted subject to conditions, including that participating dealers agree to abide by written policies and procedures for compliance with the modified disclosure requirements.

The Filer applied for exemptive relief from the requirement to include financial statement disclosure in a business acquisition report relating to certain transferred assets.

The Filer was unable to produce audited combined financial statements because the assets were previously operated by a bankrupt entity, and the Filer lacked access to the necessary historical accounting records and management representations.

The Ontario Securities Commission granted the relief, subject to conditions including the provision of alternative financial information such as appraisals and monthly operating reports.

The applicant, Invesco Trimark Ltd., applied on behalf of the Trimark ENERGY CLASS mutual fund for exemptive relief from certain provisions of National Instrument 81-102.

Specifically, the applicant sought exemptions from the prohibitions against providing a security interest over fund assets, selling securities short, and depositing fund assets with an entity other than the fund's custodian.

The Ontario Securities Commission granted the requested relief, permitting the fund to short sell up to 20% of its total net assets, subject to several conditions including maintaining adequate cash cover and implementing appropriate internal controls.

The applicant, a successor issuer to a reporting issuer, applied for exemptive relief from the requirement under section 2.8 of National Instrument 44-101 to file a notice declaring its intention to be qualified to file a short form prospectus at least 10 business days prior to filing its first preliminary short form prospectus.

The Ontario Securities Commission granted the exemption, noting that the predecessor issuer was already qualified to file a short form prospectus and the applicant's disclosure would effectively be the disclosure of the predecessor issuer.

The applicant, a newly incorporated successor issuer to an income fund, applied for exemptive relief from the requirement under section 2.8 of National Instrument 44-101 to file a notice of intention at least 10 business days before filing its first preliminary short form prospectus.

The predecessor fund was already qualified to file a short form prospectus.

The Ontario Securities Commission granted the exemption, provided the applicant meets the successor issuer requirements at the time of filing.

The Manager applied on behalf of two exchange-traded funds for exemptive relief from section 2.3(1) of National Instrument 41-101, which prohibits filing a final prospectus more than 90 days after the receipt for a preliminary prospectus.

The Director of the Ontario Securities Commission granted the requested exemption, permitting the final prospectus to be filed no later than December 18, 2010.

The applicant, a service provider, applied for exemptive relief on behalf of its intermediary, registrant, and custodian clients from certain proxy delivery requirements under the Securities Act and National Instrument 54-101.

The applicant sought to implement an alternative 'appointee system' for beneficial owners to attend and vote at securityholder meetings.

The Ontario Securities Commission granted the exemptive relief, conditional on the implementation of the appointee system, and ordered that the client list remain confidential due to its commercially sensitive nature.

The Manager applied for exemptive relief under National Instrument 81-102 to permit a precious metals mutual fund to invest up to 100% of its net assets in gold and up to 20% in silver, platinum, or palladium.

The Manager also sought relief to permit the fund to invest in precious metals ETFs and to use specific sub-custodians (Brinks and Via Mat) to hold physical bullion outside of Canada.

The Ontario Securities Commission granted the requested exemptions, subject to conditions regarding investment limits, ETF types, and sub-custodian oversight.

The applicant, Invesco Trimark Ltd., applied for exemptive relief on behalf of its mutual funds and pooled funds to permit them to invest in non-exchange-traded debt securities and exchange-traded securities of related persons.

The Ontario Securities Commission granted the requested relief, subject to several conditions including approval by the funds' independent review committees, pricing requirements, and limits on the size of primary offerings the funds can purchase.

The applicant fund sought exemptive relief from the prospectus requirement for distributions that are steps in a proposed reorganization.

The reorganization was intended to ensure the fund would satisfy the definition of a 'real estate investment trust' for tax purposes, thereby avoiding SIFT tax rules.

The Ontario Securities Commission granted the relief, noting that the reorganization did not require unitholder approval, did not change unitholders' ownership, and did not alter the fund's consolidated assets and liabilities.

The applicants, Mike Lazaridis and Research In Motion Limited, applied for exemptive relief from the insider reporting requirements under section 107(2) of the Securities Act.

The relief was sought in respect of the exercise of options and the disposition of shares pursuant to automatic securities disposition plans.

The Ontario Securities Commission granted the exemption, subject to the condition that the insider file an annual report of such transactions within 90 days of the end of the calendar year.

The filer, SW8 Asset Management Inc., applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to permit a fund-of-fund structure where the top funds and underlying funds share the same investment fund manager and portfolio advisor.

The Ontario Securities Commission granted the requested relief subject to standard conditions for fund-of-fund structures, including disclosure requirements and restrictions on duplicative fees.

The applicant, MacNicol & Associates Asset Management Inc., applied for exemptive relief from the mutual fund self-dealing restrictions in the Securities Act and the conflicts of interest provisions in National Instrument 31-103.

The relief was sought to allow top funds managed by the applicant to invest in underlying pooled funds, including limited partnerships, also managed by the applicant.

The Ontario Securities Commission granted the requested relief, subject to several conditions including that securities of the top funds are distributed solely pursuant to prospectus exemptions, no duplicative fees are charged, and specific written disclosures are provided to investors.

The Filer, a Bermuda company listed in Hong Kong, applied for exemptive relief from the requirement in section 2.2 of National Instrument 43-101 to use CIM definitions for mineral resources and reserves in an offering memorandum for a Canadian private placement.

The Filer sought to use the JORC Code instead.

The Ontario Securities Commission granted the relief, subject to conditions including that the offering be made only to accredited investors, Canadian residents hold less than 10% of shares post-offering, and the offering memorandum include a specific statement regarding the exemption and the similarity between JORC and CIM standards.