OSC 2016

Fidelity Investments Canada ULC applied for an exemption from the Pre-Sale Fund Facts Delivery Requirement for purchases of mutual fund securities made pursuant to its Automatic Switching Programs.

The programs automatically switch investors into series with lower management and administration fees based on account size.

The Ontario Securities Commission granted the exemption, subject to conditions including specific prospectus and Fund Facts disclosure, and the provision of annual reminder notices to eligible investors.

Sentry Investments Inc. applied for exemptive relief on behalf of its mutual funds from certain requirements under National Instrument 81-101 and National Instrument 81-102.

The requested relief included an exemption from the Fund Facts delivery requirement for automatic switches of Series B and Series BT securities to Series A and Series T securities.

The applicant also sought relief to permit the newly re-designated Series B and Series BT securities to use the start dates, expense information, and performance data of their corresponding Series A and Series T securities for periods prior to the implementation date.

The Ontario Securities Commission granted the requested relief, subject to specific disclosure and notification conditions.

The Filer applied for exemptive relief from the Fund Facts Delivery Requirement under National Instrument 81-101 for automatic switches of Series B and Series BT securities to Series A and Series T securities.

The Ontario Securities Commission granted the exemption, subject to conditions requiring specific disclosure in the Fund Facts and simplified prospectus, as well as the provision of an annual reminder notice to investors.

Arrow Capital Management Inc. applied for exemptive relief on behalf of its mutual funds from certain provisions of National Instrument 81-102.

The requested relief would permit the funds to enter into cleared swaps and use put options or short future positions to cover long future, forward, or swap positions.

The principal regulator granted the relief, subject to conditions regarding margin deposits, cash cover, and limits on option components, finding that the relief would allow the funds to benefit from reduced trading costs and more cost-efficient use of portfolio assets.

Sentry Investments Inc. applied for exemptive relief on behalf of several mutual funds from the continuous disclosure requirements in section 4.4 of National Instrument 81-106.

The filer sought permission for the annual and interim management reports of fund performance for newly re-designated Series B and Series BT securities to show the historical financial highlights and past performance of the corresponding Series A and Series T securities for periods prior to the implementation date of the re-designation.

The Ontario Securities Commission granted the requested relief, provided that the management reports disclose the re-designation and include the historical data of the corresponding series.

The Filer, Sprott Asset Management LP, applied on behalf of the Sprott Silver Bullion Fund for exemptive relief under Part 6 of National Instrument 81-101.

The application sought to vary the prescribed disclosure under the heading 'How risky is it?' and the sub-heading 'Risk rating' in the fund facts document, as required by Item 4 of Form 81-101F3.

The Ontario Securities Commission granted the requested exemption, to be evidenced by the issuance of a receipt for the Fund's prospectus.

The Filer applied to the Ontario Securities Commission for exemptive relief from paragraphs 15.3(4)(c) and 15.3(4)(f) of National Instrument 81-102.

The relief was sought to permit the Filer to reference FundGrade A+ Awards and FundGrade Ratings in sales communications for its mutual funds.

The Commission granted the exemption, finding that the ratings provide an objective, transparent, and quantitative measure of performance, subject to specific disclosure conditions being met in the sales communications.

The Applicant applied for a decision under the securities legislation of Ontario and Alberta that it is not a reporting issuer.

The Decision Makers were satisfied that the Applicant met the test, as its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of its obligations.

The application was granted.

The applicant applied to the Ontario Securities Commission and the Alberta regulator for a decision that it is no longer a reporting issuer.

The applicant represented that its outstanding securities are beneficially owned by fewer than 15 securityholders in each Canadian jurisdiction and fewer than 51 worldwide, its securities are not traded on any marketplace, and it is not in default of any obligations under the legislation.

The decision maker was satisfied that the statutory test was met and ordered that the applicant is not a reporting issuer.

The Filer applied on behalf of two investment funds for exemptive relief from the requirement under s. 5.1(1)(c) of NI 81-102 to obtain prior securityholder approval before changing their fundamental investment objectives.

The changes were necessitated by amendments to the Income Tax Act (Canada) that eliminated the favourable tax treatment of character conversion transactions, rendering the funds' forward agreements ineffective for providing tax-advantaged distributions.

The principal regulator granted the requested relief, provided the Filer sends written notice to securityholders at least 30 days before the effective date of the changes.

The applicant sought exemptive relief from the prospectus and dealer registration requirements of Ontario securities legislation in connection with a global employee share offering.

The offering involved the issuance of units in a French collective shareholding vehicle to Canadian employees.

The Ontario Securities Commission granted the requested relief, subject to conditions regarding the first trade of the securities.

The Filer applied on behalf of the Fund for exemptive relief from several provisions of National Instrument 81-102.

The requested relief included exemptions from the underlying funds requirements, the counterparty designated rating requirement, the custodian requirement for cleared swaps, and the dealer audited financial statements requirement.

The Ontario Securities Commission granted the requested relief, subject to specific conditions designed to mitigate risk and ensure compliance with equivalent regulatory standards.

Sprott Asset Management LP, on behalf of Sprott Gold Bullion Class and Sprott Silver Bullion Class, applied for exemptive relief under Part 6 of National Instrument 81-101.

The applicant sought relief from Item 4 of Form 81-101F3 to vary the prescribed disclosure under the heading 'How risky is it?' and the sub-heading 'Risk rating' in the fund facts document.

The Ontario Securities Commission granted the requested exemption, to be evidenced by the issuance of a receipt for the funds' prospectus.

The applicant, an investment fund manager, applied for exemptive relief on behalf of several proposed exchange-traded funds.

The requested relief included exemptions from the underwriter's certificate requirement, the take-over bid requirements, and the prospectus form requirement.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including the filing and delivery of a Summary Document or ETF Facts document to purchasers.

The applicant applied for an exemption from subparagraph 2.6(a)(i) of National Instrument 81-102 to permit a mutual fund to borrow cash up to 10% of its net asset value as a temporary measure to accommodate redemption requests.

The principal regulator granted the exemption, subject to conditions including disclosure requirements and restrictions on borrowing in excess of 5% of net asset value.

The exemption expires 18 months after the decision date.

TD Asset Management Inc. applied for exemptive relief on behalf of its mutual funds from various provisions of National Instrument 81-102.

The relief sought to permit the funds to invest in securities of exchange-traded funds that are not index participation units, including U.S. exchange-traded funds and those structured as fund-of-funds.

The Ontario Securities Commission granted the requested relief, subject to several conditions regarding concentration limits, leverage, and disclosure.

The applicant applied to the Ontario Securities Commission for exemptive relief on behalf of a terminating mutual fund.

The applicant sought an exemption from the requirement to obtain unitholder approval prior to merging the terminating fund into a continuing fund, and approval for the merger itself.

The Commission granted the requested relief, noting that the merger would be effected on a tax-deferred basis, eliminate administrative costs, and that unitholders relied entirely on the applicant's discretionary investment management.

The Filer, Tribute Pharmaceuticals Canada Inc., applied for a decision under the securities legislation of multiple jurisdictions that it is not a reporting issuer.

Following an amalgamation and arrangement, the Filer's outstanding securities were either exchanged for securities of the Acquiror or became exercisable for Acquiror shares.

The Filer had no intention to seek public financing and its common shares were delisted.

The Ontario Securities Commission, as principal regulator, granted the requested exemptive relief, allowing the Filer to cease being a reporting issuer.

The applicant applied for exemptive relief under National Instrument 81-102 to permit its mutual funds to enter into cleared swaps and to deposit cash and other portfolio assets as margin directly with a Futures Commission Merchant and indirectly with a Clearing Corporation.

The principal regulator granted the requested relief, subject to certain conditions regarding the regulatory status and financial position of the Futures Commission Merchant and limits on the amount of margin deposited.

The Filer applied to the Ontario Securities Commission for an exemption from the requirement to deliver the most recently filed fund facts document for purchases of mutual fund securities made in connection with Asset Class Changes, Permitted Range Changes, and Rebalancing Trades within a Model Portfolio.

The Commission granted the exemption, subject to conditions including providing investors with a notice explaining that they will not receive the fund facts document for subsequent purchases unless requested, and advising them annually on how to request it.