The Securities Commission has granted exemptive relief to Desjardins Global Asset Management Inc. (DGAM) and Desjardins Investments Inc. (DII) from certain conflict of interest and reporting provisions in the Securities Act (Ontario) to allow investment funds they manage to invest in related non-reporting issuer limited partnerships. The relief is subject to conditions ensuring the investments align with the funds’ objectives, avoid duplicative fees, and are in the best interests of the funds. The decision is based on representations by DGAM and DII regarding their affiliations, registrations, and the structure and objectives of the investment funds and the limited partnerships. The relief is conditional on compliance with specific requirements, including independent valuation of the limited partnerships, disclosure to investors, and oversight by an independent review committee. The relevant legislative provisions include sections 111, 113, and 117 of the Securities Act (Ontario), National Policy 11-203, and National Instruments 81-102, 81-107, 41-101, 81-101, 45-106, and 81-106.
