The Securities Commission granted exemptive relief from certain self-dealing provisions to facilitate inter-fund trades of debt securities among investment funds and pooled funds managed by the same or affiliated managers. The relief applies to transactions between Canadian investment funds subject to National Instrument 81-102 (NI 81-102), Canadian pooled funds, U.S. mutual funds, and U.S. pooled funds. The decision is subject to conditions, including consistency with investment objectives, approval by the Independent Review Committee (IRC), and compliance with market integrity requirements. Trades involving exchange-traded securities may occur at the last sale price, and certain trades can be executed via a third-party IIROC registered dealer or U.S.-registered broker-dealer under specified conditions. The relief is based on National Instrument 81-102 Investment Funds, National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations, and National Instrument 81-107 Independent Review Committee for Investment Funds. The decision includes a sunset clause, expiring three years after the decision date.
