The Ontario Securities Commission granted Sprott Asset Management LP and Sprott Physical Copper Trust an exemption from certain custodian requirements under National Instrument 81-102 Investment Funds. This exemption allows specialized warehouse providers in various countries to act as custodians for the Trust’s copper holdings, provided the copper is stored in LME or CME approved warehouses and fully insured. The decision is based on the Trust’s strategy to invest primarily in physical copper and the specialized nature of copper storage. The relief is subject to conditions ensuring proper storage, insurance, and reconciliation of assets. The relevant laws include sections 6.1(1), 6.2, 6.3, and 19.1 of NI 81-102.
