Ontario Securities Act
Part XXI Insider Trading and Self-Dealing
Section 111

Loans of investment funds

(1) No investment fund shall knowingly make an investment by way of loan to,

(a) any officer or director of the investment fund, its management company or distribution company or an associate of any of them;

(b) any individual, where the individual or an associate of the individual is a substantial security holder of the investment fund, its management company or distribution company.

Investments of investment funds, etc.

(2) No investment fund shall knowingly make an investment,

(a) in any person or company who is a substantial security holder of the investment fund, its management company or its distribution company;

(b) in any person or company in which the investment fund, alone or together with one or more related investment funds, is a substantial security holder; or

(c) in an issuer in which any of the following has a significant interest:

(i) any officer or director of the investment fund, its management company or distribution company or an associate of any of them; or

(ii) any person or company who is a substantial security holder of the investment fund, its management company or its distribution company. Divesting of prohibited loans and investments

(3) No mutual fund in Ontario or its management company or its distribution company shall knowingly hold an investment made after September 15, 1979 and before the day this section comes into force if the investment is an investment described in this section.

Same

(4) No investment fund or its management company or its distribution company shall knowingly hold an investment made on or after the day this section comes into force if the investment is an investment described in this section.

Interpretation

(5) In this section, “investment fund” means a mutual fund in Ontario or a non-redeemable investment fund that is a reporting issuer.