Companion Policy to NI 55-104 Insider Reporting Requirements and Exemptions
Part 9 Exemptions
Section 9.5

Exemption for certain investment funds

The exemption in paragraph 9.7(f) of the Instrument is limited to situations where securities of the reporting issuer do not form a material component of the investment fund’s market value. In determining materiality, similar considerations to those involved in the concepts of material fact and material change would apply.