The Ontario Securities Commission has granted exemptive relief to allow three bank-owned money managers to invest their mutual funds in a connected issuer, subject to certain conditions.

The three firms — CIBC Asset Management Inc., CIBC Global Asset Management Inc. and RBC Asset Management Inc. — sought relief to enable them to act as advisor to their funds in respect of units of the Teranet Income Fund, during its initial public offering.

Teranet’s offering is being underwritten by an underwriting syndicate that includes RBC Dominion Securities, TD Securities Inc. and CIBC World Markets Inc.

The decision notes that there will be an independent committee to oversee the funds’ investments, comprised of at least three members and every member must be independent. A variety of other conditions also attach to the decision.

http://www.oscbulletin.carswell.com/bb/osc/bb/2923/on2923.htm#2_1_9
OSC allows three bank-owned money managers to invest their mutual funds in a connected issuer

An independent committee will be appointed to oversee the funds’ investments

The Ontario Securities Commission has granted exemptive relief to allow three bank-owned money managers to invest their mutual funds in a connected issuer, subject to certain conditions.

The three firms — CIBC Asset Management Inc., CIBC Global Asset Management Inc. and RBC Asset Management Inc. — sought relief to enable them to act as advisor to their funds in respect of units of the Teranet Income Fund, during its initial public offering.

Teranet’s offering is being underwritten by an underwriting syndicate that includes RBC Dominion Securities, TD Securities Inc. and CIBC World Markets Inc.

The decision notes that there will be an independent committee to oversee the funds’ investments, comprised of at least three members and every member must be independent. A variety of other conditions also attach to the decision.