CIBC has received relief from filing monthly reports of its mutual funds’ trading activity through the bank’s brokerage arms.

CIBC and CIBC Asset Management Inc. applied for relief from the rules that require mutual fund managers to file a report, within 30 days after each month end for of each mutual fund, relating to every purchase or sale effected through any related company where the company receives a fee for the transaction.

The decision from the OSC means the companies don’t have to file these monthly reports of trades through CIBC World Markets Inc., CIBC World Markets Corp., CIBC or any other related company.

According to the decision, CIBC sought the relief because, “It would be costly and time consuming to continue to provide the information required by the legislation on a monthly and segregated basis.”

Instead, CIBC will continue to disclose the amount of brokerage commissions paid by each fund on trades with related companies in the funds’ interim and annual financial statements.

The portfolio advisors or sub-advisors of the funds may allocate brokerage business to CIBC World Markets provided that these transactions are made on terms and conditions comparable to those offered by unrelated brokers and dealers.

CIBC also notes that trades through related companies represent “the business judgment of responsible persons uninfluenced by considerations other than the best interests of the funds. In allocating brokerage, consideration is given to commission rates and to research, execution and other services offered.”