The Ontario Securities Commission, acting as the principal regulator, has granted BlackRock Asset Management Canada Limited (the Filer) an extension of the lapse date for the prospectus of certain exchange-traded mutual funds (ETFs) it manages. This decision allows the Filer to align the prospectus renewal of these ETFs with that of other funds under its management, specifically the iShares Funds, to streamline operations and reduce costs.
Key points from the decision include:
– The Filer is a registered investment fund manager and is not in default of any securities legislation.
– The ETFs in question are in continuous distribution and listed on Canadian marketplaces.
– The current prospectus lapse date for the ETFs is April 13, 2023.
– The Filer aims to combine the current prospectus of the ETFs with that of the iShares Funds, which has a lapse date of June 29, 2023, to achieve administrative efficiency and cost savings.
– There have been no material changes in the affairs of the ETFs since the current prospectus was issued.
– The extension will not affect the accuracy of the information in the current prospectus or ETF Facts, nor will it be prejudicial to the public interest.
The decision is based on subsection 62(5) of the Securities Act (Ontario) and is supported by the representations made by the Filer. The relief is conditional upon the Filer’s continued compliance with securities legislation and the absence of any material changes that would affect the accuracy of the current prospectus. The outcome is that the ETFs’ prospectus lapse date is extended to June 29, 2023, to coincide with the iShares Funds’ prospectus lapse date.