The Securities Commission has granted an application by Fidelity Investments Canada ULC (the Filer) on behalf of Fidelity Global Equity Class Portfolio (the Fund) to extend the lapse date of the Fund’s current prospectus by six days. This extension aligns the Fund’s prospectus lapse date with that of other funds under the Filer’s management, facilitating their consolidation into a single prospectus.
The Filer is registered as a portfolio manager, mutual fund dealer, investment fund manager, and commodity trading manager in various Canadian jurisdictions. The Fund, a mutual fund corporation, distributes securities under a simplified prospectus due to lapse on April 20, 2023. The extension moves this date to April 26, 2023, matching the lapse date of the Filer’s other funds (FCSC Funds).
The decision is based on the rationale that consolidating the prospectuses will benefit investors by allowing easier comparison and reducing costs associated with prospectus renewal and printing. The Filer argued that renewing the Fund’s prospectus separately from the FCSC Funds would be impractical and costly. No material changes have occurred in the Fund’s affairs since the last prospectus filing, ensuring that the current prospectus still provides accurate information.
The extension is granted under subsection 62(5) of the Ontario Securities Act, which allows for such modifications if they are not prejudicial to the public interest. The decision was made considering that the accuracy of the Fund’s information would not be compromised and that it would not be against the public interest.