The Securities Commission granted exemptive relief to IG Investment Management Ltd. (IGIM) on behalf of new continuing mutual fund trusts (Continuing Funds) from certain requirements of National Instruments 81-101, 81-102, and 81-106. This relief allows the Continuing Funds to use the historical performance, financial data, and fund expenses of corresponding terminating mutual fund corporation classes (Terminating Funds) in their sales communications, prospectus, fund facts documents, and management reports. Additionally, the Continuing Funds are exempt from the seed capital requirements of NI 81-102.
The decision is based on the fact that the Continuing Funds have substantially similar investment objectives, strategies, and fees as the Terminating Funds, and unitholders of the Terminating Funds will become unitholders of the corresponding Continuing Funds after the merger. The relief is subject to conditions, including disclosure requirements in the Simplified Prospectus and Fund Facts Documents that reference the historical data of the Terminating Funds and the merger details.
The relief is granted under the following provisions:
– NI 81-101 Mutual Fund Prospectus Disclosure, ss. 2.1 and 6.1(1)
– NI 81-102 Investment Funds, ss. 3.1, 15.1.1, 15.3(2), 15.6(1)(a)(i)(A), 15.6(1)(b), 15.6(1)(d)(i), 15.8(2)(a), 15.8(3)(a), and 15.9(2), 19.1(1)
– NI 81-106 Investment Fund Continuous Disclosure, ss. 4.4 and 17.1(1)
– Form 81-101F1 Contents of Simplified Prospectus, Items 10(b) of Part B
– Form 81-101F3 Contents of Fund Facts Document, Items 2, 3, 4, and 5 of Part I and Item 1.3 of Part II
– Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance, Items 3.1(1), 3.1(7), 3.1(7.1), 3.1(8), 4.1(1), 4.1(2), 4.2(1), 4.2(2), 4.3(1)(a), and 4.3(1)(b) of Part B, and Items 3(1) and 4 of Part C
The decision was made on February 14, 2023, with the Manitoba Securities Commission acting as the principal regulator. The decision also applies to other Canadian jurisdictions under the Multilateral Instrument 11-102 Passport System.