The Securities Commission has granted an exemption to extend the prospectus lapse date for a group of mutual funds managed by Guardian Capital LP. This decision, under subsection 62(5) of the Securities Act, allows the lapse date of the funds’ prospectus, originally set for January 6, 2023, to be extended by 98 days to April 14, 2023. The extension is to accommodate the incorporation of audited annual financial statements into the renewal prospectus documents, avoiding the costs associated with reviewing unaudited interim financial statements.
The funds, established as trusts under Ontario law, are reporting issuers in Canada and managed by the Filer, which is registered as a portfolio manager and exempt market dealer across Canada, among other registrations. The Filer is not in default of any securities legislation.
The fiscal year-end for the funds is December 31, and their annual financial statements are required within 90 days post year-end. The extension will allow the funds’ auditor to complete the audit and for the Filer to prepare and file the final prospectus with the auditor’s consent as required by National Instrument 81-101.
The Commission determined that the exemption would not compromise the accuracy of the funds’ information and is not prejudicial to the public interest. The decision is based on the understanding that there have been no material changes in the funds’ affairs since the date of the Prospectus, and any material changes would result in an amendment to the Prospectus and fund facts documents as required by law. New investors will receive the most recently filed fund facts documents, and the Prospectus will remain available upon request.