The Ontario Securities Commission granted a 90-day extension to SEI Investments Canada Company (the Filer) for the filing and delivery of annual financial statements for mutual funds (Top Funds) that are not reporting issuers. The Top Funds, which invest primarily in underlying funds (Underlying Funds) with various international financial reporting deadlines, faced challenges in meeting the standard 90-day deadline set by National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106).
The exemption was granted under the condition that at least 25% of the Top Funds’ assets at the financial year-end of June 30 are invested in Underlying Funds with the same fiscal year-end and are required by their jurisdiction’s laws to deliver financial statements within 120 days post their fiscal year-ends. Additionally, the Top Funds must inform investors of the extended 180-day deadline for the delivery of audited financial statements, subject to regulatory approval, and notify them of the reliance on the granted relief.
The relief is contingent upon the Filer’s compliance with specific conditions, including organizational and operational registrations in Canada, and is subject to termination within one year of any amendment to NI 81-106 or related rules affecting the filing and delivery requirements for mutual funds.