The Securities Commission has granted an exemption to Addenda Capital Inc. (the Filer) from the requirement to file a final prospectus within 90 days of receiving the receipt for the preliminary prospectus, as stipulated under subsection 2.1(2) of Regulation 81-101 Mutual Fund Prospectus Disclosure. This decision is based on the Filer’s application for relief, which was made in accordance with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.
The Filer, which is responsible for managing the Addenda Income Focus Fund, Addenda Global Balanced Fund, and Addenda Global Diversified Equity Fund (the Funds), is a corporation registered as a portfolio manager, exempt market dealer, investment fund manager, commodity trading manager, and derivatives portfolio manager across various Canadian provinces and territories. The Funds are open-ended mutual fund trusts established under Quebec law.
The Filer had filed a preliminary prospectus on November 23, 2021, and received a receipt on November 30, 2021. According to the standard requirement, a final prospectus should have been filed by February 28, 2022. However, the Filer requested an additional 30 days to finalize and execute agreements with third-party service providers for trusteeship, custodianship, and back-office functions.
The Commission determined that granting the exemption would not be contrary to the public interest as there had been no public solicitation of interest in the Funds and the preliminary prospectus had not been distributed to the public. Consequently, the exemption was granted on the condition that the final prospectus is filed by March 30, 2022. This decision was made under the authority of subsection 6.1(1) of Regulation 81-101 and reflects the consensus of the securities regulatory authorities or regulators in both Quebec and Ontario.