The Securities Commission granted an extension of the lapse dates for the prospectuses of certain mutual funds managed by CI Investments Inc. The extension allows the investment fund manager to align the renewal process across its fund platform, thereby reducing costs associated with renewal, printing, and other related expenses. The funds in question include CI Gold Bullion Fund, CI Galaxy Bitcoin ETF, CI Bitcoin Fund, several Dual Series Mutual Funds, and CI Ethereum Fund.
The decision was made under the authority of section 62(5) of the Securities Act (Ontario) and was supported by the fact that there have been no material changes in the affairs of the funds since the dates of their current prospectuses. Therefore, the information contained in the prospectuses remains accurate and current. The extensions will not compromise the information’s currency or accuracy and are not expected to be prejudicial to the public interest.
The lapse dates for the prospectuses have been extended to April 22, 2022, for CI Gold Bullion Fund, March 31, 2022, for CI Galaxy Bitcoin ETF, June 30, 2022, for the Dual Series Mutual Funds, and July 8, 2022, for CI Bitcoin Fund and CI Ethereum Fund. This will allow the inclusion of the most recent audited financial information in the renewed prospectuses and avoid the unnecessary costs of reviewing interim unaudited financial statements that would only be relevant for a short period.
The decision was made in accordance with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions and relied upon subsection 4.7(1) of Multilateral Instrument 11-102 – Passport System in other Canadian provinces and territories.