The Securities Commission granted an exemption to extend the lapse date of four prospectuses related to various funds managed by Fidelity Investments Canada ULC. This extension allows the funds qualified by three of the prospectuses to be incorporated into the fourth prospectus upon its renewal. Additionally, the extension facilitates the implementation of changes to the funds’ pricing program.
The decision was made under subsection 62(5) of the Securities Act (Ontario) and was influenced by the need to reduce costs, streamline disclosure, and address operational complexities associated with the funds’ pricing program. The exemption aligns the renewal deadlines for the prospectuses, enabling a more efficient consolidation process and the removal of tiered series securities from the prospectuses.
The decision is supported by the fact that there have been no material changes in the affairs of the funds since their last filings, except as previously amended. The exemption is not expected to affect the accuracy of the information in the prospectuses or be prejudicial to the public interest.
The relevant legislative provisions include the Securities Act (Ontario), National Instrument 81-102 Investment Funds, and National Instrument 81-101 Mutual Fund Prospectus Disclosure. The Ontario Securities Commission, acting as the principal regulator, approved the exemption sought.