The Securities Commission has granted an extension to the prospectus lapse date for a mutual fund managed by 1832 Asset Management L.P. The fund, known as Dynamic Energy Evolution Fund, was set to have its prospectus lapse on October 15, 2021. However, the Commission has allowed an extension of 32 days, moving the lapse date to November 16, 2021, aligning it with the lapse date of the prospectuses for 120 other mutual funds managed by the same firm.
This decision was made to facilitate the consolidation of the fund’s prospectus with the primary fund family prospectus managed by 1832 Asset Management L.P., which is expected to reduce renewal, printing, and related costs. The Commission deemed that preparing two separate renewal prospectuses would be unreasonable due to the close proximity of their lapse dates.
The Commission’s decision was based on several key points, including that the fund is a reporting issuer in good standing, there have been no material changes in the fund’s affairs since the last prospectus, and any material changes would be disclosed as required by law. The Commission concluded that the extension would not compromise the accuracy of the information in the prospectus or be prejudicial to the public interest.
The decision was made under subsection 62(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended, which allows for such an extension. The Ontario Securities Commission acted as the principal regulator for this application, and the decision was made in accordance with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.