The Securities Commission granted a mutual fund, which is not a reporting issuer, an extension for filing and delivering its annual and interim financial statements. The fund invests significantly in an underlying fund that has a similar extension. The extension aligns the fund’s reporting deadlines with those of the underlying fund. The annual financial statements now have a 90-day extension, and the interim financial statements have a 60-day extension.
The decision is based on National Instrument 81-106 Investment Fund Continuous Disclosure, which sets the standard deadlines for filing and delivering financial statements. The fund’s strategy involves investing in underlying funds with different reporting deadlines, necessitating the extension to avoid material inaccuracies in its financial reports.
The conditions for the exemption include the fund’s investment strategy, the proportion of assets invested in entities with aligned financial year-ends, and disclosure requirements in the fund’s offering memorandum. The exemption will remain effective until any amendments to the relevant securities legislation come into force that affect the reporting deadlines for mutual funds.