Arrow Capital Management Inc. et al.

May 16, 2024 | Decision | 81-101, 41-101, 41-101F4, 81-101F1, 81-101F3, 81-106, 81-106F1, 81-102 | Investment funds and structured products | https://www.osc.ca/en/securities-law/orders-rulings-decisions/arrow-capital-management-inc-et-al-6

NI 81-101 Mutual Fund Prospectus Disclosure, ss. 2.1, 5.1(4). Form 81-101F1 Contents of Simplified Prospectus, Item 10 of Part B. Form 81-101F3 Contents of Fund Facts Document, Items 2, 3, 4 and 5 of Part I, and Item 1.3 of Part II. NI 41-101 General Prospectus Requirements, s. 3B.2. Form 41-101F4 Information Required in an ETF Facts Document, Items 2, 3, 4 and 5 of Part I, and Item 1.3 of Part II. National Instrument 81-106 Investment Fund Continuous Disclosures, s. 4.4. Form 81-106F1 Contents of Annual and Interim Management Report of Fund Performance, Items 3.1(1), 3.1(7), 3.1(7.1), 3.1(8), 4.1(1), 4.1(2), 4.2(1), 4.2(2) and 4.3(1) of Part B, and Items 3(1) and 4 of Part C. National Instrument 81-102 Investment Funds, ss. 3.1, 15.1.1, 15.3(2), 15.6(1)(a)(i), 15.6(1)(b), 15.6(1)(d)(i), 15.8(2)(a), 15.8(3)(a) and 15.9(2), and Items 2 and 4 of Appendix F Investment Risk Classification Methodology.

The Ontario Securities Commission granted Arrow Capital Management Inc. (the Filer) exemptive relief from various requirements under National Instruments 81-101, 41-101, 81-102, and 81-106 for the creation of new mutual funds (Continuing Funds) that will replace existing ones (Terminating Funds) through mergers. The relief allows the Continuing Funds to bypass the seed capital requirement and use the past performance, financial data, and other relevant information of the Terminating Funds in their sales communications and disclosure documents. This ensures continuity and transparency for investors. The decision also permits the consolidation of simplified prospectuses for alternative and conventional mutual funds, reducing administrative burdens. The relief is contingent on specific conditions, including proper disclosure of the mergers and the use of historical data. Relevant legislative provisions include sections from NI 81-101, NI 41-101, NI 81-102, and NI 81-106.

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