The Ontario Securities Commission granted exemptive relief to 1832 Asset Management L.P. for the Dynamic Global Growth Opportunities Fund, allowing the Fund to use past performance data from a period when its securities were distributed on a prospectus-exempt basis. This relief pertains to sections of National Instrument 81-102, 81-101, and 81-106, which typically restrict the inclusion of such data in sales communications, simplified prospectuses, fund facts, and management reports of fund performance (MRFPs) until the fund has distributed securities under a simplified prospectus for 12 consecutive months.
Key Facts:
1. The Fund has been managed similarly before and after becoming a reporting issuer.
2. The Fund’s investment objectives and fee structure remain substantially unchanged.
3. The Fund has complied with NI 81-102 investment restrictions, with minor exceptions.
Reasoning:
1. The past performance data is significant and meaningful for investors.
2. The Fund’s management and fee structure have not materially changed.
3. The Fund’s compliance with NI 81-102 ensures the reliability of the past performance data.
Outcome:
The relief allows the Fund to:
1. Include past performance data in sales communications and fund facts.
2. Use this data to calculate its investment risk level.
3. Include financial highlights and performance data in MRFPs.
Conditions:
1. Disclosures must indicate that the Fund was not a reporting issuer during the period of the past performance data.
2. Management and trading expense ratios must be calculated as if the Fund had filed an annual MRFP.
3. Financial statements since the Series Launch Date must be posted on the Fund’s website and available upon request.
Relevant Laws:
– National Instrument 81-102 Investment Funds
– National Instrument 81-101 Mutual Fund Prospectus Disclosure
– National Instrument 81-106 Investment Fund Continuous Disclosure