The Ontario Securities Commission granted 1832 Asset Management L.P. (the Filer) exemptive relief for the Dynamic Global Growth Opportunities Fund (the Fund) from specific provisions of National Instrument 81-102, 81-101, and 81-106. This relief allows the Fund to include past performance data in its sales communications, fund facts, and management reports of fund performance (MRFPs) for periods when the Fund was offered on a prospectus-exempt basis, despite not having 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 the same.
3. The Fund has complied with NI 81-102, except for a brief period of non-compliance with investment restrictions.
Reasoning:
1. The past performance data is significant and meaningful for investors.
2. Disclosure of this data will include statements clarifying the Fund’s non-reporting issuer status during the relevant period and the potential impact on expenses.
Outcome:
The relief was granted with conditions, including specific disclosures in sales communications, fund facts, and MRFPs, and the availability of financial statements on the Filer’s website.
Relevant Laws:
– National Instrument 81-102 Investment Funds
– National Instrument 81-101 Mutual Fund Prospectus Disclosure
– National Instrument 81-106 Investment Fund Continuous Disclosure
– National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions