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. and its funds (the Continuing Funds and Other Alternative Funds) exemptive relief from various requirements under National Instruments 81-101, 41-101, 81-102, and 81-106. This relief allows the Continuing Funds to bypass the seed capital requirement, use the past performance and financial data of their corresponding Terminating Funds in sales communications and regulatory documents, and consolidate the simplified prospectus of alternative mutual funds with conventional mutual funds. The decision facilitates the merger of Terminating Funds into Continuing Funds, ensuring continuity and transparency for investors. The relief is granted under specific conditions, including proper disclosure of the mergers and the use of past performance data. Relevant legislative provisions include NI 81-101, NI 41-101, NI 81-102, and NI 81-106.

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