The Securities Commission has granted an application by BlackRock Asset Management Canada Limited (the Filer) on behalf of certain exchange-traded mutual funds (the ETFs) for an extension of the prospectus lapse date. The extension allows the lapse date of the ETFs’ current prospectus, dated February 2, 2023, to be moved to June 29, 2024, aligning it with the prospectus of other funds under the Filer’s management (the iShares Funds). This decision is made under subsection 62(5) of the Securities Act (Ontario) and is intended to streamline operations, reduce costs, and facilitate easier comparison of fund features for investors.
The Filer is a registered investment fund manager and is not in default of any securities legislation. The ETFs are in continuous distribution and listed on the Toronto Stock Exchange. Without the granted relief, the Filer would have to renew two separate prospectus documents within a short period, incurring unnecessary costs. No material changes have occurred in the ETFs’ affairs since the current prospectus issuance, and the Filer will amend the prospectus and ETF Facts as required by law if any material change occurs.
The principal regulator, the Ontario Securities Commission, has determined that the extension will not affect the accuracy of the information in the current prospectus or ETF Facts and is not prejudicial to the public interest. The decision meets the test set out in the legislation for the regulator to make the decision, and therefore, the requested relief is granted.