The Securities Commission has granted mutual funds that are not reporting issuers a 90-day extension for filing annual financial statements and a 60-day extension for interim financial statement filings and deliveries. This decision is based on the funds’ investment strategy, which involves a majority of their assets being invested in Underlying Funds with later financial reporting deadlines. The extensions are conditional upon the funds meeting certain investment and disclosure requirements, including notifying securityholders of the reliance on the granted relief and providing an offering memorandum that outlines the extended deadlines.
The key regulations involved are sections 2.2, 2.4, 5.1(2)(a), and 5.1(2)(b) of National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106), which set the standard filing and delivery deadlines for financial statements. The exemptions are granted under section 17.1 of NI 81-106, provided the funds continue to meet the specified conditions. The decision will be revisited if there are any relevant amendments to NI 81-106 or other rules affecting mutual funds’ filing and delivery requirements.