The Securities Commission has granted an exemption to Canada Life Investment Management Ltd. (the Filer) on behalf of certain funds (the Funds) to extend the lapse date of their prospectus by 91 days. This extension aligns the prospectus renewal of the Funds with that of other funds managed by the Filer, facilitating a combined prospectus to reduce costs and streamline investor information.
Key points include:
1. The Filer is a registered portfolio and investment fund manager in Canada.
2. The Funds are reporting issuers in multiple Canadian jurisdictions and are not in default of securities legislation.
3. The Funds’ current prospectus was set to lapse on May 15, 2021, requiring renewal documentation to be filed within specific time frames.
4. The Filer intends to combine the Funds’ prospectus with that of other funds it manages, with varying lapse dates, to improve efficiency and cost-effectiveness.
5. The Filer needs additional time to accurately review, update, and prepare the combined prospectus and related documents.
6. There have been no material changes in the affairs of the Funds since the last prospectus, and any material changes will be amended as required.
7. The extension will not compromise the accuracy of the information in the prospectus or be prejudicial to the public interest.
The decision is based on subsection 62(5) of the Securities Act (Ontario) and is supported by National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions. The outcome allows the Filer to extend the prospectus lapse date to August 14, 2021, without any conditions.