The Securities Commission has granted a mutual fund managed by CIBC Asset Management Inc. and its affiliates a 90-day extension for filing and delivering annual financial statements and a 60-day extension for interim financial reports. This decision applies to the CIBC Ares Strategic Income Fund and any similar future funds that are not reporting issuers, are organized under Canadian laws, and invest primarily in underlying funds with different financial reporting deadlines.
The extensions are necessary because the funds’ auditors require the audited financial statements from the underlying funds to complete their audits. These underlying funds have various financial year-ends and are subject to different reporting deadlines, which may not align with the standard deadlines set by National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106).
The exemptions from the standard filing and delivery deadlines are contingent upon several conditions, including the funds’ investment strategy, asset allocation, and disclosure practices. The funds must inform prospective investors and securityholders about the extended deadlines and the reliance on regulatory relief.
The decision is based on the belief that the extensions will not prejudice the funds’ securityholders and is in accordance with the applicable legislative provisions, specifically sections 2.2, 2.4, 5.1(2), and 17.1 of NI 81-106, and the Process for Exemptive Relief Applications in Multiple Jurisdictions. The relief is subject to termination within one year of any amendment to NI 81-106 or other rules that affect the filing and delivery deadlines for mutual funds.