The Ontario Securities Commission (OSC) granted Equate Asset Management Inc. and its Equate Asset Management Total Return Fund (the Fund) an extension for filing and delivering annual and interim financial statements. The Fund, which is not a reporting issuer, primarily invests in other funds (Underlying Funds) with later financial reporting deadlines. The relief allows the Fund to file and deliver annual financial statements within 120 days of its financial year-end and interim financial statements within 90 days of its interim period-end. This decision is based on the impracticality of obtaining timely audited financial statements from the Underlying Funds, which are necessary for the Fund’s own financial reporting. The conditions for this relief include updating the Fund’s offering memorandum to disclose the extended deadlines and notifying investors of the reliance on this relief. The decision is underpinned by National Instrument 81-106 Investment Fund Continuous Disclosure and National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.
