The Ontario Securities Commission (OSC) granted Equate Asset Management Inc. and its Equate Asset Management Total Return Fund an extension for filing and delivering their annual and interim financial statements. The Fund, which invests primarily in other investment funds (Underlying Funds) with later financial reporting deadlines, sought relief from the standard deadlines under National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106). The OSC allowed 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 was 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 relief is subject to conditions, including updating the Fund’s offering memorandum to disclose the extended deadlines and notifying investors of the reliance on this exemption. The decision is grounded in sections 2.2, 2.4, 5.1(2), and 17.1 of NI 81-106.
