The Securities Commission has granted an exemption to Fidelity Investments Canada ULC (the Filer) on behalf of Fidelity Inflation-Focused Fund (the Fund) under subsection 62(5) of the Securities Act (Ontario). This exemption extends the lapse date of the Fund’s current prospectus by 60 days, aligning it with the lapse date of the Filer’s primary fund family prospectus, to facilitate consolidation and reduce costs.
The Filer, a registered investment fund manager, sought this exemption to streamline the distribution of the Fund’s securities and simplify investor comparisons by offering the Fund under a single prospectus with other Fidelity Funds. The Fund shares common operational and administrative features with the Fidelity Funds, and no material changes have occurred since the filing of the current prospectus, ensuring its information remains accurate.
The exemption will not prejudice the public interest as the Fund will continue to meet disclosure obligations, including amending the prospectus for any material changes. The decision is based on the test set out in the Legislation, which the principal regulator found to be satisfied. The outcome allows the Filer to prepare a single renewal prospectus for the Fund and the Fidelity Funds, avoiding unnecessary costs and duplication of efforts.