The Securities Commission has granted an application by Franklin Templeton Investments Corp. (the Filer) on behalf of various funds (the Funds) for an extension of the lapse dates of their prospectuses. The Filer sought to extend the lapse dates to consolidate the renewal of two separate prospectuses into a single document and establish a more administratively convenient renewal timeline.
The Filer manages both active and passive exchange-traded funds (ETFs) established as trusts under Ontario law. The current prospectuses for these funds were set to lapse on January 13, 2022, for one fund, and April 6, 2022, for the others. The Filer requested that both be extended to May 16, 2022, to align the renewal process and reduce costs associated with separate renewals.
The Filer argued that there had been no material changes in the affairs of the Funds since the dates of the current prospectuses, ensuring that the information contained within them remained accurate. They also noted that the extension would not prejudice investors as the most recent ETF facts documents would still be provided to new investors and the current prospectuses would be available upon request.
The Commission, under subsection 62(5) of the Securities Act (Ontario), granted the exemption as requested, finding that it met the necessary legislative criteria and would not be prejudicial to the public interest. The decision was based on the understanding that should any material changes occur, the Filer would amend the prospectuses as required by law.