The Securities Commission has granted an extension to the lapse date for the prospectus of mutual fund trusts managed by a certain investment fund manager. This decision allows the manager to incorporate a new fund into the existing prospectus, which currently qualifies units of the existing funds for distribution. The extension is for 62 days beyond the original lapse date of July 8, 2022, effectively setting a new lapse date of September 8, 2022.
The extension was sought because the manager is considering adding a new fund to the prospectus, and additional time is needed to finalize, combine, and translate the renewal documentation and disclosure for both the existing funds and the new fund. The manager aims to offer the new fund under the same prospectus to streamline disclosure and facilitate investor comparisons.
The commission determined that the extension would not compromise the currency or accuracy of the information in the prospectus, as there have been no material changes in the affairs of the existing funds since the current prospectus was issued. Any material changes would be disclosed as required by law. Investors will continue to receive the most recent ETF Facts documents, and the current prospectus will remain available upon request.
The decision was made under subsection 62(5) of the Securities Act (Ontario), which allows for such an extension. The Ontario Securities Commission acted as the principal regulator for this application, and the decision is applicable across multiple Canadian jurisdictions as outlined in the Multilateral Instrument 11-102 – Passport System.