The Securities Commission granted an exemption to a group of mutual funds, allowing them to extend the lapse date for their prospectus. This decision was made under the Securities Act and National Policy 11-203, which governs exemptive relief applications in multiple jurisdictions.
The mutual funds in question, known as the iProfile Portfolios, are managed by I.G. Investment Management, Ltd. The company is registered as an investment fund manager and advisor across Canada and is not in default of any securities legislation.
The current prospectus for the iProfile Portfolios was dated May 29, 2020, with a lapse date of May 29, 2021. To continue the distribution of securities without interruption, a new prospectus must be filed and receipted within specific time frames relative to the lapse date.
The iProfile Portfolios are closely related to the iProfile Private Portfolios, which have a prospectus lapse date of June 28, 2021. Aligning the lapse dates for both sets of portfolios would streamline operational decisions, updates, and disclosures, leading to more consistent administration.
The Filer argued that extending the lapse date to June 28, 2021, for the iProfile Portfolios would not compromise the accuracy or reliability of the prospectus information and would serve the public interest.
The principal regulator agreed with this assessment and granted the exemption, allowing the iProfile Portfolios to file their prospectus in alignment with the iProfile Private Portfolios, thereby extending the lapse date to June 28, 2021.