The Securities Commission has granted an extension to the lapse date of a mutual fund prospectus under subsection 62(5) of the Securities Act. This decision allows I.G. Investment Management, Ltd. (IGIM), the manager of the funds in question, to align the renewal of their prospectus with that of other funds under their management, thereby streamlining processes and reducing costs.
Key Facts:
– IGIM is the trustee and manager of the funds, all of which are reporting issuers and not in default of securities legislation.
– The current prospectus lapse date is April 1, 2023, requiring renewal actions to be taken shortly before and after this date.
– IGIM manages other funds with a prospectus lapse date of June 28, 2023, and wishes to consolidate the prospectuses to improve efficiency and facilitate investor comparison.
Reasoning:
– Consolidating the prospectuses will reduce renewal, printing, and related costs.
– No material changes have occurred in the funds’ affairs since the last prospectus, ensuring current information is represented.
– The exemption will not affect the accuracy of the information and is not prejudicial to the public interest.
Outcome:
– The Securities Commission has granted the exemption sought, extending the lapse date of the funds’ prospectus to June 28, 2023, to align with the other funds managed by IGIM.
Relevant Laws/Regulations:
– Securities Act, R.S.O. 1990, c. S.5 as am., s. 62(5)
– National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions
– National Instrument 14-101 Definitions
– Multilateral Instrument 11-102 Passport System
– National Instrument 81-101 Mutual Fund Prospectus Disclosure
– National Instrument 81-102 Investment Funds