The Securities Commission has granted an application by I.G. Investment Management, Ltd. (IGIM) for an extension of the prospectus lapse dates for two groups of funds—the Sector Funds and the Twin Trust Funds—by 104 and 123 days respectively. This decision allows the consolidation of their prospectuses with that of other funds under IGIM’s common management, known as the June Funds, which have a lapse date of June 29, 2024.
The extension is based on the rationale that combining the prospectuses will reduce costs, streamline disclosure, and simplify comparison for investors. IGIM argued that renewing the prospectuses separately would be impractical and costly, and that the extensions would not affect the accuracy of the information in the prospectuses or be prejudicial to the public interest.
The decision was made under subsection 62(5) of the Securities Act (Ontario) and is supported by National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions. The Manitoba Securities Commission is the principal regulator, and the decision is recognized by the securities regulatory authority in Ontario and is intended to be relied upon in other Canadian jurisdictions as per Multilateral Instrument 11-102 Passport System.
The key conditions for the extension include that there have been no material changes in the affairs of the funds since the dates of their current prospectuses, and that any material changes will be disclosed as required by legislation. The funds remain in compliance with securities legislation, and the current prospectuses and fund facts represent the current information of the funds. New investors will continue to receive the most recent fund facts documents.
In summary, the Securities Commission’s decision permits IGIM to extend the prospectus lapse dates for the Sector Funds and the Twin Trust Funds, enabling their consolidation with the prospectus of the June Funds, thereby streamlining the management and distribution of these funds.