The Ontario Securities Commission granted a 90-day extension for annual financial statement filings and a 60-day extension for interim financial statement filings to certain mutual funds managed by iCapital Network Canada Ltd. These funds, which are not reporting issuers, primarily invest in underlying funds with later financial reporting deadlines. The relief, subject to conditions, is based on National Instrument 81-106 Investment Fund Continuous Disclosure, which typically requires funds to file and deliver financial statements within specific timeframes after the end of their financial year or interim period.
The decision acknowledges that the funds’ auditors need the underlying funds’ audited financial statements to complete their audits, and these underlying funds often have different financial year-ends and reporting deadlines. The extensions are conditional upon the funds continuing to invest primarily in underlying funds, disclosing the extended deadlines in their offering memorandums, and notifying securityholders of their reliance on the relief. The funds must still file their financial statements within the extended deadlines, and the relief will expire within one year of any regulatory changes that affect the filing and delivery deadlines for mutual funds.