The Securities Commission granted an exemption to extend the lapse date for the renewal of simplified prospectus, annual information form, and fund facts documents for certain mutual funds managed by National Bank Investment Inc. This extension was to accommodate the timing of proposed fund mergers. The lapse date was extended to June 7, 2021, from the original date of May 14, 2021.
The extension was sought to avoid the need to renew prospectus documents for funds that would be terminating shortly after the original lapse date due to the mergers. The mergers were subject to securityholder approval at a special meeting and regulatory approval, as required by Regulation 81-102.
The Commission determined that the extension would not be disadvantageous to investors and would not affect the accuracy of the information in the current prospectus documents. The decision was made under the authority of section 62(5) of the Securities Act (Ontario) and was consistent with public interest considerations.