The Securities Commission has granted an extension for the lapse date of the prospectus for a group of funds managed by a filer due to an inadvertent delay in filing the required renewal documentation. The filer missed the deadline to file a pro forma prospectus by one day due to a miscalculation. The extension allows the filer to address comments from the regulator, particularly concerning environmental, social, and governance (ESG) considerations, and to prepare and file all necessary documents. The lapse date for the prospectus has been extended by 35 days to July 30, 2022, with no conditions attached.
The decision is based on the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 62(5), which allows for the extension of the lapse date under certain circumstances. The regulator determined that the extension would not compromise the accuracy of the information in the current prospectus or be prejudicial to the public interest. The funds in question are open-ended mutual fund trusts established under Ontario law and are reporting issuers in multiple Canadian jurisdictions.