The Securities Commission has granted an extension to the lapse date for the renewal of the prospectus for a group of mutual funds managed by Pembroke Private Wealth Management Ltd. The extension allows the funds to incorporate a new fund, Pembroke Canadian All Cap Fund, into their existing prospectus. The lapse date for the current prospectus materials was set to be March 25, 2022, but with the exemption, it has been extended to April 25, 2022.
The decision is based on the understanding that the extension will not compromise the accuracy or currency of the information in the prospectus, as there have been no material changes to the funds that have not already been disclosed. The extension is minimal and is not seen as disadvantageous to the funds’ unitholders. The Filer has also committed to amending the prospectus should any material changes occur.
The exemption was granted under the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically section 62(5), and is consistent with the public interest. The decision was made in accordance with National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions and Regulation 11-102 respecting Passport System. The Autorité des marchés financiers is the principal regulator for this application, and the decision also reflects the decision of the securities regulatory authority in Ontario.