The Securities Commission has granted an exemption to a mutual fund manager, allowing for an extension of the lapse date for the filing of the pro forma prospectus of certain mutual funds it manages. This extension is until May 15, 2022, to accommodate the completion of mergers of these funds.
The decision is based on the Securities Act (Ontario) and National Policy 11-203, which allows for such exemptions under specific circumstances. The mutual funds in question are reporting issuers in Quebec, Ontario, and New Brunswick and are currently distributing securities under a simplified prospectus.
The exemption was sought due to upcoming special meetings where changes in investment objectives will be voted on. Including these potential changes in the new prospectus would be more efficient and cost-effective. The manager has ensured that the current offering documents remain accurate and not prejudicial to the public interest, committing to amend them if any material changes occur.
The decision was made after considering that the exemption meets the legislative requirements and is not contrary to the public interest.