The Securities Commission granted the Saskatchewan Pension Plan (SPP) an exemption from the registration and prospectus requirements under the Securities Act (Ontario) and The Securities Act, 1988 (Saskatchewan). The SPP, governed by The Saskatchewan Pension Plan Act and Regulations, is designed to provide low-cost pension plans to individuals without access to employer-sponsored plans. It receives and invests funds on behalf of its members into a balanced fund or a diversified income fund.
The SPP is administered by a Board of Trustees and does not have a conventional sales force, nor does it solicit members or advertise outside Saskatchewan. The exemption was granted with conditions, including that the SPP does not solicit outside Saskatchewan, provides annual financial statements to the Executive Director, and ensures staff who discuss fund specifics have passed certain financial courses. Additionally, the SPP must provide members with specific disclosures, maintain certain documents on its website, and adhere to a policy for members who do not make investment decisions.
The exemption is subject to terms that the SPP must provide an undertaking to the Executive Director, deliver annual reports, not solicit outside Saskatchewan, and ensure staff are adequately trained. The SPP must also include an investment instruction declaration in application forms and provide members with guides, fund facts documents, and a pooled funds table for informed decision-making.
The exemption is based on the SPP’s unique structure, its non-profit status, the absence of commissions, and its focus on serving Saskatchewan residents. The decision ensures that the SPP can continue to operate without the need for dealer registration or prospectus filing, provided it complies with the conditions set forth to protect the interests of its members and the public.