The Securities Commission has granted an exemption to a closed-end investment fund from the prospectus requirement for the resale of units repurchased from security holders or surrendered for redemption. This decision is contingent on the fund’s compliance with certain conditions and securities legislation, including the resale of units through the designated exchange without significantly impacting market prices, and limiting the number of units resold within a calendar year. The exemption is based on the fund’s adherence to the resale provisions applicable to selling security holders and the representations made regarding the resale process. The relevant legislative provisions include the Securities Act and National Instrument 45-102 Resale of Securities. The exemption facilitates the fund’s ability to manage its unit capital without the need for a prospectus for each resale transaction, provided that the fund operates within the established guidelines.
