The Securities Commission has granted an application by BlackRock Asset Management Canada Limited (the Filer) on behalf of certain exchange-traded mutual funds (the ETFs) for an extension of the prospectus lapse date. The extension is for 92 days, aligning the lapse date of the ETFs’ current prospectus with that of another set of funds managed by the Filer, the iShares Funds, under the iShares Funds Prospectus.
The Filer sought this extension under subsection 62(5) of the Securities Act (Ontario) to consolidate the prospectuses of the ETFs and the iShares Funds, aiming to streamline operations and reduce costs. The ETFs’ prospectus was initially set to lapse on March 26, 2021, but with the granted relief, the new lapse date will be as if it were June 26, 2021.
The Filer argued that without the extension, they would have to renew the prospectuses twice in a short period, which would be costly and not beneficial to investors. They assured that there had been no material changes in the ETFs’ affairs since the current prospectus issuance, and any material changes would result in amendments as required by law.
The Commission concluded that the extension would not compromise the accuracy of the information in the current prospectus or the ETF Facts documents and would not be prejudicial to the public interest. Therefore, the extension was granted without conditions.