The Ontario Securities Commission granted an exemption to CI Investments Inc. (the Filer) on behalf of CI MSCI World ESG Impact Fund (the Fund) to extend the lapse date of the Fund’s prospectus by 63 days. This decision was made to allow the Fund’s prospectus to be consolidated with the Filer’s primary fund family prospectus, which has a later lapse date. The extension aims to reduce renewal costs and streamline disclosure across the Filer’s fund platform.
Under subsection 62(5) of the Securities Act (Ontario), the Fund’s prospectus lapse date was set for May 27, 2021. The extension changes this date to July 29, 2021, aligning it with the lapse date of the Filer’s other mutual funds’ prospectus. The Filer manages approximately 142 other mutual funds, and the consolidation is intended to facilitate investor information dissemination and operational efficiency.
The decision was based on representations by the Filer that there have been no material changes in the Fund’s affairs since the last prospectus and that the current prospectus still provides accurate information. The Filer also stated that the extension would not prejudice investors as they would continue to receive the most recent fund facts documents and have access to the prospectus upon request.
The principal regulator concluded that the exemption meets the test set out in the Legislation and that granting the Requested Relief would not be prejudicial to the public interest.