The Ontario Securities Commission granted Fidelity Investments Canada ULC an exemption from the requirement to place the Part B Introduction at the beginning of the Part B section of a simplified prospectus. This decision allows Fidelity to consolidate the Part B Introductions into a single document and combine it with the Part A section, thereby reducing duplication and enhancing convenience for investors.
The exemption was sought under National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101), specifically from section 2.1 and item 2 of Part B of Form 81-101F1. The decision was based on representations from Fidelity, including their compliance with securities legislation, the structure of their funds, and the absence of material changes since their last filing.
The decision was made in the context of recent regulatory amendments aimed at reducing the burden for investment funds, which included the repeal of the Annual Information Form requirement and changes to the Form 81-101F1.
The regulator concluded that the exemption would not be prejudicial to the public interest and would serve to streamline information presentation without affecting the content’s substance. The exemption was granted based on the test set out in the relevant securities legislation.