The Securities Commission has granted an application by Guardian Capital LP (the Filer) for two forms of relief concerning the distribution of certain mutual funds (the Funds) under the securities legislation. The decision includes:
1. An extension of the lapse date for the simplified prospectuses, fund facts documents, and annual information forms of the Funds, aligning them with a new lapse date of April 30, 2022 (Lapse Date Extension). This extension is sought to consolidate the prospectuses of the GC One Equity Portfolio and GC One Fixed Income Portfolio (GC One Portfolios) and Guardian Strategic Income Fund (Current Alternative Fund) with another prospectus due for renewal on April 30, 2022, to reduce costs and streamline disclosure.
2. Relief from the requirement in subsection 5.1(4) of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101), which prohibits the consolidation of a simplified prospectus for an alternative mutual fund with that of a non-alternative mutual fund (Simplified Prospectus Consolidation). This relief will allow the Filer to consolidate the simplified prospectuses of alternative mutual funds with those of conventional mutual funds, facilitating distribution and enabling cost reduction.
The decision is based on representations by the Filer that there have been no material changes in the affairs of the Funds since their respective current prospectuses and that the information contained therein remains accurate. The Filer also argued that the consolidation would not prejudice investors and would allow for easier comparison of fund features.
The principal regulator concluded that the decision meets the test set out in the Legislation and granted the Exemption Sought, based on the Securities Act, R.S.O. 1990, c. S.5, as amended, and National Instrument 81-101 Mutual Fund Prospectus Disclosure.