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Horizons ETFs Management (Canada) Inc.

2021-12-15 | Decision | Securities Act | Investment funds and structured products | https://www.osc.ca/en/securities-law/orders-rulings-decisions/horizons-etfs-management-canada-inc-9

Securities Act (Ontario), R.S.O. 1990, c. S.5, as am., s. 62(5).


The Ontario Securities Commission granted Horizons ETFs Management (Canada) Inc. (the Filer) an extension on the lapse dates for the prospectuses of certain funds (the Funds) under its management. The Filer sought to align the lapse dates of five separate prospectuses with those of other funds it manages to consolidate them into three prospectuses, thereby streamlining disclosure and reducing costs.

The Securities Act (Ontario) typically requires a new prospectus to be filed 30 days before the existing one lapses, with a final prospectus filed no later than 10 days after the lapse date, and a receipt for the final prospectus obtained within 20 days of the lapse date. The Filer requested an exemption from these requirements to extend the lapse dates for the prospectuses of the Psychedelic ETF, Bitcoin ETF, April 2021 ETFs, Green Bond ETF, and June 2021 ETFs to match the lapse dates of other funds it manages.

The Commission determined that granting the exemption would not compromise the accuracy of the information in the prospectuses or be prejudicial to the public interest. As a result, the lapse dates were extended by 91, 71, 33, 25, and 12 days, respectively, with no conditions attached. This decision was made under subsection 62(5) of the Securities Act (Ontario) and was based on the understanding that there had been no material changes in the affairs of the Funds since the dates of their respective prospectuses, other than those for which amendments had been filed. The decision facilitates the Filer’s management of the Funds and allows for more efficient use of resources.