The Securities Commission has made a decision regarding Leith Wheeler Investment Counsel Ltd. (the Filer), a portfolio manager providing non-discretionary advice to sponsors of capital accumulation plans (CAPs) and non-tax-assisted accumulation plans. The Filer sought to have previous dealer registration and prospectus requirements exemptions revoked and replaced due to an update in their factual circumstances.
The Filer, now wishing to service plans offering their proprietary funds alongside other managers’ funds, required updated exemptions. The Commission granted the exemptions, maintaining the same conditions as the previous decision. These conditions include the Plan Sponsor’s role in selecting funds, providing policy and performance information to Members, and limiting contributions to Non-Tax Assisted CAPs based on tax legislation limits.
The exemptions are based on the Securities Act, R.S.O. 1990, c. S.5, as amended, specifically sections 25(1)(a), 53, 74(1), and 144, and are subject to the conditions that ensure compliance with National Instrument 81-102 Investment Funds and other relevant guidelines.
The decision will terminate upon the implementation of new securities rules providing similar exemptions or 90 days after a notice indicating no intention to make such rules is published by the Decision Maker.