The Ontario Securities Commission granted an exemption to extend the distribution period for securities of two investment funds managed by Mackenzie Financial Corporation by 103 days. This decision was made due to an administrative oversight that led to the failure of filing a pro forma prospectus within the required timeline, causing the funds’ prospectus to lapse.
The exemption is contingent upon providing investors who purchased fund securities after the lapse date with a 90-day cancellation right. This right allows affected investors to cancel their purchases and receive a full refund of the purchase price and associated fees. The funds’ manager must inform these investors of their rights within 10 days of the decision.
The decision is based on the understanding that there have been no material changes in the funds’ affairs since the last prospectus and that the current prospectus still provides accurate information. The relief is granted under the condition that it will not be prejudicial to the public interest and is in accordance with the Securities Act (Ontario), specifically section 147.