The Securities Commission has granted an exemption to Picton Mahoney Asset Management, allowing for an extension of the lapse date for the prospectus of certain funds they manage. This decision is based on the intention to consolidate the prospectus of these funds with others under common management to streamline costs and facilitate investor comparison.
The key points are as follows:
– The funds in question are currently distributed under a prospectus dated January 24, 2022, with a lapse date of January 24, 2023.
– The funds are to be combined with other funds managed by Picton Mahoney Asset Management, which have a prospectus lapse date of April 20, 2023.
– The extension will align the renewal process for all funds involved, reducing costs and simplifying disclosure.
– There have been no material changes in the affairs of the funds since the current prospectus, ensuring the information remains accurate.
– The extension is not expected to be prejudicial to the public interest.
The decision is supported by subsection 62(5) of the Securities Act, which allows for such an extension, and is made under the framework of National Policy 11-203 for Exemptive Relief Applications in Multiple Jurisdictions. The outcome is that the funds’ prospectus renewal deadline is extended to match the April 20, 2023, lapse date of the other funds under common management.