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Purpose Investments Inc. et al.

2021-06-28 | Decision | Securities Act | Investment funds and structured products | https://www.osc.ca/en/securities-law/orders-rulings-decisions/purpose-investments-inc-et-al-7

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


The Ontario Securities Commission granted mutual fund trusts an extension on the lapse dates for their prospectuses, annual information forms, fund facts, and ETF Facts. This decision allows the funds to consolidate their offering documents when they are renewed. The extensions, 70 and 72 days respectively, are based on the rationale that the current prospectuses still provide accurate and current information about the funds. The extensions will not compromise the information’s currency or accuracy.

The relief was granted under subsection 62(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended. The decision was made to facilitate the distribution of the funds under a single prospectus, streamline disclosure, and include additional new funds. The funds involved are managed by Purpose Investments Inc. and include the MLD Core Fund, Purpose Floating Rate Income Fund, and Purpose Gold Bullion Fund. The decision was made considering that there have been no material changes in the affairs of the funds since the dates of their current prospectuses, and any material changes will be disclosed as required by law. The extensions will align the lapse dates of the funds with the lapse date of another fund, the PK Core Fund, whose prospectus is dated September 25, 2020. The decision is not expected to be prejudicial to the public interest.