The Securities Commission granted a mutual fund, which is not a reporting issuer, a 90-day extension to the standard annual financial statement filing and delivery deadlines as stipulated by National Instrument 81-106 (NI 81-106). The fund invests significantly in SICAV funds managed by an affiliate in Luxembourg, which have a legal requirement to file financial statements within 120 days post-financial year-end, conflicting with the fund’s 90-day deadline.
The fund has a single institutional investor as a securityholder, who has been informed and has no objections to the delay. The cost of expediting the SICAV funds’ financial statements was deemed to outweigh the benefits to the securityholder.
The relief is conditional upon the fund investing at least 25% of its assets in entities with similar reporting deadlines, notification to the securityholder, and disclosure of the extended deadline in the offering memorandum if new investors are solicited.
The decision is based on the provisions of NI 81-106, sections 2.2, 5.1(2)(a), and 17.1, and is subject to specific conditions, including the fund’s investment strategy, asset allocation, and communication with the securityholder. The relief will expire upon any relevant amendment to NI 81-106 or related rules.