The Securities Commission has granted an extension to the lapse dates for the prospectuses of certain mutual funds and exchange-traded funds (ETFs) managed by Vanguard Investments Canada Inc. The mutual funds’ prospectus, dated May 12, 2020, and the ETFs’ prospectus, dated January 25, 2021, were set to expire on May 12, 2021, and January 25, 2022, respectively. The extensions align the lapse dates to September 25, 2021, for the mutual funds and July 31, 2022, for the ETFs.
The decision was made under the authority of section 62(5) of the Ontario Securities Act, R.S.O. 1990, c. S.5, as amended, and the relevant provisions of National Instrument 81-101 Mutual Fund Prospectus Disclosure and National Instrument 41-101 General Prospectus Requirements. The rationale for the extension includes the timing of the funds’ fiscal year-ends and the subsequent availability of audited financial statements, which would not be ready by the original lapse dates. The extensions will allow the inclusion of the most current audited financial information in the renewed offering documents.
The Commission determined that there have been no material changes in the affairs of the funds since the dates of their current prospectuses, ensuring that the information contained therein remains accurate. The decision is not expected to be prejudicial to the public interest as ongoing disclosure obligations will ensure any material changes are promptly reflected in the prospectuses and fund facts documents.
The decision was made through the Process for Exemptive Relief Applications in Multiple Jurisdictions, with the Ontario Securities Commission acting as the principal regulator and the filer intending to rely on subsection 4.7(1) of Multilateral Instrument 11-102 Passport System in other Canadian jurisdictions.