(1) An application for an approval required under section 5.5 must contain,
(a) if the application is required by paragraph 5.5(1)(a) or (a.1),
(i) details of the proposed transaction,
(ii) details of the proposed new manager or the person or company proposing to acquire control of the manager,
(iii) as applicable, the names, residence addresses and birthdates of
(A) all proposed new partners, directors or officers of the manager,
(B) all partners, directors or officers of the person or company proposing to acquire control of the manager,
(C) any proposed new individual trustee of the investment fund, and
(D) any new directors or officers of the investment fund,
(iv) all information necessary to permit the securities regulatory authority or regulator to conduct security checks on the individuals referred to in subparagraph (iii),
(v) sufficient information to establish the integrity and experience of the persons or companies referred to in subparagraphs (ii) and (iii), and
(vi) details of how the proposed transaction will affect the management and administration of the investment fund;
(b) if the application is required by paragraph 5.5(1)(b),
(i) details of the proposed transaction,
(ii) details of the total annual returns of the investment fund and, if the other issuer is an investment fund, the other issuer for each of the previous five years,
(iii) a description of the differences between, as applicable, the fundamental investment objectives, investment strategies, valuation procedures and fee structure of the investment fund and the other issuer and any other material differences between the investment fund and the other issuer, and
(iv) a description of those elements of the proposed transaction that make section 5.6 inapplicable;
(c) if the application is required by paragraph 5.5(1)(c), sufficient information to establish that the proposed custodial arrangements will be in compliance with Part 6;
(d) if the application relates to a matter that would constitute a material change for the investment fund, a draft amendment to the prospectus and, if applicable, to the fund facts document of the investment fund reflecting the change; and
(e) if the matter is one that requires the approval of securityholders, confirmation that the approval has been obtained or will be obtained before the change is implemented.
(2) An investment fund that applies for an approval under paragraph 5.5(1)(d) must
(a) make that application to the securities regulatory authority or regulator in the jurisdiction in which the head office or registered office of the investment fund is situated; and
(b) concurrently file a copy of the application so made with the securities regulatory authority or the regulator in the local jurisdiction if the head office or registered office of the investment fund is not situated in the local jurisdiction.
(3) An investment fund that has complied with subsection (2) in the local jurisdiction may suspend the right of securityholders to request that the investment fund redeem their securities if
(a) the securities regulatory authority or regulator in the jurisdiction in which the head office or registered office of the investment fund is situated has granted approval to the application made under paragraph (2)(a); and
(b) the securities regulatory authority or regulator in the local jurisdiction has not notified the investment fund, by the close of business on the business day immediately following the day on which the copy of the application referred to in paragraph (2)(b) was received, either that
(i) the securities regulatory authority or regulator has refused to grant approval to the application, or
(ii) this subsection may not be relied upon by the investment fund in the local jurisdiction.