Artisan RSP Portfolio - ss. 62(5), 147

Headnote

Application pursuant to s.6.1 of OSC Rule 13-502 Fees - exemption from requirement to pay activity fee of $5,500 in connection with an application brought under s.147 of the Act because the application is in substance an application for a lapse date extension under s.62(5) of Act to which an activity fee of only $1,500 should apply.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5 as am., ss. 62(5), 147.

Rules Cited

Ontario Securities Commission Rule 13-502 Fees, Appendix C, Items F(1) and F(3).

September 12, 2005

Dear Sirs/Mesdames:

By letter dated August 18, 2005 (the "Application"), you applied on behalf of United Financial Corporation ("United Financial"), the manager and trustee of the Artisan RSP Growth Portfolio, Artisan RSP High Growth Portfolio and Artisan RSP Maximum Growth Portfolio (the "RSP Funds"), to the Canadian securities regulatory authorities under section 147 of the Securities Act (Ontario) (the "Act") and its equivalent provision in the securities legislation in each of the other provinces and territories of Canada for a further extension of the time limits pertaining to the distribution of units under the simplified prospectus and annual information form of the RSP Funds dated July 24, 2004, as amended from time to time, (the "Artisan Prospectus").

By letter dated August 19, 2005 (the "Fee Application"), you additionally applied to the Director on behalf of United Financial for the following:

(i) an exemption, pursuant to subsection 6.1 of Rule 13-502 (the "Fee Exemption"), from the requirement to pay an activity fee of $5,500 in connection with the Application in accordance with item F(1) of Appendix C of Rule 13-502, on the condition that fees be paid on the basis that the Application be treated as an application for other regulatory relief under item F(3) of Appendix C of Rule 13-502; and

(ii) an exemption from the requirement to pay an activity fee of $1,500 in connection with the Fee Exemption application.

From our review of the Application, the Fee Application and other information communicated to staff, we understand the relevant facts and representations to be as follows:

1. Each RSP Fund is a reporting issuer in each of the provinces and territories of Canada (the "Jurisdictions") and is not in default of any filing requirements under the securities legislation of any of the Jurisdictions.

2. The units of the RSP Funds are qualified for distribution in each of the Jurisdictions by means of the Artisan Prospectus that was prepared and filed in accordance with Canadian securities regulatory requirements.

3. In the Application, United Financial requested a further extension of the time limits pertaining to the distribution of the units of the RSP Funds under the Artisan Prospectus. Item F(1) of Appendix C of Rule 13-502 specifies that applications under section 147 of the Act pay an activity fee of $5,500.

4. If United Financial were renewing the Artisan Prospectus rather than merging the RSP Funds, it could have sought an extension of the lapse date applicable to the Artisan Prospectus pursuant to subsection 62(5) of the Act. The activity fee for such an application would be $1,500 in accordance with item F(3) of Appendix C of Rule 13-502.

Decision

This letter confirms that, based on the information provided in the Application, the Fee Application and the facts and representations above, and for the purposes described in the Fee Application, the Director hereby exempts United Financial and the RSP Funds from:

(a) paying an activity fee of $5,500 in connection with the Application, provided that the RSP Funds pay an activity fee on the basis that the Application be treated as an application for other regulatory relief under item F(3) of Appendix C to Rule 13-502; and

(b) paying an activity fee of $1,500 in connection with the Fee Application under item F(3) of Appendix C to Rule 13-502.

Yours truly,