Canadian Medical Discoveries Fund Inc. - MRRS Decision
Headnote
Extention of lapse date
Statutes Cited
Securities Act, R.S.O. 1990, c.S.5, as am, ss. 62(1) and ss. 62(5)
IN THE MATTER OF THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK, NOVA SCOTIA, PRINCE EDWARD ISLAND,NEWFOUNDLAND, NORTHWEST TERRITORIES, YUKON TERRITORY AND NUNAVUT TERRITORY
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR
EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
CANADIAN MEDICAL DISCOVERIES FUND INC.
(the "Fund")
MRRS DECISION DOCUMENTWHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of theprovinces and territories of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, NovaScotia, Prince Edward Island, Yukon Territory, Nunavut Territory and Northwest Territories (the "Jurisdictions") hasreceived an application (the "Application") from the Fund for a decision pursuant to securities legislation of theJurisdictions (the "Legislation") that the time limits pertaining to the distribution of securities under the prospectus of theFund be extended to the time limits that would be applicable if the lapse date was January 9, 2001.
AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System")the Ontario Securities Commission (the "Commission") is the principal regulator for this application;
AND WHEREAS the Fund has represented to the Decision Makers that:
1. The Fund is a labour sponsored investment fund incorporated under the Canada Business Corporations Actand is registered, prescribed or approved, as the case may be, under the Community Small BusinessInvestments Funds Act (Ontario), the Income Tax Act (Canada), the Equity Tax Credit Act (Nova Scotia), theIncome Tax Act (New Brunswick) and the Labour- Sponsored Venture Capital Corporations Act(Saskatchewan).
2. The Fund is a reporting issuer as defined in the Legislation and is not in default of any of the requirements ofthe Legislation.
3. The earliest lapse date for the distribution of qualified securities (the "Securities") of the Fund pursuant to itsprospectus dated December 22, 1999 (the "Prospectus") is December 22, 2000 (the "Lapse Date").
4. On November 22, 2000, the Fund filed a pro forma prospectus (the "Renewal Prospectus"), under SEDARproject number 314232 in each of the Jurisdictions, within the time limits specified by the Legislation.
5. In connection with the filing of the Renewal Prospectus, discussions between staff of the Commission and theFund are currently ongoing with respect to the reporting of performance fees on financial statements and therestatement of audited financial statements. As a result of the ongoing discussions, there is insufficient timeto settle these issues so that the (final) prospectus of the Fund can be filed and receipted with the time limitsimposed by the Legislation based on the Lapse Date.
AND WHEREAS under the System, this MRRS Decision Document evidences the decision of each DecisionMaker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers under the Legislation is satisfied that the test contained in theLegislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
The Decision of the Decision Makers under the Legislation is that that the time periods provided by theLegislation for the filing of the Renewal Prospectus and receipting thereof, in connection with the distribution of theSecurities under the Prospectus, are hereby extended to the time limits that would be applicable if the lapse date fordistribution of the Securities under the Prospectus was January 9, 2001.
January 2nd, 2001.
"Paul A. Dempsey"
Assistant Manager/Senior Legal Counsel
Investment Funds, Capital Markets
(416) 593-8091