Mackenzie Financial Corporation and Mackenzie GPS Allocation Fund - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- Exemptive relief granted to a mutual fund allowing a 30-day extension of the prospectus lapse date -- Extension of lapse date granted to facilitate consolidation of mutual fund's prospectus with prospectus of other mutual funds under common management -- Securities Act (Ontario)

Applicable Ontario Statutory Provisions

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

October 19, 2007

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUEBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND AND

NEWFOUNDLAND AND LABRADOR

(the "Jurisdictions")

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

MACKENZIE FINANCIAL CORPORATION

(the "Filer")

AND

MACKENZIE GPS ALLOCATION FUND

(the "Fund")

MRRS DECISION DOCUMENT

Background

The local securities regulatory authority or regulator (the "Decision Maker") in each of the Jurisdictions has received an application from the Filer on behalf of the Fund for a decision under the securities legislation of the Jurisdictions (the "Legislation") that the time limits for the renewal of the simplified prospectus of the Fund dated October 26, 2006 (the "Prospectus") be extended to those time limits that would be applicable if the lapse date of the Prospectus was November 25, 2007 (the "Requested Relief").

Under the Mutual Reliance Review System for Exemptive Relief Applications

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) this MRRS decision document evidences the decision of each Decision Maker.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representations

This decision is based on the following facts represented by the Filer:

(a) The Filer is the manager of the Fund.

(b) The Fund is a "money market fund" as defined in National Instrument 81-102 Mutual Funds.

(c) The Fund is currently qualified for distribution in all of the provinces and territories of Canada under the Prospectus which lapses on October 26, 2007.

(d) The Fund is a reporting issuer under the Legislation. The Fund is not in default of any of the requirements of the Legislation.

(e) The Filer is also the manager of the Mackenzie Capital Class Funds (the "Other Funds") offered under a prospectus whose lapse date is November 6, 2007.

(f) In order to reduce the cost of renewing the Prospectus for the Fund and reduce on-going printing and related costs, the Filer wishes to combine the Prospectus for the Fund with the prospectus of the Other Funds.

(g) If the Requested Relief was not granted it would be necessary to renew the Prospectus twice within a short period of time in order to consolidate the Prospectus with the prospectus of the Other Funds.

(h) Since October 26, 2006, the date of the Prospectus, apart from amendments that have been made to the Prospectus, no undisclosed material change has occurred. Accordingly, the Prospectus, as amended, provides accurate information regarding the Fund. The extension requested will not affect the currency or accuracy of the information contained in the Prospectus, as amended, and accordingly, will not be prejudicial to the public interest.

Decision

Each of the Decision Makers is satisfied that the test contained in the Legislation 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 the Requested Relief is granted.