Assante Asset Management Ltd. - MRRS Decision
Headnote
Exemptive Relief Applications -- application for mutual fund prospectus lapse date extension.
Applicable Ontario Provisions
Securities Act, R.S.O. 1990, c. S.5, s. 62(5).
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,
MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,
NOVA SCOTIA, PRINCE EDWARD ISLAND, AND
NEWFOUNDLAND AND LABRADOR
AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
Artisan Canadian T-Bill Portfolio
Artisan Most Conservative Portfolio
Artisan Conservative Portfolio
Artisan Moderate Portfolio
Artisan RSP Moderate Portfolio
Artisan Global Advantage Portfolio
Artisan RSP Global Advantage Portfolio
Artisan Growth Portfolio
Artisan RSP Growth Portfolio
Artisan High Growth Portfolio
Artisan RSP High Growth Portfolio
Artisan Maximum Growth Portfolio
Artisan RSP Maximum Growth Portfolio
and
Artisan New Economy Portfolio
(collectively, the "Assante Artisan Portfolios")
MRRS DECISION DOCUMENT
WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of the provinces and territories of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador (the "Jurisdictions") has received an application (the "Application") from Assante Asset Management Ltd. (the "Manager"), the manager of each Assante Artisan Portfolio, for a decision under the securities legislation of the Jurisdictions (the "Legislation") that the time period prescribed by the Legislation for the renewal of the simplified prospectus and annual information form, each dated June 24, 2003, of the units of the Assante Artisan Portfolios (collectively, and as amended from time to time, the "Prospectus") be extended to those time periods that would be applicable if the lapse date for the distribution of units of the Assante Artisan Portfolios was July 26, 2004;
AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), The Manitoba Securities Commission is the principal regulator for this Application;
AND WHEREAS, unless otherwise defined, the terms herein have the meaning set out in the National Instrument 14-101 Definitions.
AND WHEREAS it has been represented by the Manager to the Decision Makers that:
1. Each Assante Artisan Portfolio is a reporting issuer as defined in the Legislation and is not in default of any of the requirements of the Legislation.
2. A pro forma version of the renewal prospectus for the Assante Artisan Portfolios (the "Renewal Prospectus") was filed on behalf of the Assante Artisan Portfolios in accordance with the time periods relating to the filing of a renewal prospectus in the Legislation.
3. The earliest lapse date (the "Earliest Lapse Date") of the Prospectus under the Legislation is June 24, 2004. Based on the Earliest Lapse Date, final versions of the Renewal Prospectus must be filed by July 4, 2004 in all the Jurisdictions (other than New Brunswick) and an MRRS Decision Document evidencing the issuance of final receipts by the Decision Makers in the Jurisdictions (other than New Brunswick) must be issued by July 14, 2004. In New Brunswick, the final Renewal Prospectus must be filed, and a receipt must be issued for it, by June 26, 2004.
4. On November 14, 2003, CI Fund Management Inc. indirectly acquired control of the Manager.
5. As a result of this acquisition and on or about July 24, 2004, the Manager will implement a series of administrative changes to the Assante Artisan Portfolios. These changes are intended to conform the administration of the Assante Artisan Portfolios to the same systems and policies as are currently in effect with respect to other mutual funds managed by CI Mutual Funds Inc. In addition, subsequent to filing the pro forma version of the Renewal Prospectus, the Manager decided to make additional changes to the Renewal Prospectus.
6. In the absence of the decision herein:
(a) the Assante Artisan Portfolios would be required to file the final version of the Renewal Prospectus in New Brunswick by June 26, 2004; and
(b) based on the Earliest Lapse Date, the Assante Artisan Portfolios would be required to file the final version of the Renewal Prospectus in the other Jurisdictions by July 4, 2004.
7. If the Assante Artisan Portfolios are required to file the final version of the Renewal Prospectus by the dates described in paragraph 6 above, the Renewal Prospectus would need to disclose both: (i) the current administrative procedures of the Assante Artisan Portfolios from the date of the Renewal Prospectus until July 24, 2004, and (b) the new administrative procedures which will apply for the balance of the term of the Renewal Prospectus.
8. There have been no material changes in the affairs of any Assante Artisan Portfolio since the filing of the Prospectus other than those for which amendments have been filed. Accordingly, the Prospectus represents current information regarding each Assante Artisan Portfolio. The requested extension will not affect the accuracy of information in the Prospectus and therefore will not be prejudicial to the public interest.
AND WHEREAS, under the System, this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS 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 time limits provided by the Legislation as they apply to a distribution of securities under a prospectus are hereby extended to the time limits that would be applicable if the lapse date for the distribution of securities under the simplified prospectus and annual information form of the Assante Artisan Portfolios was July 26, 2004 and that the offering of securities of the Assante Artisan Portfolios may continue provided that a (final) simplified prospectus and annual information form for the Assante Artisan Portfolios is filed no later than August 5, 2004 and a receipt is obtained no later than August 15, 2004.
July 2, 2004.
"Bob Bouchard"