Canada Life Investment Management Ltd.

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- relief granted under subsection 62(5) of the Securities Act to permit extension of funds' prospectus lapse date by 91 days to allow combination of the funds' prospectus with the prospectus of other funds -- no conditions.

Applicable Legislative Provisions

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

April 14, 2021

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction) AND IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS AND IN THE MATTER OF CANADA LIFE INVESTMENT MANAGEMENT LTD. (the Filer) AND CANADA LIFE NORTH AMERICAN SPECIALTY FUND CANADA LIFE CANADIAN DIVIDEND FUND (LAKETON) CANADA LIFE CANADIAN VALUE FUND (FGP) CANADA LIFE CANADIAN EQUITY FUND (BEUTEL GOODMAN) CANADA LIFE CANADIAN LOW VOLATILITY FUND (LONDON CAPITAL) (collectively, the Funds)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of the simplified prospectus of the Funds dated May 15, 2020 be extended to those time limits that would apply as if the lapse date was August 14, 2021 (the Requested Relief).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

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

(b) The Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, theJurisdictions).

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

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

1. The head office of the Filer is located in London, Ontario. The Filer is a corporation governed under the laws of Canada. The Filer is a wholly-owned subsidiary of The Canada Life Assurance Company.

2. The Filer is registered as a portfolio manager in each province and territory of Canada and as an investment fund manager in each of Ontario, Québec and Newfoundland and Labrador. The Filer is registered as a commodity trading manager in Ontario.

3. Each of the Funds and each of the funds listed in Schedule A (the Other Funds) is a reporting issuer in the Jurisdictions.

4. Neither the Filer, nor any of the Funds or the Other Funds, are in default of securities legislation in any of the Jurisdictions.

5. The Filer is the manager and trustee of the Funds. The Filer is also the manager and trustee of the Other Funds listed in Schedule A.

6. Each Fund currently distributes its securities in the Jurisdictions pursuant to a simplified prospectus dated May 15, 2020, as amended by amendment no. 1 dated August 14, 2020 and amendment no. 2 dated January 4, 2021, and an annual information form dated May 15, 2020, as amended by amendment no. 1 dated August 14, 2020 and amendment no. 2 dated January 4, 2021 (collectively, theCurrent Prospectus). Each of the Other Funds currently distributes its securities in the Jurisdictions pursuant to the simplified prospectuses and annual information forms set forth in Schedule A.

7. The lapse date of the Current Prospectus under the Legislation is May 15, 2021 (the Current Lapse Date). Accordingly, under the Legislation, the distribution of securities of the Funds would have to cease on the Current Lapse Date unless: (i) the Funds file a pro forma simplified prospectus at least 30 days prior to the Current Lapse Date; (ii) the final simplified prospectus is filed no later than 10 days after the Current Lapse Date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after the Current Lapse Date.

8. The respective lapse dates of the current prospectuses of the Other Funds under the Legislation are August 14, 2021 and October 21, 2021.

9. The Filer wishes to combine the simplified prospectuses of the Other Funds with the Current Prospectus of the Funds in order to reduce renewal, printing and related costs of the Funds and the Other Funds. Offering the Funds and the Other Funds under one prospectus would facilitate the distribution of the Funds in the Jurisdictions under the same simplified prospectus and enable the Filer to streamline disclosure across the Filer's fund platform. As the Funds and the Other Funds are managed by the Filer, offering them under the same simplified prospectus would allow investors to more easily compare the features of the Funds.

10. In connection with the integration of the Other Funds, the simplified prospectus, annual information form and several fund facts documents require review and updating. Given the time required to perform these tasks accurately, the Filer would not have sufficient time to finalize and file the pro forma simplified prospectus and annual information form combining the Funds and the Other Funds as well as prepare and update the fund facts documents by at least 30 days prior to the Current Lapse Date.

11. It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the renewal simplified prospectuses, annual information forms and fund facts documents, as applicable (the Prospectus Documents) of the Other Funds, and unreasonable to incur the costs and expenses associated therewith, so that the Prospectus Documents of the Other Funds can be filed earlier with the Prospectus Documents of the Funds.

12. The Filer may make minor changes to the features of the Other Funds as part of the process of renewing the Other Funds' Prospectus Documents in August 2021. The ability to file the Prospectus Documents of the Funds with those of the Other Funds will ensure that the Filer can make the operational and administrative features of the Funds and the Other Funds consistent with each other, if necessary.

13. There have been no material changes in the affairs of the Funds and the Other Funds since the date of the Current Prospectus and the date of the current prospectuses of the Other Funds, as amended, as applicable. Accordingly, the Current Prospectus, the current prospectuses of the Other Funds and the fund facts documents represent the current information of the Funds and Other Funds, as applicable.

14. Given the disclosure obligation of the Funds and the Other Funds, should any material changes occur, the Current Prospectus of the Funds and the current prospectuses of the Other Funds will be amended as required under the Legislation.

15. New investors of the Funds or of the Other Funds will receive delivery of the most recently filed fund facts document of the Funds or of the Other Funds, as applicable. The Current Prospectus of the Funds and the current prospectuses of the Other Funds will still be available upon request.

16. The Requested Relief will not affect the accuracy of the information contained in the Current Prospectus of the Funds and the current prospectus of the Other Funds and therefore will not be prejudicial to the public interest.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Requested Relief is granted.

SCHEDULE A

THE OTHER FUNDS

OTHER FUNDS WITH AUGUST 14, 2021 LAPSE DATE:

AMENDED AND RESTATED SIMPLIFIED PROSPECTUS DATED JANUARY 4, 2021, AMENDING AND RESTATING THE SIMPLIFIED PROSPECTUS DATED AUGUST 14, 2020, AS AMENDED BY AMENDMENT NO. 1 DATED SEPTEMBER 25, 2020

OTHER FUNDS WITH OCTOBER 21, 2021 LAPSE DATE:

SIMPLIFIED PROSPECTUS DATED October 21, 2020, AS AMENDED BY AMENDMENT NO. 1 DATED JANUARY 4 2021