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Hilary Bassett
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Notice of Reliance on Exemptive Relief and Extension of Lapse Date for Prospectus Renewal Due to COVID-19 Disruptions
Renewing a fund’s prospectus is an annual requirement. As explained in greater detail below, the renewed prospectus for any of the funds listed in Exhibit “A” will be made available in mid-September, with a renewal date of August 28, 2020 (instead of June 30, 2020).
You can access these and other IG Wealth Management fund prospectuses on our website at ig.ca/en/investments/solutions.
The IG Wealth Management Funds listed in the attached Exhibit “A”, relying on Order No. 7515 of the Manitoba Securities Commission dated April 15, 2020 (the “Order”), will delay certain filings and deliveries required by securities regulatory rules for up to an additional 60 days due to the disruptions caused by COVID-19.
Securities rules require an investment fund to file and obtain a receipt for a new prospectus, in accordance with certain timelines, in order to continue distribution of the investment fund’s securities for a further 12 months after the lapse date of the fund’s current prospectus. The original lapse date of the Retail Unit Trust Funds, the iProfile Funds and the Corporate Class Funds listed in Exhibit “A” was June 30, 2020.
The IG Wealth Management Funds will also rely on the Order to delay the filings of annual financial statements and audit’s report, annual management reports on fund performance and certain other filings, as described in more detail below.
All of the funds listed in Exhibit “A” will rely on the Order to delay the filings and deliveries required by the regulatory provisions noted below:
- section 2.2 of National Instrument 81-106 - Investment Fund Continuous Disclosure (“NI 81-106”), which requires that annual financial statements and an auditor’s report be filed on or before the 90th day after the investment fund’s most recently completed financial year;
- section 4.2 of NI 81-106, which requires an investment fund, other than a scholarship plan, to file an annual management report of fund performance for each financial year at the same time that it files its annual financial statements for that financial period;
- section 5.1(2) of NI 81-106, which requires an investment fund to deliver to a securityholder its annual financial statements and the related management report on fund performance concurrently with the filing deadline set out in Part 2 of NI 81-106;
- section 5.4 of NI 81-106, which requires an investment fund to send a copy of the document listed in subsection 5.1(2) of NI 81-106 requested by a securityholder by the later of the filing deadline of the requested document and 10 calendar days after the request;
- section 4.4 of National Instrument 81-107 - Independent Review Committee for Investment Funds, which requires an independent review committee to prepare, for each financial year of an investment fund and no later than the date the investment fund files its annual financial statements, a report to securityholders of the investment fund that describes the independent review committee and its activities for the financial year; and
- section 6.2 of NI 81-107, which requires an investment fund to file, by no later than the time of its annual financial statements, with the securities regulatory authority, the particulars of an investment in securities of a related issuer.