CI Investments Inc. - s. 6.1 of OSC Rule 13-502 Fees

Headnote

Application pursuant to s. 6.1 of OSC Rule 13-502 Fees - exemption from requirement to pay activity fee of $5,500 in connection with an application brought under s.147 of the Act because the application is in substance an application for a lapse date extension under s.62(5) of Act to which an activity fee of only $1,500 should apply.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5 as am., ss. 62(5) and section 147.

Rules Cited

Ontario Securities Commission Rule 13-502 Fees, Appendix C, Items F(1) and F(3).

July 29, 2005

Attention: Katherine Gurney

Dear Sirs/Mesdames:

By letter dated June 28, 2005 (the "Application"), you applied on behalf of CI Investments Inc. ("CI"), the manager and trustee of the RSP Funds and the RSP Portfolios (as defined in the Application) (collectively, the "Funds"), to the Canadian securities regulatory authorities under section 147 of the Securities Act (Ontario) (the "Act") for an extension of the time limits pertaining to the distribution of securities under the simplified prospectus and annual information form of the Funds dated July 23, 2004 (together, the "Fund Prospectus").

By letter dated June 30, 2005, you additionally applied to the Director on behalf of CI for the following:

(i) an exemption, pursuant to subsection 6.1 of Rule 13-502 (the "Fee Exemption"), from the requirement to pay an activity fee of $5,500 in connection with the Application in accordance with item F(1) of Appendix C of Rule 13-502, on the condition that fees be paid on the basis that the Application be treated as an application for other regulatory relief under item F(3) of Appendix C of Rule 13-502; and

(ii) an exemption from the requirement to pay an activity fee of $1,500 in connection with the Fee Exemption application.

From our review of the Application and other information communicated to staff, we understand the relevant facts and representations to be as follows:

1. Each Fund is a reporting issuer in each of the provinces and territories of Canada (the "Jurisdictions") and is not in default of any filing requirements under the securities legislation of any of the Jurisdictions.

2. The units of the Funds (the "Units") are qualified for distribution in each of the Jurisdictions by means of the Fund Prospectus that was prepared and filed in accordance with Canadian securities regulatory requirements.

3. The lapse date of the Fund Prospectus was July 23, 2005, however, the Funds are expected to be terminated on a date to be determined by CI that is no later than September 10, 2005.

4. In the Application, CI requested under section 147 of the Act an extension of the time limits pertaining to the distribution of Units under the Fund Prospectus. Item F(1) of Appendix C of Rule 13-502 specifies that applications under section 147 of the Act pay an activity fee of $5,500.

5. If CI were renewing the Fund Prospectus, rather than terminating the Funds, it could have sought an extension of the lapse date applicable to the Fund Prospectus pursuant to subsection 62(5) of the Act. The activity fee for such an application would be $1,500 in accordance with item F(3) of Appendix C of Rule 13-502.

Decision

This letter confirms that, based on the information provided in the Application, and the facts and representations above, and for the purposes described in the Application, the Director hereby exempts CI and the Funds from:

(a) paying an activity fee of $5,500 in connection with the Application, provided that the Funds pay an activity fee on the basis that the Application be treated as an application for other regulatory relief under item F(3) of Appendix C to Rule 13-502; and

(b) paying an activity fee of $1,500 in connection with the Fee Exemption application under item F(3) of Appendix C to Rule 13-502.

Yours truly,