Assante Asset Management Ltd. - s. 6.1 of OSC Rule 13-502

Decision

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), 147.

Rules Cited

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

August 10, 2005

McCarthy Tétrault LLP
Box 48, Suite 4700
Toronto Dominion Bank Tower
Toronto, Ontario
M5K 1E6
 
Attention:
Katarzyna Szybiak

Dear Sirs/Mesdames:

Re:
Assante Asset Management Ltd. - Application under s. 6.1 of OSC Rule 13-502--Fees ("Rule 13-502")
App. No. 508/05

By letter dated July 4, 2005 (the "Application"), you applied on behalf of Assante Asset Management ("Assante"), the manager of the RSP Funds (as defined in the Application) under section 147 of the Securities Act (Ontario) (the "Act") for an extension of the time limits pertaining to the distribution of units under the simplified prospectus and annual information form of the RSP Funds dated July 26, 2004, as amended from time to time, (collectively, the "RSP Funds Prospectus").

By letter dated July 15, 2005 (the "Fee Application"), you additionally applied to the Director on behalf of Assante 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, the Fee Application and other information communicated to staff, we understand the relevant facts and representations to be as follows:

1. Each RSP 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 RSP Funds are qualified for distribution in each of the Jurisdictions by means of the RSP Funds Prospectus that was prepared and filed in accordance with Canadian securities regulatory requirements.

3. The lapse date of the RSP Funds Prospectus is July 26, 2005, however, the RSP Funds are expected to be merged and terminated by September 9, 2005.

4. In the Application, Assante requested under section 147 of the Act an extension of the time limits pertaining to the distribution of the units under the RSP Funds 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 Assante were renewing the RSP Funds Prospectus, rather than merging and terminating the RSP Funds, it could have sought an extension of the lapse date applicable to the RSP Funds 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, the Fee Application and the facts and representations above, and for the purposes described in the Fee Application, the Director hereby exempts Assante and the RSP Funds from:

(a) paying an activity fee of $5,500 in connection with the Application, provided that the RSP 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 Application under item F(3) of Appendix C to Rule 13-502.

Yours truly,
"S. Silima"
Director, Investment Funds Branch