Subsection 62(5) - Extension of lapse date sought to permit the completion of the auditof the December 31, 1999 financial statements so that information from such auditedfinancial statements can be included in the renewal prospectus in accordance with therequirements of NI 81-101.
Securities Act, R.S.O. 1990, c.S.5, as am., 62(5).
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
DYNAMIC INFINITY WEALTH MANAGEMENT FUND, DYNAMIC INFINITY INCOME AND GROWTH FUND,DYNAMIC INFINITY CANADIAN FUND, DYNAMIC INFINITY AMERICAN FUND,DYNAMIC INFINITY T-BILL FUND
MRRS DECISION DOCUMENT
WHEREAS the securities regulatory authority or regulator (the "Decision Maker")in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario,Quebec, Nova Scotia, New Brunswick, Prince Edward Island and Newfoundland andLabrador (collectively the "Jurisdictions") has received an application, on behalf ofDynamic Infinity Wealth Management Fund, Dynamic Infinity Income and Growth Fund,Dynamic Infinity Canadian Fund, Dynamic Infinity American Fund and Dynamic Infinity T-Bill Fund (the "Funds"), for a decision under the securities legislation of the Jurisdictions(the "Legislation") that the time periods prescribed by the Legislation for filing the proforma simplified prospectus and pro forma annual information form and of the prospectusand annual information form (collectively, the "Renewal Prospectus") of each Fund beextended to the time periods that would be applicable if the lapse date for the distributionof the units of each Fund were June 30, 2000;
AND WHEREAS under the Mutual Reliance Review System for Exemptive ReliefApplications (the "System"), the Ontario Securities Commission is the principal regulatorfor this application;
AND WHEREAS Dynamic Mutual Funds Ltd. ("Dynamic") and the Funds haverepresented to the Decision Makers as follows:
1. Dynamic is the trustee and manager of each Fund, and its head office is located inOntario.
2. Each Fund is an unincorporated open-end mutual fund trust created under the lawsof the Province of Ontario by a declaration of trust.
3. The units of the Funds are distributed on a continuous basis in each Jurisdictionpursuant to a simplified prospectus and annual information form dated April 19,1999, as amended by amendment no. 1 dated September 7, 1999 and amendmentno. 2 dated January 7, 2000, and as further amended and restated by an amendedsimplified prospectus and annual information form dated January 26, 2000(collectively, the "Prospectus").
4. Each Fund is a reporting issuer under the Legislation and is not on the list ofdefaulting reporting issuers maintained under the Legislation.
5. The lapse date for the distribution of the Funds' units in the Jurisdictions under theProspectus varies from April 19 to April 27, 2000 (the "Lapse Date").
6. Dynamic intends to change the fiscal year-end of the Funds from December 31 toJune 30 of each year, effective June 30, 2000. This proposed change in the Funds'financial year-end does not require unitholder approval. It will be made incompliance with National Policy Statement No. 51 and will be disclosed in theFunds' Renewal Prospectus. The year-end of each Fund for tax purposes will notchange.
7. While each Fund's financial statements as at December 31, 1999 are currentlybeing audited, such audit may not be completed prior to the Lapse Date for thedistribution of its units.
8. Each Fund requires an extension of the Lapse Date until after completion,sometime in May, 2000, of the audit of its financial statements as at December 31,1999, so that information from such audited financial statements can be includedin its Renewal Prospectus in accordance with the requirements of NationalInstrument 81-101.
AND WHEREAS under the System, this Decision Document evidences the decisionof each Decision Maker (the "Decision");
AND WHEREAS each of the Decision Makers is satisfied that the test contained inthe Legislation that provides the Decision Maker with the jurisdiction to make the Decisionhas been met;
THE DECISION of the Decision Makers pursuant to the Legislation is that the timeperiods prescribed by the Legislation for filing the Renewal Prospectus of each Fund beextended to the time periods that would be applicable if the Lapse Date for the distributionof the units of each Fund were June 30, 2000.
April 18th, 2000.