Subsection 62(5)-Extension of lapse date sought to permit lapse date of a prospectusthat was amended by an amended and restated simplified prospectus to coincide withlapse date of prospectus of other funds.
Securities Act, R.S.O. 1990, c.S.5, as amended
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
MERRILL LYNCH GLOBAL SECTORS FUND and MERRILL LYNCH GLOBAL SECTORS RSP FUND
MRRS DECISION DOCUMENT
WHEREAS the Canadian securities regulatory authority or regulator (the"Decision Maker") in each of British Columbia, Alberta, Saskatchewan, Manitoba,Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island andNewfoundland (the "Jurisdictions") has received an application from Atlas AssetManagement Inc. ("Atlas") and Merrill Lynch Global Sectors Fund and Merrill LynchGlobal Sectors RSP Fund (the "Funds") (collectively, the "Filer") for a decision underthe securities legislation of the Jurisdictions (the "Legislation") that the time limitspertaining to the distribution of units under the simplified prospectus and annualinformation form of the Funds be extended to those time limits that would be applicableif the lapse date of the Prospectus was November 18, 2000;
AND WHEREAS under the Mutual Reliance Review System for Exemptive ReliefApplications (the "System"), the Ontario Securities Commission is the PrincipalJurisdiction for this application;
AND WHEREAS the Filer has represented to the Decision Makers that:
1. Atlas is a corporation incorporated under the laws of Canada. Atlas is themanager, trustee and promoter of the Funds. The head office of Atlas is locatedin Ontario.
2. Each of the Funds is an open-end mutual fund trust established under the lawsof Ontario.
3. The Funds are reporting issuers under the Legislation and are not in default ofany requirements of the Legislation.
4. Securities of the Funds are offered for sale on a continuous basis in theJurisdictions by means of a simplified prospectus and annual information formdated September 3, 1999 (the "Prospectus") and for which a receipt was issuedby each Jurisdiction (except Quebec) dated September 3, 1999 and a receiptdated September 8, 2000 was issued by Quebec.
5. Merrill Lynch Investment Managers Canada Corp. is the manager, trustee andpromoter of Merrill Lynch Canadian Core Value Fund, Merrill Lynch CanadianBalanced Fund, Merrill Lynch U.S. Basic Value Fund and Merrill Lynch GlobalGrowth Fund (collectively, the "Other Merrill Lynch Funds"). The Other MerrillLynch Funds are offered in each of the Jurisdictions under a simplifiedprospectus and annual information form dated November 18, 1999 (the "MerrillLynch Funds Prospectus") for which a receipt was issued by the Jurisdictions(except Quebec) on November 22, 1999.
6. The Other Merrill Lynch Funds are reporting issuers under the Legislation andare not in default of any requirements of the Legislation.
7. The Prospectus was amended by an amended and restated simplifiedprospectus and annual information form which was consolidated with the MerrillLynch Funds Prospectus.
8. In accordance with the Legislation, the lapse date for the distribution ofsecurities of the Funds is September 3, 2000 in all the Jurisdictions exceptQuebec. In Quebec, the lapse date is September 8, 2000.
9. Pursuant to the Legislation, the pro forma versions of the renewal simplifiedprospectus and annual information form (the "Final Renewal Documents") mustbe filed with the securities regulatory authority in some of the Jurisdictions byAugust 3, 2000, in the absence of the exemptive relief granted hereby.
10. Given that the offering documents of the Funds and the Other Merrill LynchFunds have already been consolidated by amendment, extending the lapse dateof the Funds to November 18, 2000 (which is the Merrill Lynch FundsProspectus' lapse date) in order that the lapse date of the Funds and the OtherMerrill Lynch Funds coincide would allow the managers of the Funds and theOther Merrill Lynch Funds to continue to offer the securities of both groups offunds under one document without having to file amendments. Permitting thelapse date of the Funds to coincide with the lapse date of the Other Merrill LynchFunds will ensure consistent disclosure among Merrill Lynch funds and willsimplify administrative matters connected with the preparation and filing of therenewal documents.
11. There have been no material changes in the affairs of the Funds since the dateof the Prospectus in respect of which an amendment to the Prospectus has notbeen prepared and filed in accordance with the Legislation;
AND WHEREAS pursuant to the System this MRRS Decision Documentevidences the decision of each Decision Maker (the "Decision");
AND WHEREAS each of the Decision Makers is satisfied that the test containedin the Legislation that provides Decision Makers with the Jurisdiction to make theDecision has been met;
THE DECISION of the Decision Makers pursuant to the Legislation is that thetime limits provided by the Legislation for the filing of the Final Renewal Documents ofthe Funds and the receipting thereof, in connection with the distribution of securities ofthe Funds are hereby extended to the times that would be applicable if the lapse datefor the distribution of securities under the Prospectus was November 18, 2000.
August 3rd, 2000.