MRRS Exemptive Relief Application - Extension of lapse date.
Securities Act, R.S.O. 1990, c.S.5, as am., ss.62(5)
National Policy 12-201 entitled: Mutual Reliance Review System for Exemptive ReliefApplications. National Instrument 81-101 entitled: Mutual Fund Prospectus Disclosure.
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
BISSETT AMERICAN EQUITY FUND, BISSETT BOND FUND, BISSETT CANADIAN EQUITY FUND, BISSETT DIVIDEND INCOME FUND, BISSETTINCOME TRUST FUND, BISSETT INTERNATIONAL EQUITY FUND, BISSETTLARGE CAP FUND, BISSETT MICROCAP FUND, BISSETT MONEY MARKET FUND, BISSETT MULTINATIONAL GROWTH FUND,BISSETT RETIREMENT FUND AND BISSETT SMALL CAP FUND
MRRS DECISION DOCUMENT
WHEREAS the Local securities regulatory authority or regulator (the "DecisionMaker") in each of the Provinces of British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, New Brunswick, Nova Scotia, Prince Edward Island, andNewfoundland (the "Jurisdictions") has received an application (the "Application") fromBissett & Associates Investment Management Ltd. (the "Manager"),Bissett AmericanEquity Fund, Bissett Bond Fund, Bissett Canadian Equity Fund, Bissett DividendIncome Fund, Bissett Income Trust Fund, Bissett International Equity Fund, BissettLarge Cap Fund, Bissett Microcap Fund, Bissett Money Market Fund, BissettMultinational Growth Fund, Bissett Retirement Fund and Bissett Small Cap Fund(together, the "Funds") for a decision pursuant to the securities legislation of theJurisdictions (the "Legislation") that the time limits pertaining to the distribution of unitsunder the simplified prospectus (the "Prospectus") of the Funds be extended to thosetime limits that would be applicable if the lapse date of the Prospectus was November17, 2000;
AND WHEREAS pursuant to the Mutual Reliance Review System for ExemptiveRelief Applications (the "System"), the Alberta Securities Commission is the principalregulator for this application;
AND WHEREAS it has been represented by the Manager to the DecisionMakers that:
(a) The Manager is a corporation incorporated under the laws of Alberta. TheManager is the trustee, manager and promoter of the Funds.
(b) The Funds are open-ended mutual fund trusts established by the Manager underthe laws of Alberta.
(c) Each Fund is a reporting issuer or equivalent in the Jurisdictions and is not indefault of any requirements of the Legislation or the rules or regulations madethereunder.
(d) Each of the Funds is qualified for distribution in the Jurisdictions by means of asimplified prospectus and annual information form dated August 19, 1999.
(e) Pursuant to the Legislation, the earliest lapse date (the "Lapse Date") fordistribution of securities of the Funds is August 19, 2000.
(f) Since the date of the Prospectus, no material change has occurred and noamendments to the Prospectus have been made. Accordingly, the Prospectusrepresents up to date information regarding each of the Funds offered. Theextension requested will not affect the currency or accuracy of the informationcontained in the Prospectus of the Funds and accordingly will not be prejudicialto the public interest.
(g) A subsidiary of Templeton Management Limited ("Templeton") has entered intoan agreement to make an offer to acquire all of the issued and outstandingshares of the Manager. It is anticipated that the transaction will close in earlyOctober, 2000. The Manager will require additional time to revise theProspectus to be consistent in presentation with other funds which are currentlymanaged and distributed by Templeton.
(h) The Manager is considering establishing several classes of each Fund, and priorto establishing new classes of each Fund, the Manager may seek an advancetax ruling of the Canada Customs and Revenue Agency. The Manager hasbeen advised that such rulings may take up to 90 days to process.
(i) The Prospectus will have to be substantially amended in order to comply withNational Instrument 81-101. Currently, the Manager is revising the Prospectusto comply with plain language and design guidelines.
(j) The requested extension of the Lapse Date would facilitate the completion of theredrafting process, allow the Manager and the Funds sufficient time to obtain anadvance tax ruling of the CCRA and would ensure that the Manager hassufficient time to revise the Prospectus so that it complies with the requirementsof National Instrument 81-101.
AND WHEREAS pursuant to the System this MRRS Decision Documentevidences the decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers are satisfied that the testcontained in the Legislation that provides the Decision Maker with the jurisdiction tomake the Decision has been met;
THE DECISION of the Decision Makers pursuant to the Legislation is that thetime limits provided by Legislation as they apply to a distribution of securities under aprospectus are hereby extended to the time limits that would be applicable if the LapseDate for the distribution of securities under the Prospectus of the Funds was November17, 2000.
DATED at Calgary, Alberta on August 18th, 2000."Kenneth Parker"
Director, Capital Markets