Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - Extension of mutual fund lapse date.

Statutes Cited

Securities Act, R.S.O., 1990 c. S.5, as amended,ss. 62(5).

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

QUEBEC, BRITISH COLUMBIA,ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, NEW BRUNSWICK,NOVA SCOTIA,

PRINCE EDWARD ISLAND AND NEWFOUNDLAND

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CARTIER MULTIMANAGEMENT PORTFOLIO

 

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatoryauthority or regulator (the "Decision Maker") in eachof the Provinces of Quebec, British Columbia, Alberta, Saskatchewan,Manitoba, Ontario, New Brunswick, Nova Scotia, Prince EdwardIsland, and Newfoundland (the "Jurisdictions") hasreceived an application (the "Application") from CartierMutual Fund Inc. (the "Manager"), Cartier MultimanagementPortfolio (the "Fund") for a decision pursuant tothe securities legislation of the Jurisdictions (the "Legislation")that the lapse date for the renewal of the simplified prospectusand annual information form of the securities of the Funds (the"Prospectus") be extended to those time limits thatwould be applicable if the lapse date of the Prospectus wasFebruary 25, 2003 and March 17, 2003 in New-Brunswick.(witha receipt required by March 17, 2003);

AND WHEREAS pursuant to the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Commission des valeurs mobilières du Québecis the principal regulator for this application;

AND WHEREAS it has been represented bythe Manager to the Decision Makers that:

(a) The Manager is a corporation incorporatedunder the laws of Canada. The Manager is the trustee andmanager of the Fund.

(b) The Fund is an open-ended mutual fundtrusts established under the laws of Quebec.

(c) The Funds is a reporting issuer underthe Legislation and are not in default of any requirementsof the Legislation or the regulations made thereunder.

(d) Pursuant to the Legislation or the regulationsmade thereunder, the lapse date (the "Lapse Date")for distribution of securities of the Fund is January 24,2003 and a receipt is required by February 13, 2003.

(e) Since January 24, 2002, the date ofthe Prospectus, no material change has occurred and no amendmentshave been made to the Prospectus. Accordingly, the Prospectusrepresents up to date information regarding the Fund offeredtherein. The extension requested will not affect the currencyof the information contained in the Prospectus of the Fund.

(f) In order to allow the consolidationof the Fund's disclosure documents with the disclosure documentsof other funds managed by Cartier including funds in whichthe Fund invests, the Manager has requested an extensionof the Lapse Date to February 25, 2003 and March 17, 2003in New-Brunswick.(with a receipt required by March 17, 2003).

AND WHEREAS pursuant to the System thisMRRS Decision Document evidences the decision of each DecisionMaker (collectively, the "Decision");

AND WHEREAS each of the Decision Makersare satisfied that the test contained in the Legislation thatprovides the Decision Maker with the jurisdiction to make theDecision has been met;

THE DECISION of the Decision Makers pursuantto the Legislation is that the time limits provided by Legislationas they apply to a distribution of securities under a prospectusare hereby extended to the time limits that would be applicableif the Lapse Date for the distribution of securities under theProspectus of the Funds was February 25, 2003 (March 17, 2003in New-Brunswick) and that the offering of securities of theFunds may continue provided a pro forma simplified prospectusand annual information form are filed 30 days prior to February25, 2003, a final simplified prospectus and annual informationform are filed no later than 10 days after February 25, 2003and receipts for the simplified prospectus and annual informationform are obtained no later than 20 days after February 25, 2003.

December 23, 2002.

"Josée Deslauriers"