Mutual Reliance Review Systemfor Exemptive Relief Applications - Relief granted to a groupof mutual fund trusts from requirement to deliver re-auditedannual financial statements.
Applicable Ontario StatutoryProvisions
Securities Act, R.S.O. 1990,c. S.5, as am. s. 80(b)(iii).
IN THE MATTER OF
THE SECURITIES LEGISLATIONOF
BRITISH COLUMBIA, ALBERTA,SASKATCHEWAN, MANITOBA,
ONTARIO, QUEBEC, NOVA SCOTIA,NEW BRUNSWICK,
NEWFOUNDLAND AND LABRADOR,
NORTHWEST TERRITORIES, NUNAVUTTERRITORY
AND YUKON TERRITORY
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEWSYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
IMPERIAL CANADIAN BOND POOL
IMPERIAL CANADIAN EQUITY POOL
IMPERIAL EMERGING ECONOMIESPOOL
IMPERIAL INTERNATIONAL BONDPOOL
IMPERIAL INTERNATIONAL EQUITYPOOL
IMPERIAL MONEY MARKET POOL
IMPERIAL REGISTERED INTERNATIONALEQUITY INDEX POOL
IMPERIAL REGISTERED U.S. EQUITYINDEX POOL
IMPERIAL SHORT-TERM BOND POOL
IMPERIAL U.S. EQUITY POOL
(collectively, the "Pools")
IN THE MATTER OF
CIBC CANADIAN BOND INDEX FUND
CIBC CANADIAN EMERGING COMPANIESFUND
CIBC CANADIAN REAL ESTATEFUND
CIBC CANADIAN SMALL COMPANIESFUND
CIBC EUROPEAN INDEX FUND
CIBC EUROPEAN INDEX RRSP FUND
CIBC FINANCIAL COMPANIES FUND
CIBC GLOBAL BOND INDEX FUND
CIBC INTERNATIONAL INDEX FUND
CIBC INTERNATIONAL INDEX RRSPFUND
CIBC INTERNATIONAL SMALL COMPANIESFUND
CIBC JAPANESE INDEX RRSP FUND
CIBC LATIN AMERICAN FUND
CIBC MONTHLY INCOME FUND
CIBC NASDAQ INDEX RRSP FUND
CIBC NORTH AMERICAN DEMOGRAPHICSFUND
CANADIAN IMPERIAL EQUITY FUND
(collectively, the "CIBCFunds", together with the Pools, the "Funds")
MRRS DECISION DOCUMENT
WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker")in each of the provinces and territories of Canada, except PrinceEdward Island, (the "Jurisdictions") has receivedan application (the "Application") from Canadian ImperialBank of Commerce ("CIBC"), the manager of the Funds,on behalf of each of the Funds, for a decision (the "Decision")pursuant to the securities legislation of the Jurisdictions(the "Legislation") that each of the Funds be exemptedfrom delivering to security holders annual financial statementsfor the year ended December 31, 2001 to be re-audited by Deloitte& Touche LLP ("Deloitte") at the time such statementsare filed, as would otherwise be required pursuant to applicableLegislation;
AND WHEREAS pursuantto the Mutual Reliance Review System for Exemptive Relief Applications(the "System"), the Ontario Securities Commissionis the principal regulator for this Application;
AND WHEREAS CIBC hasrepresented to the Decision Makers that:
1. CIBC is the manager ofthe Funds. CIBC is a bank listed in Schedule I to the BankAct (Canada). CIBC Trust Corporation, a wholly-owned subsidiaryof CIBC, is the trustee of the Funds.
2. Each of the Funds is anopen-ended mutual fund trust established under the laws ofthe Province of Ontario.
3. Units of the Pools arecurrently qualified for distribution in each of the Jurisdictionspursuant to a simplified prospectus and annual informationform dated July 6, 2001. Units of each of the CIBC Funds arecurrently qualified for distribution in each of the Jurisdictionspursuant to a simplified prospectus and annual informationform dated August 9, 2001.
4. Each of the Funds is areporting issuer in the Jurisdictions and is not in defaultof any requirements of the Legislation or the rules or regulationsmade thereunder. The financial year-end for each of the Fundsis December 31.
5. Arthur Andersen LLP ("Andersen")audited the annual financial statements of the Funds for theyear ended December 31, 2001 (the "Initial Statements")and issued its auditors' report thereon. The Initial Statementswere filed, pursuant to the Legislation, via SEDAR on May17, 2002 and mailed to unitholders of the Funds.
6. On June 3, 2002, Deloitteannounced the completion of "the transaction that willenable over 1,000 Andersen partners and staff to join Deloitte& Touche" and the integration of Andersen peopleand clients into Deloitte (the "Transaction"). Accordingly,the responsibility to audit the Funds has been transitionedto Deloitte.
7. In connection with theTransaction, each of the Funds has requested Deloitte to re-auditthe annual financial statements for the year ended December31, 2001 and to provide its auditors' report thereon (the"Deloitte Statements").
8. The Funds are to file theDeloitte Statements as "Audited Annual Financial Statements- English/French" under the existing SEDAR projects usedby the Funds to file their continuous disclosure documents,including the Initial Statements. Concurrently with the filingof the Deloitte Statements, the Funds propose to file on SEDARa letter indicating that the Initial Statements are supersededby the Deloitte Statements.
AND WHEREAS pursuantto the System this MRRS Decision Document evidences the Decisionof each Decision Maker;
AND WHEREAS each of theDecision Makers is satisfied that the test contained in theLegislation that provides the Decision Maker with the jurisdictionto make the Decision has been met;
THE DECISION of the DecisionMakers pursuant to the Legislation is that each of the Fundsbe exempted from delivering to security holders annual financialstatements for the year ended December 31, 2001 to be re-auditedby Deloitte at the time such statements are filed, providedthat the Deloitte Statements are substantially the same as theInitial Statements in all material respects.
July 23, 2002.
"Mary Theresa McLeod" "HaroldP. Hands"