Securities Law & Instruments

Headnote

MRRS for Exemptive Relief Applications- Time limits prescribed by the Securities Act (Ontario) forthe filing of the final simplified prospectus extended to thetime periods that would have been applicable if the lapse datefor the distribution of the units of the funds was extendedby twenty-four days. The issuer is to use this extension tohave its financial statements re-audited.

Statutes Cited

Securities Act, R.S.O. 1990,c. S.5, as am., ss. 62(2) and 62(5).

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

BRITISH COLUMBIA, ALBERTA,SASKATCHEWAN, MANITOBA,

ONTARIO, QUEBEC, NOVA SCOTIA,PRINCE EDWARD ISLAND,

NEWFOUNDLAND AND LABRADOR,

NUNAVUT TERRITORY AND YUKONTERRITORY

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

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

(each a "Pool",collectively the "Pools")

 

MRRS DECISION DOCUMENT

WHEREAS the local securitiesregulatory authority or regulator (the "Decision Maker")in each of the provinces and territories of British Columbia,Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia,Prince Edward Island, Newfoundland and Labrador, Nunavut andYukon (the "Jurisdictions") has received an application(the "Application") from Canadian Imperial Bank ofCommerce ("CIBC"), the manager of the Pools, on behalfof each Pool, for a decision (the "Decision") pursuantto the securities legislation of the Jurisdictions (the "Legislation")extending the time periods prescribed by Legislation for thePools to file, and obtain a receipt for, their (final) renewalsimplified prospectus and annual information form in order tocontinue the distribution of their securities for a furthertwelve months;

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 Pools. 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 Pools.

2. Each of the Pools is anopen-ended mutual fund trust established under the laws ofthe Province of Ontario. Each of the Pools is a reportingissuer in the Jurisdictions. The financial year end for eachof the Pools is December 31.

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 (the "Current Prospectus").The MRRS decision document evidencing final receipts of thesecurities regulatory authorities in each of the Jurisdictionsin respect of the Current Prospectus was issued on July 6,2001. The earliest lapse date under the Legislation for distributionof units of the Pools under the Current Prospectus is July6, 2002.

4. On April 22, 2002 a proforma simplified prospectus and annual information formof the Pools was filed under SEDAR project number 439024 ineach of the Jurisdictions for the purpose of qualifying fordistribution units of the Pools.

5. Arthur Andersen LLP ("Andersen")audited the annual financial statements of the Pools 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 Pools.

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 Pools has been transitionedto Deloitte.

7. Each Pool proposes to requestDeloitte to re-audit the annual financial statements of thePool for the year ended December 31, 2001 and to provide itsauditors' report thereon (the "Deloitte Statements").

8. The Pools propose to filethe Deloitte Statements as "Audited Annual FinancialStatements - English/French" under the existing SEDARprojects used by the Pools to file their continuous disclosuredocuments, including the Initial Statements. Concurrentlywith the filing of the Deloitte Statements, the Pools proposeto file on SEDAR a letter indicating that the Initial Statementsare superseded by the Deloitte Statements.

9. Additional time is requiredto re-audit the Pools. The Pools are expected to be readyto file final materials on August 9, 2002.

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 the time periodsprescribed by legislation for the Pools to file, and obtaina receipt for, their (final) renewal simplified prospectus andannual information form in order to continue the distributionof their securities for a further twelve months are extendedto the time periods that would be applicable if the lapse dateof their Current Prospectus were July 30, 2002.

July 15, 2002.

"Merilyn M. Dasil"