Securities Law & Instruments

Headnote

Exemption from the fees otherwise due undersection 34 of Schedule I of the Regulation made under the SecuritiesAct on the filing of re-audited annual financial statementsby funds.

Regulations Cited

Regulation made under the Securities Act, R.R.O.1990, as am., Schedule I, s. 34 and ss. 59(2).

IN THE MATTER OF

THE SECURITIES ACT R.S.O 1990,

CHAPTER S.5, AS AMENDED (the"Act")

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

(COLLECTIVELY, THE "POOLS")

AND

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")

 

ORDER

(SUBSECTION 59(2) OF SCHEDULEI

OF THE REGULATION TO THE ACT(THE "REGULATION"))

WHEREAS the Funds applied to the OntarioSecurities Commission (the "Decision Maker") for anorder pursuant to subsection 59(2) of Schedule I of the Regulationexempting the Funds from paying duplicate filing fees in connectionwith the filing of re-audited annual financial statements forthe year ended December 31, 2001, otherwise required by section34 of Schedule I of the Regulation;

WHEREAS the Decision Maker has consideredthe application and the recommendation of the staff of the DecisionMaker;

WHEREAS the Funds have represented tothe Decision Maker that:

1. Canadian Imperial Bank of Commerce ("CIBC")is the manager of the Funds. CIBC is a bank listed in ScheduleI to the Bank Act (Canada). CIBC Trust Corporation,a wholly-owned subsidiary of CIBC, is the trustee of the Funds.

2. Each of the Funds is an open-ended mutualfund trust established under the laws of the Province of Ontario.

3. Each of the Funds is a reporting issuerin each of the provinces and territories of Canada and isnot in default of any requirements of the legislation or therules or regulations made thereunder.

4. The financial year end for each of theFunds is December 31.

5. Arthur Andersen LLP audited the annualfinancial statements of the Funds for the year ended December31, 2001 (the "Initial Statements") and issued itsauditors' report thereon. The Initial Statements were filed,under section 78(1) of the Act, via SEDAR on May 17, 2002.

6. Each Fund requested Deloitte & ToucheLLP to re-audit its annual financial statements for the yearended December 31, 2001 and to provide its auditors' reportthereon (the "Deloitte Statements").

7. The Funds propose to file the DeloitteStatements as "Audited Annual Financial Statements- English/French"under SEDAR project no.448189 for the Pools and SEDAR projectno. 448725 for the CIBC Mutual Funds which are existing SEDARprojects used by the Funds to file their continuous disclosuredocuments, including the Initial Statements.

8. The fees set out in Section 34 of ScheduleI of the Regulation is intended to be an annual fee. As thefees have already been paid in respect of the Initial Statements,it is submitted that it would not be appropriate to requirethe Funds, and ultimately the unitholders of the Funds, topay these fees again.

WHEREAS the Decision Maker is satisfiedthat to do so would not be prejudicial to the public interest;

IT IS HEREBY ORDERED by the DecisionMaker pursuant to subsection 59(2) of Schedule I of the Regulationthat the Funds are exempt from the payment of filing fees pursuantto section 34 of Schedule I of the Regulation with respect tothe filing of the Deloitte Statements.

August 1, 2002.

"Paul A. Dempsey"