Securities Law & Instruments

Headnote

Mutual Reliance Review System for ExemptiveRelief Applications - extension of mutual fund lapse date. Extensionof time period to file final materials.

Statutes Cited

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

IN THE MATTER OF

THE SECURITIES LEGISLATIONOF

BRITISH COLUMBIA, ALBERTA,SASKATCHEWAN, MANITOBA,

ONTARIO, QUEBEC, NOVA SCOTIA,PRINCE EDWARD ISLAND,

NEWFOUNDLAND AND LABRADOR,YUKON TERRITORY AND

NUNAVUT

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

BPI American Equity Fund

BPI American Equity RSP Fund

BPI American Equity SectorFund

BPI Global Equity Fund

BPI Global Equity RSP Fund

BPI Global Equity Sector Fund

BPI International Equity Fund

BPI International Equity RSPFund

BPI International Equity SectorFund

CI American ManagersTMSector Fund

CI American ManagersTMRSP Fund

CI American Value Sector Fund

CI American Value RSP Fund

CI Canadian Growth Fund

CI Canadian Sector Fund

CI Emerging Markets Fund

CI Emerging Markets RSP Fund

CI Emerging Markets SectorFund

CI European Fund

CI European RSP Fund

CI European Sector Fund

CI Global Biotechnology SectorFund

CI Global Biotechnology RSPFund

CI Global Business-to-Business(B2B) Sector Fund

CI Global Business-to-Business(B2B) RSP Fund

CI Global Consumer ProductsSector Fund

CI Global Consumer ProductsRSP Fund

CI Global Energy Sector Fund

CI Global Energy RSP Fund

CI Global Financial ServicesSector Fund

CI Global Financial ServicesRSP Fund

CI Global Focus Value SectorFund

CI Global Focus Value RSPFund

CI Global Fund

CI Global Equity RSP Fund

CI Global Sector Fund

CI Global Health SciencesSector Fund

CI Global Health SciencesRSP Fund

CI Global ManagersTMSector Fund

CI Global ManagersTMRSP Fund

CI Global Technology SectorFund

CI Global Technology RSP Fund

CI Global TelecommunicationsRSP Fund

CI Global TelecommunicationsSector Fund

CI Global Value Fund

CI Global Value RSP Fund

CI Global Value Sector Fund

CI International Fund

CI International RSP Fund

CI International Sector Fund

CI International Value Fund

CI International Value RSPFund

CI International Value SectorFund

CI Japanese Sector Fund

CI Japanese RSP Fund

CI Latin American Fund

CI Latin American RSP Fund

CI Latin American Sector Fund

CI Pacific Fund

CI Pacific RSP Fund

CI Pacific Sector Fund

CI Canadian Balanced Fund

CI Canadian Income Fund

CI Global Boomernomics®Sector Fund

CI Global Boomernomics®RSP Fund

CI International BalancedFund

CI International BalancedRSP Fund

CI International BalancedSector Fund

CI Canadian Bond Fund

CI Money Market Fund

CI Short-Term Sector Fund

CI Short-Term US$ Sector Fund

CI US Money Market Fund

CI World Bond Fund

CI Global Bond RSP Fund

Harbour Fund

Harbour Sector Fund

Harbour Foreign Equity SectorFund

Harbour Foreign Equity RSPFund

Harbour Growth & IncomeFund

Landmark American Fund

Landmark American RSP Fund

Landmark American Sector Fund

Landmark Canadian Fund

Landmark Canadian Sector Fund

Landmark Global Sector Fund

Landmark Global RSP Fund

Signature American Small CompaniesFund

Signature American Small CompaniesRSP Fund

Signature American Small CompaniesSector Fund

Signature Canadian Fund

Signature Canadian SectorFund

Signature Canadian ResourceFund

Signature Canadian ResourceSector Fund

Signature Explorer Fund

Signature Explorer SectorFund

Signature Global Small CompaniesFund

Signature Global Small CompaniesRSP Fund

Signature Global Small CompaniesSector Fund

Signature Select CanadianFund

Signature Select CanadianSector Fund

Signature Canadian BalancedFund

Signature Dividend Fund

Signature Dividend IncomeFund

Signature High Income Fund

(collectively, the "CIFunds")

 

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatoryauthority 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, Yukon Territoryand Nunavut (the "Jurisdictions") has receivedan application (the "Application") from CIMutual Funds Inc. ("CI"), manager of the CIFunds for a decision pursuant to securities legislation of theJurisdictions (the "Legislation") that thetime limits pertaining to the distribution of securities underthe simplified prospectuses and annual information form (collectively,the "CI Prospectus") of the CI Funds datedJuly 31, 2001 be extended to the time limits that would be applicableif the lapse dates were August 29, 2002;

AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System")the Ontario Securities Commission is the principal regulatorfor the Application;

AND WHEREAS the Funds have representedto the Decision Makers that:

1. C.I. Fund Management Inc., the parent companyof CI, acquired all of the outstanding shares of SpectrumInvestment Management Limited ("Spectrum")on July 25, 2002 and thereafter CI and Spectrum amalgamated.

2. Each CI Fund is a reporting issuer as definedin the Legislation and is not in default of any of the requirementsof such Legislation.

3. Units or shares of the CI Funds, as applicable,are presently offered for sale on a continuous basis in eachof the Jurisdictions through the CI Prospectus. The earliestlapse date under the Legislation for the distribution of qualifiedsecurities of the CI Funds pursuant to the CI Prospectus isJuly 31, 2002.

4. The CI Funds filed combined preliminaryand pro forma prospectuses dated June 18, 2002 (collectively,the "Renewal Prospectus") under SEDAR projectnumbers 460724 and 460827 in each of the Jurisdictions withinthe time limits specified by the Legislation.

5. There have been no material changes inthe affairs of any CI Fund since the filing of the CI Prospectusother than those for which amendments have been filed. Accordingly,the CI Prospectus and the amendments thereto represent currentinformation regarding each CI Fund. The requested lapse dateextension will not affect the accuracy of information in theCI Prospectus and therefore will not be prejudicial to thepublic interest.

6. In connection with the acquisition of Spectrum,CI is considering revising the Renewal Prospectus to includesome of the Spectrum Mutual Funds. CI requires additionaltime to determine which Spectrum Mutual Funds will be includedin the Renewal Prospectus and to prepare and file a revisedRenewal Prospectus for review by the CSA.

7. CI expects that some or all of the SpectrumMutual Funds that are not included in the Renewal Prospectus,as well as some CI Funds, will be merged with other CI Funds.CI has not yet determined which funds will be the subjectof mergers. Any such mergers would be effected in accordancewith the requirements of National Instrument 81-102 including,without limitations, filing a prospectus amendment in respectof, and obtaining approval from securityholders of, each fundthat may be terminated. CI anticipates that any such fundmergers will be completed by October 15, 2002.

8. If the requested lapse date extension toAugust 29, 2002 in respect of the CI Funds is not granted,the Renewal Prospectus will require substantial amendments,likely within 30 days of obtaining a receipt. The financialcosts and time involved in producing, filing and printingboth the Renewal Prospectus and amended and restated simplifiedprospectuses and an annual information form within a shortperiod of time following the date of the Renewal Prospectuswould be unduly costly.

9. The requested lapse date extension willnot affect the accuracy of information in the CI Prospectusand therefore will not be prejudicial to the public interest.

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Makers(collectively, the "Decision");

AND WHEREAS each Decision Maker is satisfiedthat the test contained in the Legislation that provides theDecision Maker with the jurisdiction to make the Decision hasbeen met;

THE DECISION of the Decision Makers pursuantto the Legislation is that the time periods provided in theLegislation as they apply to a distribution of securities underthe CI Prospectus, are hereby extended to the time limits thatwould be applicable if the lapse date for the distribution ofsecurities under the CI Prospectus was August 29, 2002.

August 13, 2002.

"Paul A. Dempsey"