Securities Law & Instruments

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- Extension of lapse date for mutual fund prospectus to allow new management additional time to review business and affairs of the Funds further to a change of control and reorganization of the Manager of the Funds.

Statutes Cited

Securities Act, R.S.O. 1990 c. S.5, as amended, ss. 62(1), 62(2) and 62(5).

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA,

ONTARIO, QUEBEC, NEW BRUSNWICK, PRINCE EDWARD ISLAND,

NOVA SCOTIA, AND NEWFOUNDLAND AND LABRADOR

(collectively, the "Jurisdictions")

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

(the "System")

AND

IN THE MATTER OF

ASSANTE ASSET MANAGEMENT LTD.

AND

OPTIMA STRATEGY CASH MANAGEMENT POOL,

OPTIMA STRATEGY SHORT TERM INCOME POOL,

OPTIMA STRATEGY CANADIAN FIXED INCOME POOL,

OPTIMA STRATEGY GLOBAL FIXED INCOME POOL,

OPTIMA STRATEGY RSP GLOBAL FIXED INCOME POOL,

OPTIMA STRATEGY CANADIAN EQUITY SMALL CAP POOL,

OPTIMA STRATEGY CANADIAN EQUITY VALUE POOL,

OPTIMA STRATEGY CANADIAN EQUITY GROWTH POOL,

OPTIMA STRATEGY CANADIAN EQUITY DIVERSIFIED POOL,

OPTIMA STRATEGY US EQUITY VALUE POOL,

OPTIMA STRATEGY US EQUITY GROWTH POOL,

OPTIMA STRATEGY US EQUITY DIVERSIFIED POOL,

OPTIMA STRATEGY RSP US EQUITY DIVERSIFIED POOL,

OPTIMA STRATEGY INTERNATIONAL EQUITY VALUE POOL,

OPTIMA STRATEGY INTERNATIONAL EQUITY GROWTH POOL,

OPTIMA STRATEGY INTERNATIONAL EQUITY DIVERSIFIED POOL,

OPTIMA STRATEGY RSP INTERNATIONAL EQUITY DIVERSIFIED POOL

AND OPTIMA STRATEGY REAL ESTATE INVESTMENT POOL

(collectively, the "Funds")

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatory authority or regulator (the "Decision Maker") in each of the Provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Prince Edward Island, Nova Scotia and Newfoundland and Labrador (the "Jurisdictions") has received an application (the "Application") from Assante Asset Management Ltd. (the "Manager") and the Funds for a decision under the securities legislation of the Jurisdictions (the "Legislation") that the lapse date for the renewal of the simplified prospectus and annual information form of the Funds dated December 4, 2002 (the "Prospectus") be extended to the time periods that would be applicable if the lapse date of the Prospectus was January 16, 2004.

AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the "System") the Manitoba Securities Commission is the principal regulator for this application;

AND WHEREAS, unless otherwise defined, the terms herein have the meaning set out in National Instrument 14-101 Definitions or in Quebec Commission Notice 14-101;

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

1. The Manager is a corporation established under the laws of Manitoba. The Manager is the manager, promoter and a distributor of the Funds.

2. The Funds are mutual fund trusts established under the laws of the Province of Ontario or under the laws of the Province of Manitoba.

3. The Funds are reporting issuers under the Legislation and are not in material default of any of the requirements of the Legislation or the regulations made thereunder.

4. Pursuant to the Legislation or the regulations made thereunder, the earliest lapse date for distribution of securities of the Funds pursuant to the Prospectus is December 4, 2003.

5. Since December 4, 2002, the date of the Prospectus, other than those changes for which amendments have been filed, no material change has occurred. Accordingly, the Prospectus represents accurate information regarding the Funds.

6. The extension requested will not affect the currency or accuracy of the information contained in the Prospectus and accordingly will not be prejudicial to the public interest.

7. As a result of the acquisition on November 14, 2003 by CI Fund Management Inc. of Assante Corporation there has been an indirect change of control of the Manager. Because of the changes in ownership and the reorganization of the Manager, new management requires additional time to do a thorough and complete review of the business and affairs of the Funds.

8. In order to permit the new management sufficient time to complete their review of the Funds an extension of the lapse date is required.

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

AND WHEREAS each of the Decision Makers are of the opinion that it would not be prejudicial to the public interest to make the Decision;

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Makers with the jurisdiction to make the decision has been met;

THE DECISION of the Decision Makers under the Legislation is that the time limits provided by the Legislation as they apply to the distribution of securities under a Prospectus are hereby extended to the time periods that would be applicable if the lapse date for the distribution of securities under the Prospectus of the Funds was January 16, 2004 and receipts for the simplified prospectus and annual information form are obtained no later than 20 days after January 16, 2004.

December 16, 2003.

"R.B. Bouchard"