Mutual Reliance Review System for Exemptive Relief Applications -- Lapse date extension exemption from the requirements of section 62(2).
Securities Act, R.S.O., 1990 c. S.5, as amended, sections 62(2), 62(5) and 147.
IN THE MATTER OF
THE SECURITIES LEGISLATION OF
QUEBEC, BRITISH COLUMBIA, ALBERTA AND
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS
IN THE MATTER OF
ARGENTUM GROUP OF FUNDS
MRRS DECISION DOCUMENT
WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of the Provinces of Quebec, British Columbia, Alberta, Ontario, (the "Jurisdictions") has received an application (the "Application") from @rgentum Management and Research Corporation. (the "Manager"), Argentum group of funds (the "Funds") for a decision pursuant to 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 securities of the Funds (the "Prospectus") be extended to those time limits that would be applicable if the lapse date of the Prospectus was March 8, 2004;
AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the Agence National d'Encadrement du Secteur Financier (l'Autorité des Marchés Financiers) is the principal regulator for this application;
AND WHEREAS it has been represented by the Manager to the Decision Makers that:
(a) The Manager is the trustee and manager of the Funds.
(b) The Funds are open-ended mutual fund trusts established under the laws of Ontario. Securities of the Funds are currently offered under a simplified prospectus dated February 18, 2003 ( the Prospectus ).
(c) The Funds are reporting issuer under the Legislation and are not in default of any requirements of the Legislation or the regulations made thereunder.
(d) Pursuant to the Legislation or the regulations made thereunder, the lapse date (the "Lapse Date") for distribution of securities of the Funds is February 19, 2004 ( February 18, 2004 for British Columbia, Alberta, Ontario provinces ).
(e) Since February 18, 2003, the date of the Prospectus, no material change has occurred and no amendments have been made to the Prospectus. Accordingly, the Prospectus represents up to date information regarding the Funds offered therein. The extension requested will not affect the currency of the information contained in the Prospectus of the Funds.
(f) In order to allow the filing of Funds' disclosure document in accordance with applicable section of the Legislation, the Manager has requested an extension of the Lapse Date to March 8, 2004.
AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers are satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
THE DECISION of the Decision Makers pursuant to the Legislation is that the time limits provided by Legislation as they apply to a distribution of securities under a prospectus are hereby extended to the time limits that would be applicable if the Lapse Date for the distribution of securities under the Prospectus of the Funds was March 8, 2004 and that the offering of securities of the Funds may continue provided a pro forma simplified prospectus and annual information form are filed 30 days prior to March 8, 2004, a final simplified prospectus and annual information form are filed no later than 10 days after March 8, 2004 and receipts for the simplified prospectus and annual information form are obtained no later than 20 days after March 8, 2004.
February 27, 2004.