CI Investments Inc. et al. - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Application -- Extension of distribution beyond lapse date for certain funds until the effective date of the mergers of the funds.

Applicable Statutory Provisions

Securities Act, R.S.O 1990, c. S.5, as am., s. 147.

July 25, 2005

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA,

SASKATCHEWAN, MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,

NOVA SCOTIA, PRINCE EDWARD ISLAND, NEWFOUNDLAND AND LABRADOR,

YUKON AND NUNAVUT (the Jurisdictions)

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CI INVESTMENTS INC. (the Filer)

AND

BPI AMERICAN EQUITY RSP FUND

BPI GLOBAL EQUITY RSP FUND

CI AMERICAN MANAGERS® RSP FUND

CI AMERICAN SMALL COMPANIES RSP FUND

CI AMERICAN VALUE RSP FUND

CI EMERGING MARKETS RSP FUND

CI EUROPEAN RSP FUND

CI GLOBAL RSP FUND

CI GLOBAL BIOTECHNOLOGY RSP FUND

CI GLOBAL CONSUMER PRODUCTS RSP FUND

CI GLOBAL ENERGY RSP FUND

CI GLOBAL FINANCIAL SERVICES RSP FUND

CI GLOBAL HEALTH SCIENCES RSP FUND

CI GLOBAL MANAGERS® RSP FUND

CI GLOBAL SMALL COMPANIES RSP FUND

CI GLOBAL SCIENCE & TECHNOLOGY RSP FUND

CI GLOBAL VALUE RSP FUND

CI INTERNATIONAL RSP FUND

CI INTERNATIONAL VALUE RSP FUND

CI JAPANESE RSP FUND

CI PACIFIC RSP FUND

CI VALUE TRUST RSP FUND

HARBOUR FOREIGN EQUITY RSP FUND

SYNERGY AMERICAN RSP FUND (FORMERLY CALLED SYNERGY AMERICAN MOMENTUM RSP FUND)

SYNERGY EXTREME GLOBAL EQUITY RSP FUND

SYNERGY GLOBAL RSP FUND (FORMERLY CALLED SYNERGY GLOBAL MOMENTUM RSP FUND)

SYNERGY GLOBAL STYLE MANAGEMENT RSP FUND

CI GLOBAL BOOMERNOMICS® RSP FUND

CI INTERNATIONAL BALANCED RSP FUND

HARBOUR FOREIGN GROWTH & INCOME RSP FUND

CI GLOBAL BOND RSP FUND

CI GLOBAL CONSERVATIVE RSP PORTFOLIO

CI GLOBAL BALANCED RSP PORTFOLIO

CI GLOBAL GROWTH RSP PORTFOLIO

CI GLOBAL MAXIMUM GROWTH RSP PORTFOLIO

(collectively, the Funds)

MRRS DECISION DOCUMENT

Background

The local securities regulatory authority or regulator (the Decision Maker) in each of the Jurisdictions has received an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) for an exemption that the time limits pertaining to the distribution of securities of the Funds under the simplified prospectus and annual information form dated July 23, 2004 of the Funds, as amended from time to time, (collectively, the CI Prospectus), be extended to permit the continued distribution of securities of the Funds until September 10, 2005 (the Requested Relief).

Under the Mutual Reliance Review System for Exemptive Relief Applications

(a) the Ontario Securities Commission is the principal regulator for this application, and

(b) this MRRS decision document evidences the decision of each Decision Maker.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.

Representations

This decision is based on the following facts represented by the Filer:

1. Each Fund currently distributes its securities in each province and territory of Canada pursuant to the CI Prospectus. The CI Prospectus was previously filed with the CSA as SEDAR project no. 665295.

2. Each Fund is a reporting issuer as defined in the securities legislation of each province and territory of Canada and is not in default of any of the requirements of such legislation.

3. The earliest lapse date of the CI Prospectus under the Legislation is July 23, 2005.

4. The February 23, 2005 federal budget proposed that the foreign property rules contained in the Income Tax Act (Canada) be repealed effective for months ending in 2005 and subsequent years (the Budget Proposals). When the Budget Proposals were enacted as law on June 29, 2005, the Funds became redundant and therefore the Filer intends to terminate each Fund prior to September 10, 2005 (the Terminations).

5. A renewal prospectus was filed by CI for the mutual funds (other than certain mutual funds that will be terminated in connection with mutual fund mergers) distributing securities under the CI Prospectus not the subject matter of the Terminations. A final renewal prospectus for these mutual funds was receipted June 23, 2005.

6. If the Requested Relief in respect of the Funds is not granted, CI will be required to file a renewal prospectus for the Funds, notwithstanding that the Funds will be terminated prior to September 10, 2005. The financial costs and time involved in producing, filing, and printing a prospectus for the Funds would be unduly costly. It may also cause confusion among investors who may assume that the Funds continue to be available for purchase after September 10, 2005.

7. There have been no material changes in the affairs of any Fund since the filing of the CI Prospectus, other than those for which amendments have been filed. Accordingly, the CI Prospectus represents current information regarding each Fund.

8. The requested lapse date extension will not affect the accuracy of the information in the CI Prospectus and therefore will not be prejudicial to the public interest.

Decision

Each of the Decision Makers is 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 under the Legislation is that the Requested Relief is granted.