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 26, 2005
IN THE MATTER OF
THE SECURITIES LEGISLATION
OF BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA, ONTARIO,
QUEBEC, NEW BRUNSWICK, NOVA SCOTIA, PRINCE EDWARD ISLAND,
NEWFOUNDLAND AND LABRADOR, YUKON AND NUNAVUT
IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEFAPPLICATIONS
IN THE MATTER OF
ASSANTE ASSET MANAGEMENT LTD.
ARTISAN RSP GROWTH PORTFOLIO
ARTISAN RSP HIGH GROWTH PORTFOLIO
ARTISAN RSP MAXIMUM GROWTH PORTFOLIO
(the RSP Funds)
MRRS DECISION DOCUMENT
The local securities regulatory authority or regulator (the Decision Maker) in each of theJurisdictions 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 units of the RSP Funds under the simplified prospectus and annual information form dated July 26, 2004 of the RSP Funds, as amended from time to time, (collectively, the RSP Funds Prospectus), be extended to permit the continued distribution of units of the RSP Funds until September 9, 2005 (the Requested Relief).
Under the Mutual Reliance Review System for Exemptive Relief Applications
(a) The Manitoba Securities Commission is the principal regulator for this application, and
(b) this MRRS decision document evidences the decision of each Decision Maker.
Defined terms contained in National Instrument 14-101 Definitions have the same meaning in this decision unless they are defined in this decision.
This decision is based on the following facts represented by the Filer:
1. Each RSP Fund currently distributes its units in each province and territory of Canadapursuant to the RSP Funds Prospectus. The RSP Funds Prospectus was previously filed with the CSA as SEDAR project no 650920.
2. Each RSP 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 RSP Funds Prospectus under the Legislation is July 26, 2005.
4. On June 29, 2005, the foreign property rules contained in the Income Tax Act (Canada) were repealed with the result that the RSP Funds have become redundant and the Filer has decided to merge and terminate each RSP Fund on or before September 9, 2005.
5. There have been no material changes in the affairs of any RSP Fund since the filing of the RSP Funds Prospectus, other than those for which amendments have been filed. Accordingly, the RSP Funds Prospectus represents current information regarding each RSP Fund.
6. The requested lapse date extension will not affect the accuracy of the information in the RSP Funds Prospectus and therefore will not be prejudicial to the public interest.
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.