Exemptive Relief Application -- Extension of lapse date to allow sufficient time for staff and the applicant to resolve an application.
Securities Act, R.S.O. 1990, c. S.5, as am., ss. 62(2), 62(5).
August 5, 2005
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED (the "Act")
IN THE MATTER OF
BURGUNDY ASSET MANAGEMENT LTD.
BURGUNDY AMERICAN EQUITY FUND
BURGUNDY BALANCED INCOME FUND
BURGUNDY BOND FUND
BURGUNDY CANADIAN EQUITY FUND
BURGUNDY EUROPEAN EQUITY FUND
BURGUNDY EUROPEAN FOUNDATION FUND
BURGUNDY FOCUS CANADIAN EQUITY FUND
BURGUNDY FOCUS EQUITY RSP FUND
BURGUNDY FOCUS JAPANESE EQUITY FUND
BURGUNDY FOUNDATION TRUST FUND
BURGUNDY MONEY MARKET FUND
BURGUNDY PARTNERS' BALANCED RSP FUND
BURGUNDY PARTNERS EQUITY RSP FUND
BURGUNDY PARTNERS' GLOBAL FUND
BURGUNDY U.S. MONEY MARKET FUND
UPON an application (the "Application") from Burgundy Asset Management Ltd. ("Burgundy") and the Funds for an order pursuant to subsection 62(5) of the Act that the time limits pertaining to the distribution of qualified securities ("Securities") under the current prospectus of the Funds be extended to those time limits that would be applicable if the lapse date of the Prospectus was August 15, 2005;
AND UPON considering the application and the recommendations of the staff of the Ontario Securities Commission (the "Commission");
AND UPON Burgundy having represented to the Commission that:
(a) Burgundy is the manager and portfolio adviser of the Funds.
(b) The Funds are open-ended mutual fund trusts established under the laws of Ontario.
(c) The Funds are currently qualified for distribution in Ontario under a simplified prospectus and annual information form dated July 16, 2004 (the "Prospectus").
(d) The Funds are reporting issuers under the Act. None of the Funds is in default of any of the requirements of the Act.
(e) The lapse date for the Funds is July 16, 2005. The Funds filed a preliminary and pro forma simplified prospectus and annual information form dated June 15, 2005 on June 16, 2005, and filed a final simplified prospectus and annual information form dated July 26, 2005 on July 26, 2005.
(f) In connection with staff's review of the Funds' final preliminary and pro forma simplified prospectus and annual information dated July 26, 2005, staff advised counsel for Burgundy that additional disclosure was required in the annual information form. Burgundy intends to apply to the Commission for exemptive relief from certain requirements in Form 81-101F2 of National Instrument 81-101 and both staff and Burgundy have expressed a desire to have more time to resolve the application.
(g) Since July 16, 2004, the date of the Prospectus, no undisclosed material changes have occurred. Accordingly, the Prospectus provides accurate information regarding the Funds.
(h) If the requested relief is not granted the Funds will no longer be qualified to distribute securities in Ontario pursuant to the Prospectus.
AND UPON the undersigned being satisfied that to do so would not be prejudicial to the public interest;
IT IS ORDERED pursuant to subsection 62(5) of the Act that the time limits provided by the Act as they apply to the distribution of Securities pursuant to the 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 August 15, 2005.