Securities Law & Instruments

Headnote

Ontario Securities Commission Rule 13-502 - Fees (Rule 13-502) -- Activity fees relief for a mutual fund organized in Ontario's application to revoke and replace a decision granted to the fund.

Statutes Cited

Rule 13-502, s. 6.1.

May 24, 2007

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ONTARIO

AND

ONTARIO SECURITIES COMMISSION

RULE 13-502 FEES (Rule 13-502)

AND

IN THE MATTER OF

CIBC ASSET MANAGEMENT INC.

(the Applicant)

AND

IN THE MATTER OF

CIBC MARKET NEUTRAL FUND

(the Fund)

 

EXEMPTION

Background

The Ontario Securities Commission (the Director) has received an application (the Application) from the Applicant, on behalf of the Fund, for an exemption pursuant to subsection 6.1 of Rule 13-502 from: (i) the requirement to pay an activity fee of $3,000 in connection with the Fund's application under section 144 of Securities Act (Ontario) to revoke and replace a prior decision granted on February 27, 2007 under section 17.1 of National Instrument 81-106 (the Application) in accordance with item E.1 of Appendix C of Rule 13-502; and (ii) the requirement to pay an activity fee of $1,500 in connection with the making of this Application in accordance with item E.2 of Appendix C of Rule 13-502 (collectively, the Fee Relief).

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 Fund:

1. The Fund is a mutual fund organized in Ontario and is not in default of any filing requirements under the securities legislation of Ontario.

2. The Fund applied for and was granted an exemption dated February 27, 2007 exempting the Fund from the requirement to file its annual audited financial statements for the year ended December 31, 2006 by the filing deadline and from the delivery requirement, provided that the annual audited financial statements for the year ended December 31, 2006 are filed by July 31, 2007.

3. The Application is substantially the same as the first application resulting with the prior exemption granted on February 27, 2007. In the Application, the Fund seeks exemption from the requirement to file its future annual audited financial statements by the filing deadline and from the delivery requirement, provided that the future audited annual financial statements are filed and delivered by June 30 of the year following the financial year for which the audited annual financial statements are prepared.

Decision

The Director is satisfied that the test contained in Rule 13-502 that provides the Director with the jurisdiction to make this decision has been met.

The decision of the Director under Rule 13-502 is that the Fee Relief is granted.

"Leslie Byberg"
Manager, Investment Funds Branch
Ontario Securities Commission