CI Investments Inc.

Decision

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Registered investment fund manager that is also a reporting issuer exempted from paragraph 12.14(2)(a) of National Instrument 31-103 Registration Requirements and Exemptions, subject to terms and conditions -- Exemption has the effect of allowing the registrant 45 days, instead of the 30 days specified in subsection 12.14(2), to deliver to the regulator its financial information for the first, second, and third interim periods of each financial year.

Applicable Legislative Provisions

Multilateral Instrument 11-102 Passport System, s. 4.7(1).

National Instrument 51-102 Continuous Disclosure Obligations, ss. 4.3, 4.3(1), 4.4, 13.4.

National Instrument 31-103 Registration Requirements and Exemptions, ss. 12.14(2), 12.14(2)(a).

June 21, 2011

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ONTARIO

(the "Jurisdiction")

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

CI INVESTMENTS INC.

(the "Filer")

DECISION

Background

The principal regulator in the Jurisdiction has received an application (the Application) from the Filer for a decision under the securities legislation of the jurisdiction of the principal regulator (the Legislation) exempting the Filer from the provisions (the Interim Financial Information Delivery Requirement) of paragraph (a) of subsection 12.14(2) of National Instrument 31-103 -- Registration Requirements and Exemptions (NI 31-103), which provides that a registered investment fund manager must deliver to the regulator, no later than the 30th day after the end of the first, second and third interim period of its financial year, its interim financial information for that interim period.

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

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

(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 -- Passport System (MI 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island (the Other Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 -- Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined in this decision.

Representations

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

1. The Filer and its parent, CI Financial Corp. (the Parent), are both corporations established under the laws of Ontario and their head office is located in Ontario.

2. The Filer is registered with the OSC as an investment fund manager. The Filer is also registered with the OSC as an adviser in the category of portfolio manager and as a dealer in the category of exempt market dealer. In each of the Other Jurisdictions, the Filer is registered as an adviser in the category of portfolio manager.

3. The Filer has been a reporting issuer in all provinces of Canada since December 6, 2010, when it filed a short-form base shelf prospectus with the OSC, as well as securities regulators in the Other Jurisdictions, to offer to the public debt securities, which are fully and unconditionally guaranteed by the Parent.

4. In its capacity as investment fund manager, as of December 31, 2010, the Filer managed approximately 189 publicly-distributed mutual funds and 20 closed-end investment funds, as well as approximately 418 segregated funds. The Filer's assets under management as of December 31, 2010 were $71.4 billion.

5. The Parent is also a reporting issuer and its securities are listed on the Toronto Stock Exchange.

6. Neither the Filer nor the Parent is in default of securities legislation in any jurisdiction of Canada.

7. The Parent operates through two major operating subsidiaries (the Subsidiaries), one of which is the Filer. All of the Parent's income is derived from the Subsidiaries, and for the year ended December 31, 2010, more than 95% of the Parent's income was derived from the Filer. As such, the preparation of financial information of the Parent and the Filer is highly intertwined.

8. The Filer is a "credit support issuer" (as such term is defined in section 13.4 of NI 51-102), and as such, it is exempt under National Instrument 51-102 -- Continuous Disclosure Obligations (NI 51-102) from certain of the continuous disclosure requirements applicable to reporting issuers if certain criteria are satisfied, including that the Filer files, or provides notice that it is relying upon, the continuous disclosure documents that are required to be Filed by the Parent under securities law.

9. Under continuous disclosure obligations that are applicable to the Parent as a reporting issuer, the Parent is subject to requirements in section 4.3 of NI 51-102 relating to the filing of interim financial reports.

10. Under section 4.4 of NI 51-102, the interim financial report that the Parent is required to file under subsection 4.3(1) of NI 51-102 must be filed on or before the earlier of:

(a) the 45th day after the end of the interim period, and

(b) the date of filing, in a foreign jurisdiction, an interim financial report for a period ending on the last day of the interim period.

11. As a reporting issuer, the Parent is also subject to additional requirements and follows additional procedures relating to the filing of financial information that it is required to file under section 4.4 of NI 51-102. Registrants that are not reporting issuers are not subject to these additional requirements and procedures which generally increase the time it takes to prepare and approve financial information, and include requirements and procedures in respect of board and audit committee approval, certification, and the preparation of Management Discussion and Analysis and a news release.

12. As a credit support issuer, the Filer is also subject to material change reporting requirements for all material changes in respect of the affairs of the Filer which are not material changes in the affairs of the Parent. Material change reporting requirements are not applicable to registrants that are not reporting issuers.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that, in the case of the first, second and third interim periods of each financial year of the Filer, the Filer is exempt from the Interim Financial Information Delivery Requirement for that interim period, provided that:

1. the Filer and the Parent are then reporting issuers;

2. the Filer continues to be a wholly-owned subsidiary of the Parent;

3. the Filer delivers to the regulator its interim financial information for the period no later than the 45th day after the end of the interim period; and

4. under the continuous disclosure obligations then applicable to the Filer and the Parent as reporting issuers, neither the Filer or the Parent is required to file its interim financial report earlier than the 45th day after the end of the interim period.

"Erez Blumberger"
Deputy Director
Ontario Securities Commission