National Bank Securities Inc. - MRRS Decision

MRRS Decision

Headnote

Extension of lapse date.

Statutes Cited

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

IN THE MATTER OF

THE CANADIAN SECURITIES LEGISLATION

OF QUÉBEC, ONTARIO

AND NEW BRUNSWICK

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM FOR

EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

THE NATIONAL BANK PROTECTED CANADIAN BOND FUND

THE NATIONAL BANK PROTECTED RETIREMENT BALANCED FUND

THE NATIONAL BANK PROTECTED GROWTH BALANCED FUND

THE NATIONAL BANK PROTECTED CANADIAN EQUITY FUND

THE NATIONAL BANK PROTECTED GLOBAL RSP FUND

(the "Funds")

IN THE MATTER OF NATIONAL BANK SECURITIES INC.

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatory authority or regulator (the "Decision

Maker") in Québec, Ontario and New Brunswick (the "Jurisdictions") have received an application from National BankSecurities Inc. ("NBSI"), which act as the manager and principal distributor of the Funds for a decision pursuant to thesecurities legislation of the Jurisdictions (the "Legislation") in order that the distribution of units of the Funds pursuantto the current prospectus offering of the Funds, be extended to the time periods that would be applicable if the lapse datefor distribution of these units pursuant to that current prospectus was January 31, 2001;

AND WHEREAS pursuant to the Mutual Reliance System for Exemptive Relief

Applications (the "System"), the Commission des valeurs mobilières du Québec is the principal regulator for thisapplication;

AND WHEREAS the NBSI has represented to the Decision Makers that:

1. NBSI is the manager and principal distributor of the Funds;

2. Each of the Funds is an unincorporated open-end mutual fund trust created under the laws of Ontario by aseparate declaration of trust;

3. Each Fund is a reporting issuer as defined in the Legislation and is not in default of any of the requirementsof the Jurisdiction;

4. A receipt dated December 17,1999 was issued by the Decision-Makers in Québec and New-Bunswick and areceipt dated December 24, 1999, was issued by the Decision-Maker in Ontario for the (final) simplifiedprospectus (the "Prospectus") and an annual information form, dated December 14, 1999;

5. The lapse dates for the distribution of units of the Funds pursuant to the Prospectus are therefore December17 and 24, 2000 in the respective Jurisdictions; and

6. The Funds filed pro forma simplified prospectus and pro forma annual information form with the Jurisdictionson November 11, 2000.

7. Initial comments on the pro forma simplified prospectus and pro forma annual information form were receivedby the Funds from the Jurisdictions on December 18, 2000;

8. The Funds estimated that the time available for the internal review process to respond to these comments, toobtain clearance and to file the final material before the statutory holidays would not be realistic.

AND WHEREAS pursuant to the System, this MRRS Decision Document

evidences the decision of each Decision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that providesthe Decision Maker with the authority to make the Decision has been met.

THE DECISION of the Decision Makers pursuant to the Legislation is that the

distribution of units of the Funds, pursuant to the Prospectus of the Funds, be extended to the time periods that wouldbe applicable if the lapse date for distribution of these units pursuant to the Prospectus was January 31, 2001.

January 9, 2001.

Josée Deslauriers

Le Chef de service du financement des sociétés