Iris Money Market Fund et al. - MRRS Decision

Headnote

MRRS Exemptive Relief Application - extension of lapse date.

Statutes Cited

Securities (Ontario), R.S.O. 1990 c.S.5. as am, ss. 62(5).

IN THE MATTER OF

THE SECURITIES LEGISLATION OF BRITISH COLUMBIA, ALBERTA,

SASKATCHEWAN, MANITOBA, ONTARIO, QUÉBEC, NEW BRUNSWICK,
NOVA SCOTIA AND NEWFOUNDLAND

AND

IN THE MATTER OF
THE MUTUAL RELIANCE REVIEW SYSTEM
FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF
IRIS MONEY MARKET FUND
IRIS MORTGAGE FUND
IRIS BOND FUND
IRIS NORTH AMERICAN HIGH YIELD BOND FUND
IRIS DIVIDEND FUND
IRIS TACTICAL OPTION BALANCED FUND
IRIS STRATEGIC INCOME OPTION BALANCED FUND
IRIS BALANCED FUND
IRIS STRATEGIC GROWTH OPTION BALANCED FUND
IRIS CANADIAN EQUITY FUND
IRIS U.S. EQUITY FUND
IRIS GLOBAL EQUITY FUND
AND
IRIS SMALL CAP CANADIAN EQUITY FUND
(collectively, the "Funds")

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of theprovinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, New Brunswick, Nova Scotia andNewfoundland (collectively, the "Jurisdictions") has received an application from Laurentian Bank of Canada ( the"Bank"), in its capacity as manager of the Funds, for a decision pursuant to the securities legislation of the Jurisdictions(collectively, the "Legislation") that the time limits prescribed for the distribution of units under the simplified prospectusof the Funds dated July 22, 1999 (the "Prospectus") be extended to those time limits that would be applicable if thelapse date of the Prospectus was September 15, 2000;

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the"System"), the Commission des valeurs mobilières du Québec ("CVMQ") is the principal regulator for this application;

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

1. The Bank is governed by the Bank Act (Canada) and is the manager of the Funds.

2. Each of the Funds is an open-ended mutual fund trust established under the laws of Ontario by a declarationof trust.

3. Each of the Funds is a reporting issuer, or the equivalent thereof, within the meaning of the Legislation, andnone of the Funds is in default of any requirements of the Legislation.

4. The units of the Funds are presently qualified for sale on a continuous basis in each Jurisdiction pursuant tothe Prospectus.

5. Pursuant to the Legislation, the earliest lapse date (the "Lapse Date") for the distribution of units of the Fundsunder the Prospectus is July 22, 2000.

6. A preliminary and pro forma simplified prospectus and annual information form dated June 22, 2000(collectively, the "Pro Forma Prospectus") relating to, on the one hand, the Funds and, on the other hand, theIris Canadian Equity Index Plus Fund and the Iris Nasdaq 100 RSP Index Fund (collectively, the "IndexFunds"), was filed in the Jurisdictions pursuant to National Instrument 43-201, the Mutual Reliance ReviewSystem for Prospectuses and Annual Information Forms, with the CVMQ acting as principal regulator.

7. A MRRS decision document was granted on the Pro Forma Prospectus, with respect to the Index Funds, onJune 27, 2000.

8. The requested extension of the Lapse Date was applied for on August 2, 2000 and is intended to allowsufficient time to the Bank to fully consider the comments on the Pro Forma Prospectus and to revise the finaloffering documents accordingly.

9. Since the date of the Prospectus, no material changes have occurred and no amendments to the Prospectushas been made.

10. The requested extension will not affect the currency or accuracy of the information contained in the Prospectusand, accordingly, would not be prejudicial to the public interest.

AND WHEREAS pursuant to the System, this Decision Document evidences the decision of each DecisionMaker (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 jurisdiction to make the Decision has been met;

THE DECISION of the Decision Makers under the Legislation is that the time limits prescribed by the Legislationas they apply to a distribution of securities under a prospectus are hereby extended to the time limits that would beapplicable if the Lapse Date for the distribution of units of the Funds under the Prospectus was September 15, 2000.

DATED at Montreal, this 14 day of September 2000.

Jean-François Bernier

Le directeur des marchés des capitaux