Exemption for pooled funds from the requirementto file with the Commission interim financial statements undersection 77(2) of the Act and comparative financial statementsunder section 78(1) of the Act, subject to conditions.
Securities Act, R.S.O. 1990, c. S.5 as am.,ss. 74(1).
National Instrument 13-101 -- System for ElectronicDocument Analysis and Retrieval (SEDAR), s. 2.1(1)1.
Regulation made under the Securities Act, R.R.O.Reg. 1015, as am.
IN THE MATTER OF
THE SECURITIES ACT (ONTARIO)
R.S.O. 1990, CHAPTER S.5,AS AMENDED (the "Act")
IN THE MATTER OF
FIDELITY INVESTMENTS CANADALIMITED
FIDELITY CANADIAN INTERNATIONALGROWTH TRUST,
FIDELITY CANADIAN CORE EQUITYTRUST,
FIDELITY CANADIAN BOND TRUST,
FIDELITY CANADIAN CONCENTRATEDEQUITY TRUST,
FIDELITY CANADIAN SYSTEMATICEQUITY TRUST,
FIDELITY SELECT AMERICAN EQUITYTRUST,
FIDELITY SELECT INTERNATIONALEQUITY TRUST, AND
FIDELITY SELECT INTERNATIONALSMALL CAPITALIZATION TRUST
(the "Existing PooledFunds")
(Section 147 of the Act)
UPON the application (the "Application")of Fidelity Investment Management Limited ("Fidelity"),the manager of the Existing Pooled Funds and any other pooledfund established and managed by Fidelity from time to time (collectivelythe "Pooled Funds"), to the Ontario Securities Commission(the "Commission") for an order pursuant to section147 of the Act exempting the Pooled Funds from filing with theCommission the interim and annual financial statements prescribedby subsections 77(2) and 78(1), respectively, of the Act.
AND UPON considering the Applicationand the recommendation of the staff of the Commission;
AND UPON Fidelity having representedto the Commission as follows:
1. Fidelity is a corporation continued underthe laws of the Province of Ontario with its head office inToronto, Ontario. Fidelity is, or will be the manager of thePooled Funds. Fidelity is registered under the Act as an adviserin the categories of investment counsel and portfolio managerand as dealer in the category of mutual fund dealer. Fidelityis also registered under the Commodity Futures Act(Ontario) in the category of commodity trading manager.
2. The Pooled Funds are, or will be, open-endedmutual fund trusts established under the laws of Ontario.The Pooled Funds will not be reporting issuers in any provinceor territory of Canada. Units of the Pooled Funds are, orwill be, distributed to each of the provinces and territoriesof Canada without a prospectus pursuant to exemptions fromthe prospectus delivery requirements of applicable securitieslegislation.
3. The Pooled Funds fit within the definitionof "mutual fund in Ontario" in section 1(1) of theAct and are thus required to file with the Commission interimfinancial statements under subsection 77(2) of the Act andcomparative annual financial statements under subsection 78(1)of the Act (collectively, the "Financial Statements").
4. Unitholders of the Pooled Funds (the "Unitholders")receive the Financial Statements for the Pooled Funds theyhold. The Financial Statements are prepared and deliveredto Unitholders in the form and for the periods required underthe Act and the Regulation and rules made thereunder (the"Regulation"). Fidelity and the Pooled Funds willcontinue to rely on subsection 94(1) of the Regulation andwill omit statements of portfolio transactions from the FinancialStatements (such statements from which the statements of portfoliotransactions have been omitted, the "Permitted FinancialStatements").
5. As required by subsection 94(1) of theRegulation, the Permitted Financial Statements will containa statement indicating that additional information as to portfoliotransactions will be provided to a Unitholder without chargeon request to a specified address and,
(a) the omitted information shall be sentpromptly and without charge to each Unitholder that requestsit in compliance with the indication; and
(b) where a person or company requests thatsuch omitted information be sent routinely to that Unitholder,the request shall be carried out while the information continuesto be omitted from the subsequent Financial Statements untilthe Unitholder requests, or agrees to, termination of thearrangement or is no longer a Unitholder.
6. Section 2.1(1) of National Instrument 13-101-- System for Electronic Document Analysis and Retrieval (SEDAR),requires that every issuer required to file a document undersecurities legislation make its filing through SEDAR. TheFinancial Statements and statements of portfolio transactionsfiled with the Commission thus become publicly available.
AND UPON the Commission being satisfiedthat to do so would not be prejudicial to the public interest;
IT IS ORDERED by the Commission pursuantto subsection 147 of the Act that the Pooled Funds be exemptedfrom the requirements in subsections 77(2) and 78(1) of theAct to file the Financial Statements with the Commission, provided:
(a) In the absence of other regulatory relief,the Pooled Funds will prepare and deliver to securityholdersof the Pooled Funds the Financial Statements, in the formand for the periods required under the Act and the Regulations;
(b) Fidelity will retain the Financial Statementsindefinitely;
(c) Fidelity will provide the Financial Statementsto the Commission or any member, employee or agent of theCommission immediately upon request of the Commission or anymember, employee or agent of the Commission;
(d) Fidelity will provide a list of the PooledFunds relying on this Order to the Investment Funds Branchof the Commission on an annual basis;
(e) Securityholders of the Funds will be notifiedthat the Funds are exempted from the requirements in sections77(2) and 78(1) of the Act to file the Financial Statementswith the Commission;
(f) In all other aspects, the Pooled Fundswill comply with the requirements of Ontario securities lawfor financial statements; and
(g) This decision, as it relates to the Commission,will terminate after the coming into force of any legislationor rule of the Commission dealing the matters regulated bysubsections 77(2) and 78(1) of the Act.
October 24, 2003.
"Paul K. Bates"
"Wendell S. Wigle"