IA Clarington Investments Inc. and IA Clarington Global Equity Exposure Fund

Headnote

Policy Statement 11-203 respecting Process for Exemptive Relief Applications in Multiple Jurisdictions -- exemption from subsection 2.1(2) of Regulation 81-101 to file a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

Applicable Legislative Provisions

Regulation 81-101 respecting Mutual Fund Prospectus Disclosure, ss. 2.1(2), 6.1.

November 25, 2011

IN THE MATTER OF THE

SECURITIES LEGISLATION OF

QUÉBEC AND ONTARIO

(the Jurisdictions)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

IA CLARINGTON INVESTMENTS INC.

(the Filer)

AND

IA CLARINGTON GLOBAL EQUITY EXPOSURE FUND

(the Fund)

DECISION

Background

The securities regulatory authority or regulator in each of the Jurisdictions (the Decision Maker) has received November 16, 2011, an application from the Filer for a decision under the securities legislation of the Jurisdictions (the Legislation) for an exemption under section 6.1 of Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (Regulation 81-101) from the prohibition of subsection 2.1(2) of Regulation 81-101, to permit the Fund to file a final prospectus more than 90 days after the date of the receipt for the preliminary prospectus (the Exemption Sought).

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

(a) the Autorité des marchés financiers (AMF) is the principal regulator for this application;

(b) the Filer has provided notice that subsection 4.7(1) of Regulation 11-102 respecting Passport System (Regulation 11-102) is intended to be relied upon in British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut and the Northwest Territories; and

(c) the decision is the decision of the principal regulator and evidences the decision of the securities regulatory authority or regulator in Ontario.

Interpretation

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

Representations

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

1. The Filer is a corporation governed under the Canada Business Corporations Act and has its head office located in the Province of Québec.

2. The Filer is registered as an investment fund manager in Québec and as a portfolio manager in each of the provinces of Canada.

3. The Filer will be the manager and trustee of the Fund.

4. The Fund will be an open-ended mutual fund trust to be established under the laws of Ontario pursuant to a declaration of trust.

5. The Filer and the Fund are not in default of securities legislation in any jurisdiction of Canada.

6. The Filer has filed a preliminary prospectus and preliminary annual information form dated August 18, 2011 to seek to qualify securities of the Fund for distribution in each of the jurisdiction of Canada. A receipt for the preliminary prospectus has been issued on August 19, 2011.

7. Pursuant to subsection 2.1(2) of Regulation 81-101, the Filer must file a final prospectus for the Fund no later than November 17, 2011.

8. Staff of the AMF and the Ontario Securities Commission (OSC) and the Filer are currently in discussions over the proposed investment strategies of the Fund.

9. The Filer believes that it will need an additional 90 days beyond the time period required by subsection 2.1(2) of Regulation 81-101 to resolve the outstanding issues regarding the Fund's proposed investment strategies with AMF and OSC staff.

10. There has been no public solicitation of expressions of interest in relation to securities of the Fund.

11. The preliminary prospectus has not been publicly distributed and so the Exemption Sought would not affect any prospective investors and would not be contrary to the public interest.

Decision

Each of the Decision Makers is satisfied that the decision meets the test set out in the Legislation for the Decision Maker to make the decision.

The decision of the Decision Makers under the Legislation is that the Exemption Sought is granted provided that the prospectus of the Fund is filed no later than February 15, 2012.