Securities Law & Instruments

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Relief granted to mutual fund for extension of lapse date of prospectus for 37 days -- Lapse date extended to permit updating of the disclosure across the fund family -- Extension of lapse date will not affect the currency or accuracy of the information contained in the prospectus -- Securities Act (Ontario).

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).

February 20, 2014

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 Manager)

AND

IN THE MATTER OF LAWRENCE PARK STRATEGIC INCOME FUND (the Fund, and together with the Manager, the Filers)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filers for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) for an exemption that the time limits pertaining to filing the renewal prospectus of the Fund be extended as if the lapse date of the simplified prospectus and annual information form dated June 20, 2014 of the Funds (collectively, the Renewal Prospectus) is July 27, 2014 (the Requested Relief).

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

(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filers have provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in all of the provinces and territories of Canada other than the Jurisdiction.

Interpretation

Defined terms contained in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless they are defined in this decision.

Representations

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

1. The Fund is a reporting issuer (or the equivalent) as defined in the securities legislation of each of the Jurisdictions.

2. The Filers are not in default of securities legislation in Ontario or any other province or territory of Canada.

3. The Fund currently distributes its securities in all the Jurisdictions pursuant to a prospectus dated June 20, 2013 (the Prospectus).

4. The lapse date of the Prospectus under the Legislation is June 20, 2014. Accordingly, under the Legislation, the distribution of units of the Fund would have to cease on June 20, 2014 unless (i) the Fund files a pro-forma simplified prospectus at least 30 days prior to June 20, 2014; (ii) the final simplified prospectus is filed no later than 10 days after June 20, 2014; and (iii) a receipt for the final simplified prospectus is obtained within 20 days of June 20, 2014.

5. The Manager is the manager of the Fund and approximately 200 mutual funds (the Affiliated Funds) and is registered under the Securities Act (Ontario) as an investment fund manager and in other categories.

6. The Affiliated Funds currently distribute their securities to the public under two sets of simplified prospectuses and annual information forms (filed on SEDAR under Project Nos. 2069145 and 2069090), which have July 26, 2014 as their lapse dates under the Legislation.

7. The Affiliated Funds share many common operational and administrative features with the Fund and combining them in the same prospectus booklet will allow investors to more easily compare the features of the Affiliated Funds and the Fund.

8. The Manager may make minor changes to the features of the Affiliated Funds as part of the process of renewing the Affiliated Funds' prospectuses in July 2014. The ability to file the Renewal Prospectus with those of the Affiliated Funds will ensure that the Manager can make the operational and administrative features of the Fund and the Affiliated Funds consistent with each other.

9. There have been no material changes in the affairs of the Fund since the date of the Prospectus. Accordingly, the Prospectus represents current information regarding the Fund.

10. The Requested Relief will not affect the accuracy of the information in the Prospectus and therefore will not be prejudicial to the public interest.

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 the Requested Relief is granted.

"Darren McKall"
Manager, Investment Funds
Ontario Securities Commission