The applicants, ING Direct Asset Management Inc. and several corporate mutual funds, applied for exemptive relief to extend the lapse date of their simplified prospectus and annual information form from January 2, 2009, to January 9, 2009.
The extension was requested to facilitate the conversion of the corporate funds into mutual fund trusts with identical investment objectives and strategies, without interrupting the distribution of shares or incurring the costs of filing a pro forma prospectus for a seven-day period.
The Ontario Securities Commission, as principal regulator, granted the requested extension, finding it would not be prejudicial to the public interest.
