(CORRECTED COPY)
March 4, 2025
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 CIBC ASSET MANAGEMENT INC. (the Filer)
AND
IN THE MATTER OF THE FUNDS LISTED IN SCHEDULE “A” (each, a Fund, and collectively, the Funds)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of July Prospectus (as defined below) be extended to those time limits that would apply if the lapse date of the July Prospectus was August 28, 2025 (the Exemption Sought).
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 Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 - Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Canadian Jurisdictions).
Interpretation
Terms defined in National Instrument 14-101 – Definitions, NI 81-101 - Mutual Fund Prospectus Disclosure and MI 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:
The Filer and the Funds
The Filer is a corporation incorporated under the laws of Canada and has its head office located in Toronto, Ontario.
The Filer is registered as follows: (i) as an investment fund manager in each of the provinces of Quebec, Ontario, and Newfoundland and Labrador, (ii) as a portfolio manager in all Canadian Jurisdictions, (iii) as a commodity trading manager in Ontario and (iv) as a derivatives portfolio manager in Quebec.
The Filer is the investment fund manager, portfolio advisor and trustee of the Funds.
Neither the Filer nor any of the Funds is in default of securities legislation in any of the Canadian Jurisdictions.
Each Fund is a mutual fund for the purposes of National Instrument 81-102-Investment Funds established as an open-ended mutual fund trust under the laws of the Jurisdiction and is a reporting issuer as defined in the securities legislation in each of the Canadian Jurisdictions.
The Fund currently distributes securities in the Canadian Jurisdictions under a simplified prospectus dated July 2, 2024, as amended on August 21, 2024 (the July Prospectus). Series ETF units of the Funds trade on the Cboe Canada.
Pursuant to subsection 62(1) of the Securities Act (Ontario) (the Act), the lapse date of the Current Prospectus is July 2, 2025 (the July Prospectus Lapse Date). Accordingly, under subsection 62(2) of the Act, the distribution of securities of each Fund would have to cease on the July Prospectus Lapse Date unless each Fund: (i) files a pro forma prospectus at least 30 days prior to the July Prospectus Lapse Date; (ii) files a final simplified prospectus no later than 10 days after the July Prospectus Lapse Date; and (iii) obtains a receipt for the final prospectus within 20 days after the July Prospectus Lapse Date.
The Filer is also the investment fund manager of 76 other mutual funds listed in Schedule “B” (the Other Funds), which are offered in each of the Canadian Jurisdictions under a simplified prospectus dated August 28, 2024, as amended (the August Prospectus) and so have a lapse date of August 28, 2025.
Reasons for the Lapse Date Extension
The Filer wishes to combine the July Prospectus with the August Prospectus to reduce renewal, printing and related costs.
Offering the Funds and the Other Funds under one prospectus would facilitate the distribution of the Funds and the Other Funds in the Canadian Jurisdictions and enable the Filer to streamline disclosure across the Filer’s fund platform.
The Funds and the Other Funds share many common operational and administrative features and combining them under one prospectus will allow investors to compare their features more easily.
It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the August Prospectus and unreasonable to incur the costs and expenses associated therewith, so that the August Prospectus can be filed earlier with the July Prospectus.
If the Exemption Sought is not granted, it will be necessary to renew the July Prospectus twice within a short period of time in order to consolidate the July Prospectus with the August Prospectus and it would be unreasonable for the Filer to incur the costs and expenses associated therewith, given investors would not be prejudiced by the Exemption Sought.
The Filer may make minor changes to the features of the Funds as part of its renewal. The ability to file the July Prospectus with the August Prospectus will ensure that the Filer can make the operational and administrative features of the Funds and Other Funds consistent with each other, if necessary.
There have been no material changes in the affairs of the Funds since the date of the July Prospectus (i.e. July 2, 2024) other than as described in the amendment no. 1 to the July Prospectus dated August 21, 2024. Accordingly, the July Prospectus, current fund facts and current ETF facts document(s) represent current information regarding the Funds.
Given the disclosure obligations of the Filer and the Funds, should any material change in the business, operations, or affairs of any of the Funds occur, the July Prospectus, related fund facts and/or ETF facts document(s) of the impacted Fund(s) will be amended as required under the Legislation.
New investors of the Funds will receive delivery of the most recently filed fund facts and/or ETF facts document(s) of the applicable Fund(s). The July Prospectus of the Funds will remain available to investors upon request.
The Exemption Sought will not affect the accuracy of the information contained in the July Prospectus, fund facts or ETF facts document(s) of the Funds and will therefore 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 Exemption Sought is granted.
“Darren McKall”
Darren McKall
Manager, Investment Management Division
Ontario Securities Commission
Application #: 2025/0098
SEDAR+ #: 6244202
Headnote
National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Relief granted under subsection 62(5) of the Securities Act to permit the extension of a prospectus lapse date by 57 days to facilitate the consolidation of the funds’ prospectus with the prospectus of other funds under common management – No conditions.
Applicable Legislative Provisions
Securities Act, R.S.O. 1990, c. S.5 as amended, s.62(5).
Schedule “A”
CIBC 2025 INVESTMENT GRADE BOND FUND
CIBC 2026 INVESTMENT GRADE BOND FUND
CIBC 2027 INVESTMENT GRADE BOND FUND
CIBC 2028 INVESTMENT GRADE BOND FUND
CIBC 2029 INVESTMENT GRADE BOND FUND
CIBC 2030 INVESTMENT GRADE BOND FUND
CIBC 2025 U.S. INVESTMENT GRADE BOND FUND
CIBC 2026 U.S. INVESTMENT GRADE BOND FUND
CIBC 2027 U.S. INVESTMENT GRADE BOND FUND
Schedule “B”
RENAISSANCE INVESTMENTS FAMILY OF FUNDS
Renaissance Money Market Fund
Renaissance U.S. Money Market Fund
Renaissance Short-Term Income Fund
Renaissance Canadian Bond Fund
Renaissance Corporate Bond Fund
Renaissance U.S. Dollar Corporate Bond Fund
Renaissance High-Yield Bond Fund
Renaissance Floating Rate Income Fund
Renaissance Flexible Yield Fund
Renaissance Global Bond Fund
Renaissance Canadian Balanced Fund
Renaissance U.S. Dollar Diversified Income Fund
Renaissance Optimal Conservative Income Portfolio
Renaissance Optimal Income Portfolio
Renaissance Optimal Growth & Income Portfolio
CIBC Global Growth Balanced Fund
Renaissance Canadian Dividend Fund
Renaissance Canadian Monthly Income Fund
Renaissance Diversified Income Fund
Renaissance High Income Fund
Renaissance Canadian Core Value Fund
Renaissance Canadian Growth Fund
Renaissance Canadian All-Cap Equity Fund
Renaissance Canadian Small-Cap Fund
Renaissance U.S. Equity Income Fund
Renaissance U.S. Equity Value Fund
Renaissance U.S. Equity Growth Fund
Renaissance U.S. Equity Growth Currency Neutral Fund
Renaissance U.S. Equity Fund
Renaissance International Dividend Fund
Renaissance International Equity Fund
Renaissance International Equity Currency Neutral Fund
Renaissance Global Markets Fund
Renaissance Optimal Global Equity Portfolio
Renaissance Global Growth Fund
Renaissance Global Growth Currency Neutral Fund
Renaissance Global Focus Fund
Renaissance Global Small-Cap Fund
Renaissance China Plus Fund
Renaissance Emerging Markets Fund
Renaissance Optimal Inflation Opportunities Portfolio
Renaissance Global Infrastructure Fund
Renaissance Global Infrastructure Currency Neutral Fund
Renaissance Global Real Estate Fund
Renaissance Global Real Estate Currency Neutral Fund
Renaissance Global Health Care Fund
Renaissance Global Science & Technology Fund
AXIOM PORTFOLIOS
Axiom Balanced Income Portfolio
Axiom Diversified Monthly Income Portfolio
Axiom Balanced Growth Portfolio
Axiom Long-Term Growth Portfolio
Axiom Canadian Growth Portfolio
Axiom Global Growth Portfolio
Axiom Foreign Growth Portfolio
Axiom All Equity Portfolio
CIBC PRIVATE POOLS
CIBC Canadian Fixed Income Private Pool
CIBC Multi-Sector Fixed Income Private Pool
CIBC Global Bond Private Pool
CIBC Multi-Asset Global Balanced Income Private Pool
CIBC Multi-Asset Global Balanced Private Pool
CIBC Equity Income Private Pool
CIBC Canadian Equity Private Pool
CIBC U.S. Equity Private Pool
CIBC U.S. Equity Currency Neutral Private Pool
CIBC International Equity Private Pool
CIBC Global Equity Private Pool
CIBC Emerging Markets Equity Private Pool
CIBC Real Assets Private Pool
CIBC FIXED INCOME POOLS
CIBC Conservative Fixed Income Pool
CIBC Core Fixed Income Pool
CIBC Core Plus Fixed Income Pool
CIBC ALTERNATIVE FUNDS
CIBC Multi-Asset Absolute Return Strategy
CIBC Alternative Credit Strategy
CIBC FIXED INCOME FUNDS
CIBC Diversified Fixed Income Fund
CIBC Global Credit Fund
CIBC Emerging Markets Local Currency Bond Fund