Exemption Orders (Discretionary)

TD CANADIAN T-BILL FUND


2001 BCSECCOM 1061


Headnote

Mutual Reliance Review System for Exemptive Relief Applications - application for mutual fund lapse date extension.

Applicable British Columbia Provisions

Securities Act, R.S.B.C. 1996, c.418, s. 70
Securities Rules, B.C. Reg. 194/97, s. 121, 122, 123 and 124.


IN THE MATTER OF THE SECURITIES LEGISLATION OF
BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN, MANITOBA,
ONTARIO, QUEBEC, NOVA SCOTIA, PRINCE EDWARD ISLAND AND NEWFOUNDLAND

AND

IN THE MATTER OF THE MUTUAL RELIANCE REVIEW SYSTEM FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

    TD Canadian T-Bill Fund
    TD Canadian Money Market Fund
    TD Premium Money Market Fund
    TD U.S. Money Market Fund
    TD Short Term Monthly Income Fund
    TD Short Term Bond Fund
    TD Mortgage Fund
    TD Canadian Bond Fund
    TD Real Return Bond Fund
    TD Global Government Bond Fund
    TD Global RSP Bond Fund
    TD High Yield Income Fund
    TD Monthly Income Fund
    TD Balanced Income Fund
    TD Balanced Fund
    TD Balanced Growth Fund
    TD Global Asset Allocation Fund
    TD Dividend Income Fund
    TD Dividend Growth Fund
    TD Canadian Blue Chip Equity Fund
    TD Canadian Value Fund
    TD Canadian Equity Fund
    TD Canadian Stock Fund
    TD Canadian Small-Cap Equity Fund
    TD Special Equity Fund
    TD North American Equity Fund
    TD U.S. Blue Chip Equity Fund
    TD U.S. Blue Chip Equity RSP Fund
    TD AmeriGrowth RSP Fund
    TD U.S. Equity Fund
    TD U.S. Mid-Cap Growth Fund
    TD U.S. Small-Cap Equity Fund
    TD Resource Fund
TD Energy Fund
TD Precious Metals Fund
TD Entertainment & Communications Fund
TD Entertainment & Communications RSP Fund
TD Science & Technology Fund
TD Science & Technology RSP Fund
TD Health Sciences Fund
TD Health Sciences RSP Fund
TD Global Select Fund
TD Global Select RSP Fund
TD GlobalGrowth RSP Fund
TD International Equity Fund
TD International Growth Fund
TD EuroGrowth RSP Fund
TD European Growth Fund
TD Japanese Growth Fund
TD AsiaGrowth RSP Fund
TD Asian Growth Fund
TD Emerging Markets Fund
TD Emerging Markets RSP Fund
TD Latin American Growth Fund
TD Canadian Government Bond Index Fund
TD Canadian Bond Index Fund
TD Balanced Index Fund
TD Canadian Index Fund
TD Dow Jones Industrial Average Index Fund
TD U.S. Index Fund
TD U.S. RSP Index Fund
TD Nasdaq RSP Index Fund
TD International Index Fund
TD International RSP Index Fund
TD European Index Fund
TD Japanese Index Fund

MRRS DECISION DOCUMENT
    WHEREAS the local securities regulatory authority or regulator (the “Decision Maker”) in each of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nova Scotia, Prince Edward Island and Newfoundland (the “Jurisdictions”) has received an application from TD Asset Management Inc. (“TDAM”) in its capacity as manager, principal distributor and promoter of the Investor Series, e-Series and Institutional Series securities of the mutual funds named above (the “Funds”) for a decision pursuant to the securities legislation of the Jurisdictions (the “Legislation”) that the time period during which the Funds must obtain a receipt for their renewal simplified prospectuses and annual information forms (collectively, the “Renewal Prospectus”) be extended in order to enable the Funds to continue the distribution of their securities for a further twelve months;
      AND WHEREAS under the Mutual Reliance Review System for Exemptive Relief Applications (the “System”), the Ontario Securities Commission (“OSC”) is the principal regulator for this application;

      AND WHEREAS TDAM and the Funds have represented to the Decision Makers as follows:
        1. TDAM is a subsidiary of The Toronto-Dominion Bank (“TD Bank”).

        2. The Funds (including 9 mutual funds that are index mutual funds (the “TD IMFs”), consist of 66 open-end mutual fund trusts established under the laws of Ontario by declarations of trust.

        3. The Funds are qualified for distribution in the Jurisdictions by means of a simplified prospectus and annual information dated October 10, 2000 (the “2000 Prospectus).

        4. Pursuant to the Legislation the lapse date 2000 Prospectus of the Funds was October 10, 2001.

        5. Pursuant to the Legislation, the date by which the Funds must obtain a receipt for their Renewal Prospectus, in order to continue the distribution of their securities for a further 12 months, is October 30, 2001.

        6. Each Fund is a reporting issuer in each of the Jurisdictions and is not in default of any of the requirements of their Legislation.
          AND WHEREAS TDAM has represented to the Decision Makers as follows:
            7. On October 18, 2001 changes to the disclosure of the investment objective of the TD IMFs were required by OSC staff. TDAM is opposed to the changes required by OSC staff.

            8. On October 19, 2001 a final version of the Renewal Prospectus of the Funds was filed under SEDAR Project No. 383561. The Renewal Prospectus did not contain the changes to the disclosure of the investment objectives of the TD IMFs that were required by OSC staff.

            9. The requested extension is necessary to enable a hearing before (and subsequent decision by) the Director under Ontario Legislation on whether or not to issue a receipt for the Funds’ Renewal Prospectus.
              AND WHEREAS under the System, this Decision Document evidences the decision of each Decision Maker (the “Decision”);

              AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Makers with the jurisdiction to make the Decision has been met;

              THE DECISION of the Decision Makers pursuant to the Legislation is that the time period prescribed by Legislation for the Funds to obtain a receipt for their Renewal Prospectus, in order to continue the distribution of their securities for a further twelve months, is extended for another week, so that the Funds must obtain a receipt for their Renewal Prospectus no later than Tuesday, November 6, 2001.
                DATED this 30th day of October, 2001.

                Paul A Dempsey
                Manager, Investment Funds
                Capital Markets Branch

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