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, NOVA SCOTIA AND NEWFOUNDLAND AND LABRADOR

AND

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

AND

IN THE MATTER OF
R MONEY MARKET FUND
R CANADIAN LEADERS FUND
R LIFE & HEALTH FUND
R WORLD LEADERS FUND
R AMERICAN FUND
R EUROPEAN FUND
R ASIAN FUND
R TECHNO-MEDIA FUND
R LIFE & HEALTH RSP FUND
R WORLD LEADERS RSP FUND
R AMERICAN RSP FUND
R EUROPEAN RSP FUND
R ASIAN RSP FUND
AND
R TECHNO-MEDIA RSP FUND
(collectively, the “Funds”)


MRRS DECISION DOCUMENT


[para 1]
WHEREAS the Canadian securities regulatory authority or regulator (the “Decision Maker”) in each of the provinces of British Columbia, Alberta, Saskatchewan, Nova Scotia and Newfoundland and Labrador (collectively, the “Jurisdictions”) has received an application from BLC-Edmond de Rothschild Asset Management Inc. (“BLC-Rothschild”), in its capacity as manager of the Funds, for a decision pursuant to the securities legislation of the Jurisdictions (collectively, the “Legislation”) that the time limits prescribed for the distribution of units under the simplified prospectus of the Funds dated December 21, 2000 (the “Prospectus”) be extended to those time limits that would be applicable if the lapse date of the Prospectus were December 23, 2001;

[para 2]
AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the “System”), the British Columbia Securities Commission is the principal regulator for this application;

[para 3]
AND WHEREAS BLC-Rothschild has represented to the Decision Makers that:

1. BLC-Rothschild is governed by the Canada Business Corporations Act and is the manager of the Funds.

2. Each of the Funds is a mutual fund trust established under the laws of Ontario by a declaration of trust.

3. Each of the Funds is a reporting issuer in the Jurisdictions, or the equivalent thereof, within the meaning of the Legislation, and none of the Funds is in default of any reporting issuer requirements of the Legislation.

4. The units of the Funds are presently qualified for sale on a continuous basis in each Jurisdiction as well as Manitoba, Ontario, Quebec and New Brunswick pursuant to the Prospectus, dated December 21, 2001, for which receipts were obtained on January 3, 2001.

5. Pursuant to the Legislation, the earliest lapse date (the "Lapse Date") for the distribution of units of the Funds under the Prospectus is December 21, 2001.

6. A pro forma simplified prospectus and annual information form (collectively, the "Pro Forma Prospectus") relating to the Funds were filed in the Jurisdictions pursuant to National Instrument 43-201, the Mutual Reliance Review System for Prospectuses and Annual Information Forms, with the Commission des valeurs mobilières du Québec acting as principal regulator on November 21, 2001.

7. Subject to obtaining regulatory and unitholder approvals, the Funds will be undergoing a reorganization (the “Reorganization”), in which, inter alia, certain funds from the IRIS Group of Funds will be merged with certain funds in the R Group of Funds, while other funds in the IRIS Group of Funds will be transferred to the R Group of Funds, such that all of the resulting funds will share the same trustee, manager and auditors. The effective date of the Reorganization will be on or about December 31, 2001. Therefore, the requested extension of the Lapse Date is in part intended to ensure that the Reorganization is fully effective at the time the final simplified prospectus and final annual information form relating to the Funds are filed with the securities regulatory authorities.

8. The requested extension of the Lapse Date is also in part intended to allow sufficient time to BLC-Rothschild to fully consider the comments on the Pro Forma Prospectus and to revise the final offering documents accordingly.

9. Since the date of the Prospectus, one material change, being the decision made by BLC-Rothschild to implement the Reorganization, has occurred, for which a material change report was duly filed and the Prospectus has been amended by an amendment to the Prospectus on October 15, 2001 for which a receipt dated October 19, 2001 was obtained.

10. The requested extension will not affect the currency or accuracy of the information contained in the Prospectus, as amended, and, accordingly, would not be prejudicial to the public interest.

[para 4]
AND WHEREAS pursuant to the System, this Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");

[para 5]
AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;

[para 6]
THE DECISION of the Decision Makers under the Legislation is that the time limits prescribed by the Legislation as they apply to a distribution of securities under a prospectus are hereby extended to the time limits that would be applicable if the Lapse Date for the distribution of units of the Funds under the Prospectus were December 23, 2001.

[para 7]
DATED at Vancouver, this 27th day of December, 2001.