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Sun Life is registered as an investment fund manager in Ontario, Quebec and Newfoundland and Labrador, as a mutual fund dealer in each of the Canadian Jurisdictions, and as a commodity trading manager and portfolio manager in Ontario.Ĥ. Sun Life is the manager, trustee and portfolio manager of the Sun Life Funds.ģ. Sun Life is an indirect wholly-owned subsidiary of Sun Life Financial Inc., a public company incorporated under the Insurance Companies Act (Canada) and listed on the Toronto Stock Exchange, the New York Stock Exchange and the Philippines Stock Exchange.Ģ.
Sun Life is a corporation incorporated under the laws of Canada with its head office in Toronto, Ontario.
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This decision is based on the following facts represented by the Filers:ġ. Tax Act means the Income Tax Act (Canada). Terminating Funds means the Excel Terminating Funds and the Sun Life Terminating Funds and Sun Life Terminating Funds means Sun Life MFS Canadian Equity Fund and Sun Life MFS Canadian Equity Value Fund Sun Life Funds means the Sun Life Terminating Funds and the Continuing Funds NI 81-107 means National Instrument 81-107 Independent Review Committee for Investment Funds NI 81-106 means National Instrument 81-106 Investment Fund Continuous Disclosure NI 81-101 means National Instrument 81-101 Mutual Fund Prospectus Disclosure IRC means, in respect of each Fund, the independent review committee for the Fund The following additional terms shall have the following meanings:Ĭontinuing Funds means Sun Life MFS Canadian Equity Growth Fund, Sun Life Schroder Emerging Markets Fund and Sun Life Money Market Fund Įxcel Mutual Funds means Excel Emerging Markets Balanced Fund, Excel India Balanced Fund, Excel High Income Fund, Excel Money Market Fund, Excel India Fund, Excel New India Leaders Fund, Excel China Fund, Excel Chindia Fund and Excel Emerging Markets Fund Įxcel Terminating Funds means Excel Chindia Fund, Excel Emerging Markets Fund and Excel Money Market Fund įund or Funds means, individually or collectively, the Excel Mutual Funds and the Sun Life Funds Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined. (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 each of the provinces and territories of Canada, other than Ontario (together with Ontario, the Canadian Jurisdictions). (a) the Ontario Securities Commission is the principal regulator for this application and Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
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(b) the proposed change of custodian (the Change of Custodian) for the Excel Mutual Funds (as defined below) from State Street Trust Company Canada to RBC Investor Services Trust ( RBC IS) pursuant to paragraph 5.5(1)(c) of NI 81-102 (a) the proposed mergers (the Mergers) of the Terminating Funds into the applicable Continuing Funds (as defined below) as set out in paragraph 14 below pursuant to paragraph 5.5(1)(b) of National Instrument 81-102 Investment Funds ( NI 81-102) and 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 approval of: (Excel, and together with Sun Life, the Filers) AND THE TERMINATING FUNDS (as defined below) AND THE EXCEL MUTUAL FUNDS (as defined below) (Sun Life) AND EXCEL FUNDS MANAGEMENT INC. 5.5(1)(b) and 5.5(1)(c), 19.1.ĪpIN 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 SUN LIFE GLOBAL INVESTMENTS (CANADA) INC. National Instrument 81-102 Investment Funds, ss. National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions - Approval of mutual fund merger and change of custodian - merger approval required because the mergers do not meet the criteria for pre-approved reorganizations and transfers in National Instrument 81-102 - the fundamental investment objectives and fee structures of the terminating funds and the continuing funds are not substantially similar for certain mergers - unitholders of the terminating funds are provided with timely and adequate disclosure regarding the mergers - National Instrument 81-102 Investment Funds.