IN THE MATTER OF THE SECURITIES LEGISLATION OF
MANITOBA AND Québec
AND
IN THE MATTER OF
TUE MUTUAL RELIANCE REVIEW SYSTEM FOR
EXEMPTIVE RELIEF APPLICATIONS
AND
IN THE MATTER OF
AIM FUNDS MANAGEMENT INC.
AIM RSP AMERICAN PREMIER FUND
AIM RSP EUROPEAN GROWTH FUND
AIM RSP GLOBAL GROWTH & INCOME FUND
AIM RSP GLOBAL THEME FUND
AIM AMERICAN PREMIER FUND
AIM EUROPEAN GROWTH FUND
AIM GLOBAL GROWTH & INCOME FUND
AIM GLOBAL THEME CLASS OF AIM GLOBAL FUND INC.
MRRS DECISION DOCUMENT
WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of the provinces of Manitoba and Québec (the "Jurisdictions") has received an application (the "Application") from AIM Funds Management Inc. ("AIM"), AIM RSP American Premier Fund, AIM RSP European Growth Fund, AIM RSP Global Growth & Income Fund, AIM RSP Global Theme Fund (collectively, the "RSP Funds"), AIM American Premier Fund, ATM European Growth Fund, AIM Global Growth & Income Fund and AIM Global Theme Class of AIM Global Fund Inc. (collectively, the "Underlying Funds") for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation") that:
1. the requirements contained in the Legislation requiring the filing of insider reports where a person owns more than 10% of the outstanding securities of a reporting issuer, shall not apply in respect of investments to be made by the RSP Funds in their corresponding Underlying Funds;
The Legislation outlined above in paragraph 1 will be referred to in this Decision Document as the "Applicable Legislation";
AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the Commission des valeurs mobilières du Québec is the principal regulator for this Application;
AND WHEREAS it has been represented by AIM to the Decision Makers that:
1. Each of the RSP Funds will be and each of the Underlying Funds, other than AIM Global Theme Class of AIM Global Fund Inc., is an open-ended mutual fund trust established under the laws of the Province of Ontario. AIM Global Theme Class is a class of securities of AIM Global Fund Inc., a mutual fund corporation incorporated under the laws of the Province of Ontario. AIM is a corporation established under the laws of the Province of Ontario and will be or is the manager, trustee and promoter of each of the RSP Funds and the Underlying Funds.
2. The RSP Funds will be, and the Underlying Funds are, reporting issuers and the Underlying Funds are not in default of any requirements of the act or rules applicable in each of the provinces and territories of the various securities authorities of Canada. The securities of each of the Underlying Funds are currently qualified for distribution pursuant to a simplified prospectus and annual information form dated August 25, 1999 and the securities of the RSP Funds will be qualified under a simplified prospectus and annual information form (collectively, the "Prospectus").
3. Each of the RSP Funds seeks to achieve its investment objective while ensuring that securities of the RSP Fund do not constitute "foreign property" for Retirement Plans.
4. To achieve its investment objective, each of the RSP Funds invests its assets in securities such that its units will, in the opinion of tax counsel to the RSP Funds, be "qualified investments" for Registered Plans and will not constitute foreign property in a. Registered Plan. This will primarily be achieved through the implementation of a derivative strategy. However, the RSP Funds also intend to invest a portion of their assets in securities of the Underlying Funds. This investment by the RSP Funds will at all times be below the maximum foreign property limit prescribed for Registered Plans.
5. In the absence of this Decision, as soon as the aggregate holdings by a RSP Fund of securities of the corresponding Underlying Fund exceed 10% of the outstanding securities of the Underlying Fund, AIM, and possibly the RSP Fund, would be required to comply with the insider reporting requirements of the Legislation.
AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");
AND WHEREAS each of the Decision Makers are satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;
The Decision of the Decision Makers pursuant to the Legislation is that The Applicable Legislation does not apply to the investment by the RSP Funds in securities of the Underlying Funds.
DATED at Montreal, Quebec this 15th day of October, 1999.
Viateur Gagnon Guy Lemoine