TRANSLATION
IN THE MATTER OF THE SECURITIES LEGISLATION OF
QUEBEC AND MANITOBA
AND
IN THE MATTER OF
AIM FUNDS MANAGEMENT INC. ("AFMI")
AND
AIM RSP DENT DEMOGRAPHIC TRENDS FUND
AIM RSP GLOBAL AGGRESSIVE GROWTH FUND
AIM RSP INTERNATIONAL GROWTH FUND
(collectively, the "RSP Funds")
AIM DENT DEMOGRAPHIC TRENDS CLASS
AIM GLOBAL AGGRESSIVE GROWTH CLASS
AIM INTERNATIONAL GROWTH CLASS
(collectively, the "Underlying Funds")
ORDER
WHEREAS the local securities regulatory authorities or regulators (the "Decision Makers") in the provinces of Quebec and Manitoba (the "Jurisdictions") have received an application (the "Application") from AIM Funds Management Inc. ("AFMI" or the "Manager"), the RSP Funds and the Underlying Funds for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation") that 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;
AND WHEREAS the Legislation outlined above will be referred to in this Decision Document as the "Applicable Legislation";
AND WHEREAS it has been represented by the Manager to the Decision Makers that:
1. Each of the RSP Funds will be an open-ended mutual find trust established under the laws of the Province of Ontario. Each of the Underlying Funds is a separate class of shares of AIM Global Fund Inc ("AIM Global Fund"), a mutual fund corporation established under the laws of the Province of Ontario. AFMI is a corporation established under the laws of the Province of Ontario and for each of the RSP Funds will be the trustee, manager and promoter and for AIM Global Fund will be the manager and promoter.
2. The RSP Funds and the Underlying Funds will be reporting issuers. The securities of the RSP Funds and the Underlying 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, the Manager, and possibly the RSP Fund, would be required to comply with the insider reporting requirements of the Legislation.
AND WHEREAS the Decision Makers are 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 Applicable Legislation does not apply to the investment by the RSP Funds in securities of the Underlying Funds.
DATED at Montreal, Quebec this 31 day of May , 2000.
Guy Lemoine Viateur Gagnon