RBC Asset Management Inc. has won regulatory relief from the requirements to deliver fund prospectuses to clients using a pre-authorized investment plan.

Under the terms of a PAP, an investor instructs Royal Mutual Funds Inc. to accept additional contributions in a specified amount on a scheduled investment date to invest in specified funds. An investor may terminate the instructions at any time and the additional investments will not be made.

An investor who establishes a PAP receives a copy of the fund’s prospectus. at But, under the legislation, when RMFI receives an order for a fund to which the delivery requirement applies, it has sent the latest prospectus and any amendment to the prospectus to the investor.

Regulators have decided that the existing funds are not required to comply with the delivery requirement under PAPs, as long as: PAP participants are sent a notice about the relief provided, and a request form allowing them to order the documents; a PAP participant can terminate participation in the PAP at any time prior to a scheduled investment date; PAP participants are advised annually in the account statement how they can request the current renewal prospectus and that they have a misrepresentation right; and the misrepresentation right is maintained for PAP participants whether or not a renewal prospectus is requested or received.