Securities regulators from across Canada have exempted 23 investment management firms from the requirement to deliver a renewal prospectus annually to investors purchasing mutual fund units through pre-authorized investment plans.

The exemption, for such plans as employee purchase plans and capital accumulation plans, is subject to certain conditions including annual disclosure requirements.

As well, investors can terminate the plans at any time, and they can still sue for misrepresentation, whether they request a prospectus or not.

The crop of money managers covered by the ruling includes: AGF Funds Inc., AIM Funds Management Inc., Assante Asset Management Ltd., BMO Investments Inc., BMO Nesbitt Burns Inc., Canadian Imperial Bank of Commerce, Cartier Mutual Funds Inc., CI Mutual Funds Inc., CIBC Asset Management Inc., Counsel Group of Funds Inc., Dynamic Mutual Funds Ltd. Fidelity Investments Canada Limited, Franklin Templeton Investments Corp., Guardian Group of Funds Ltd., ING Investment Management Inc., Mackenzie Financial Corporation, National Bank Securities Inc., Northwest Mutual Funds Inc. Phillips, Hager & North Investment Management Ltd., Sceptre Investment Counsel Limited, Scotia Capital Inc., Scotia Securities Inc. and Standard Life Mutual Funds Ltd.

The decision will terminate one year after the publication in final form of any legislation or rule dealing with the delivery requirement.