Canadian securities laws require a person that directs the business, operations or affairs of an investment fund to be registered as an investment fund manager (“IFM”) in the province or territory in which its head office is located. A Canadian IFM is also required to register in other provinces or territories if the fund it manages has security holders that are local residents and the IFM or the fund has “actively solicited” local residents to purchase securities of the fund. An exemption from the requirement for Canadian investment fund managers to register in jurisdictions other than the one in which their head office is located has been extended to September 28, 2012.