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Canadian Securities Regulators Seek Comment on Alternative Funds Framework

  • Securities - CSA Image

Sep 22, 2016

On September 22, 2016, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102) and National Instrument 81-101 Mutual Fund Prospectus Disclosure as part of the final phase of the CSA’s efforts to modernize the regulation of publicly offered investment funds.

The proposed amendments are primarily aimed at developing a more comprehensive regulatory framework for publicly offered alternative funds (currently called commodity pools). In addition, they would streamline the regulation of non-redeemable investment funds under NI 81-102.

The proposed amendments would introduce or revise certain investment restrictions for these funds, including concentration limits, limits on illiquid assets and limits on cash-borrowing. The proposed amendments would also introduce disclosure requirements for alternative funds that would clearly highlight the investment strategies that differentiate these products from conventional mutual funds.

The comment period closes on December 21, 2016.

Review the proposals on the OSC's Web site.

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