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Further Amendments to National Instruments 81-101 and 81-102 relating to Modernizing the Investment Fund Rules [ED]

Comment period ends: December 21, 2016

Pro­posed ef­fec­tive date:

To be determined, based on the comments received

Last up­dated:

September 2016

Overview

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.

Recent activities

September 2016

On September 22, 2016, the Canadian Securities Administrators (CSA) published for comment proposed amendments to National Instrument 81-102 and National Instrument 81-101 as part of the final phase of the CSA’s efforts to modernize the regulation of publicly offered investment funds.  See the related press release.

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