81-107, Independent Review Committee for Investment Funds

Effective date:

November 1, 2006, ex­cept for sub­se­quent amend­ments

Published by CSA:

November 10, 2006


This in­stru­ment requires every public investment fund to have a fully independent body, called an Independent Review Committee, whose role is to oversee all decisions involving an actual or perceived conflict of interest faced by the fund manager in the operation of the fund. The instrument sets out an independent oversight regime for all publicly offered investment funds that is intended to improve investment fund governance in Canada.

Recent developments




November 10, 2006

Issue of NI 81-107

NI 81-107, Independent Investment Review Committee for Investment Funds, issued. The instrument is effective November 10, 2006.

January 6, 2022

Amendments to Reduce Regulatory Burden. See Completed Project.

Subject to Ministerial Approval where required, most of these amendments will come into force on January 5, 2022, and the remainder on January 6, 2022. There are exemptions available from some of the requirements to give issuers more time to comply.

Note: The above summary of Recent Developments does not include consequential amendments made as the result of other projects.

For further details on the history of this Instrument, please refer to the OSC’s Web site.

Amendments under consideration

  • None


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