81-101, Mutual Funds Prospectus Disclosure

Effective date:

February 1, 2000, except for subsequent amendments.

Published by the CSA:

November 12, 1999


This instrument governs the information that mutual funds must provide in accordance with prospectus requirements under Canadian securities legislation.

Recent developments




June 19, 2013


The amendments introduce fundamental investment restrictions and operating requirements for non-redeemable investment funds and enhanced disclosure requirements regarding securities lending by all investment funds in Canada.  The amendments come into force on September 22, 2014 and are subject to certain transition periods.

December 11, 2014


These amendments require all dealers that sell mutual funds to deliver a Fund Facts before investors make a decision to buy a conventional mutual fund.  These amendments are effective on May 30, 2016.

March 12, 2015


The amendments change the timing of delivery by requiring delivery of the most recently filed fund facts to a purchaser before a dealer accepts an instruction for the purchase of the securities of a mutual fund. The amendments come into force on March 11, 2015.

September 3, 2015


The definition of "venture issuer" is amended to recognize "Aequitas NEO Exchange Inc." as a senior exchange.

The amendments are effective on November 17, 2015.

December 8, 2016


These amend­ments require fund managers to use a standardized CSA mutual fund risk classification methodology to determine the investment risk level of conventional mutual funds and exchange-traded mutual funds (ETFs) in the Fund Facts and ETF Facts, respectively. Subject to Ministerial approval requirements for rules, the amendments come into force on March 8, 2017.

October 4, 2018


These amend­ments establish a comprehensive framework for alternative mutual funds (currently called commodity pools) and streamline the regulation of non-redeemable investment funds. Subject to Ministerial approvals, the amendments and related changes are expected to come into effect on January 3, 2019.

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

Correction list for hyphenation

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