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81-102, Investment Funds

Effective date:

February 1, 2000, except for subsequent amendments.

Published by CSA:

November 12, 1999


This standard governs the activities of any mutual fund that offers or has offered securities under a prospectus or simplified prospectus for so long as the mutual fund remains a reporting issuer. This includes its investment activities, the sale and redemption of its securities and its financial statement requirements.  

Recent developments




June 13, 2013


The amendments require delivery of the Fund Facts document for mutual funds instead of the simplified prospectus to satisfy the prospectus delivery requirements. The Fund Facts is a document written in plain language, no more than two pages double-sided and highlights key information about a mutual fund that research by the CSA has identified as important to investors. The requirement to deliver the Fund Facts to satisfy the prospectus delivery requirements, will take effect June 13, 2014.

June 19, 2014


These 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 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.

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

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.