News Releases
Canadian Securities Regulators Seek Comment on Proposals to Modernize Investment Fund Rules
Mar 27, 2013
The Canadian Securities Administrators (CSA) today published for comment proposed amendments to National Instrument 81-102 Mutual Funds (NI 81-102), proposed changes to Companion Policy 81-102CP, and related consequential amendments, as part of the CSA’s Modernization of Investment Fund Product Regulation Project.
The proposed changes and amendments aim to enhance investor protection and market efficiency by providing a consistent regulatory framework in key areas, regardless of whether an investment fund is structured as a mutual fund or a non-redeemable investment fund. Key investor protections include introducing rules for non-redeemable investment funds relating to conflicts of interest, and securityholder and regulatory approval of fundamental changes to the fund or its management.
Representing an important step in this modernization initiative, today’s publication:
- introduces core operational requirements for publicly offered non-redeemable investment funds, other than scholarship plans;
- proposes enhancements to the disclosure requirements relating to securities lending, repurchases and reverse repurchases by investment funds; and,
- seeks feedback on a more comprehensive alternative fund framework that could provide flexibility for investment funds to use alternative investment strategies, while requiring more effective differentiation among the various types of publicly offered investment fund products.
“Creating a more consistent regulatory framework for comparable investment products and giving investors access to alternative investment strategies are key elements in modernizing investment fund rules,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.
The Notice is available on various CSA member websites. The comment period is open until June 25, 2013.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
| Mark Dickey Alberta Securities Commission 403-297-4481 |
Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361 |
| Sylvain Théberge Autorité des marchés financiers 514-940-2176 |
Richard Gilhooley British Columbia Securities Commission 604-899-6713 |
| Ainsley Cunningham Manitoba Securities Commission 204-945-4733 |
Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745 |
| Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586 |
Daniela Machuca Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160 |
| Janice Callbeck The Office of the Superintendent of Securities, P.E.I. 902-368-6288 |
Doug Connolly Financial Services Regulation Division of Newfoundland and Labrador 709-729-4189 |
| Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466 |
Louis Arki Nunavut Securities Office 867-975-6587 |
| Donn MacDougall Northwest Territories Securities Office 867-920-8984 |