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Canadian securities regulators adopt amendments to modernize investment fund rules

Jun 19, 2014

The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 81-102 Mutual Funds (NI 81-102) and related consequential amendments, as part of the CSA’s Modernization of Investment Fund Product Regulation Project.
 
The objective of this phase of the project is to address market efficiency, investor protection and fairness issues that arise out of the regulatory regimes that apply to publicly offered mutual funds and non-redeemable investment funds. 

Today’s amendments, which were proposed in March 2013, 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.
 
“By modernizing these important investment fund rules, the CSA aims to create fair and consistent product regulation across the spectrum of retail investment funds,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.
 
Following completion of this step in the project, the CSA will further consider its alternative funds proposals through additional research and industry consultation.
 
The amendments, which come into force on September 22, 2014 and are subject to certain transition periods, can be found on CSA member websites.
 
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:

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Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Alison Walker
British Columbia Securities Commission
604-899-6713

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-5401

Jeff Mason
Nunavut Securities Office
867-975-6591

Denny Huyghebaert
Financial and Consumer Affairs Authority of Saskatchewan
306-787-5548

Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca

Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466