On March 27, 2013 the Canadian Securities Administrators (the
"CSA") 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 comment period closes on
June 25, 2013.
The stated objective of the proposed changes is to create a more
consistent regulatory framework for comparable investment products
and to give investors access to alternative investment strategies.
The changes would introduce new requirements for non-redeemable
investment funds that are reporting issuers. The proposed
requirements are analogous to requirements that apply to mutual
funds under NI 81-102. Proposed amendments to National Instrument
81-104 Commodity Pools are intended to create a more comprehensive
"alternative fund" framework.
One of the CSA's specific requests for comment is whether it
should reconsider its present view that investment funds offering
redemptions based on net asset value no more than once a year are
non-redeemable investment funds. The CSA has indicated that the
alternative is to consider an investment fund to be a mutual fund
if it offers any redemptions based on net asset value. The
CSA's present view has provided some clarity to industry
participants in interpreting the term "mutual fund" as
defined in securities legislation. The proposed alternative could
result in some pooled funds (that are not currently considered
"mutual funds") being caught by certain investment
restrictions that apply in some jurisdictions to "mutual
funds" organized under the laws of such jurisdictions.
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