National Instruments Published for Comment 2016

National Instruments Published for Comment 2016

CSA Notice and Request for Comment - Modernization of Investment Fund Product Regulation - Alternative Funds

September 22, 2016 - The Proposed Amendments represent the final phase of the CSA’s ongoing policy work to modernize investment fund product regulation (the Modernization Project) and is primarily aimed at the development of a more comprehensive regulatory framework for publicly offered mutual funds that wish to invest in asset classes or use investment strategies not otherwise permitted under NI 81-102.

he Canadian Securities Administrators (the CSA or we) are publishing for a 90-day comment period: 

• the proposed repeal of National Instrument 81-104 Commodity Pools (NI 81-104) 
• proposed amendments to: 
  • National Instrument 81-102 Investment Funds (NI 81-102), 
  • National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101), including Form 81-101F3 Contents of Fund Facts Document (the Fund Facts), 
• proposed consequential amendments to: 
  • Form 81-101F1 Contents of Simplified Prospectus and Form 81-101F2 Contents of Annual Information Form,
  • National Instrument 81-107 Independent Review Committee for Investment Funds (NI 81-107),
  • National Instrument 41-101 General Prospectus Requirements (NI 41-101), including Form 41-101F2 Information Required in an Investment Fund Prospectus (Form 41-101F2), and 
  • National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106).

In addition, we are publishing proposed changes to Companion Policy 81-102CP Investment Funds and proposing to withdraw Companion Policy 81-104CP Commodity Pools.

• CSA Notice and Request for Comment
• Annex A - Specific Questions of the CSA Relating to the Proposed Amendments
• Annex B - Summary of Public Comments and CSA Responses on the 2013 Alternative Funds Proposal
• Annex C-1 - Proposed Repeal of National Instrument 81-104 Commodity Pools
• Annex C-2 - Proposed Withdrawal of Companion Policy 81-104CP to National Instrument 81-104 Commodity Pools
• Annex D-1 - Proposed Amendments to National Instrument 81-102 Investment Funds
• Annex D-2 – Blackline of National Instrument 81-102 Investment Funds to Highlight the Proposed Amendments
• Annex D-3 - Proposed Changes to Companion Policy 81-102CP to National Instrument 81-102 Investment Funds
• Annex E – Proposed Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure
• Annex F – Proposed Amendments to National Instrument 81-107 Independent Review Committee for Investment Funds
• Annex G - Proposed Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure
• Annex H – Proposed Amendments to National Instrument 41-101 General Prospectus Requirements
• Annex I – Local Matters

The comment period ends December 22, 2016.

For more information please contact:

Heather Kuchuran, Senior Securities Analyst
Securities Division
Financial and Consumer Affairs Authority of Saskatchewan
Suite 601, 1919 Saskatchewan Drive
Regina, Saskatchewan  S4P 4H2
Phone:  (306) 787-1009  Fax:  (306) 787-5899
Email:  heather.kuchuran@gov.sk.ca