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ARTICLE · 13 APRIL 2013

Canadian Securities Administrators Propose New Requirements For Closed-End Funds And Alternative Fund Framework

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The Canadian Securities Administrators (CSA) published for comment proposed changes to the regulatory regime governing investment funds on March 27, 2013.

CanadaCorporate/Commercial Law
McMillan LLP
McMillan LLP
Jason A. Chertin
Jason A. Chertin
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Phase 2 of the modernization of investment fund product regulation project

The Canadian Securities Administrators (CSA) published for comment proposed changes to the regulatory regime governing investment funds on March 27, 2013. The proposed changes are primarily focused on amendments to National Instrument 81-102 (NI 81-102) that are aimed at bringing non-redeemable investment funds (or closed-end funds) into the regulatory framework that governs open-end mutual funds and introduces core operational requirements and investment restrictions on closed-end funds. The CSA also seek feedback on an "alternative fund framework" that would see the overhaul of National Instrument 81-104 (NI 81-104), which currently governs commodity pools, as a regulatory regime for both open-end mutual funds and closed-end funds that focus on alternative asset classes or use alternative investment strategies not permitted by NI 81-102 as proposed to be amended.

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