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ARTICLE · 25 MAY 2023

CSA Finalizes Total Cost Reporting Rules For Investment Funds

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

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On April 20, 2023, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators announced amendments relating to enhanced cost disclosure reporting requirements...

CanadaCorporate/Commercial Law
Stacy McLean
Stacy McLean
Christopher Yeretsian
Christopher Yeretsian
Jessie Dewdney
Jessie Dewdney
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On April 20, 2023, the Canadian Securities Administrators (CSA) and the Canadian Council of Insurance Regulators announced amendments relating to enhanced cost disclosure reporting requirements for investment funds and new cost and performance reporting guidance for individual variable insurance contracts. The changes affecting investment funds are comprised of amendments (Amendments) to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations (31-103CP).

The Amendments seek to enhance investor protection by adding transparency that will make it easier for investors to see and understand the ongoing embedded fees that form part of the cost of owning prospectus-qualified investment funds. Embedded fees include:

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