CSA Propose Disclosure Enhancements To Fund Facts

On June 21, 2012, the Canadian Securities Administrators (CSA) published for second comment changes to proposed amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, including related Form 81-101F3 (the Fund Facts document) and Companion Policy 81-101CP (collectively, the Amendments), which were originally published in August 2011.

BACKGROUND
On June 16, 2010, the CSA published CSA Staff Notice 81-319 Status Report on the Implementation of Point of Sale Disclosure for Mutual Funds, which set out the implementation of the new point of sale disclosure framework in three stages.

Stage 1 was completed on January 1, 2011 when amendments to NI 81-101 came into force that required mutual funds subject to NI 81-101 to produce and file Fund Facts to be delivered to investors free of charge upon request. Stage 2 proposes amendments to permit the delivery of the Fund Facts to satisfy the current requirement to deliver a prospectus to investors within two