ARTICLE · 14 DECEMBER 2016

CSA Releases Amendments Relating To ETF Facts And Risk Classification Methodology

Norton Rose Fulbright Canada LLP

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On December 8, 2016, the Canadian Securities Administrators (CSA) announced they are amending (the Amendments) various national instruments in order to mandate . . .

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On December 8, 2016, the Canadian Securities Administrators (CSA) announced they are amending (the Amendments) various national instruments in order to mandate (i) a summary disclosure document for exchange-traded mutual funds (ETFs); and (ii) a risk classification methodology that must be used by managers to determine the investment risk level of conventional public mutual funds and ETFs.

ETF Facts

The Amendments require ETFs to prepare and file a summary disclosure document called "ETF Facts." A few notes about ETF Facts:

They were based on the Fund Facts that must be prepared and filed by conventional mutual funds, with necessary adjustments made to reflect the fact that ETF securities are bought and sold on stock exchanges.

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