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ARTICLE · 08 JUNE 2006

Final Investment Fund Governance Rule Expected by Summer 2006

Borden Ladner Gervais LLP
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Canadian securities regulators are expected to publish the final version of National Instrument 81-107 Independent Review Committees for Investment Funds later this summer. Assuming this timing is met, managers of investment funds that are reporting issuers, including mutual funds, closed-end funds, exchange–traded funds and scholarship plans, will be required to establish an independent review committee for those investment funds by mid-2007 (or within 6 months of the rule becoming effective).

CanadaCorporate/Commercial Law
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BLG’s Countdown to Governance Practice Bulletins Will Help You Get Ready

Canadian securities regulators are expected to publish the final version of National Instrument 81-107 Independent Review Committees for Investment Funds later this summer. Assuming this timing is met, managers of investment funds that are reporting issuers, including mutual funds, closed-end funds, exchange–traded funds and scholarship plans, will be required to establish an independent review committee for those investment funds by mid-2007 (or within 6 months of the rule becoming effective).

NI 81-107 will be the most dramatic regulatory change for Canadian investment funds in over 20 years. Implementation of the mandatory independent oversight regime contemplated by NI 81-107 represents the final round in the decades-long debate over the need for enhanced oversight of Canadian investment funds.

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