ARTICLE · 07 AUGUST 2013

Further Thoughts On CSA's Proposed Operational Requirements For "Closed-End Funds"

Stikeman Elliott LLP

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The Canadian Securities Administrators recently released proposed changes to National Instrument 81-102 Mutual Funds that would introduce core operational requirements for publicly offered non-redeemable investment funds as part of its investment fund modernization project.

CanadaCorporate/Commercial Law

Nicholas Badeen

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As we discussed in an earlier post, the Canadian Securities Administrators recently released proposed changes to National Instrument 81-102 Mutual Funds that would introduce core operational requirements for publicly offered non-redeemable investment funds (commonly referred to as "closed-end funds") as part of its investment fund modernization project (this part specifically referred to as "Phase 2"). Included as part of Phase 2 is the creation of a comprehensive alternative fund framework (the "Alternative Fund Framework") through amendments to National Instrument 81-104 Commodity Pools, which would apply to mutual funds and non-redeemable investment funds that use certain "alternative" investment strategies that would not be permitted under NI 81-102.

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