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ARTICLE · 16 NOVEMBER 2016

Introducing Liquid Alternatives: Game Changer For Canadian Hedge Funds

McMillan LLP
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On September 22, 2016, the Canadian Securities Administrators (the "CSA") published their long-awaited proposal for a "liquid alternatives" regulatory framework in Canada (the "Proposal").

CanadaCorporate/Commercial Law
Margaret McNee
Margaret McNee
Jason A. Chertin
Jason A. Chertin
Shahen Mirakian
Shahen Mirakian
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On September 22, 2016, the Canadian Securities Administrators (the "CSA") published their long-awaited proposal for a "liquid alternatives" regulatory framework in Canada (the "Proposal"). The Proposal primarily involves amendments to the rules contained in National Instrument 81-102 Investment Funds ("NI 81-102") currently applicable to conventional mutual funds and non-redeemable investment funds. The new framework would create a new category of prospectus offered investment funds called "alternative funds" that would be able to use investment strategies that are not permitted to be used by conventional mutual funds.

Currently, alternative strategies are generally only available through private pooled funds offered under offering memorandums to "accredited investors" and other exempt purchasers. The Proposal has the potential to advance a significant change in the industry, as "alternative funds" would be able to distribute their securities on a continuous basis

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