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ARTICLE · 10 JULY 2013

Canadian Securities Regulators Finalize New Format For Fund Facts And Mandate Delivery Effective June 13, 2014

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The long-awaited "Stage 2" package of reforms that apply to mutual fund "point of sale" disclosure has now been finalized by the Canadian Securities Administrators and the rule amendments are expected to come into effect on September 1, 2013.

CanadaFinance and Banking
John Hall
John Hall
Rebecca Cowdery
Rebecca Cowdery
Donna Spagnolo
Donna Spagnolo
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The long-awaited "Stage 2" package of reforms that apply to mutual fund "point of sale" disclosure has now been finalized by the Canadian Securities Administrators (CSA) and the rule amendments are expected to come into effect on September 1, 2013. Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) and its companion policy (as well as consequential amendments made to National Instrument 81-102 Mutual Funds) were finalized and published on June 13, 2013 [available here].

This package of reforms will require all mutual funds to file amended Fund Facts that comply with new disclosure requirements by May 13, 2014. Dealers will be required to deliver the applicable Fund Facts to investors in mutual funds within 2 days of the trade (which is the same timing as currently required for delivery of prospectuses) on and after June 13, 2014. Simplified prospectuses will no longer be required to be delivered to investors after June 13, 2014.

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