CSA Continue Efforts To Reduce Regulatory Burden For Investment Funds

Introduction

On January 22, 2026, the Canadian Securities Administrators (the “CSA”) published a notice (the “Notice”) adopting certain amendments to National Instrument 81‑101 – Mutual Fund Prospectus Disclosure, National Instrument 81‑102 – Investment Funds, National Instrument 81‑106 – Investment Fund Continuous Disclosure (“NI 81-106”) and National Instrument 81‑107 – Independent Review Committee for Investment Funds (“NI 81-107”) — together with associated changes to the commentary in NI 81‑107 (collectively, the “Amendments”). The Amendments form part of the CSA's Modernization of the Continuous Disclosure Regime for Investment Funds (the “CD Modernization Project”), which in aggregate represent a significant re‑ordering of how continuous disclosure obligations for prospectus-qualified investment funds are structured and delivered. The Amendments are scheduled to come into force on April 22, 2026.