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ARTICLE · 17 OCTOBER 2018

CSA Finalizes Alternative Mutual Funds Regime

Osler, Hoskin & Harcourt LLP
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On October 4, 2018, the Canadian Securities Administrators (the CSA) published amendments (the Amendments) to National Instrument 81-102 Investments Funds (NI 81-102) ...

CanadaFinance and Banking
Shawn Cymbalisty
Shawn Cymbalisty
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On October 4, 2018, the Canadian Securities Administrators (the CSA) published amendments (the Amendments) to National Instrument 81-102 Investments Funds (NI 81-102) and National Instrument 81-104 Commodity Pools (NI 81-104) to establish the new "alternative mutual funds" regime. Subject to Ministerial approval, the Amendments will come into force on January 3, 2019.

Canadian public investment funds, including conventional mutual funds, exchange-traded funds (ETFs) and non-redeemable funds (i.e., closed-ended funds) are subject to investment restrictions and limitations under NI 81-102. Historically, exceptions to these restrictions were provided for commodity pools, which were specialized mutual funds permitted to invest in derivatives and physical commodities under former NI 81-104 in a manner not permitted for other Canadian public investment funds. The alternative mutual funds regime modernizes the commodity pool regime by expanding the scope of alternative

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