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ARTICLE · 01 JULY 2015

CSA Proposes New Disclosure Requirement For Exchange Traded Funds

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The publication of the Amendments marks Stage 3 of the CSA's implementation of the point of sale disclosure project (the "POS Project").

CanadaFinance and Banking
Jason A. Chertin
Jason A. Chertin
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On June 18, 2015, the Canadian Securities Administrators ("CSA") published proposed amendments (the "Amendments") to National Instrument 41-101 General Prospectus Requirements (the "NI 41-101"), Companion Policy 41-101CP to NI 41-101 and related consequential amendments for a 90-day comment period. The Amendments will require exchange-traded mutual funds (the "ETFs") to file and deliver a summary disclosure document to investors called "ETF Facts".

Background

The publication of the Amendments marks Stage 3 of the CSA's implementation of the point of sale disclosure project (the "POS Project"). Since July 2011, every mutual fund has been required to produce and deliver a fund facts document (the "Fund Facts") instead of a prospectus when an investor purchases mutual fund securities. As part of the final stage of the POS Project, the CSA is developing a CSA risk classification methodology for use in the Funds Facts and ETF Facts. The CSA risk classification

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