First Phase Of CSA’s Investment Fund "Modernization Project" Comes Into Force April 30

On April 30, 2012, amendments (the Amendments) will be made to the following National Instruments as part of the Canadian Securities Administrators (CSA) project to modernize the product regulation of publicly offered investment funds (the Modernization Project):

• National Instrument 81-102 Mutual Funds (NI 81-102);
• National Instrument 81-106 Investment Fund Continuous Disclosure;
• National Instrument 81-101 Mutual Fund Prospectus Disclosure;
• National Instrument 41-101 General Prospectus Requirements.

The Modernization Project is a two-phase project whose mandate is to review the product regulation of publicly offered investment funds. The Amendments constitute the first phase of the Modernization Project. The Amendments codify exemptive relief that has been frequently granted by the CSA over the years and update existing rules to reflect global standards with respect to the regulation of publicly offered mutual funds.