ARTICLE · 06 APRIL 2013

First Stage Of Phase 2 Of CSA Investment Fund Modernization Project

Norton Rose Fulbright Canada LLP

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<p>On March 27, 2013, the Canadian Securities Administrators (CSA) issued a request for comment on the first stage of Phase 2 of their Modernization of Investment Fund Product Regulation Project (the Modernization Project).

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On March 27, 2013, the Canadian Securities Administrators (CSA) issued a request for comment on the first stage of Phase 2 of their Modernization of Investment Fund Product Regulation Project (the Modernization Project). This stage will focus on amending National Instrument 81-102 Mutual Funds (NI 81-102) in order to extend the requirements of 81-102 to non-redeemable investment funds.

Historically, such operational requirements have not been applied to non-redeemable investment funds although, like mutual funds, they are subject to the continuous disclosure and fund governance requirements set out in National Instrument 81-106 Investment Fund Continuous Disclosure and National Instrument 81-107 Independent Review Committee for Investment Funds, respectively. In addition, this stage will involve creating a more comprehensive alternative fund framework that would govern investment funds that invest in assets, or use investment strategies, that would not be permitted

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