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ARTICLE · 23 OCTOBER 2024

Goodbye MRFP, Hello Fund Report: Proposed Changes To Continuous Disclosure Rules For Investment Funds

Borden Ladner Gervais LLP
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On Sept. 19, 2024, the Canadian Securities Administrators (CSA) published a notice proposing amendments to modernize the continuous disclosure regime for investment funds...

CanadaFinance and Banking
Eni Azisllari
Eni Azisllari
Jason Brooks
Jason Brooks
Kathryn Fuller
Kathryn Fuller
Melissa Ghislanzoni
Melissa Ghislanzoni
Roma Lotay
Roma Lotay
Robert Wallis
Robert Wallis
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On Sept. 19, 2024, the Canadian Securities Administrators (CSA) published a notice proposing amendments to modernize the continuous disclosure regime for investment funds, which aim to enhance the utility of continuous disclosure and reduce the regulatory burden on investment funds (the Proposed Amendments). The Proposed Amendments, particularly changes to the Management Report of Fund Performance (MRFP), have been long-awaited by the industry, given the low number of investors who read the MRFPs, compared to the considerable time and resources needed to produce them.

The Proposed Amendments have the potential to significantly change the disclosure requirements applicable to public investment funds and warrant a careful review by all investment fund managers (IFMs) and other stakeholders. While some requirements have been completely eliminated, others have been streamlined or moved to different documents. The Proposed Amendments also introduce certain new

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