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ARTICLE · 30 APRIL 2013

Investment Fund Amendments Would Bring Sweeping Changes To Closed-End Fund Regime

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Recently, the Canadian Securities Administrators released proposed amendments to National Instrument 81-102 – Mutual Funds.

CanadaFinance and Banking
Cristian Blidariu
Cristian Blidariu
Sean Sadler
Sean Sadler
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Recently, the Canadian Securities Administrators (CSA) released proposed amendments (CSA Proposal) to National Instrument 81-102 – Mutual Funds (NI 81-102) that would impose on closed-end funds certain investment restrictions and operational requirements that currently apply only to conventional mutual funds and exchange-traded funds (ETFs). The CSA Proposal* is likely to be of great interest to managers of closed-end funds, as well as to the entire investment fund community.

In conjunction with the CSA Proposal, the CSA plans to create a comprehensive framework for "alternative funds" through amendments to National Instrument 81-104 – Commodity Pools (NI 81-104). This "Alternative Funds Framework" would allow mutual funds and closed-end funds to use alternative investment strategies that would otherwise be unavailable under NI 81-102. The CSA is seeking feedback on some aspects of the proposed Alternative Funds Framework, though no specific NI 81-104 amendments have

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