ARTICLE · 27 SEPTEMBER 2016

OSC Releases Proposals Regarding Retail Alternative Funds

Norton Rose Fulbright Canada LLP

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The CSA has also proposed changes to NI 81-102 that will affect conventional mutual funds and non-redeemable investment funds.

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On September 22, 2016, the Canadian Securities Administrators (CSA) issued a request for comment with respect to the final stage of Phase 2 of their Modernization of Investment Fund Product Regulation Project. This stage focuses on proposed amendments to National Instrument 81-102 Mutual Funds (NI 81-102) to create a regulatory framework pursuant to which "alternative funds" (i.e., mutual funds that adopt fundamental investment objectives that permit them to invest in asset classes or adopt investment strategies that are otherwise prohibited in NI 81-102) (Alternative Funds) can be offered to retail investors. The CSA has also proposed changes to NI 81-102 that will affect conventional mutual funds and non-redeemable investment funds.

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