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ARTICLE · 31 OCTOBER 2022

Proposed Access-based Model For Investment Funds' Financial Disclosure

Borden Ladner Gervais LLP
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NI 81-106 currently provides that an investment fund must deliver financial statements and MRFPs to securityholders, although there are provisions essentially designed...

CanadaFinance and Banking
Rebecca Cowdery
Rebecca Cowdery
Roma Lotay
Roma Lotay
Emma Ouellet Lizotte
Emma Ouellet Lizotte
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What you need to know

  • On September 27, 2022, the Canadian Securities Administrators (CSA) published CSA Notice and Request for Comment Proposed Amendments and Proposed Changes to Implement an Access-Based Model for Investment Fund Reporting Issuers, the latest step in the CSA's ongoing campaign to reduce the regulatory burden on investment funds.
  • The CSA proposes to amend (the Proposed Amendments) National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106) and its companion policy, along with making proposed consequential amendments to National Instrument 41-101 General Prospectus Requirements and National Instrument 81-101 Mutual Fund Prospectus Disclosure that would replace the current delivery requirements for investment fund financial statements and management reports of fund performance (MRFPs and together with the financial statements, the designated documents) with an "access-based model".

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