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ARTICLE · 22 JULY 2003

Proposed Changes To “Fund-On-Fund” And Other Rules For Canadian

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CanadaFinance and Banking
Patricia Koval
Patricia Koval
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The ability of publicly offered mutual funds to invest in other mutual funds will be broadened under proposed amendments that were recently republished for comments by the Quebec Securities Commission, on behalf of Canada’s securities regulators. If adopted, the amendments will permit a mutual fund to invest an unlimited amount in traditional Canadian mutual funds, if duplication of management fees, sales charges and redemption fees is eliminated. Any traditional mutual fund may be an underlying fund if it does not itself invest in other mutual funds (other than money market funds or IPUs) or if it is an RSP clone fund. In a significant change from the July 2002 proposals, traditional mutual funds will now also be able to invest in IPUs of Canadian or U.S. funds, without any limits.

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