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ARTICLE · 21 MARCH 2022

Proposed Changes To Prospectus Filing Rules For Mutual Funds And ETFs

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The Canadian Securities Administrators (CSA) have taken the first step toward implementing recommendations made by Fasken in 2017 to modernize prospectus filing rules for mutual funds and exchange-traded funds (ETFs).

CanadaFinance and Banking
John Kruk
John Kruk
Élise Renaud
Élise Renaud
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The Canadian Securities Administrators (CSA) have taken the first step1 toward implementing recommendations made by Fasken in 20172 to modernize prospectus filing rules for mutual funds and exchange-traded funds (ETFs). The first stage of changes will be an extension of the normal lifespan of a fund prospectus from one year to two years, thereby cutting the number of prospectus renewal filings in half. The second stage of changes, though only at the concept level, will treat fund prospectuses more like base shelf prospectuses used by many public companies in Canada.

The proposals for Stage 1 include draft amendments to securities legislation, so there is a high degree of confidence that these changes will be enacted in the near future. The Stage 2 changes likely are at least three years away from implementation.

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