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ARTICLE · 21 JUNE 2006

Setting Up Your Independent Review Committee

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Canadian securities regulators are expected to publish the final version of National Instrument 81-107 Independent Review Committees for Investment Funds this summer.

CanadaFinance and Banking
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Canadian securities regulators are expected to publish the final version of National Instrument 81-107 Independent Review Committees for Investment Funds this summer. Managers of investment funds that are reporting issuers (including mutual funds, closed-end funds, exchange–traded funds and scholarship plans) will be required to establish an independent review committee by mid-2007 (within 6 months of the rule becoming effective). This is a relatively short-time frame having regard to the magnitude of issues (many of which we will cover in our Countdown to Governance series) that must be addressed.

Fund managers must appoint the first IRC members for their funds. Vacancies after the initial appointments will be filled by the remaining IRC members. We describe below some important considerations for you in setting up your IRC. If your funds already have an existing governance body, it will be important to ensure that such body and its members are organized in the manner required by NI

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