Canadian securities regulators are expected to publish the final version of National Instrument 81-107 Independent Review Committees for Investment Funds later this summer. Assuming this timing is met, 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 for those investment funds by mid-2007 (or within 6 months of the rule becoming effective).
Borden Ladner Gervais LLP