Oct 07, 2021
Montreal and Toronto - The Canadian Securities Administrators (CSA) today published amendments that implement eight initiatives to reduce regulatory burden for investment funds. The changes eliminate duplicative requirements, streamline regulatory approvals and processes, and codify frequently granted exemptions from certain requirements.
“These initiatives are wide-ranging and will result in cost and time savings to investment funds and their managers, while maintaining investor protection and market efficiency,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
In addition, investment funds will no longer be required to seek regulatory approval for a change of manager or change of control of manager, and will experience fewer instances where regulatory approval to engage in a merger is required. To read more about the full scope of the amendments, please refer to CSA Notice of Amendments Reducing Regulatory Burden for Investment Fund Issuers – Phase 2, Stage 1.
These amendments complete the first stage of the CSA’s initiative to reduce the regulatory burden on investment fund issuers. Subsequent stages will include further examination of the prospectus filing regime; modernizing the continuous disclosure regime; and exploring alternatives to the current requirements for delivering various investment fund related materials.
Subject to Ministerial Approval where required, most of the amendments will come into force on January 5, 2022, and the remainder on January 6, 2022. There are exemptions available from some of the requirements to give issuers more time to comply.
The amendments, related companion policy changes, and accompanying notice can be found on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For investor inquiries, please contact your local securities regulator.
For Media Inquiries:
Canadian Securities Administrators
Ontario Securities Commission
Autorité des marchés financiers