Regulatory Alerts2023-04-20
Amendments to Policy Statement 31-103 on Registration Requirements and Ongoing Obligations
Canadian securities regulators amended Policy Statement 31-103 to clarify investment fund managers' duty to provide accurate fund expense information to dealers and advisers for client reporting. The updates establish detailed methodologies for calculating daily fund expenses and permit the use of reasonable approximations when exact data is unavailable or disproportionately costly. Additionally, the amendments refine annual reporting requirements for registered firms regarding client charges and compensation, including specific guidance for foreign investment funds and newly-established funds.
Share