Regulatory Alerts2024-09-19
Regulation to amend Regulation 81-102 respecting Investment Funds
The securities regulators amend Regulation 81-102 respecting Investment Funds to replace the term "management report of fund performance" with "fund report" across multiple definitions and sections. The update also modifies specific legislative references in Section 2.1 and updates Appendix E to reflect current securities legislation citations for each jurisdiction. A transition period allows funds that have not yet filed the new reports to continue referencing the previous management reports for compliance purposes.
REGULATION TO AMEND REGULATION 81-102 RESPECTING INVESTMENT FUNDS Securities Act (chapter V-1.1, s. 331.1, par. (1), (6), (8), (16) and (34))
- Section 1.1 of Regulation 81-102 respecting Investment Funds (chapter V-1.1, r. 39) is amended by replacing all occurrences of “management report of fund performance” in the definitions of “report to securityholders” and “sales communication” by “fund report”.
- Section 2.1 of the Regulation is amended by replacing “subsection (5) of Item 6 and subsection (5) of Item 9 of Part B” in paragraph (5) by “subsection (5) of Item 4 and subsection (7) of Item 9 of Part B”.
- Section 5.6 of the Regulation is amended by replacing “management reports of fund performance” in subparagraph (V) of subparagraph (A) of subparagraph (iii) of subparagraph (f) of paragraph (1) by “fund reports”.
- Appendix E of the Regulation is amended by replacing the table by the following: “ Jurisdiction Securities Legislation Reference Alberta Paragraphs 191(1)(a), 191(1)(c) and 191(1)(d) of the Securities Act British Columbia Paragraphs 9(a), 9(c) and 9(d) of BC Instrument 81-513 Self-Dealing New Brunswick Paragraphs 143(1)(a), 143(1)(c) and 143(1)(d) of the Securities Act Newfoundland and Labrador Paragraphs 118(1)(a), 118(1)(c) and 118(1)(d) of the Securities Act Nova Scotia Paragraphs 125(1)(a), 125(1)(c) and 125(1)(d) of the Securities Act Ontario Items 117(1)1, 117(1)3 and 117(1)4 of the Securities Act Saskatchewan Paragraphs 126(1)(a), 126(1)(c) and 126(1)(d) of The Securities Act, 1988 ”. Transition
- Before (indicate here the date of coming into force of this Regulation + 1 year and 9 months), if an investment fund has not filed an annual fund report and an interim fund report, the reference to “annual or interim fund report” in the definitions of “report to securityholders” and “sales communication” in section 1.1 of the Regulation must be read as a reference to “annual or interim fund report or management report of fund performance”.
- Before (indicate here the date of coming into force of this Regulation + 1 year and 9 months), if an investment fund has not filed an annual fund report and an interim fund report, the reference to “annual and interim fund reports” in subparagraph (V) of subparagraph (A) of subparagraph (iii) of subparagraph (f) of paragraph (1) of section 5.6 of the Regulation must be read as a reference to “annual and interim fund reports or management reports of fund performance”. Effective Date
- (1) This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
2 (2) In Saskatchewan, despite paragraph (1), if this Regulation is filed with the Registrar of Regulations after (indicate here the date of coming into force of this Regulation), this Regulation comes into force on the day on which it is filed with the Registrar of Regulations.