Regulatory Alerts2021-10-07
Regulation to amend Regulation 81-101 respecting Mutual Fund Prospectus Disclosure
This Regulation amends Regulation 81-101 respecting Mutual Fund Prospectus Disclosure by introducing the concept of a "designated website" for mutual funds. It mandates that mutual funds post required regulatory disclosure documents exclusively on this designated website and requires them to state the designated website's address in Forms 81-101F2 and 81-101F3. The Regulation comes into force on January 6, 2022, but mutual funds have a transition period until September 6, 2022, to comply with the new requirements.
REGULATION TO AMEND REGULATION 81-101 RESPECTING MUTUAL FUND PROSPECTUS DISCLOSURE Securities Act (chapter V-1.1, s. 331.1, par. (2), (4.1), (8), (19.5), (20) and (34))
- Section 1.1 of Regulation 81-101 respecting Mutual Fund Prospectus Disclosure (chapter V-1.1, r. 38) is amended by inserting, after the definition of the expression “business day”, the following: ““designated website” has the meaning ascribed to that term in Regulation 81-106 respecting Investment Fund Continuous Disclosure (chapter V-1.1, r. 42);”.
- Section 2.3.1 of the Regulation is amended: (1) by replacing, in paragraph (1), the words “If a mutual fund or the mutual fund’s family has a website, the mutual fund must post to at least one of those websites” with the words “A mutual fund must post on its designated website”; (2) by replacing, in paragraph (2), the words “posted to the website” with the words “posted on the designated website”; (3) by repealing paragraph (3).
- Form 81-101F2 of the Regulation is amended by adding, after Item 10.10, the following: “10.11. Designated Website State, in substantially the following words: “A mutual fund is required to post certain regulatory disclosure documents on a designated website. The designated website(s) of the mutual fund(s) this document pertains to, can be found at the following location(s): [insert the mutual fund’s designated website address or addresses as applicable].”.
- Form 81-101F3 of the Regulation is amended by replacing, in the statement under paragraph (e) of item 1 of Part I, the words “[insert the website of the mutual fund, the mutual fund’s family or the manager of the mutual fund] [as applicable]” with the words “[insert the mutual fund’s designated website]”.
- Transition Before 6 September 2022, a mutual fund is not required to comply with the Regulation, as amended by this Regulation, if the mutual fund complies with the Regulation as it was in force on 5 January 2022.
- Effective Date (1) This Regulation comes into force on 6 January 2022. (2) In Saskatchewan, despite paragraph (1), if this Regulation is filed with the Registrar of Regulations after 6 January 2022, this Regulation comes into force on the day on which it is filed with the Registrar of Regulations.
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