Regulatory Alerts2019-09-12
Draft Regulation to amend Regulation 41-101 respecting General Prospectus Requirements
The securities regulators have issued a draft regulation to amend Regulation 41-101 respecting General Prospectus Requirements to reduce regulatory burden for investment fund issuers. The amendment modifies the personal information form delivery requirements by replacing the existing provisions for directors, executive officers, and promoters with a more specific scope. Additionally, it introduces an exemption allowing investment funds to avoid delivering personal information forms for individuals who have already submitted Form 33-109F4 under Regulation 33-109.
REGULATION TO AMEND REGULATION 41-101 RESPECTING GENERAL PROSPECTUS REQUIREMENTS Securities Act (chapter V-1.1, s. 331.1, par. (1) and (4.1))
- Section 9.1 of Regulation 41-101 respecting General Prospectus Requirements (chapter V-1.1, r. 14) is amended: (1) by replacing subparagraph (ii) of subparagraph (b) of paragraph (1) with the following: “(ii) a completed personal information form for, (A) each director and executive officer of an issuer, (B) each promoter of the issuer, and (C) if the promoter is not an individual, (I) each director and executive officer of the promoter, if the issuer is not an investment fund, and (II) each director and executive officer of the promoter, if the issuer is an investment fund and the promoter is not the manager of the investment fund; and”; (2) by inserting, after paragraph (1), the following: “(1.1) An investment fund is not required to deliver a personal information form for an individual referenced in subparagraph (1)(b)(ii) if the individual has submitted a Form 33-109F4 under Regulation 33-109 respecting Registration Information (chapter V-1.1, r. 12).”.
- This Regulation comes into force on (indicate here the date of coming into force of this Regulation).
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