Regulatory Alerts2021-12-23
Amendment to Policy Statement 81-107 respecting Independent Review Committee for Investment Funds
The Canadian Securities Administrators amended Policy Statement 81-107 to clarify the scope of Independent Review Committee oversight and reduce regulatory burden for investment fund issuers. The amendments specify that initial fund organization decisions are exempt from IRC review unless they create conflicts of interest, and clarify that compliance costs for establishing an IRC are not considered fund expenses. Additionally, the document expands exemptions for inter-fund trades and transactions in related issuer securities to include non-reporting issuers and managed accounts, subject to specific IRC approval and recordkeeping requirements.
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