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2024-05-23

Regulation to amend Regulation 81-102 respecting Investment Funds

Regulatory authorities amend Regulation 81-102 respecting Investment Funds to accommodate a range of settlement cycles for mutual funds. The amendments introduce a new definition of "reference settlement date" and replace specific day-count references in Section 9.4 to allow funds to determine their own settlement timelines. This regulation comes into force on August 31, 2024, with a specific provision for Saskatchewan regarding the filing date with the Registrar of Regulations.

Canada

Autorite des marches financiers Quebec

REGULATION TO AMEND REGULATION 81-102 RESPECTING INVESTMENT FUNDS Securities Act (chapter V-1.1, s. 331.1, par. (3), (32.0.1) and (34))

Section 9.4 of Regulation 81-102 respecting Investment Funds (chapter V-1.1, r. 39) is amended: (1) by adding, before paragraph (1), the following: “(0.1) In subsections (1), (2) and (4), “reference settlement date” means the earlier of (a) the business day determined by the mutual fund and made available in writing to the principal distributor or participating dealer referred to in subsection (1), or to the person referred to in subsection (1) providing services to the principal distributor or participating dealer, and (b) the second business day after the pricing date.”; (2) by replacing “second business day after the pricing date”, in paragraph (1), by “reference settlement date”; (3) by replacing “second business day after the pricing date”, in paragraph (2), by “reference settlement date”; (4) in paragraph (4): (a) by replacing “second business day after the pricing date”, in the text preceding subparagraph (a), by “reference settlement date”; (b) by replacing “third business day after the pricing date”, in subparagraph (a), by “next business day after the reference settlement date”.
Effective Date (1) This Regulation comes into force on 31 August 2024. (2) In Saskatchewan, despite paragraph (1), if this Regulation is filed with the Registrar of Regulations after 31 August 2024, this Regulation comes into force on the day on which it is filed with the Registrar of Regulations.