Regulatory Alerts2019-09-12
Draft Amendment to Policy Statement to Regulation 81-102 respecting Investment Funds
Canadian securities regulators issued draft amendments to the Policy Statement accompanying National Instrument 81-102 to reduce regulatory burden for investment fund issuers. The changes clarify that investment restrictions and reporting requirements do not apply to non-reporting issuers, provide guidance on debt security pricing, and establish procedures for in specie subscriptions and redemptions. These updates exempt non-reporting mutual funds from Independent Review Committee approval requirements for related-party transactions while maintaining client consent obligations for managed accounts.
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